Swaps

This book is for me who wants to become rich through investing in financial instruments and alternative assets.

The first part of the book discusses investing and the need to invest, stating that the only way to become rich or maintain the riches that I have already acquired is through investing, that is, making the assets I already have to acquire more assets for me. This part also covers the basic and fundamental principles of investing.

The second part of the book takes me through the various investment products; the markets where I can buy and ell such products and the market players, including regulators, associations and brokers.

Finally, the book also introduces the East African financial market, the available financial instruments and how to invest in them, listing the various financial institutions and their regulators, the exchanges, the member firms and the listed companies. The book then concludes by introducing a prospective investor to fundamental principles of economics and economic institutions.

Çalışma kapsamında Türkiye'de türev ürünler piyasasının gelişimi açıklanmış ve türev finansal varlık istatistiklerine değinilmiştir. Diğer taraftan Forward ve Future sözleşmeler ile Swap ve Opsiyon anlaşmaları yapısal özellikleri dahilinde ele alınmış, benzer ve farklı yönleri izah edilmiştir.

In this paper, we will analyse the role of brokers, dealers and investment banks in the equity markets. Special attention will be given in analysing the role of financial intermediaries at initial public offerings and secondary offerings, according to the legal framework in Serbia. Serbia, as other transitional economies, has problems in mobilising funds for its stock exchange. Especially local savers do not trust the local financial system, especially the stock exchange. One of the major reasons for this distrust, besides bad experiences in the past, is a lack of knowledge about the functioning of stock exchanges. On the other hand, companies in Serbia often rely on debt-based financial instruments, where they have to pay high interest rates. However, equity financing with partners, especially with many partners is at a very low level. Therefore, we want to analyse the functioning of equity markets by explaining the concept of stocks, public offerings and the role of financial intermediaries in this process.

Il contributo esamina la recente e importante sentenza della Corte di Appello di Milano (n° 3459/2013) in tema di derivati over the counter. Il collegio dichiara la nullità del contratto interest rate swap oggetto del giudizio per vizio di causa, in quanto la cliente dell'intermediario non aveva elementi per misurare l'alea assunta con il derivato. La Corte di Appello definisce i derivati over the counter come scommesse legalmente autorizzate. Il lavoro esamina tale qualificazione e ricostruisce il profilo della nullità.

In this article I revisit the issue of business discretion when executing swap contracts, advocating that the so called reception of the business judgment rule in Portugal, with the reform of the Portuguese Companies Code of 2006 (art. 72/2 PCC), is illusory. First, business discretion is a normative result, deriving from the application of the general rules of the law of obligations (as modeled by company law) to each case. Therefore, it cannot be construed as an aprioristic limitation to the application of law. Second, art. 72/2 CPP brought nothing new. It simply enshrined in law what was before a development of general clauses by the courts and legal theory. It includes some duties of care (concretizations of the duty to manage with the care of a diligent and conscientious manager) and a duty of loyalty (concretization of a general duty of loyalty). Thus, I argue that we cannot find a business judgment rule in Portugal, in any of the senses discussed in the US.
When looking at directors’ liability for contracting certain swaps, the key is the duty to manage with care. It requires (i) that the board is itself organized (internal organization) and organizes the management structure (external organization) to adequately manage swaps’ risk; (ii) that the board implements adequate information systems so as to allow each director to understand the risks faced by the company; (iii) that directors have the skills and experience required to understand such risk; (iv) that directors critically evaluate the information received for the purposes of reliance; (v) that directors base their decisions on criteria of business rationality; (vi) that directors take decisions within their normative discretion margin, as their freedom to contract certain swaps may be limited or excluded.

Course description
This course will explore the legal developments of the global monetary architecture and look into the political and economic rationales that underpin the practices of the international monetary law. The course will help students acquire the analytical tools needed to understand and critically reflect on the changes in the multilateral system, notably in the aftermath of the 2008 crisis.
The focus of this course is on how relations of monetary power are legally and politically re-configured over time, and how this process of institutional design is currently reshaping the global governance of money. We will cover (1) the legal foundations of the international monetary system and the international money (i.e., global currencies, the legal design of the eurocurrencies, and the challenges posed by virtual currencies); (2) the roles and evolving responsibilities of the International Monetary Fund (IMF), as well as the main political and economic challenges to the development of the Fund’s mandates; and (3) the legal forms of monetary cooperation at bilateral and regional levels (e.g., currency swaps between central banks; the Chiang Mai Initiative Multilateralization - CMIM; the BRICS Contingent Reserve Arrangement - CRA).
The international monetary architecture has remained relatively stable since the establishment of the Bretton Woods institutions. In the 1940s, international monetary governance was assigned to the IMF. Since its creation, the Fund's responsibilities evolved along with significant changes in the financial system. However, it has maintained its governance structure relatively stable regarding the predominance of traditional powers in the decision-making process and the unique role assigned to the US dollar at the global level.
In the last three decades, however, monetary governance structures have not kept pace with the significant shifts that occurred in the global economic balance of power. Moreover, the 2008 crisis posed new challenges on how international money, supported by global private legal arrangements (i.e., the eurocurrencies), can be managed and backstopped by national public authorities. The last years have seen the emergence of new institutional arrangements supported by national central banks, which became the leading public actors of this evolved financial arena. Concurrently, different legal forms of cooperation have been designed by Europe and the largest emerging countries in Asia. All these bilateral and regional arrangements are reshaping the global monetary architecture.

In the aftermath of the 2008 crisis, emerging powers engaged in political and legal strategies to challenge the actual framework for global moneta- ry governance. This article examines two categories of monetary strategies designed as “voice” and “exit” plans (Hirschman 1970). In the case of the former, they aimed at gaining more participation inside the International Monetary Fund (IMF). In the latter case, strategies were built as legal al- ternatives to manage future liquidity crises outside the current framework. Using this theoretical classification, this paper identifies institutional respon- ses formulated by the G20 emerging powers in Asia and Latin America after 2008 crisis. The specific approach proposed by this article is to analyze how the legal framework for the management of international money influences their strategies’ designs and outcomes. Up to the present, it seems voice strategies are promoting only incremental modifications in institutions. Exit strategies, however, have the potential to be more successful. These strate- gies have been built as a network of bilateral swap contracts between central banks. Asian powers are more engaged in this type of legal strategy. La- tin American countries tend to be recipients of these plans. Exit strategies, however, are moving multilateral cooperation away from the IMF, reinfor- cing institutional fragmentation and uncertainty on how the next liquidity crises would be managed.

This study addresses the following puzzle: why did states in the largest emerging economies (EMEs) in Latin America and Asia not use formal institutions to cope with the 2008 crisis? During the 1990s, these economies used and established regional and multilateral monetary arrangements, but in 2008 they turned to ad hoc bilateral swap agreements as a first line of defence. My argument is that to understand this change in monetary responses one needs to consider demand as well as supply factors. Previous studies have predominantly focused on supply factors, i.e. the presence of willing and able international lenders of last resort. However, these studies have neglected the perspective of EMEs in this arrangement. I argue that their preferences were shaped both by past experience (leading to a political stigma against multilateral institutions) and the growing autonomy and economic importance of their central banks. The paper examines a sample of Latin American and Asian countries (Brazil, Mexico, Colombia, Ecuador, South Korea and Indonesia), analysing how the new patterns of monetary cooperation appeared in two phases: 2008 crisis management (which demonstrated a preference for ad hoc currency swaps) and the post-crisis aftermath (which formalized these swaps into regional arrangements based on networks of bilateral currency swaps). The institutional design of international monetary cooperation is changing towards a more fragmented and multi-currency system.

Özet Küresel rekabete dayalı serbest piyasa ekonomisinin ve uluslararası yatırımların önem kazandığı günümüzde mali risk yönetimi önemli bir kavram olarak karşımıza çıkmaktadır. Firmaların mali riskten korunmak için kullandıkları tekniklerin en gelişmişi türev ürünleridir. Bu çalışmada türev ürünlerden en çok kabul gören swap; riskten korunma ve spekülasyon ama-cıyla kullanılan bir teknik olarak tanıtılmış ve muhasebeleştirilmesi konusuna değinilmiştir. Anahtar Kelimeler: Mali risk, türev ürünler, swap, swap işlemleri muhasebesi Abstract Financial risk is a crucial concept in today's global-based free market economy and the international investments area. The most advanced technique that businesses use to avoid the financial risk is the derivative products. In this study, one of the most widely-accepted derivative products that is swap is introduced as a technique to avoid risk and as a tool of speculation , in addition to that entering swap in the accounts is also introduced in the study.

Monetary cooperation at the multilateral level has been challenged by a shift of global economic power. Increasing multipolarity combined with the inertia of the International Monetary Fund (IMF) and harder problems, related to global capital mobility, are leading to a more fragmented and diversified international monetary system. They are the main drivers of gridlock in global monetary affairs. As a pathway through the deadlock in monetary governance, emerging countries in Asia and Latin America invested in alternatives to multilateral institutions, through the formalization of regional and bilateral monetary arrangements based on currency swaps. They also challenged the key functions of the US dollar as the major currency of the Bretton Woods system. Despite their fragmented structure, these bilateral and regional arrangements have a multilateral intent. However, up to present, the initiatives seem to be mainly short-term responses to gridlock. To go beyond, two pathways are emerging as institutional responses and they are led by: technical groups with effective processes (central banks) and an autonomous and adaptative international institution (the Fund).

Cross currency swaps are agreements to exchange interest payments and principals denominated in two different currencies and usually have one leg fixed and the other floating. The interest rate on the fixed leg is closely related to the yields on the securities of the same tenure and currency. In Turkey, cross currency swaps and treasury bonds have similar cash flow structures and risk profiles. Hence these markets are usually considered as alternatives to each other. In this context, using daily data for the period August 2008 – January 2012, this study investigates the level relationship between the cross currency swap rates and treasury bond yields of 1-month to 4-year tenures by the cointegration testing procedure suggested by Pesaran, Shin and Smith (PSS). Our empirical results indicate that, at shorter tenures, cross currency swap rates and treasury bond yields have a one-to-one long-run equilibrium relationship and hence the deviations from the equilibrium are quickly arbitra...

Hedge and risk management are hot topics for , both conventional and Islamic banks, especially in light of the large expansion in the money markets and banks collapses that occurred. It adds a new dimension to this interest in the expansion of capital markets and banking in that have occurred recently. This research examines the hedging instruments and contracts in Islamic banks and their corresponding shariah (Islamic law) rules, in the light of contemporary jurisprudence debates about the legality of these contracts.. This research deals with the study and analysis of hedge concept and its contracts in the traditional capital markets, the difference between these contracts and hedge funds, the link between the hedging and risk. It also addresses the analysis and study of some hedge contracts in Islamic banks and contracts of legitimate applications, third-party capital and profit guarantee ensuring a guarantee of the two contracting parties, sale and use of deposit protection, and other contracts. This research has the intention to add a contribution to other studies and shed light on this subject in order to reach a contemporary jurisprudence acceptance about these in the Islamic financial institutions.

En la red global de líneas swaps existen acuerdos firmados, desde 2009, por China con Argentina y Brasil. El artículo tiene por objetivo analizar el impacto de tales acuerdos. Para ello se presentan el concepto y las características de los acuerdos swaps, se identifican las particularidades de los acuerdos suscritos entre el banco central chino y sus pares suramericanos, y se realiza el análisis comparativo de la evolución en el tiempo de las variables: nivel de reservas internacionales, tipo de cambio, términos de intercambio, exportaciones e importaciones de bienes y servicios, y deuda multilateral. Los resultados muestran que los acuerdos swaps facilitaron el comercio y aumentaron la posición inicial de reservas internacionales de los países que los suscribieron, pero no garantizaron la estabilidad cambiaria y financiera de estas economías.
In the global network of swap lines there are agreements signed since 2009 by China with Argentina and Brazil. The article aims to analyze the impact of swap agreements between China and Mercosur countries. To this end the concept and characteristics of the swap agreements are presented, the particularities of the agreements signed between the Chinese central bank and its South American counterparts are identified, and a comparative analysis of the evolution over time of the variables: level of international reserves, exchange rate, terms of trade, exports and imports of goods and services, and multilateral debt. The results show that swap agreements facilitated trade and increased the initial international reserves position of the countries that signed them, but did not guarantee the exchange rate and financial stability of these economies.

Finance rests on a process of abstraction, based on various material devices that have been studied by economic sociologists in recent years. The fact that many of those devices are legal in nature has not attracted much attention, even though financial instruments are typically embodied in legal documents. This paper argues that interactions involving legal documents shape both financial markets and their regulation, by specifying the contextual elements that will be deemed relevant in interpreting financial commitments. It takes as a case study the emergence of swaps since the 1980s. Through their work in standardizing, commenting, and litigating swaps contracts, bankers' lawyers were able to recast obligations between banks and their clients in more abstract terms, discarding all references to specific business projects. Such abstraction simultaneously allowed the spectacular development of swaps markets, their positioning on the fringes of regulations, and the strengthening of bankers' prerogatives against their clients.

A significant impact of unconventional monetary policy implemented by central banks of developed countries has been on diversity and depth of foreign exchange swap markets. In this study, the methods of implementation of the CBRT’s new monetary policy instruments -foreign exchange deposits against Turkish Lira deposits (swap transactions) and Turkish Lira-settled forward foreign exchange sale transactions- are explained. The aim of this study is to analyze the impact of swap action as a new monetary policy instrument of the Central Bank of the Republic of Turkey (CBRT) on TRY, CBRT policy rate, and cross-currency basis swap of US Dollar/Turkish Lira (USD/TRY) in the London market. The relationship between basis swap of the USD/TRY in the London market, the CBRT policy rate, the CBRT overnight borrowing interest rate, and USD/TRY was analyzed by Granger causality test. Our analysis reveals that there is a bilateral causality between basis swap of TRY in the London market and the USD/TRY, between the USD/TRY and the CBRT policy rate, between the CBRT policy rate and the CBRT overnight borrowing interest rate, and between the CBRT overnight borrowing interest rate and the USD/TRY. In addition, a change in basis swap of USD in the London market is a cause of the CBRT policy rate and in USD/TRY. Lastly, a change in basis swap of TRY in the London market is a cause of the CBRT policy rate.
JEL Codes: E43, E52, G15


Gelişmiş ülke merkez bankalarının uyguladığı geleneksel olmayan para politikasının önemli bir etkisi döviz swap piyasalarının çeşitliliği ve derinliği üzerinde olmuştur. Bu çalışmada, TCMB'nin yeni para politikası araçlarının-Türk Lirası depoları karşılığı döviz depo (swap işlemi) ve Türk Lirası uzlaşmalı vadeli döviz satım-uygulanma yöntemi açıklanmıştır. Çalışmanın amacı Türkiye Cumhuriyet Merkez Bankası'nın yeni para politikası aracı swap işleminin Türk Lirası, TCMB politika faizi ve Londra piyasası ABD Doları/Türk Lirası (USD/TL) swap oranı üzerindeki etkisini analiz etmektir. Londra piyasası USD/TL swap oranları, TCMB politika faizi, TCMB borçlanma faizi ve USD/TL arasındaki ilişki Granger nedensellik testiyle analiz edilmiştir. Analiz sonucunda, Londra piyasası TL swap oranıyla USD/TL, USD/TL ile TCMB politika faizi, TCMB politika faiziyle TCMB borçlanma faizi ve TCMB borçlanma faiziyle USD/TL arasında çift yönlü nedensellik bulunmuştur. Ayrıca, Londra piyasası ABD Doları swap oranındaki bir değişim, TCMB politika faizi ve USD/TL'deki değişimin bir nedenidir. Son olarak, Londra piyasası TL swap oranındaki bir değişim TCMB politika faizindeki değişimin bir nedenidir. 
JEL Kodları: E43, E52, G15

Purpose: Swap is used to hedge the risk of fluctuation in interest rates over the life of the Facilities Agreement by exchanging the variable stream of cash outflows with a fixed stream of cash outflows in order to eliminate the exposure to a floating interest rate (LIBOR) Accordingly, by exchanging the floating interest Rate with predetermined fixed Interest Rates, the Swap Agreement can enable the shareholders to forecast the project yearly returns and the Internal Rate of Return " IRR " over the life of the project.

ABSTRACT. Lo scritto analizza la recente decisione delle Sezioni Unite in tema di derivati degli enti locali alla luce del paradigma di qualificazione del contratto di swap: quello della scommessa razionale. Lo scopo del paper è di sviluppare alcuni argomenti critici di questo modello per riportare al centro dell’operazione l’elemento della gestione del rischio finanziario.

This paper analyses the Supreme Court of Cassation decision on swaps and local authorities, moving from the adopted criterion of contract’s qualification: the “rational bet”. The aim is to develop some critical arguments to this model in favour of an alternative criterion that qualifies the swap as contract for financial risk management

moneda N° 170 8 e el Banco Central de reserva creó el swap Cambiario en setiembre de 2014, con el cual puede intervenir de forma más efectiva en el mercado cambiario si las presiones sobre el tipo de cambio se generan en el mercado de derivados de divisas. su objetivo es atenuar la volatilidad excesiva que se puede generar en el tipo de cambio por sobrerreacciones de corto plazo.

Six fois et demie la valeur de la production mondiale : voilà ce que représentent aujourd'hui les marchés des swaps. Formidables outils de gestion du risque pour certains, instruments de spéculation éminemment suspects pour d’autres, ces produits dérivés lucratifs ont connu un succès fulgurant depuis leur invention au début des années 1980. Placés au rang des coupables lors de la crise de 2007-2008, ils sont emblématiques de la financiarisation de l’économie mondiale.

Aux côtés des banquiers, des acteurs plus discrets ont oeuvré pour permettre à ces contrats de flux financiers de prospérer en marge des grandes réglementations : les juristes.

Par leur travail de construction d’un langage juridique propre aux swaps, de standardisation des contrats d’échange, d’interprétation des lois et d’argumentation devant les tribunaux, les éminents cabinets d’avocats américains et internationaux ont instauré les normes de ces nouveaux marchés. Leurs techniques essaimées dans le monde entier ont prodigué à l’industrie financière une autonomie considérable. Ils ont révolutionné la culture juridique du monde des affaires.

Un voile est ici levé sur la dimension juridique, aussi déterminante que méconnue, de la globalisation financière.

Por que os maiores países emergentes da América Latina e da Ásia não recorreram a organizações internacionais para responder à crise de 2008? Durante a década de 1990, esses mesmos países constituíram e se valeram de acordos monetários regionais e multilaterais. No entanto, em 2008, houve uma mudança de política e de desenho institucional das respostas monetárias: países emergentes recorreram a acordos bilaterais ad hoc baseado em contratos de swaps cambiais, como primeiro e mais importante mecanismo de defesa. O principal argumento deste artigo é o de que as preferências desses países foram moldadas pela experiência prévia da década de 1990 (conduzindo ao estigma político em relação a instituições multilaterais, notadamente o Fundo Monetário Internacional – FMI) e pela crescente autonomia política e importância econômica adquirida por bancos centrais nacionais nas últimas décadas. A dinâmica entre esses fatores (isto é, estigma político e bancos centrais com poder) tende a produzir mais respostas monetárias a crises formalizadas por meio de swaps cambiais, em níveis bilateral e regional. Este artigo examina o modelo de cooperação monetária escolhido por alguns países da América Latina e da Ásia (Brasil, México, Colômbia, Equador, Coreia do Sul e Indonésia) em duas fases: na gestão da crise de 2008 e no pós-crise. A evidência empírica aponta para uma redução do papel de organizações internacionais e para um aumento ao recurso de swaps cambiais entre bancos centrais. O desenho institucional da cooperação monetária global parece revelar um sistema mais fragmentado e diversificado, com a re-emergência de novos instrumentos e atores, bem como outras moedas internacionais. Palavras-chave: Sistema Monetário Internacional (SMI); Fundo Monetário Internacional (FMI); swaps cambiais; bancos centrais.

Por que os maiores paises emergentes da America Latina e da Asia nao recorreram a organizacoes internacionais para responder a crise de 2008? Durante a decada de 1990, esses mesmos paises constituiram e se valeram de acordos monetarios regionais e multilaterais. No entanto, em 2008, houve uma mudanca de politica e de desenho institucional das respostas monetarias: paises emergentes recorreram a acordos bilaterais ad hoc baseado em contratos de swaps cambiais, como primeiro e mais importante mecanismo de defesa. O principal argumento deste artigo e o de que as preferencias desses paises foram moldadas pela experiencia previa da decada de 1990 (conduzindo ao estigma politico em relacao a instituicoes multilaterais, notadamente o Fundo Monetario Internacional – FMI) e pela crescente autonomia politica e importância economica adquirida por bancos centrais nacionais nas ultimas decadas. A dinâmica entre esses fatores (isto e, estigma politico e bancos centrais com poder) tende a produzir...

Lo studio della causa rappresenta, al contempo, un tema classico del diritto civile e un argomento di stringente attualità, a fronte di una giurisprudenza che sempre più spesso invoca questa figura, e più precisamente la causa «concreta», per risolvere problemi ermeneutici e questioni qualificatorie attinenti al contratto, così come per sindacare la meritevolezza e valutare la realizzabilità dell’assetto di interessi approvato dalle parti. Questo sviluppo moderno si intreccia, sotto plurimi profili, con il tema dell’aleatorietà, giacché proprio le patologie dell’alea sono frequentemente ricondotte dalla giurisprudenza alle disfunzioni della causa o all’immeritevolezza del contratto. La ricerca, interrogandosi sulle categorie della causa e dell’aleatorietà, ne propone una ricostruzione aggiornata, per poi verificare se esse, com’è convinzione diffusa nelle decisioni dei nostri giudici, possano prestarsi alla soluzione di casi specifici relativi ai contratti di rendita vitalizia e di interest rate swap o se le istanze di tutela che da questi emergono e alle quali le Corti si mostrano oggi particolarmente sensibili non siano in realtà da disattendere o, per lo meno, non trovino un inquadramento giuridico migliore, perché maggiormente conforme agli interessi in gioco e alla sistematica dell’ordinamento, in seno a istituti diversi.

sommario: 1. La vicenda.-2. Contratto di swap ed eccezione di gioco.-3. Rischio di credito, etica degli affari e autonomia privata.-4. La categoria degli 5. Interest rate swap: struttura delle prestazioni. e 6. Misurabilità dell'alea e varia

The goal of the paper is to present the intervention strategies used by central banks in order to influence the value of the domestic currency, transparency versus discretion when it comes to publishing data about FX intervention and the cost and effectiveness of intervention. It is rarely that nowadays countries allow for an exchange rate to be formed on the market basis through the effects of supply and demand for foreign exchange on the foreign exchange market. The central bank buys or sells a foreign currency in the foreign exchange market in order to increase or decrease the value of its national currency in comparison to the foreign currency. The reasons for the intervention are the reduction of short-term oscillations of the exchange rate, the impact at the level of foreign exchange reserves, as well as the maintaining the price and financial stability as the ultimate goal of most central banks. The paper will present intervention strategies on foreign exchange market, which involves the implementation of interventions in the market of options, forward, foreign currency repo and foreign currency swaps. Then, on the spot market, interventions using an auction, as well as the application of foreign currency indexed certificates.

This paper introduces Rastin Swap Deposit account as a new banking deposit account which is interest-free and is based on Swap Contract in Rastin Banking. In this depositing by opening the deposit, the depositor is entitled to use an interest-free loan to the amount and duration that his resources have been being deposited and then return the money back to the bank. Depositor and bank agree that a combination of money and duration be selected in such a way that the products of amount and duration in both operations of depositing and loaning be the same. From the time of depositing to the first maturity (the date that depositor requests loan), the depositor is lender and bank is borrower; and from the time of the first maturity to second maturity (the date that depositor returns the money back to the bank) depositor is borrower and bank is a lender. Rastin Swap Deposit (RSD) can be issued in both local and foreign currencies.

This study reports survivorship bias for the momentum effect. Effectively, this study shows that the Portuguese stock market does not exhibit the “momentum effect” when all listed stocks are considered spanning the period from January 1991 to December 2016. However, this phenomenon was detected when only survivor stocks are used. This study also shows that average returns for momentum portfolios were similar before and after the 2007 financial crisis.

I. Caracterização geral da situação 1. A situação que está na origem dos problemas que iremos analisar neste estudo é, nos seus contornos gerais, de fácil apreensão: no período entre 2006 e 2008, um banco com sede principal e efectiva em território por-tuguês celebrou, com entidades empresariais também sediadas em Portugal, operações de derivados (no caso, «interest rate swaps»), alegadamente destinadas a cobrir riscos decorrentes da evolução das taxas de juro aplicáveis a emprés-timos contraídos por essas entidades junto de outras instituições bancárias. Os negócios outorgados eram, todos eles, idênticos no seu conteúdo essen-cial, dado obedecerem a um modelo contratual adoptado pela «International Swaps and Derivatives Association» (ISDA). Tais negócios deram origem a um diferendo entre as partes que desembocou numa acção intentada perante os tribunais portugueses. 2. São hoje bem conhecidos, mesmo na doutrina nacional, os traços dife-renciadores da figura contratual em apreço, assim como as motivações que, tipicamente, estão na base da sua celebração 2. Por opção do Autor, o presente artigo não segue o acordo ortográfico.