Certificados de operações estruturadas e o fantasma da crise dos subprimes

Resumo

This study examines the risks and necessary safeguards associated with the issuance of Structured Operations Certificates (COEs) involving both market risk and credit risk. For that purpose, it adopts a comparative framework, contrasting Brazilian Market Risk COEs and Credit Risk COEs with their functional counterparts in the context of the United States subprime crisis (2002–2008), particularly collateralized debt obligations (CDOs) and credit default swaps (CDSs). The purpose is to contextualize and assess common risk factors identified by the author in the use of such instruments. The analysis is grounded in an examination of the core features of CDOs and CDSs, alongside the regulatory reform of COEs introduced by Resolution No. 5,166, of August 22, 2024, issued by the National Monetary Council. It finds that the Brazilian regulatory approach to these instruments exhibits notable parallels with that adopted by U.S. regulators in the period preceding the 2008 financial crisis, particularly with respect to the inadequacy of mechanisms designed to mitigate systemic risk. Against this backdrop, the study argues for the adoption of complementary measures by market participants and self-regulatory entities, with a view to addressing risks that remain insufficiently mitigated under the current regulatory framework.

Ficha do documento

Tipo

Dissertação

Ano

2026

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/40927

Palavras-chave

Certificados de operações estruturadasCrise dos subprimesMercado de capitaisStructured notesSubprime crisisCapital marketsDireitoMercado de capitais - LegislaçãoInvestimentos - AdministraçãoAdministração de risco financeiroDireito empresarial