Contribution to the legal study of the securitization operation.

Summary Despite the reputation acquired by the securitization operation after the subprime crisis, ten years later, the legal study of this mechanism is still fragmentary. Based on this observation, this study aims to provide elements of analysis to identify its legal identity. The securitization operation appears as a pair of contracts united by a common cause or purpose, namely the transfer of the risk encumbering the evolution of the value of things endowed with a variable value, indifferently positive or negative (named underlying). This definition explains and justifies the existence of a prudential control intended to guide the behavior of economic actors in the direction of sound prudence, both by the external intervention of regulated professionals and by the imposition of mandatory rules applicable to the parties to each of the two contracts that make up the contractual whole.