bluuebunny/crossref_metadata_2025_split huggingface dataset:
Changements récents observés sur les marchés de capitaux aux États-Unis
Authors: Schapiro Mary L. 
Published: April 2013

Recent developments in the US capital markets
The US capital markets are in the process of undergoing significant structural changes. Regulation NMS will more tightly interweave the national market system ; the recently announced transactions by The Nasdaq Stock Market, Inc. and the New York Stock Exchange portend greater consolidation of trading markets in the United States ; NASD’s facility for reporting transactions in the corporate debt market raises issues concerning greater transparency and best execution in that market ; and the Securities and Exchange Commission’s recent proposals on self-regulation will potentially change the governance process of self-regulatory organizations (SROs), require more on-going accountability in the discharge of an SRO’s regulatory responsibilities, and raise issues concerning the proper roles of commercial markets and regulation. This paper seeks to present an overview of these recent events.
JEL classification : G18, G28
Une nouvelle organisation des marchés : les enjeux de la Directive MIF
Authors: Prada Michel 
Published: April 2013

Si la Directive MIF constitue une étape majeure dans la restructuration de l’exécution des transactions dont les marchés réglementés ne sont plus que l’une des nombreuses modalités, la mise en oeuvre d’un marché financier unique en Europe ne peut plus aujourd’hui faire l’économie d’une réflexion approfondie sur la partie post-marché, c’est-à-dire sur la compensation et le règlement-livraison où des gains d’efficience sont attendus par l’ensemble des participants de marché. La structuration de l’industrie du post-marché, le caractère de utility
que peuvent revêtir certaines des entités opérant dans ce secteur et leur gouvernance sont parmi les nombreuses questions qui devront être débattues dans les prochains mois dans la perspective d’une consolidation de ces activités au niveau européen. Cet article revient ainsi sur la nouvelle organisation des marchés financiers, ainsi que sur les enjeux, qu’implique la Directive MIF.
Classification JEL : F36, G18, G28
Liquidité, coût du capital et organisation de la négociation des valeurs boursières
Authors: Foucault Thierry 
Published: April 2013

Dans cette note, nous présentons certains des arguments avancés dans la littérature académique en ce qui concerne la façon dont (1) l’organisation des échanges boursiers et (2) plus généralement la liquidité du marché financier peuvent influencer le coût du capital et
in fine la valeur des entreprises cotées en Bourse.
Classification JEL : G14
Infrastructures post-marché : quels sont les risques de déstabilisation du système financier ?
Authors: Beau Denis 
Published: April 2013

L’importance du rôle des systèmes de compensation, de règlement de titres et de paiement crée néanmoins des risques de nature systémique, dans la mesure où un défaut de fonctionnement, ou l’incapacité d’un utilisateur à remplir ses obligations sont susceptibles d’entraîner des défaillances en chaîne. Cet article présente les risques qui font de ces infrastructures des vecteurs potentiels de déstabilisation du système financier et les principales caractéristiques des politiques actuellement mises en oeuvre pour les maîtriser.
Classification JEL : G2, G28
Le champs du risque opérationnel dans Bâle II et au-delà
Authors: Nouy Danièle 
Published: April 2013

L’importance croissante prise par le risque opérationnel a conduit le Comité de Bâle à décider d’en imposer la couverture par des fonds propres. Cette décision suppose d’être capable de le mesurer avec précision, ce qui n’est pas sans poser des difficultés compte tenu de la nature particulière de ce risque. Une définition du risque opérationnel centrée sur ses manifestations visibles, les pertes, a ainsi été retenue. Toutefois, cette définition s’est traduite par l’exclusion de certaines composantes du risque opérationnel. Afin de capter ces éléments de nature avant tout qualitative, une approche globale, davantage centrée sur les causes et la prévention, est nécessaire. C’est ce que prévoient le pilier 2 de la réforme de Bâle II, mais aussi certaines évolutions réglementaires françaises récentes, en matière, par exemple, de plan de continuité, de conformité ou d’externalisation.
Classification JEL : G28, K23
La mise en place d'un modèle risques opérationnels AMA au sein d'un groupe bancaire international
Authors: Pennequin Maxime 
Published: April 2013

The implementation of an AMA model for operational risks management within an international banking group
This article aims at introducing the main characteristics of the AMA model (Advanced Measurement Approach) for operational risk management of the Credit Agricole SA group. It presents its main lessons and finally highlights questions still being discussed (notably correlations). This article is deliberately focused on the quantitative aspects of this model.
JEL classification : G21, G28, K23
L'assurance comme technique de réduction de risques
Authors: Veret Catherine 
Published: April 2013

Using insurance to reduce operational risks
This article aims at three main objectives : - to put back insurance in a general approach of risk management ;
- to identify requirements, difficulties and approaches to implement the new Basel 2 prudential regulation in a optimum way for banks ;
- to grasp opportunity to construct a more liquid financing of risks (continuum), more adapted (at assessed risks), more diversified (evolution and extension of « classical insurance »)...
- and in conclusion, to present the contributions of the different stakeholders which would be likely to bring some change in the Basel 2 implementation.
JEL classification : G22, G28, K23
Éléments essentiels pour une bonne gestion du risque opérationnel
Authors: Amadieu Daniel 
Published: April 2013

Essential elements for a good operational risk management
By including operational risks on the whole of risks taken into account in the minimum capital requirements, the Basel 2 reform highlights the most known risks, since they always affected any activity and any firm. The analysis of implements suggested by regulations gives opportunity to wonder about the efficiency of tools already implemented by banks. This allows to explain that operational risks were always taken into account by banks. Basel 2 is so an opportunity to deeply analyse a systematic and global approach of operational risk. This analysis allows to draw consequences for the « risks sectors » organization, measurement tools, monitoring of risk and risk/reward approach, as for other types of risks.
Classification JEL : G21, G28, K23
Analyse des risques opérationnels par les réseaux bayésiens
Authors: Condamin Laurent , Naïm Patrick 
Published: April 2013

Using Bayesian networks for operational risks analysis
This paper presents a quantification approach for operational risks. This method has been designed and implemented within a French banking group as part of the Basel 2 regulation framework. As only human expertise is generally available when addressing severity risks, we use knowledge based Bayesian networks to define and quantify the significant risk scenarios. These models are then merged into a global risk model. Finally, the global risk model is sampled in a Monte Carlo simulation to calculate the capital charge, evaluate the impact of strategic and commercial objectives or contextual changes on capital charge and identify risk control levers.
JEL classification : C11, G21, G28, K23
État d'avancement des banques françaises en matière de gestion du risque opérationnel
Authors: Mahieddine Yacin , Feghali Rami , Marquer Yves 
Published: April 2013

The management of operational risk : where are the French banks ?
Operational risks always existed and banking industry knew their existence. Plans of control and monitoring were implemented to contain them. Nevertheless, Basel II changed the analysis of this risk. The reform’s objective was so to transform a local control of fragmented risks into a global management of operational risks as market or credit risks. Operational risk so became a major concern for the French banks. This preoccupation follows from Basel regular requirements, but banks acknowledge that the operational risk management represents a significant stake to reduce operational losses and therefore minimum capital requirements. Nevertheless, the management plans of French banks remain at various states of implementation.
JEL classification : G21, G28, K23
ISR : stratégie de « niche » ou « mainstream »?
Authors: Azoulay Orith , Zeller Vincent 
Published: April 2013

L’ISR doit-il être considéré comme une approche de niche, ou a-t-il vocation à devenir mainstream ? S’agit-il d’une philosophie concernant un public d’happy few ou peut-elle aussi avoir sa place dans la logique d’investissement classique ? Après une première série de mises au point conceptuelles, les auteurs de cet article s’interrogent sur la raison d’être de ces approches et leurs évolutions potentielles, puis identifient les freins et perspectives de progrès.
Classification JEL : G11, G23, M14
ISR : des fonds français « canada dry »
Authors: Vigier Michel 
Published: April 2013

French SRI : the absence of real socially responsible policy
Coming from Anglo-Saxon countries where this principle of management is used by certain investors or savers for 80 years, the « ethical » investment and corresponding concerns arrived in France in 2001 with the NRE Law and the Law on company savings plan. However, the French SRI balance sheet remains disappointing :
- the big firms of the French CAC 40 publish a « sustainable development » annex, but the quality of these appendix are variable and the most part of the small and medium enterprises content themselves with doing the minimum ; -managed capital by investment « ethical » funds remains marginal to the French market of asset management. This article deals with this failure and its reasons which are numerous, but turn, in fact, around the absence of real mobilization of the main actors.
JEL classification : G11, M14, Q01
Réforme des retraites, marchés financiers et investissement socialement responsable : les affinités électives
Authors: Gonand Frédéric 
Published: April 2013

Reform of retirement, financial markets and SRI
Elective affinity seems to link reform of retirement, development of long-term investments and SRI next decades. They so suggest the possibility of an endogenous evolution of financial capitalism which would become more favourable to a long term perspective, without departing from the principle of investors’ rationality.
JEL classification : G23, J26, M14
Le vieillissement de la population active : quel rôle pour l'analyse extra-financière ?
Authors: Guinefort Catherine , Borremans Eric , Carval Morgan 
Published: April 2013

The ageing of working population : what role for the extra-financial analysis ?
From an analysis of existent stakes of the ageing of working population, the authors illustrate in this article the way the extra-financial analysis can supplement the traditional financial analysis of firms and bring to the investor a more complete view of medium term risks and opportunities.
JEL classification : G11, J11, J26, M14
La métropole, Joker du développement territorial… sur le papier
Authors: Davezies Laurent 
Published: April 2013

La Nouvelle économie géographique consacre la métropole comme « locomotive de la croissance économique ». L’espace devient un facteur crucial de la croissance du fait de l’existence d’économies d’agglomération minimisant les coûts de transaction. La littérature académique se partage désormais entre ces deux seuls thèmes que sont, d’une part, la « métropolisation » et les facteurs de son efficacité et, d’autre part, la « fracture socio-spatiale ». Cet article aborde ainsi les deux grandes questions que pose cette littérature : (1) cette thèse permet-elle de rendre compte des mécanismes et des orientations actuels du développement territorial ? (2) Si ce n’est pas le cas, y a-t-il d’autres facteurs expliquant l’évolution observée ?
Classification JEL : R12, R23, R5
Qui paie la ville ? Logique et efficacité du système de financement
Authors: Rocaboy Yvon 
Published: April 2013

Who pays for the city : logic and efficiency of the financing system ?
The city is an area where the public goods are concentrated. The question of their financing arises. The article describes the logic and analyses the efficiency of the local public expenditure financing system in France. It shows, on the one hand, that the multiple exemptions which have been gradually introduced to the system have denatured its logic and, on the other hand, that the complexity of the system causes probably inefficiency as regards local public decisions.
JEL classification : D7, H2, H7
Financement des retraites par capitalisation et équilibre des systèmes financiers : le cas du Royaume-Uni
Authors: Lagoutte Christine 
Published: April 2013

Les fonds de pension britanniques se caractérisent par un fort enracinement culturel, une fiscalité et une réglementation avantageuse et un poids économique important. La forte baisse des actions au début des années 2000 n’a pas été sans conséquence sur leurs performances, la stratégie de choix des actifs et les difficultés actuelles et potentielles liées à la satisfaction des engagements à l’égard des adhérents. Les fonds de pension tendent à se désengager des actifs risqués, voire à s’orienter vers un système à cotisations définies. La présente analyse relative à la gestion de portefeuille de 4 grands fonds de pension publics à prestations définies, conclut qu’il existe une déconnexion entre la richesse relative du fonds et l’allocation en actions. À l’aube des départs massifs à la retraite des baby boomers, de telles conclusions laissent supposer qu’on n’assistera pas dans les années prochaines à des ventes intensives d’actions.
Classification JEL : G23, H55, J26
Development aid and carbon market
Authors: Kleiche Mustapha 
Published: April 2013

The participation of developing countries in the « carbon » market is made possible only through the Clean Development Mechanism. It has two objectives by allowing developed countries to reduce their emissions at low costs and by contributing to the sustainable development of the developing countries. According to the most recent studies, the developing countries will benefit from CDM market an income and flows of investment associated summing up respectively approximately to $ 1bn and $ 6bn annually over the period 2008-12 ($ 13bn for ODA and $ 70bn for FDI). However, because of the proximity of the commitment period, uncertainties regarding Post-Kyoto, and the complexity nature of the CDM, the current trends in the « carbon » market are not in favour of these countries. Vis-à-vis this situation, the role of a development agency will be to contribute to the reduction of the transaction costs in order to facilitate financial flows and to help them in maximising the sustainable benefits of CDM projects.
JEL classification : F35, K32, Q01, Q25, Q28
The role of equity markets in financing economic activity
Authors: Artus Patrick , Théodore Jean-François 
Published: April 2013

This interview deals with the current changes of equity markets, particularly with the significant slowdown of issues on the primary market and the evolution of institutional investors’ portfolios. The authors expose their point of view concerning the increase of private-equity investment and leverage buyout. At last, they expose their opinion on the competitive and global environment linked to a geographical financial centre and on the consolidations of stock exchanges.
JEL classification : G14, G24
Fixed income : a new trend towards centralisation of trading on exchanges?
Authors: Garbi Gianluca , Rakotovao Philippe 
Published: April 2013

This article considers the differences between equities and bonds that led the former but not the latter to migrate at an early stage to exchange trading. It is clear that an exchange offers important advantages in terms of trading and settlement costs, unified price discovery and symmetric information distribution. However, the distinct nature of bonds made the OTC environment a better venue for their secondary market trading until new IT and subsequent business models made exchange-like benefits available to the bond market.
JEL classification : G14, O33
Open outcry or electronic : it’s the market’s choice
Authors: Newsome James 
Published: April 2013

The European stock and commodity exchanges are nearly all electronic. Electronic trading also accounts for most of the volume on the Chicago exchanges. A closer look however, shows that a market traded through numerous widely dispersed computer screens is not necessarily more efficient or more liquid, particularly in the longer-dated months, than an open outcry market that requires substantial physical space, a cadre of highly skilled traders, and a large and highly skilled support staff employed by both the firms represented on the floor as well as the exchange itself. The experience at NYMEX shows that there is a place for both open outcry and electronic trading.
JEL classification : G14, G15, G18
Regulating for tomorrow’s equity markets
Authors: Steil Benn 
Published: April 2013

It is clear that thinking about « the right » market structure at the SEC and the European Commission has been profoundly shaped by the proliferation of continuous electronic auction market systems, operated both on and off exchanges, over the course of the last decade. The problem is that continuous electronic auction markets, as useful as they are, have flaws that are apparent to any institutional trader. This article explains what this implies for market regulation.
JEL classification : G14, G18
Alliances, new markets and new products from central counterparties : risks and challenges
Authors: Hémon Christophe 
Published: April 2013

Central counterparties, also known as clearing houses, are the focus of ongoing debate in the financial community, as are the operators of Europe’s financial exchanges. This raises the question of why this particular link in the trade processing chain is seen as the key element in reshaping market infrastructures in Europe. The key issues are whether Europe needs a single clearing house and, if so, what governance and business models should apply to it. Once these questions have been answered, there remains the even more complex matter of the intermediate steps required to achieve that goal. For markets, there are still questions about whether concentration or competition at trading level is the best scenario, since each has obvious advantages and drawbacks. But there now seems to be a consensus on the principle of establishing a single clearing house for Europe as soon as possible.
JEL classification : F36, G14, G28
Post-trading infrastructures : considering the risks to financial stability
Authors: Beau Denis 
Published: April 2013

The importance of total value of transactions processed annually by clearing, securities settlement and payment systems reflects the lynchpin role played by post-trading infrastructures. With this important role comes systemic risk, however, in the sense that a system malfunction or the failure by one user to meet its obligations in such system could trigger a chain of defaults. This article describes the risks that give these facilities the potential to destabilise the financial system and profiles the policies being deployed to manage these risks.
JEL classification : G2, G28
Self-regulation and operational controls: reflections on the oversight of exchange-traded derivatives
Authors: Corcoran Andrea 
Published: April 2013

As capital and derivatives market structures have evolved into electronic, for-profit, demutualized, oftentimes listed companies in the United States and elsewhere, the self-regulating roles of markets, where it existed, has been called into question. This article suggests for debate a view -based on past US experience -that, properly overseen, the self-regulatory « obligation » has been critical to the accountability of markets for maintaining appropriate operational and financial controls and hence to market integrity and confidence. So, the author describes market evolutions, cash/ derivatives differences, self-regulatory functions required by US derivatives markets today, experience with self-regulation, current evaluative initiatives and enhancements to explore.
JEL classification : G2, G28
Banque d’investissement et de marché : la directive MIF
Authors: Tricou Jean 
Published: April 2013

Market and investment banking : the Markets in Financial Instruments Directive
During these last ten years in Europe, MiFID is the most founding legislative text for financial actors. This article presents first the new rules of competition that MiFID imposes on all the market activities. Then, it deals with the impact of this directive for the actors : regulated markets, market and investment banking, investors and European regulators.
JEL classification : F36, G24, G28
Le bilan du PASF : point de vue de la Fédération bancaire européenne
Authors: Pébereau Michel 
Published: April 2013

The FSAP assessment : the European Banking Federation point of view
Did the realization of the large market of financial services progress ? Incontestably from the point of view of the companies and the institutional investors which profit from the wholesale markets which the process of integration has quite progressed. On the other hand, for the consumers, progress is limited, for the moment, to the introduction of the euro - only for twelve countries, because retail markets are still national markets. For investment banking activities, the progress of the markets integration is quite important. But a real political will to achieve the integration will be necessary. And a lot of things have to be done in the retail financial market area.
JEL classification : F36, G21, G24, G28
Le Plan d’action pour les services financiers : un point de vue britannique
Authors: Mullen Ian 
Published: April 2013

The Financial Services Action Plan : a British point of view
This interview introduces the point of view of Ian Mullen, chief executive of the British Bankers’ Association on the FSAP, its advances and its perspectives, particularly concerning regulation. Moreover, this interview deals with the benefits which the financial British area could gained from the adoption of the Markets in Financial Instruments Directive.
JEL classification : F36, G18
Les possibles conséquences d’une application différenciée de la réforme Bâle II aux États-Unis et en Europe
Authors: Bouton Daniel , Amadieu Daniel 
Published: April 2013

Le risque de voir la réforme Bâle II appliquée de manière différenciée des deux côtés de l’Atlantique ne peut qu’être préoccupant et ce, à plusieurs titres : risques de distorsions de concurrence, problèmes de comparabilité des états financiers, possibilité d’arbitrages réglementaires géographiques... En outre, une absence de convergence entre les dispositifs américains et européens ne faciliterait guère l’adoption dans le futur d’un cadre réglementaire similaire et cohérent par les pays émergents qui, pour certains, connaissent un développement rapide de leur système bancaire, demain en concurrence directe avec celui des pays membres du G10. Cet article revient ainsi sur les raisons d’une application différente de Bâle II de chaque côté de l’Atlantique et sur les conséquences possibles de cette situation.
Classification JEL : G21, G28, K23