75 % of the amount requested was granted ), although there is still room for improvement in the case of vses. at the same time, bond financing is increasing. the trend towards the diversification of debt financing appears to be more marked in france than in neighbouring european countries, with companies increasingly turning to capital markets to meet their funding needs. the disintermediation rate, that is the share of bond financing in overall corporate debt, has risen from 24. 2 % in 2008 to 38. 6 % in 2015, compared with respective rates of 14. 1 % and 13. 5 % for germany and italy. nonetheless, in france, market financing is mainly the preserve of large corporations, accounting for some 70 % of their total financial debt, compared with 25 % for mid - caps and less than 5 % for smes. yet forcing them to switch to disintermediated financing would make little sense : this diversification of funding has to remain optional, driven by demand from companies themselves, rather than being imposed according to a set timetable and predefined objectives. bis central bankers ’ speeches c ) the priority of increasing equity funding can be achieved via several channels. with regard to “ internal ” equity, that is self - financing, the outlook is improving. for smes in particular, self - financing is crucial as it is still the method of choice for financing investment, even when companies have access to debt. the decline in french corporate profit margins since 2008 is a source of concern in this respect. however, the issue has been clearly identified and steps have been taken to tackle it, with the tax credit for competitiveness and employment or cice, and the responsibility and solidarity pact. these reforms are expected to boost the average corporate profit share from 29. 5 % in 2014 to over 32 % in 2017. in terms of “ external ” equity, of course, here at euronext you ’ re at the heart of the action. as the leading pan - european stock exchange, you have a central role to play in enabling firms to access capital market financing, in the form of debt, of course, but above all in the form of equity. in this respect, i ’ d like to acknowledge euronext ’ s efforts – under the supervision of the amf with which the banque de france has an excellent working relationship – to draw investors back to the bourse, and to encourage firms of all sizes and all sectors to tap capital markets. in the

##fr ), which will take effect at the same time as mica. the traceability of funds and transactions enabled by blockchain technology is compromised by the ease with which new addresses can be created - sometimes without identity checks or verification of the origin of the funds deposited - and by various concealment techniques. innovation could play a positive role here. digital identity solutions, based on advances in cryptographic proof techniques, could facilitate the direct implementation of " know your customer " ( kyc ) obligations on the blockchain. they could thus make it possible to reconcile the identification of individuals involved in blockchain transactions, for aml / cft purposes, with privacy protection requirements. * * * ii / as we can see from this last example, while it is necessary to strengthen operational resilience, this in no way prevents you, fintechs, from designing tomorrow's business 2 / 4 bis - central bankers'speeches models and technological solutions. a / in this area and others, the banque de france and the acpr stand alongside the fintech ecosystem, first and foremost by contributing to the development of a regulatory framework that fosters innovation while protecting consumers. a good example of this approach is " open finance ". the financial data access ( fida ) proposal, published by the european commission on 28 june, aims to facilitate access to financial data. this is clearly an opportunity for fintechs to deploy their creativity and agility, in order to offer consumers innovative financial services within a secure framework. one initial reason for the banque de france and the acpr to be satisfied is that lessons have been learned from the mixed results of the implementation of the open banking policy set out in psd2. indeed the key aspect of the proposal are the data sharing schemes, which data holders and users will have to develop together, and to which they will then be obliged to adhere. the system seems fair, with, on the one hand, the principle of paying for the use of data - which should encourage the players to work together in a concerted manner - and, on the other, the guarantee that the amounts will be limited and regulated. at the same time, fida establishes a protective framework for customers, which responds to a key concern of the acpr. consumers will thus be able to choose whether or not to share their data, and will have access to a dashboard that makes it easier to view and manage the rights granted. similarly, data sharing will have