{"id":3903,"date":"2019-05-13T15:06:15","date_gmt":"2019-05-13T13:06:15","guid":{"rendered":"https:\/\/www.aurexia.com\/ibor-transition-a-global-benchmark-transition-consulting-bank-finance\/"},"modified":"2019-09-10T10:27:32","modified_gmt":"2019-09-10T08:27:32","slug":"transition-ibor-une-transition-de-benchmarks-de-taux-mondiale","status":"publish","type":"post","link":"https:\/\/www.aurexia.com\/fr\/transition-ibor-une-transition-de-benchmarks-de-taux-mondiale\/","title":{"rendered":"TRANSITION DE TAUX IBOR &#8211; challenges et impacts"},"content":{"rendered":"\r\n<p style=\"text-align: justify;\">TRANSITION DE TAUX IBOR &#8211; challenges et impacts : les march\u00e9s des taux de refinancement interbancaires internationaux connaissent depuis maintenant deux ans une \u00e9volution sans pr\u00e9c\u00e9dent. Suite au scandale du LIBOR, l<a href=\"https:\/\/www.ecb.europa.eu\/paym\/initiatives\/interest_rate_benchmarks\/WG_euro_risk-free_rates\/html\/index.en.html\" target=\"_blank\" rel=\"noopener noreferrer\">es banques centrales et superviseurs de benchmarks<\/a> dans les principales devises mondiales ont amorc\u00e9 d\u00e8s 2017 une transition de leurs taux de r\u00e9f\u00e9rence overnight. Les nouveaux benchmarks retenus devraient alors offrir plus de garanties en termes de robustesse \u00e9tant par nature moins susceptibles d\u2019\u00eatre manipul\u00e9s.<\/p>\r\n<p style=\"text-align: justify;\">L\u2019\u20acSTR (\u20acuro Short-Term Rate)\u00a0 a \u00e9t\u00e9 choisi comme taux interbancaire de r\u00e9f\u00e9rence en Europe en remplacement de l\u2019EONIA. Le groupe de travail de la Banque centrale europ\u00e9enne (BCE) sur les taux sans risque de l&rsquo;euro a publi\u00e9 en juillet dernier ses recommandations finales concernant le plan d&rsquo;action juridique de l&rsquo;EONIA vers l&rsquo;\u20acSTR , afin d\u2019accompagner les acteurs du march\u00e9 \u00e0 la mise en place progressive de ce taux. Pour rappel, l&rsquo;\u20acSTR sera publi\u00e9 par la BCE \u00e0 partir du 2 octobre 2019. De m\u00eame, le nouveau benchmark de taux \u00e0 terme &#8211; l\u2019EURIBOR Hybrid &#8211; toujours en phase de test ne devrait \u00eatre en conformit\u00e9 avec la BMR (Benchmark Regulation) que courant 2019.<\/p>\r\n<p><strong>TRANSITION DE TAUX IBOR &#8211; CHALLENGES, IMPACTS ET EXIGENCES CALENDAIRE EN EUROPE<\/strong><\/p>\r\n<p style=\"text-align: justify;\">L\u2019adoption de nouveaux benchmarks s\u2019est faite progressivement depuis 2017, la plupart des taux overnight sur les principales devises mondiales \u00e9tant \u00e0 ce jour publi\u00e9s r\u00e9guli\u00e8rement. L\u2019Union Europ\u00e9enne fait figure d\u2019exception, la transition vers les nouveaux benchmarks n\u2019\u00e9tant pas encore effective. Cette transition coupl\u00e9e \u00e0 l\u2019entr\u00e9e en vigueur de la BMR constitue un double challenge pour les banques europ\u00e9ennes. En effet, les taux overnights actuels et les taux \u00e0 terme (EONIA et EURIBOR) ne seront plus conformes sous leur forme actuelle au r\u00e8glement BMR \u00e0 partir du 1er janvier 2020, mettant ainsi une pression accrue sur les acteurs europ\u00e9ens (r\u00e9gulateurs et banques) concernant le sc\u00e9nario de transition \u00e0 fin 2019.<\/p>\r\n<p style=\"text-align: justify;\">Par ailleurs, face \u00e0 l&rsquo;incertitude croissante quant au statut des nouveaux benchmarks adopt\u00e9 le 1er janvier 2020, plusieurs associations (et en particulier <a href=\"https:\/\/www.isda.org\/2019\/04\/26\/interest-rate-benchmarks-review-first-quarter-of-2019\/\">l&rsquo;ISDA<\/a>, la GFMA, la FIA et l&rsquo;EMTA) ont demand\u00e9 au r\u00e9gulateur europ\u00e9en un prolongement de 2 ans de la p\u00e9riode transitoire pour l&rsquo;entr\u00e9e en vigueur du BMR sur les benchmarks critiques. Cette p\u00e9riode de transition devrait \u00eatre conforme \u00e0 la p\u00e9riode de transition des nouveaux benchmarks dans d&rsquo;autres juridictions.<\/p>\r\n<p style=\"text-align: justify;\">Ce prolongement de la p\u00e9riode transitoire permettrait aux banques d\u2019\u00eatre pr\u00eates au 1er janvier 2020, de continuer \u00e0 utiliser l&rsquo;EONIA et l&rsquo;EURIBOR sous leur forme actuelle et d&rsquo;entamer une transition progressive de leur activit\u00e9 vers de nouveaux benchmarks. Ces associations soulignent \u00e9galement le fait qu&rsquo;avec le prolongement de la validit\u00e9 des indices actuels, un grand nombre de contrats arriveront \u00e0 \u00e9ch\u00e9ance avant l&rsquo;abandon de ces taux. En outre, ce prolongement limitera les tensions sur la liquidit\u00e9 du march\u00e9 des taux d\u2019int\u00e9r\u00eat \u00e0 fin 2019 et laissera plus de temps aux banques et aux r\u00e9gulateurs pour pr\u00e9parer la transition.<\/p>\r\n<p style=\"text-align: justify;\">Le 25 f\u00e9vrier 2019, la Commission Europ\u00e9enne avait annonc\u00e9 une extension de la dur\u00e9e de transition vers ces nouveaux benchmarks de 2 ans suivant ainsi les recommandations des principales associations de la place. L\u2019EONIA et l\u2019EURIBOR continueront donc d\u2019\u00eatre publi\u00e9s au 1er janvier 2020, laissant ainsi aux banques europ\u00e9ennes suffisamment de temps pour effectuer une transition compl\u00e8te de leurs activit\u00e9s vers les nouveaux benchmarks.<\/p>\r\n<p style=\"text-align: justify;\">\u00a0Gr\u00e2ce \u00e0 une extension de deux ans de la validit\u00e9 de l\u2019EONIA et de l\u2019EURIBOR par rapport \u00e0 la BMR, les contrats reposant sur ces benchmarks pourront arriver \u00e0 expiration ce qui (1) all\u00e8ge les co\u00fbts et la charge de travail de mise en conformit\u00e9 et (2) limite le risque d\u2019illiquidit\u00e9 sur ces indices dans la mesure o\u00f9 de nombreux produits de taux arriveront \u00e0 maturit\u00e9 avant la date butoir. Durant ces deux ans, le march\u00e9 des produits de taux devrait arriver \u00e0 maturit\u00e9, limitant ainsi les risques de liquidit\u00e9 qui auraient r\u00e9sult\u00e9 d\u2019une transition pr\u00e9cipit\u00e9e fin d\u00e9cembre 2019.<\/p>\r\n<h3 class=\"wp-block-heading\" style=\"text-align: justify;\">A propos d&rsquo;Aurexia<\/h3>\r\n<p style=\"text-align: justify;\">AUREXIA est un cabinet de conseil en management bas\u00e9e \u00e0 Paris, Londres, Luxembourg et en Asie. Nous op\u00e9rons exclusivement dans les services financiers et couvrons l\u2019ensemble du secteur gr\u00e2ce \u00e0 nos pratices d\u00e9di\u00e9es : Banque de d\u00e9tail, Assurance, Banque Priv\u00e9e, Capital Markets, Transaction Banking, Securities Services, Asset Management, Finance, Risques, Conformit\u00e9.<\/p>","protected":false},"excerpt":{"rendered":"<p>You are a bank operating in APAC and either dealing with European clients or using EU benchmarks? You will be impacted by the BMR regulation and you may not know it yet!<\/p>\n","protected":false},"author":32,"featured_media":3451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[81],"tags":[],"class_list":["post-3903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-institute-fr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TRANSITION DE TAUX IBOR - challenges et impacts - Aurexia<\/title>\n<meta name=\"description\" content=\"Transition de taux IBOR op\u00e9r\u00e9e \u00e0 l\u2019\u00e9chelle mondiale amorc\u00e9e en 2017 par les superviseurs de benchmarks. 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