{"id":108703,"date":"2024-06-24T16:11:33","date_gmt":"2024-11-21T18:41:59","guid":{"rendered":"https:\/\/www.afg.asso.fr\/event\/gestion-de-la-liquidite-lexperience-des-fonds-dinvestissement-et-des-protocoles-defi\/"},"modified":"2025-06-18T12:25:37","modified_gmt":"2025-06-18T10:25:37","slug":"gestion-de-la-liquidite-lexperience-des-fonds-dinvestissement-et-des-protocoles-defi","status":"publish","type":"event","link":"https:\/\/www.afg.asso.fr\/fr\/event\/gestion-de-la-liquidite-lexperience-des-fonds-dinvestissement-et-des-protocoles-defi\/","title":{"rendered":"Gestion de la liquidit\u00e9 : L\u2019exp\u00e9rience des fonds d\u2019investissement et des protocoles DeFi"},"content":{"rendered":"\n<p class=\"has-text-align-center has-white-color has-blue-background-color has-text-color has-background has-link-color wp-elements-22fa419a66e5a6707cba66a3a4b89cb2\"><strong>Conf\u00e9rence du Club des techniques quantitatives de l\u2019AFG en partenariat avec le programme FaIR de l\u2019Institut Louis Bachelier*<\/strong><\/p>\n\n\n\n<p class=\"has-white-color has-blue-background-color has-text-color has-background has-link-color has-md-font-size wp-elements-082af30c8e05228dff4f47c4016a8f0f\"><strong>La gestion de la liquidit\u00e9 des fonds d\u2019investissement est un sujet incontournable pour une gestion d\u2019actifs qui op\u00e8re dans le meilleur int\u00e9r\u00eat de ses clients.<\/strong><br>De son c\u00f4t\u00e9, la<strong> finance d\u00e9centralis\u00e9e (DeFi) <\/strong>a introduit l\u2019utilisation d\u2019infrastructure blockchain d\u00e9sinterm\u00e9di\u00e9e et automatis\u00e9e.<br>Quels enseignements peut-on tirer de la <strong>comparaison entre finance traditionnelle et protocoles DeFi en mati\u00e8re de gestion de la liquidit\u00e9?<\/strong><\/p>\n\n\n\n<p>Programme :<br>&#8211; 17h00 : Introduction par <strong>Marie Bri\u00e8re<\/strong>, Amundi, directrice scientifique du programme FaIR de l\u2019Institut Louis Bachelier et pr\u00e9sidente du club des techniques quantitatives de l\u2019AFG<br>&#8211; 17h10 : Pr\u00e9sentation par <strong>Fabrice Riva<\/strong>, professeur \u00e0 l\u2019Universit\u00e9 Paris Dauphine-PSL \u00ab\u00a0DeFi vs CeFi\u00a0\u00bb<br>&#8211; 17h20 : Pr\u00e9sentation par <strong>Serge Darolles<\/strong>, professeur \u00e0 l\u2019Universit\u00e9 Paris Dauphine-PSL \u00ab\u00a0La gestion de la liquidit\u00e9 dans les Hedge Funds\u00a0\u00bb<br>&#8211; 17h50 : Pr\u00e9sentation par <strong>Louis Bertucci<\/strong>, directeur du Center for digital and decentralized finance (C2DF) \u00ab\u00a0Provision de liquidit\u00e9 en finance d\u00e9centralis\u00e9e\u00a0\u00bb<br>&#8211; 18h20 : <strong>Table Ronde<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Luc Dumontier, Directeur des investissements, <strong>OSSIAM<\/strong><\/li>\n\n\n\n<li>Raul Leote de Carvalho, Directeur Adjoint du Groupe de Recherche Quantitative, <strong>BNP Paribas Asset Management<\/strong><\/li>\n\n\n\n<li>Cl\u00e9ment Boidard, Senior Policy Officer, Gestion d\u2019actifs, <strong>ESMA<\/strong><\/li>\n<\/ul>\n\n\n\n<p><br>&#8211; 18h50 : Conclusion par <strong>Adina Gurau Audibert<\/strong>, directrice des expertises de l\u2019AFG<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Gestion de la liquidit\u00e9: Exp\u00e9rience des fonds d\u2019investissement et des protocoles DeFi - Marie BRIERE\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/i0acbO0aRWk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Gestion de la liquidit\u00e9: L\u2019exp\u00e9rience des fonds d\u2019investissement et des protocoles DeFi Fabrice RIVA\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/YjNqqqXsvXU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Gestion de la liquidit\u00e9: L\u2019exp\u00e9rience des fonds d\u2019inv. et des protocoles DeFi - Serge DAROLLES\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/CsShIb_vmjg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Gestion de la liquidit\u00e9: L\u2019exp\u00e9rience des fonds d\u2019inv. et des protocoles DeFi  - Louis BERTUCCI\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/pPXiUwSjUwU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Gestion de la liquidit\u00e9: L\u2019exp\u00e9rience des fonds d\u2019investissement et des protocoles DeFi -table ronde\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/WdOyJVtAun8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Gestion de la liquidit\u00e9: L\u2019exp\u00e9rience des fonds d\u2019inv. et des protocoles DeFi - Adina GURAU AUDIBERT\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/ionX6TfFIrA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><\/div><\/div>\n\n\n\n<p><em>L\u2019int\u00e9r\u00eat des r\u00e9gulateurs et des organismes supranationaux pour le sujet de la gestion de la liquidit\u00e9 des fonds va croissant depuis plus de 10 ans. <strong>Afin de mieux g\u00e9rer le risque de liquidit\u00e9 et conforter le traitement \u00e9quitable entre les clients d\u2019un m\u00eame fonds, les superviseurs ont propos\u00e9 diff\u00e9rentes mesures ou outils : <\/strong>suivi du passif, stress tests, outils de gestion de la liquidit\u00e9. Ces approches permettent \u00e9galement de limiter les risques de ventes massives en \u00e9vitant tout avantage au premier sortant. L\u2019AFG a \u00e9t\u00e9 pr\u00e9curseur dans ce domaine avec la r\u00e9daction de guides refl\u00e9tant les meilleures pratiques de la Place de Paris.<br>De son c\u00f4t\u00e9, la f<strong>inance d\u00e9centralis\u00e9e a introduit l\u2019utilisation d\u2019infrastructure blockchain d\u00e9sinterm\u00e9di\u00e9e et automatis\u00e9e. <\/strong>Les fonctions de fourniture de liquidit\u00e9 traditionnellement fournies par des entit\u00e9s centralis\u00e9es sont remplac\u00e9es par l\u2019utilisation de programmes automatis\u00e9s, sous la forme de protocoles d\u2019\u00e9change (DEX et AMM) qui mettent en relation les utilisateurs, et reposent sur des pools de liquidit\u00e9. La gestion de la liquidit\u00e9 dans les pools de pr\u00eat\/emprunt est \u00e9galement un enjeu essentiel pour am\u00e9liorer l&rsquo;efficience des march\u00e9s, tout en limitant le risque.<br><strong>Comment les protocoles DeFi impl\u00e9mentent-ils les passages d\u2019ordres, comment g\u00e8rent-ils les mismatchs de liquidit\u00e9 et quels enseignements peut-on tirer de la comparaison entre finance traditionnelle et protocoles DeFi en mati\u00e8re de gestion de la liquidit\u00e9?<\/strong><br>Ce sont tous ces aspects qui seront abord\u00e9s lors de cet \u00e9v\u00e9nement.<\/em><\/p>\n\n\n\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n\n\n\n<p class=\"has-sm-font-size\">*L\u2019Institut Louis Bachelier a pour ADN la recherche scientifique, qui favorise le d\u00e9veloppement durable en Economie et Finance. Parmi ses programmes de recherche interdisciplinaires, Finance and Insurance Reloaded (FaIR) consiste \u00e0 favoriser les innovations issues des nouvelles technologies de l\u2019Intelligence artificielle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Guides AFG sur la liquidit\u00e9<\/h2>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2022\/03\/220324guidepro-risqueliquidite-220324web.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Contenu embarqu\u00e9 220324guidepro-risqueliquidite-220324web.pdf.\"><\/object><a id=\"wp-block-file--media-4a5a93a7-2eea-4781-947f-7932a611e549\" href=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2022\/03\/220324guidepro-risqueliquidite-220324web.pdf\">220324guidepro-risqueliquidite-220324web.pdf<\/a><a href=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2022\/03\/220324guidepro-risqueliquidite-220324web.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-4a5a93a7-2eea-4781-947f-7932a611e549\">T\u00e9l\u00e9charger<\/a><\/div>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2024\/06\/GuidePro-RisqueLiquidite-201221web.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Contenu embarqu\u00e9 GuidePro-RisqueLiquidite-201221web.\"><\/object><a id=\"wp-block-file--media-92164671-49a1-4957-99d4-a9604b1bcea9\" href=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2024\/06\/GuidePro-RisqueLiquidite-201221web.pdf\">GuidePro-RisqueLiquidite-201221web<\/a><a href=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2024\/06\/GuidePro-RisqueLiquidite-201221web.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-92164671-49a1-4957-99d4-a9604b1bcea9\">T\u00e9l\u00e9charger<\/a><\/div>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2017\/05\/2020-03-afg-risquesliquidites.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Contenu embarqu\u00e9 2020-03-afg-risquesliquidites.pdf.\"><\/object><a id=\"wp-block-file--media-d0cd9be5-ae6a-46c4-9082-4f4e50da95f0\" href=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2017\/05\/2020-03-afg-risquesliquidites.pdf\">2020-03-afg-risquesliquidites.pdf<\/a><a href=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2017\/05\/2020-03-afg-risquesliquidites.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-d0cd9be5-ae6a-46c4-9082-4f4e50da95f0\">T\u00e9l\u00e9charger<\/a><\/div>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2016\/02\/GuidePro_Liquidite_2016-1.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Contenu embarqu\u00e9 GuidePro_Liquidite_2016-1.pdf.\"><\/object><a id=\"wp-block-file--media-98b51f96-a31f-4d80-ab45-afa1476290bc\" href=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2016\/02\/GuidePro_Liquidite_2016-1.pdf\">GuidePro_Liquidite_2016-1.pdf<\/a><a href=\"https:\/\/www.afg.asso.fr\/app\/uploads\/2016\/02\/GuidePro_Liquidite_2016-1.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-98b51f96-a31f-4d80-ab45-afa1476290bc\">T\u00e9l\u00e9charger<\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Papiers de recherche<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/shs.cairn.info\/revue-finance-2019-1-page-53?lang=fr\" data-type=\"URL\" data-id=\"https:\/\/shs.cairn.info\/revue-finance-2019-1-page-53?lang=fr\" target=\"_blank\" rel=\"noreferrer noopener\">Liquidity provision in ETF markets: The&nbsp;basket and beyond<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3380239\" data-type=\"URL\" data-id=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3380239\" target=\"_blank\" rel=\"noreferrer noopener\">Stock Market Liquidity and the Trading Costs of Asset Pricing Anomalies<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/link.springer.com\/article\/10.1057\/s41260-024-00350-7\" data-type=\"URL\" data-id=\"https:\/\/link.springer.com\/article\/10.1057\/s41260-024-00350-7\" target=\"_blank\" rel=\"noreferrer noopener\">Modelling capacity for systematic equity strategies<\/a><\/strong><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Gestion de la liquidit\u00e9: L\u2019exp\u00e9rience des fonds d\u2019investissement et des protocoles DeFi  - int\u00e9grale\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/zmtz2ZYiWA4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><figcaption class=\"wp-element-caption\">Vid\u00e9o de l&rsquo;int\u00e9gralit\u00e9 de la conf\u00e9rence du 23 septembre 2024<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"featured_media":99850,"template":"","thematics":[100],"top_contenu":[568],"class_list":["post-108703","event","type-event","status-publish","has-post-thumbnail","hentry","thematics-risque_de_liquidite","top_contenu-top-contenu-commission-club"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/event\/108703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/event"}],"about":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/types\/event"}],"version-history":[{"count":0,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/event\/108703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/media\/99850"}],"wp:attachment":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/media?parent=108703"}],"wp:term":[{"taxonomy":"thematics","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/thematics?post=108703"},{"taxonomy":"top_contenu","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/top_contenu?post=108703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}