{"id":109749,"date":"2023-09-06T15:47:06","date_gmt":"2023-09-06T13:47:06","guid":{"rendered":"https:\/\/www.afg.asso.fr\/reponse-de-lafg-a-la-consultation-iosco-sur-les-outils-de-gestion-de-la-liquidite\/"},"modified":"2023-09-06T15:47:06","modified_gmt":"2023-09-06T13:47:06","slug":"reponse-de-lafg-a-la-consultation-iosco-sur-les-outils-de-gestion-de-la-liquidite","status":"publish","type":"post","link":"https:\/\/www.afg.asso.fr\/fr\/reponse-de-lafg-a-la-consultation-iosco-sur-les-outils-de-gestion-de-la-liquidite\/","title":{"rendered":"R\u00e9ponse de l\u2019AFG \u00e0 la consultation IOSCO sur les outils de gestion de la liquidit\u00e9"},"content":{"rendered":"\n<p>La consultation porte sur les lignes directrices relatives \u00e0 l&rsquo;utilisation d&rsquo;outils de gestion de liquidit\u00e9 anti-dilution. L&rsquo;IOSCO souhaite, entre autres, que chaque fonds ouvert dispose d&rsquo;au moins un outil anti-dilution. L\u2019AFG a r\u00e9pondu \u00e0 cette consultation, en mettant en avant, notamment, les points suivants :<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>L\u2019utilisation de ces outils est fortement li\u00e9e \u00e0 la probl\u00e9matique de valorisation des actifs. Ils sont donc tr\u00e8s utiles sur certaines classes d\u2019actifs o\u00f9 le processus de formation des prix pose parfois probl\u00e8me.<\/li><li>En revanche, ils sont moins efficaces pour les strat\u00e9gies utilisant des actifs tr\u00e8s liquides comme les actions \u00e0 grande capitalisation ou pour des actifs non cot\u00e9s o\u00f9 d\u2019autres dispositifs sont jug\u00e9s plus adapt\u00e9s (pr\u00e9avis de rachat, faible fr\u00e9quence de VL)<\/li><li>Plut\u00f4t qu\u2019une approche syst\u00e9matique, l\u2019AFG consid\u00e8re que le choix des outils rel\u00e8ve de la responsabilit\u00e9 des soci\u00e9t\u00e9s de gestion qui sont les mieux plac\u00e9es&nbsp;pour impl\u00e9menter et justifier aupr\u00e8s du r\u00e9gulateur la politique de s\u00e9lection.<\/li><li>Au sujet de l\u2019estimation des co\u00fbts de liquidit\u00e9 l\u2019AFG pr\u00e9cise que le \u00ab&nbsp;vertical slicing&nbsp;\u00bb n\u2019est pas la seule m\u00e9thode possible. Elle soutient l\u2019id\u00e9e que l\u2019impact de march\u00e9 doit \u00eatre pris en compte mais une trop grande exigence de pr\u00e9cision risque de mener \u00e0 une \u00ab&nbsp;usine \u00e0 gaz&nbsp;\u00bb contreproductive.<\/li><\/ul>\n\n\n\n<p>Enfin la communication publique des d\u00e9tails d\u2019impl\u00e9mentation (seuils d\u2019activation par exemple) doit rester limit\u00e9e afin d\u2019\u00e9viter la cr\u00e9ation d\u2019opportunit\u00e9s d\u2019arbitrage.<\/p>\n\n\n\n<p>D\u00e9couvrez la <a href=\"https:\/\/www.afg.asso.fr\/fr\/publication\/\/reponse-de-lafg-a-la-consultation-iosco-sur-les-outils-de-gestion-de-la-liquidite\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span style=\"text-decoration: underline;\">r\u00e9ponse de l&rsquo;AFG.<\/span><\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>La consultation porte sur les lignes directrices relatives \u00e0 l&rsquo;utilisation d&rsquo;outils de gestion de liquidit\u00e9 anti-dilution. L&rsquo;IOSCO souhaite, entre autres,&hellip;<\/p>\n","protected":false},"author":0,"featured_media":16781,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_gspb_post_css":"","wds_primary_category":0,"footnotes":""},"categories":[5],"tags":[],"thematics":[220],"top_contenu":[],"class_list":["post-109749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee","thematics-swing_pricing"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/posts\/109749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/comments?post=109749"}],"version-history":[{"count":0,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/posts\/109749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/media\/16781"}],"wp:attachment":[{"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/media?parent=109749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/categories?post=109749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/tags?post=109749"},{"taxonomy":"thematics","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/thematics?post=109749"},{"taxonomy":"top_contenu","embeddable":true,"href":"https:\/\/www.afg.asso.fr\/fr\/wp-json\/wp\/v2\/top_contenu?post=109749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}