{"id":136837,"date":"2023-07-20T21:32:00","date_gmt":"2023-07-20T19:32:00","guid":{"rendered":"https:\/\/www.pauljorion.com\/blog\/?p=136837"},"modified":"2023-07-20T21:32:00","modified_gmt":"2023-07-20T19:32:00","slug":"le-monde-affaire-financiere-libor-euribor-chronique-dun-fiasco-judiciaire-le-20-juillet-2023","status":"publish","type":"post","link":"https:\/\/www.pauljorion.com\/blog\/2023\/07\/20\/le-monde-affaire-financiere-libor-euribor-chronique-dun-fiasco-judiciaire-le-20-juillet-2023\/","title":{"rendered":"Le Monde : <b>Affaire financi\u00e8re Libor-Euribor : chronique d\u2019un fiasco judiciaire<\/b>, le 20 juillet 2023"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/Stable-diffusion-bankers_fighting_for_large_amounts_of_cash_in_the_style_of_old_masters_QzGAQTbqnOTbXU7ZXyF6_8.jpg\" alt=\"\" width=\"768\" height=\"768\" class=\"aligncenter size-large wp-image-136839\" srcset=\"https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/Stable-diffusion-bankers_fighting_for_large_amounts_of_cash_in_the_style_of_old_masters_QzGAQTbqnOTbXU7ZXyF6_8.jpg 768w, https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/Stable-diffusion-bankers_fighting_for_large_amounts_of_cash_in_the_style_of_old_masters_QzGAQTbqnOTbXU7ZXyF6_8-300x300.jpg 300w, https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/Stable-diffusion-bankers_fighting_for_large_amounts_of_cash_in_the_style_of_old_masters_QzGAQTbqnOTbXU7ZXyF6_8-150x150.jpg 150w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/p>\n<p><em>Illustration par Stable Diffusion (+PJ)<\/em><\/p>\n<p><a href=\"https:\/\/www.lemonde.fr\/economie\/article\/2023\/07\/20\/affaire-financiere-libor-euribor-chronique-d-un-fiasco-judiciaire_6182684_3234.html\" rel=\"noopener\" target=\"_blank\"><strong>Affaire financi\u00e8re Libor-Euribor : chronique d\u2019un fiasco judiciaire<\/strong><\/a>, par \u00c9ric Albert<\/p>\n<p>Mon grain de sel au courrier des lecteurs :<\/p>\n<blockquote><p>\u00ab\u00a0<em>Chaque jour, pour g\u00e9rer leurs liquidit\u00e9s, les \u00e9tablissements bancaires empruntent les uns aux autres pour de courtes p\u00e9riodes, entre un jour et un an, dans diff\u00e9rentes devises. Pour s\u2019y retrouver, un taux de r\u00e9f\u00e9rence est calcul\u00e9 quotidiennement. A 11 heures tous les jours, seize banques (pour le Libor) et quarante (pour l\u2019Euribor) font conna\u00eetre les taux qu\u2019elles pratiquent ce jour-l\u00e0. Une moyenne pond\u00e9r\u00e9e est ensuite r\u00e9alis\u00e9e. Sauf qu\u2019un taux d\u2019int\u00e9r\u00eat n\u2019est pas une science exacte.<\/em>\u00ab\u00a0<\/p><\/blockquote>\n<p>Sauf qu&rsquo;il n&rsquo;a jamais \u00e9t\u00e9 question avec ces taux du LIBOR ou de l&rsquo;EURIBOR de calcul exact ou de calcul approxim\u00e9 : le repr\u00e9sentant mandat\u00e9 de chacune des banques consult\u00e9es pour l&rsquo;\u00e9tablissement de l&rsquo;indice devait r\u00e9pondre \u00e0 deux questions simples : \u00ab\u00a0\u00c0 quel taux pr\u00eatez-vous et \u00e0 quel taux moyen devez-vous emprunter ?\u00a0\u00bb. Les chiffres communiqu\u00e9s devaient \u00eatre les vrais. La question n&rsquo;\u00e9tait donc pas de pifom\u00e8tre plus ou moins bien r\u00e9gl\u00e9 mais de mentir ou de dire la v\u00e9rit\u00e9.<\/p>\n<blockquote><p><em>Surtout, les banquiers ne modifiaient leur taux qu\u2019\u00e0 la marge, de 0,01 ou 0,02 point, \u00e0 l\u2019int\u00e9rieur d\u2019une fourchette r\u00e9ellement pratiqu\u00e9e ce jour-l\u00e0.<\/em> <\/p><\/blockquote>\n<p>Comme l&rsquo;ont fait remarquer d&rsquo;autres commentateurs, en finance, vu la taille de ces march\u00e9s des capitaux, une diff\u00e9rence d&rsquo;un \u00ab\u00a0point de base\u00a0\u00bb (un centi\u00e8me de 1%), ce sont des millions, voire des milliards. Que veut dire dans ce contexte \u00ab\u00a0qu&rsquo;\u00e0 la marge\u00a0\u00bb ? <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/DALL\u00b7E-2023-07-20-21.25.31-Bankers-fighting-for-large-amounts-of-cash-in-the-style-of-David-Hockney.png\" alt=\"\" width=\"1024\" height=\"1024\" class=\"aligncenter size-full wp-image-136838\" srcset=\"https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/DALL\u00b7E-2023-07-20-21.25.31-Bankers-fighting-for-large-amounts-of-cash-in-the-style-of-David-Hockney.png 1024w, https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/DALL\u00b7E-2023-07-20-21.25.31-Bankers-fighting-for-large-amounts-of-cash-in-the-style-of-David-Hockney-300x300.png 300w, https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/DALL\u00b7E-2023-07-20-21.25.31-Bankers-fighting-for-large-amounts-of-cash-in-the-style-of-David-Hockney-150x150.png 150w, https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/DALL\u00b7E-2023-07-20-21.25.31-Bankers-fighting-for-large-amounts-of-cash-in-the-style-of-David-Hockney-768x768.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><em>Illustration par DALL-E (+PJ)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/Stable-diffusion-bankers_fighting_for_large_amounts_of_cash_in_the_style_of_old_masters_QzGAQTbqnOTbXU7ZXyF6_8.jpg\" alt=\"\" width=\"768\" height=\"768\" class=\"aligncenter size-large wp-image-136839\" srcset=\"https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/Stable-diffusion-bankers_fighting_for_large_amounts_of_cash_in_the_style_of_old_masters_QzGAQTbqnOTbXU7ZXyF6_8.jpg 768w, https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/Stable-diffusion-bankers_fighting_for_large_amounts_of_cash_in_the_style_of_old_masters_QzGAQTbqnOTbXU7ZXyF6_8-300x300.jpg 300w, https:\/\/www.pauljorion.com\/blog\/wp-content\/uploads\/Stable-diffusion-bankers_fighting_for_large_amounts_of_cash_in_the_style_of_old_masters_QzGAQTbqnOTbXU7ZXyF6_8-150x150.jpg 150w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/p>\n<p><em>Illustration par Stable Diffusion (+PJ)<\/em><\/p>\n<p><a href=\"https:\/\/www.lemonde.fr\/economie\/article\/2023\/07\/20\/affaire-financiere-libor-euribor-chronique-d-un-fiasco-judiciaire_6182684_3234.html\" rel=\"noopener\" target=\"_blank\"><strong>Affaire financi\u00e8re Libor-Euribor : chronique d\u2019un fiasco judiciaire<\/strong><\/a>, par \u00c9ric Albert<\/p>\n<p>Mon grain de sel au courrier des lecteurs :<\/p>\n<blockquote>\n<p>\u00ab\u00a0<em>Chaque jour, pour g\u00e9rer leurs liquidit\u00e9s, les \u00e9tablissements bancaires empruntent les uns aux autres pour de courtes p\u00e9riodes, [&hellip;]<\/em><\/p>\n<\/blockquote>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4694,307],"tags":[2219,1995,1327],"class_list":["post-136837","post","type-post","status-publish","format-standard","hentry","category-bourse","category-finance","tag-euribor","tag-libor","tag-taux-dinteret"],"_links":{"self":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts\/136837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/comments?post=136837"}],"version-history":[{"count":2,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts\/136837\/revisions"}],"predecessor-version":[{"id":136841,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts\/136837\/revisions\/136841"}],"wp:attachment":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/media?parent=136837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/categories?post=136837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/tags?post=136837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}