{"id":31058,"date":"2022-03-23T12:46:41","date_gmt":"2022-03-23T10:46:41","guid":{"rendered":"https:\/\/www.fbf.fr\/fr\/?p=31058"},"modified":"2022-03-31T12:39:39","modified_gmt":"2022-03-31T10:39:39","slug":"documentation-fbf-echanges-marge-initiale","status":"publish","type":"post","link":"https:\/\/fbf.fr\/fr\/documentation-fbf-echanges-marge-initiale\/","title":{"rendered":"Marge initiale : documentation FBF organisant les \u00e9changes de marge initiale (IM) entre les contreparties"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>A l\u2019occasion de l\u2019entr\u00e9e en vigueur, en septembre 2022, de l\u2019obligation d\u2019\u00e9changer de la marge initiale pour les contreparties classifi\u00e9es \u00ab&nbsp;Phase 6 \u00bb en application du r\u00e8glement (UE) n\u00b0 648\/2012 du 4 juillet 2012 (EMIR), tel que modifi\u00e9, et de sa r\u00e9glementation d\u00e9l\u00e9gu\u00e9e, la FBF publie une nouvelle documentation organisant les \u00e9changes de marge initiale.<\/strong><br><br>La f\u00e9d\u00e9ration publie trois ensembles documentaires selon l\u2019identit\u00e9 du teneur de compte d\u00e9sign\u00e9 par les parties :<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Une nouvelle version du Contrat-Cadre de Nantissement (MI), initialement publi\u00e9 en 2016<\/strong><br>Le Contrat-Cadre de Nantissement (MI) est r\u00e9gi par le droit fran\u00e7ais et a pour objet de cr\u00e9er des nantissements de compte-titres et\/ou nantissements de solde de compte bancaire pour permettre aux parties de se conformer aux exigences r\u00e8glementaires d\u2019\u00e9change de marge initiale. Ces nantissements seront rendus opposables aux tiers par la signature d&rsquo;actes ult\u00e9rieurs r\u00e9gis par le droit du pays dans lequel les comptes nantis sont localis\u00e9s (<em>lex rei sitae<\/em>). Des mod\u00e8les de nantissement de compte-titres et nantissement de solde de compte bancaire r\u00e9gis par le droit fran\u00e7ais sont annex\u00e9s au Contrat-Cadre de Nantissement (MI). Le Contrat-Cadre de Nantissement (MI) est agnostique quant \u00e0 l\u2019identit\u00e9 du teneur du compte nanti. Il est publi\u00e9 en fran\u00e7ais et en anglais.<br><br><\/li><li><strong>Une documentation relative \u00e0 l\u2019utilisation d\u2019un compte nanti ouvert dans les livres d\u2019Euroclear<\/strong><br>A l\u2019instar de la documentation ISDA\/Euroclear, cette documentation comprend deux documents : le \u00ab\u00a0Collateral transfer Agreement\u00a0\u00bb qui est r\u00e9gi par le droit fran\u00e7ais et organise, notamment, les modalit\u00e9s de calcul et d\u2019\u00e9change de la marge initiale et un \u00ab Security Agreement \u00bb r\u00e9gi par le droit belge qui cr\u00e9e et rend opposable la s\u00fbret\u00e9 sur le compte nanti. Cette documentation est r\u00e9dig\u00e9e en anglais.<br><br><\/li><li><strong>Une documentation relative \u00e0 l\u2019utilisation d\u2019un compte nanti ouvert dans les livres de Clearstream<\/strong><br>A l\u2019instar de la documentation ISDA\/Clearstream, cette documentation comprend deux documents : le \u00ab\u00a0Collateral transfer Agreement\u00a0\u00bb qui est r\u00e9gi par le droit fran\u00e7ais et organise, notamment, les modalit\u00e9s de calcul et d\u2019\u00e9change de la marge initiale et un \u00ab Security Agreement \u00bb r\u00e9gi par le droit luxembourgeois qui cr\u00e9e et rend opposable la s\u00fbret\u00e9 sur le compte nanti. Cette documentation est r\u00e9dig\u00e9e en anglais.<\/li><\/ol>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>La FBF a \u00e9t\u00e9 accompagn\u00e9e par le Cabinet Jones Day pour la gestion de ce projet. La documentation de droit luxembourgeois a \u00e9t\u00e9 r\u00e9dig\u00e9e avec l\u2019assistance du Cabinet Arendt &amp; Medernach (Luxembourg) et la documentation de droit belge avec celle du Cabinet Jones Day (Bruxelles).<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Les documents en t\u00e9l\u00e9chargement ci-dessous sont pour partie inspir\u00e9s de documents prot\u00e9g\u00e9s par le droit d\u2019auteur de l\u2019International Swaps and Derivatives Association, Inc., dont la marque d\u00e9pos\u00e9e est ISDA\u00ae. Toute reproduction ou distribution de ces documents \u2013 qui n\u2019aurait pas pour but de documenter une transaction sp\u00e9cifique \u2013 est interdite, sauf autorisation \u00e9crite expresse de l\u2019Association. En t\u00e9l\u00e9chargeant ces documents, vous acceptez et d\u00e9clarez que vous les utiliserez uniquement \u00e0 cette fin et que vous ne les reproduirez, ni ne les distribuerez \u00e0 aucune autre fin.<\/em><br><br>Documents en t\u00e9l\u00e9chargement mis \u00e0 jour le 31 mars 2022 :<\/p>\n\n\n<div class=\"postAttachment\"><div class=\"postAttachment__wrapper\"><div class=\"postAttachment__info\"><p class=\"postAttachment__name\">Master pledge agreement (2022 version)<\/p><p class=\"postAttachment__fileSize\">487,9 Ko<\/p><\/div><a class=\"postActions__action postActions__action--big clickEvent postAttachement_link\" data-wp-interactive=\"fbf\/tracking\" data-wp-context=\"{&quot;category&quot;:&quot;file&quot;,&quot;action&quot;:&quot;download&quot;,&quot;label&quot;:&quot;Master pledge agreement (2022 version)&quot;}\" data-wp-on--click=\"actions.push\" data-eventcategory=\"file\" data-eventaction=\"download\" data-eventlabel=\"Master pledge agreement (2022 version)\" href=\"https:\/\/fbf.fr\/uploads\/2022\/03\/2022-FBF-ISDA-Master-Pledge-Agreement-IM-EN-1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"postActions__label\">T\u00e9l\u00e9charger Master pledge agreement (2022 version)<\/span><svg role=\"presentation\" class=\"postActions__icon\" width=\"14\"><use href=\"#download\" xlink:href=\"#download\"\/><\/svg><\/a><\/div><div class=\"postAttachment__wrapper\"><div class=\"postAttachment__info\"><p class=\"postAttachment__name\">Contrat-cadre de nantissement (MI) (version 2022)<\/p><p class=\"postAttachment__fileSize\">504,1 Ko<\/p><\/div><a class=\"postActions__action postActions__action--big clickEvent postAttachement_link\" data-wp-interactive=\"fbf\/tracking\" data-wp-context=\"{&quot;category&quot;:&quot;file&quot;,&quot;action&quot;:&quot;download&quot;,&quot;label&quot;:&quot;Contrat-cadre de nantissement (MI) (version 2022)&quot;}\" data-wp-on--click=\"actions.push\" data-eventcategory=\"file\" data-eventaction=\"download\" data-eventlabel=\"Contrat-cadre de nantissement (MI) (version 2022)\" href=\"https:\/\/fbf.fr\/uploads\/2022\/03\/2022-FBF-ISDA-Contrat-Cadre-de-Nantissement-MI-FR-1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"postActions__label\">T\u00e9l\u00e9charger Contrat-cadre de nantissement (MI) (version 2022)<\/span><svg role=\"presentation\" class=\"postActions__icon\" width=\"14\"><use href=\"#download\" xlink:href=\"#download\"\/><\/svg><\/a><\/div><div class=\"postAttachment__wrapper\"><div class=\"postAttachment__info\"><p class=\"postAttachment__name\">2022 Euroclear security agreement<\/p><p class=\"postAttachment__fileSize\">433,2 Ko<\/p><\/div><a class=\"postActions__action postActions__action--big clickEvent postAttachement_link\" data-wp-interactive=\"fbf\/tracking\" data-wp-context=\"{&quot;category&quot;:&quot;file&quot;,&quot;action&quot;:&quot;download&quot;,&quot;label&quot;:&quot;2022 Euroclear security agreement&quot;}\" data-wp-on--click=\"actions.push\" data-eventcategory=\"file\" data-eventaction=\"download\" data-eventlabel=\"2022 Euroclear security agreement\" href=\"https:\/\/fbf.fr\/uploads\/2022\/03\/2022-FBF-Euroclear-Security-Agreement-EN-4.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"postActions__label\">T\u00e9l\u00e9charger 2022 Euroclear security agreement<\/span><svg role=\"presentation\" class=\"postActions__icon\" width=\"14\"><use href=\"#download\" xlink:href=\"#download\"\/><\/svg><\/a><\/div><div class=\"postAttachment__wrapper\"><div class=\"postAttachment__info\"><p class=\"postAttachment__name\">2022 Euroclear collateral transfer agreement<\/p><p class=\"postAttachment__fileSize\">626,2 Ko<\/p><\/div><a class=\"postActions__action postActions__action--big clickEvent postAttachement_link\" data-wp-interactive=\"fbf\/tracking\" data-wp-context=\"{&quot;category&quot;:&quot;file&quot;,&quot;action&quot;:&quot;download&quot;,&quot;label&quot;:&quot;2022 Euroclear collateral transfer agreement&quot;}\" data-wp-on--click=\"actions.push\" data-eventcategory=\"file\" data-eventaction=\"download\" data-eventlabel=\"2022 Euroclear collateral transfer agreement\" href=\"https:\/\/fbf.fr\/uploads\/2022\/03\/2022-FBF-Euroclear-Collateral-Transfer-Agreement-EN-4.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"postActions__label\">T\u00e9l\u00e9charger 2022 Euroclear collateral transfer agreement<\/span><svg role=\"presentation\" class=\"postActions__icon\" width=\"14\"><use href=\"#download\" xlink:href=\"#download\"\/><\/svg><\/a><\/div><div class=\"postAttachment__wrapper\"><div class=\"postAttachment__info\"><p class=\"postAttachment__name\">2022 Clearstream security agreement (security-taker)<\/p><p class=\"postAttachment__fileSize\">368,1 Ko<\/p><\/div><a class=\"postActions__action postActions__action--big clickEvent postAttachement_link\" data-wp-interactive=\"fbf\/tracking\" data-wp-context=\"{&quot;category&quot;:&quot;file&quot;,&quot;action&quot;:&quot;download&quot;,&quot;label&quot;:&quot;2022 Clearstream security agreement (security-taker)&quot;}\" data-wp-on--click=\"actions.push\" data-eventcategory=\"file\" data-eventaction=\"download\" data-eventlabel=\"2022 Clearstream security agreement (security-taker)\" href=\"https:\/\/fbf.fr\/uploads\/2022\/03\/2022-FBF-Clearstream-Security-Agreement-Security-taker-EN-4.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"postActions__label\">T\u00e9l\u00e9charger 2022 Clearstream security agreement (security-taker)<\/span><svg role=\"presentation\" class=\"postActions__icon\" width=\"14\"><use href=\"#download\" xlink:href=\"#download\"\/><\/svg><\/a><\/div><div class=\"postAttachment__wrapper\"><div class=\"postAttachment__info\"><p class=\"postAttachment__name\">2022 Clearstream security agreement (security provider)<\/p><p class=\"postAttachment__fileSize\">342,1 Ko<\/p><\/div><a class=\"postActions__action postActions__action--big clickEvent postAttachement_link\" data-wp-interactive=\"fbf\/tracking\" data-wp-context=\"{&quot;category&quot;:&quot;file&quot;,&quot;action&quot;:&quot;download&quot;,&quot;label&quot;:&quot;2022 Clearstream security agreement (security provider)&quot;}\" data-wp-on--click=\"actions.push\" data-eventcategory=\"file\" data-eventaction=\"download\" data-eventlabel=\"2022 Clearstream security agreement (security provider)\" href=\"https:\/\/fbf.fr\/uploads\/2022\/03\/2022-FBF-Clearstream-Security-Agreement-Security-provider-EN-4.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"postActions__label\">T\u00e9l\u00e9charger 2022 Clearstream security agreement (security provider)<\/span><svg role=\"presentation\" class=\"postActions__icon\" width=\"14\"><use href=\"#download\" xlink:href=\"#download\"\/><\/svg><\/a><\/div><div class=\"postAttachment__wrapper\"><div class=\"postAttachment__info\"><p class=\"postAttachment__name\">2022 Clearstream collateral transfer agreement<\/p><p class=\"postAttachment__fileSize\">581,9 Ko<\/p><\/div><a class=\"postActions__action postActions__action--big clickEvent postAttachement_link\" data-wp-interactive=\"fbf\/tracking\" data-wp-context=\"{&quot;category&quot;:&quot;file&quot;,&quot;action&quot;:&quot;download&quot;,&quot;label&quot;:&quot;2022 Clearstream collateral transfer agreement&quot;}\" data-wp-on--click=\"actions.push\" data-eventcategory=\"file\" data-eventaction=\"download\" data-eventlabel=\"2022 Clearstream collateral transfer agreement\" href=\"https:\/\/fbf.fr\/uploads\/2022\/03\/2022-FBF-Clearstream-Collateral-Transfer-Agreement-EN-3.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"postActions__label\">T\u00e9l\u00e9charger 2022 Clearstream collateral transfer agreement<\/span><svg role=\"presentation\" class=\"postActions__icon\" width=\"14\"><use href=\"#download\" xlink:href=\"#download\"\/><\/svg><\/a><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>A l\u2019occasion de l\u2019entr\u00e9e en vigueur, en septembre 2022, de l\u2019obligation d\u2019\u00e9changer de la marge initiale pour les contreparties classifi\u00e9es \u00ab&nbsp;Phase 6 \u00bb en application du r\u00e8glement (UE) n\u00b0 648\/2012 du 4 juillet 2012 (EMIR), tel que modifi\u00e9, et de sa r\u00e9glementation d\u00e9l\u00e9gu\u00e9e, la FBF publie une nouvelle documentation organisant les \u00e9changes de marge initiale. [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":31059,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","views":19828,"viewed_at":"1778494628"},"categories":[1585,1691,3352,3348,3321,1582,3353],"tags":[3272],"class_list":["post-31058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites","category-codes-et-conventions","category-europe-et-international","category-industrie-bancaire-francaise","category-mots-cles","category-rubrique-newsroom","category-regles-professionnelles","tag-industrie-bancaire-francaise"],"yoast_head":"<title>Marge initiale : documentation FBF organisant les \u00e9changes de marge initiale (IM) entre les contreparties<\/title>\n<meta name=\"description\" content=\"La FBF publie une documentation organisant les \u00e9changes de marge initiale selon l\u2019identit\u00e9 du teneur de compte 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