{"id":4383,"date":"2024-04-28T09:42:44","date_gmt":"2024-04-28T07:42:44","guid":{"rendered":"https:\/\/www.commandstrategy.com\/news\/"},"modified":"2025-06-05T13:44:43","modified_gmt":"2025-06-05T11:44:43","slug":"news","status":"publish","type":"page","link":"https:\/\/www.commandstrategy.com\/en\/news\/","title":{"rendered":"News"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row bg_gradient_direction=&#8221;0&#8243; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1730971737843{background: #7a8a9a url(https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2024\/11\/Sans-titre-2000-x-641-px-1.png?id=2178) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221; el_class=&#8221;section&#8221; bg_gradient1=&#8221;rgba(0,0,0,0)&#8221; bg_gradient2=&#8221;rgba(0,0,0,0.31)&#8221;][vc_column css=&#8221;.vc_custom_1715254998369{padding-top: 6% !important;padding-bottom: 1% !important;}&#8221;][vc_row_inner][vc_column_inner][vc_column_text el_class=&#8221;light&#8221;]\n<h1 class=\"veryfat\" style=\"text-align: center;\">News<\/h1>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1713854696108{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column css=&#8221;.vc_custom_1715255008218{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_row_inner content_placement=&#8221;middle&#8221; css=&#8221;.vc_custom_1713854663614{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column_inner][vc_basic_grid post_type=&#8221;post&#8221; max_items=&#8221;-1&#8243; show_filter=&#8221;yes&#8221; orderby=&#8221;modified&#8221; item=&#8221;2968&#8243; grid_id=&#8221;vc_gid:1739956337507-072a81a0-936e-10&#8243; filter_source=&#8221;category&#8221;][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row disable_element=&#8221;yes&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1734430541957{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column css=&#8221;.vc_custom_1715255008218{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_row_inner content_placement=&#8221;middle&#8221; css=&#8221;.vc_custom_1713854663614{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column_inner][vc_column_text]<style type=\"text\/css\">a.eg-henryharrison-element-1,a.eg-henryharrison-element-2{-webkit-transition:all .4s linear;   -moz-transition:all .4s linear;   -o-transition:all .4s linear;   -ms-transition:all .4s linear;   transition:all .4s linear}.eg-jimmy-carter-element-11 i:before{margin-left:0px; margin-right:0px}.eg-harding-element-17{letter-spacing:1px}.eg-harding-wrapper .esg-entry-media{overflow:hidden; box-sizing:border-box;   -webkit-box-sizing:border-box;   -moz-box-sizing:border-box;   padding:30px 30px 0px 30px}.eg-harding-wrapper .esg-media-poster{overflow:hidden; border-radius:50%;   -webkit-border-radius:50%;   -moz-border-radius:50%}.eg-ulysses-s-grant-wrapper .esg-entry-media{overflow:hidden; box-sizing:border-box;   -webkit-box-sizing:border-box;   -moz-box-sizing:border-box;   padding:30px 30px 0px 30px}.eg-ulysses-s-grant-wrapper .esg-media-poster{overflow:hidden; border-radius:50%;   -webkit-border-radius:50%;   -moz-border-radius:50%}.eg-richard-nixon-wrapper .esg-entry-media{overflow:hidden; box-sizing:border-box;   -webkit-box-sizing:border-box;   -moz-box-sizing:border-box;   padding:30px 30px 0px 30px}.eg-richard-nixon-wrapper .esg-media-poster{overflow:hidden; border-radius:50%;   -webkit-border-radius:50%;   -moz-border-radius:50%}.eg-herbert-hoover-wrapper .esg-media-poster{filter:url(\"data:image\/svg+xml;utf8,<svg xmlns='http:\/\/www.w3.org\/2000\/svg'><filter id='grayscale'><feColorMatrix type='matrix' values='0.3333 0.3333 0.3333 0 0 0.3333 0.3333 0.3333 0 0 0.3333 0.3333 0.3333 0 0 0 0 0 1 0'\/><\/filter><\/svg>#grayscale\");   filter:gray;   -webkit-filter:grayscale(100%)}.eg-herbert-hoover-wrapper:hover .esg-media-poster{filter:url(\"data:image\/svg+xml;utf8,<svg xmlns='http:\/\/www.w3.org\/2000\/svg'><filter id='grayscale'><feColorMatrix type='matrix' values='1 0 0 0 0,0 1 0 0 0,0 0 1 0 0,0 0 0 1 0'\/><\/filter><\/svg>#grayscale\");  -webkit-filter:grayscale(0%)}.eg-lyndon-johnson-wrapper .esg-media-poster{filter:url(\"data:image\/svg+xml;utf8,<svg xmlns='http:\/\/www.w3.org\/2000\/svg'><filter id='grayscale'><feColorMatrix type='matrix' values='0.3333 0.3333 0.3333 0 0 0.3333 0.3333 0.3333 0 0 0.3333 0.3333 0.3333 0 0 0 0 0 1 0'\/><\/filter><\/svg>#grayscale\");   filter:gray;   -webkit-filter:grayscale(100%)}.eg-lyndon-johnson-wrapper:hover .esg-media-poster{filter:url(\"data:image\/svg+xml;utf8,<svg xmlns='http:\/\/www.w3.org\/2000\/svg'><filter id='grayscale'><feColorMatrix type='matrix' values='1 0 0 0 0,0 1 0 0 0,0 0 1 0 0,0 0 0 1 0'\/><\/filter><\/svg>#grayscale\");  -webkit-filter:grayscale(0%)}.esg-overlay.eg-ronald-reagan-container{background:-moz-linear-gradient(top,rgba(0,0,0,0) 50%,rgba(0,0,0,0.83) 99%,rgba(0,0,0,0.85) 100%); background:-webkit-gradient(linear,left top,left bottom,color-stop(50%,rgba(0,0,0,0)),color-stop(99%,rgba(0,0,0,0.83)),color-stop(100%,rgba(0,0,0,0.85))); background:-webkit-linear-gradient(top,rgba(0,0,0,0) 50%,rgba(0,0,0,0.83) 99%,rgba(0,0,0,0.85) 100%); background:-o-linear-gradient(top,rgba(0,0,0,0) 50%,rgba(0,0,0,0.83) 99%,rgba(0,0,0,0.85) 100%); background:-ms-linear-gradient(top,rgba(0,0,0,0) 50%,rgba(0,0,0,0.83) 99%,rgba(0,0,0,0.85) 100%); background:linear-gradient(to bottom,rgba(0,0,0,0) 50%,rgba(0,0,0,0.83) 99%,rgba(0,0,0,0.85) 100%); filter:progid:DXImageTransform.Microsoft.gradient( startColorstr='#00000000',endColorstr='#d9000000',GradientType=0 )}.eg-georgebush-wrapper .esg-entry-cover{background:-moz-linear-gradient(top,rgba(0,0,0,0) 50%,rgba(0,0,0,0.83) 99%,rgba(0,0,0,0.85) 100%); background:-webkit-gradient(linear,left top,left bottom,color-stop(50%,rgba(0,0,0,0)),color-stop(99%,rgba(0,0,0,0.83)),color-stop(100%,rgba(0,0,0,0.85))); background:-webkit-linear-gradient(top,rgba(0,0,0,0) 50%,rgba(0,0,0,0.83) 99%,rgba(0,0,0,0.85) 100%); background:-o-linear-gradient(top,rgba(0,0,0,0) 50%,rgba(0,0,0,0.83) 99%,rgba(0,0,0,0.85) 100%); background:-ms-linear-gradient(top,rgba(0,0,0,0) 50%,rgba(0,0,0,0.83) 99%,rgba(0,0,0,0.85) 100%); background:linear-gradient(to bottom,rgba(0,0,0,0) 50%,rgba(0,0,0,0.83) 99%,rgba(0,0,0,0.85) 100%); filter:progid:DXImageTransform.Microsoft.gradient( startColorstr='#00000000',endColorstr='#d9000000',GradientType=0 )}.eg-jefferson-wrapper{border-radius:5px !important}.eg-monroe-element-1{text-shadow:0px 1px 3px rgba(0,0,0,0.1)}.eg-lyndon-johnson-wrapper .esg-entry-cover{background:-moz-radial-gradient(center,ellipse cover,rgba(0,0,0,0.35) 0%,rgba(18,18,18,0) 96%,rgba(19,19,19,0) 100%); background:-webkit-gradient(radial,center center,0px,center center,100%,color-stop(0%,rgba(0,0,0,0.35)),color-stop(96%,rgba(18,18,18,0)),color-stop(100%,rgba(19,19,19,0))); background:-webkit-radial-gradient(center,ellipse cover,rgba(0,0,0,0.35) 0%,rgba(18,18,18,0) 96%,rgba(19,19,19,0) 100%); background:-o-radial-gradient(center,ellipse cover,rgba(0,0,0,0.35) 0%,rgba(18,18,18,0) 96%,rgba(19,19,19,0) 100%); background:-ms-radial-gradient(center,ellipse cover,rgba(0,0,0,0.35) 0%,rgba(18,18,18,0) 96%,rgba(19,19,19,0) 100%); background:radial-gradient(ellipse at center,rgba(0,0,0,0.35) 0%,rgba(18,18,18,0) 96%,rgba(19,19,19,0) 100%); filter:progid:DXImageTransform.Microsoft.gradient( startColorstr='#59000000',endColorstr='#00131313',GradientType=1 )}.eg-wilbert-wrapper .esg-entry-cover{background:-moz-radial-gradient(center,ellipse cover,rgba(0,0,0,0.35) 0%,rgba(18,18,18,0) 96%,rgba(19,19,19,0) 100%); background:-webkit-gradient(radial,center center,0px,center center,100%,color-stop(0%,rgba(0,0,0,0.35)),color-stop(96%,rgba(18,18,18,0)),color-stop(100%,rgba(19,19,19,0))); background:-webkit-radial-gradient(center,ellipse cover,rgba(0,0,0,0.35) 0%,rgba(18,18,18,0) 96%,rgba(19,19,19,0) 100%); background:-o-radial-gradient(center,ellipse cover,rgba(0,0,0,0.35) 0%,rgba(18,18,18,0) 96%,rgba(19,19,19,0) 100%); background:-ms-radial-gradient(center,ellipse cover,rgba(0,0,0,0.35) 0%,rgba(18,18,18,0) 96%,rgba(19,19,19,0) 100%); background:radial-gradient(ellipse at center,rgba(0,0,0,0.35) 0%,rgba(18,18,18,0) 96%,rgba(19,19,19,0) 100%); filter:progid:DXImageTransform.Microsoft.gradient( startColorstr='#59000000',endColorstr='#00131313',GradientType=1 )}.eg-wilbert-wrapper .esg-media-poster{-webkit-transition:0.4s ease-in-out;  -moz-transition:0.4s ease-in-out;  -o-transition:0.4s ease-in-out;  transition:0.4s ease-in-out;  filter:url(\"data:image\/svg+xml;utf8,<svg xmlns='http:\/\/www.w3.org\/2000\/svg'><filter id='grayscale'><feColorMatrix type='matrix' values='0.3333 0.3333 0.3333 0 0 0.3333 0.3333 0.3333 0 0 0.3333 0.3333 0.3333 0 0 0 0 0 1 0'\/><\/filter><\/svg>#grayscale\");   filter:gray;   -webkit-filter:grayscale(100%)}.eg-wilbert-wrapper:hover .esg-media-poster{filter:url(\"data:image\/svg+xml;utf8,<svg xmlns='http:\/\/www.w3.org\/2000\/svg'><filter id='grayscale'><feColorMatrix type='matrix' values='1 0 0 0 0,0 1 0 0 0,0 0 1 0 0,0 0 0 1 0'\/><\/filter><\/svg>#grayscale\");  -webkit-filter:grayscale(0%)}.eg-phillie-element-3:after{content:\" \";width:0px;height:0px;border-style:solid;border-width:5px 5px 0 5px;border-color:#000 transparent transparent transparent;left:50%;margin-left:-5px; bottom:-5px; position:absolute}.eg-howardtaft-wrapper .esg-media-poster{filter:url(\"data:image\/svg+xml;utf8,<svg xmlns='http:\/\/www.w3.org\/2000\/svg'><filter id='grayscale'><feColorMatrix type='matrix' values='1 0 0 0 0,0 1 0 0 0,0 0 1 0 0,0 0 0 1 0'\/><\/filter><\/svg>#grayscale\");  -webkit-filter:grayscale(0%)}.eg-howardtaft-wrapper:hover .esg-media-poster{filter:url(\"data:image\/svg+xml;utf8,<svg xmlns='http:\/\/www.w3.org\/2000\/svg'><filter id='grayscale'><feColorMatrix type='matrix' values='0.3333 0.3333 0.3333 0 0 0.3333 0.3333 0.3333 0 0 0.3333 0.3333 0.3333 0 0 0 0 0 1 0'\/><\/filter><\/svg>#grayscale\");   filter:gray;   -webkit-filter:grayscale(100%)}.myportfolio-container .added_to_cart.wc-forward{font-family:\"Open Sans\"; font-size:13px; color:#fff; margin-top:10px}.esgbox-title.esgbox-title-outside-wrap{font-size:15px; font-weight:700; text-align:center}.esgbox-title.esgbox-title-inside-wrap{padding-bottom:10px; font-size:15px; font-weight:700; text-align:center}<\/style>\n<style type=\"text\/css\">.minimal-light .navigationbuttons,.minimal-light .esg-pagination,.minimal-light .esg-filters{text-align:center}.minimal-light .esg-filter-wrapper.dropdownstyle >.esg-selected-filterbutton,.minimal-light input.eg-search-input,.minimal-light .esg-filterbutton,.minimal-light .esg-navigationbutton,.minimal-light .esg-sortbutton,.minimal-light .esg-cartbutton a,.minimal-light .esg-filter-wrapper.eg-search-wrapper .eg-search-clean,.minimal-light .esg-filter-wrapper.eg-search-wrapper .eg-search-submit{color:#999; margin-right:5px; cursor:pointer; padding:0px 16px; border:1px solid #e5e5e5; line-height:38px; border-radius:5px; font-size:12px; font-weight:700; font-family:\"Open Sans\",sans-serif; display:inline-block; background:#fff; margin-bottom:5px; white-space:nowrap; min-height:38px; vertical-align:middle}.minimal-light input.eg-search-input::placeholder{line-height:38px; vertical-align:middle}.minimal-light .esg-navigationbutton *{color:#999}.minimal-light .esg-navigationbutton{padding:0px 16px}.minimal-light .esg-pagination-button:last-child{margin-right:0}.minimal-light .esg-left,.minimal-light .esg-right{padding:0px 11px}.minimal-light .esg-sortbutton-wrapper,.minimal-light .esg-cartbutton-wrapper{display:inline-block}.minimal-light .esg-sortbutton-order,.minimal-light .esg-cartbutton-order{display:inline-block; vertical-align:top; border:1px solid #e5e5e5; width:40px; line-height:38px; border-radius:0px 5px 5px 0px; font-size:12px; font-weight:700; color:#999; cursor:pointer; background:#fff}.minimal-light .esg-cartbutton{color:#333; cursor:default !important}.minimal-light .esg-cartbutton .esgicon-basket{color:#333; font-size:15px; line-height:15px; margin-right:10px}.minimal-light .esg-cartbutton-wrapper{cursor:default !important}.minimal-light .esg-sortbutton,.minimal-light .esg-cartbutton{display:inline-block; position:relative; cursor:pointer; margin-right:0px; border-right:none; border-radius:5px 0px 0px 5px}.minimal-light input.eg-search-input.hovered,.minimal-light input.eg-search-input:focus,.minimal-light .esg-navigationbutton.hovered,.minimal-light .esg-filterbutton.hovered,.minimal-light .esg-sortbutton.hovered,.minimal-light .esg-sortbutton-order.hovered,.minimal-light .esg-cartbutton.hovered a,.minimal-light .esg-filter-wrapper.dropdownstyle >.esg-selected-filterbutton.hovered,.minimal-light .esg-filterbutton.selected,.minimal-light .esg-filter-wrapper.eg-search-wrapper .eg-search-clean.hovered,.minimal-light .esg-filter-wrapper.eg-search-wrapper .eg-search-submit.hovered{background-color:#fff; border-color:#bbb; color:#333; box-shadow:0px 3px 5px 0px rgba(0,0,0,0.13)}.minimal-light .esg-navigationbutton.hovered *{color:#333}.minimal-light .esg-sortbutton-order.hovered .tp-desc{border-color:#bbb; color:#333; box-shadow:0px -3px 5px 0px rgba(0,0,0,0.13) !important}.minimal-light .esg-filter-checked{color:#cbcbcb; background:#cbcbcb; margin-left:10px; font-size:9px; font-weight:300; line-height:9px; vertical-align:middle}.minimal-light .esg-filter-wrapper.dropdownstyle .esg-filter-checked{margin-left:-22px; margin-right:10px}.minimal-light .esg-filterbutton.selected .esg-filter-checked,.minimal-light .esg-filterbutton.hovered .esg-filter-checked{color:#fff; background:#000}.minimal-light .esg-filter-wrapper.eg-search-wrapper{white-space:nowrap}.minimal-light .esg-filter-wrapper.eg-search-wrapper .eg-search-clean,.minimal-light .esg-filter-wrapper.eg-search-wrapper .eg-search-submit{width:40px; padding:0px; margin-left:5px; margin-right:0px}.minimal-light .esg-filter-wrapper.eg-search-wrapper .eg-search-input{width:auto}.minimal-light .esg-dropdown-wrapper{transform:translateZ(10px) translateX(-50%); left:50%; background:rgba(255,255,255,0.95); border-radius:5px; border:1px solid #e5e5e5}.minimal-light .esg-dropdown-wrapper .esg-filterbutton{position:relative; border:none; box-shadow:none; text-align:left; color:#999; background:transparent; line-height:25px; min-height:25px}.minimal-light .esg-dropdown-wrapper .esg-filterbutton.hovered,.minimal-light .esg-dropdown-wrapper .esg-filterbutton.selected{color:#333}.minimal-light .esg-selected-filterbutton .eg-icon-down-open{margin-right:-10px; font-size:12px}.minimal-light .esg-selected-filterbutton.hovered .eg-icon-down-open{color:#333}<\/style>\n<style>.eg-actus-element-3{font-size:36px; line-height:38px; color:#ffffff; font-weight:700; display:block; text-align:center; clear:both; margin:0px 0px 0px 0px ; padding:12px 5px 12px 5px ; border-radius:0px 0px 0px 0px ; background:rgba(47,70,82,0); position:relative; z-index:2 !important; font-family:roboto condensed}.eg-actus-element-12{font-size:18px; line-height:20px; color:#ffffff; font-weight:400; display:inline-block; float:none; clear:both; margin:15px 0px 0px 0px ; padding:5px 30px 5px 30px ; border-radius:0px 0px 0px 0px ; background:rgba(255,255,255,0); position:relative; z-index:2 !important; font-family:roboto}<\/style>\n<style>.eg-actus-container{background:rgba(8,125,168,0.64)}<\/style>\n<style>.eg-actus-content{background:#ffffff; padding:0px 0px 0px 0px; border-width:0px 0px 0px 0px; border-radius:0px 0px 0px 0px; border-color:transparent; border-style:double; text-align:left}<\/style>\n<style>.esg-grid .mainul li.eg-actus-wrapper{background:#3f424a; padding:0px 0px 0px 0px; border-width:0px 0px 0px 0px; border-radius:0px 0px 0px 0px; border-color:transparent; border-style:none}<\/style>\n<style>.esg-grid .mainul li.eg-actus-wrapper .esg-media-poster{background-size:cover; background-position:center center; background-repeat:no-repeat}<\/style>\n<!-- THE ESSENTIAL GRID POST -->\n\n<article id=\"esg-grid-4-1-wrap\" class=\"myportfolio-container esg-grid-wrap-container minimal-light esg-entry-skin-actus source_type_post\" data-alias=\"actus-all\">\n\n   <div id=\"esg-grid-4-1\" class=\"esg-grid\" style=\"background: transparent;padding: 0px 0px 0px 0px ; box-sizing:border-box; -moz-box-sizing:border-box; -webkit-box-sizing:border-box; display:none\">\n<article class=\"esg-filters esg-singlefilters\" style=\"margin-bottom: 30px; text-align: center; \"><!-- THE FILTER BUTTON --><div class=\"esg-filter-wrapper dropdownstyle  esg-fgc-4\" style=\"margin-left: 2.5px; margin-right: 2.5px;\"><div class=\"esg-selected-filterbutton esg-mobile-filter-button\"><span>Filter Categories<\/span><i class=\"eg-icon-down-open\"><\/i><\/div><div class=\"esg-dropdown-wrapper\"><div class=\"esg-filterbutton selected esg-allfilter\" data-filter=\"filterall\" data-fid=\"-1\"><span>Filtrer par cat\u00e9gories<\/span><\/div><div class=\"esg-filterbutton\" data-fid=\"category_16\" data-filter=\"filter-events\"  ><span>Events<\/span><span class=\"esg-filter-checked\"><i class=\"eg-icon-ok-1\"><\/i><\/span><\/div><div class=\"esg-filterbutton\" data-fid=\"category_17\" data-filter=\"filter-office-life\"  ><span>Office life<\/span><span class=\"esg-filter-checked\"><i class=\"eg-icon-ok-1\"><\/i><\/span><\/div><div class=\"esg-filterbutton-last esg-filterbutton\" data-fid=\"post_tag_18\" data-filter=\"filter-tag-blog-en\"  ><span>Tag blog<\/span><span class=\"esg-filter-checked\"><i class=\"eg-icon-ok-1\"><\/i><\/span><\/div><\/div><div class=\"eg-clearfix\"><\/div><\/div><\/article><div class=\"esg-clear-no-height\"><\/div><ul>\n<li id=\"eg-4-post-id-6934_6878\" class=\"filterall eg-actus-wrapper filter-articles-en filter-facultatif-en eg-post-id-6934\" data-skin=\"actus\" data-date=\"1761735310\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/10\/652fc9bda1736076845826-1-1-25x25.png\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/10\/652fc9bda1736076845826-1-1.png\" alt=\"\" title=\"652fc9bda1736076845826 (1)\" width=\"1852\" height=\"1290\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/the-generalization-of-electronic-billing-in-france-reform-impacts-and-perspectives\/\" target=\"_self\">The Generalization of Electronic Billing in France: Reform, Impacts and Perspectives<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-6934 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">The Generalization of Electronic Billing in France: Reform, Impacts and Perspectives<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-6934 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_row_inner css=&#8221;.vc_custom_1761662579654{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1761662615261{margin-top: 2% !important;}&#8221;][vc_single_image image=&#8221;6254&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221; css=&#8221;.vc_custom_1761662608413{margin-top: 2% !important;margin-bottom: 0% !important;border-top-width: 2% !important;border-bottom-width: 0% !important;}&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1761662573047{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1761644096610{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\nI. Background and objectives\nThe widespread introduction of electronic invoicing is part of the French government&#8217;s digital transformation drive. It aims to replace paper or PDF invoices with structured, secure and automated electronic documents, in order to modernize inter-company exchanges and strengthen the fight against VAT fraud. \nAccording to the European Commission&#8217;s VAT Gap Report 2024, unrecovered VAT in France will amount to \u20ac12.8 billion in 2022, or almost 6% of theoretical VAT.\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text css=&#8221;.vc_custom_1761644174674{margin-top: 0% !important;margin-right: 0% !important;margin-bottom: 0% !important;margin-left: 0% !important;border-top-width: 0% !important;border-right-width: 0% !important;border-bottom-width: 0% !important;border-left-width: 0% !important;padding-top: 0% !important;padding-right: 0% !important;padding-bottom: 0% !important;padding-left: 0% !important;}&#8221;]\nOrdinance no. 2021-1190 of September 15, 2021 laid the foundations for the reform by introducing a dual obligation:\n\ne-invoicing for domestic B2B transactions,\nAnd electronic data transmission (e-reporting) for B2C sales and international trade.\n\n[\/vc_column_text][vc_raw_html css=&#8221;&#8221;]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[\/vc_raw_html][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_column_text css=&#8221;.vc_custom_1761642119041{margin-bottom: 0% !important;border-bottom-width: 0% !important;}&#8221;]\nThese two devices have a dual purpose:\n\nIncrease the transparency of trade flows and\nProvide tax authorities with an almost instantaneous view of economic activity, to facilitate the pre-filling of tax returns and improve tax audits.\n\nThis reform is also in line with the European VIDA (VAT in the Digital Age) directive, expected in 2028, which aims to harmonize VAT invoicing and declaration practices within the Union.\nII. Legal framework and implementation schedule   \nHaving defined the principle and obligations of electronic invoicing, the reform has now been clarified on an operational level with Decree no. 2022-1299 and theOrder of October 7, 2022, which set out the terms of application and the progressive timetable adapted to the size of companies.\nInitially scheduled to take place between July 2024 and the end of 2026, the rollout was to be staggered in successive waves, depending on the category of business. However, in view of the technical and organizational difficulties identified, the government has decided to postpone the reform, to enable all economic players to better prepare for it. \nThe new calendar, now official, sets :\n\nOn September 1, 2026, all companies will be obliged to receive electronic invoices, and large companies and ETIs to issue them;\nOn September 1, 2027, this emission obligation will be extended to VSEs, SMEs and micro-businesses.\n\nThis transitional period is designed to give companies time to adapt and to secure the gradual implementation of the system, with the aim of achieving full compliance by September 1.  \n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1761642068067{margin-top: 0% !important;border-top-width: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1761642102405{margin-top: 0% !important;border-top-width: 0% !important;}&#8221;][vc_raw_html css=&#8221;.vc_custom_1761835430833{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]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[\/vc_raw_html][vc_column_text css=&#8221;&#8221;]\nIII. Expected benefits \nThe widespread use of electronic invoicing is more than just a regulatory requirement: it is a sustainable performance driver for companies. By simplifying processes, automating financial flows and enhancing transparency, it transforms administrative management into a real driver of efficiency and confidence. \n[\/vc_column_text][vc_raw_html css=&#8221;&#8221;]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[\/vc_raw_html][vc_column_text css=&#8221;&#8221;]\nIV. The challenges of transition \nHowever, the potential benefits should not overshadow the many challenges facing companies. The first is the initial investment. Implementing e-invoicing requires the acquisition of appropriate software solutions, the overhaul of certain internal processes and staff training. For large companies, the challenge is less financial than technical: it involves integrating the reform into complex information systems, often fragmented across several subsidiaries and countries.   \nFor ETIs and SMEs, the question of costs is more sensitive. The transition represents a significant effort, particularly for structures with limited resources. The need for support from external service providers may prove indispensable, but it adds an additional burden on cash flow.  \nData security is another major challenge. By dematerializing and centralizing financial flows, companies are exposing themselves to new cyber risks. Robust protection, backup and business continuity mechanisms are therefore essential. Finally, interoperability with business partners&#8217; systems can create friction, particularly when they use heterogeneous solutions.   \nV. Differentiated impacts by company size\nThe impact of the reform varies greatly according to the size and digital maturity of organizations.\n\nLarge companies, already equipped with automated systems, see electronic invoicing as a lever for rationalization and management, even if multi-entity and international management remains a challenge.\nSMIs see this as an opportunity to harmonize their practices and improve their financial visibility, but compliance represents a substantial investment.\nFor SMEs, the reform is above all a gas pedal of modernization, despite the initial cost and the need to train their teams.\nFinally, micro-businesseswill have to rely on standardized solutions such as Chorus Pro to comply with regulations, as their success will largely depend on the support and simplicity of the tools offered.\n\n[\/vc_column_text][vc_raw_html css=&#8221;&#8221;]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[\/vc_raw_html][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_column_text css=&#8221;&#8221;]\nVI. CSA support: a strategic partner for a successful transition \nBeyond the technical and regulatory challenges, the success of electronic invoicing depends on an in-depth transformation of organization, processes and information systems. In this context, Command Strategy provides comprehensive support to help companies secure every stage of this transition. Our approach focuses on three complementary areas:  \n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_raw_html css=&#8221;&#8221;]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[\/vc_raw_html][vc_column_text css=&#8221;&#8221;]\nThanks to this global approach, combining business expertise, technological mastery and change management, Command Strategy enables companies not only to comply with regulations, but above all to transform e-invoicing into a genuine lever for performance, resilience and long-term competitiveness.\n[\/vc_column_text][vc_column_text css=&#8221;&#8221;]\nVII. Conclusion \nThe widespread introduction of electronic invoicing, although postponed until 2026 for incoming invoices and 2027 for outgoing invoices, represents a major organizational, fiscal and technological transformation. It is more than just a change of tool: it redefines the way companies manage their financial flows, structure their internal processes and control their data. This reform requires anticipation, coordination and adaptation, but in return offers considerable gains in terms of productivity, transparency, reliability and competitiveness.  \nBeyond regulatory compliance, e-invoicing must be seen as a genuine strategic opportunity. Companies that prepare now will be able to modernize their information systems, automate their processes, strengthen their data governance and optimize their cash management. Conversely, those who wait risk not only penalties, but also a loss of performance in the face of better-prepared competitors.  \nThis development marks the transition from a traditional administrative model to a modern, connected, data-driven financial managementsystem. With the support of specialist players like Command Strategy, companies can turn this regulatory obligation into a sustainable competitive advantage, and build a more agile, forward-looking organization. \n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1761645911869{background-color: #F7F7F7 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221;][vc_column][vc_column_text css=&#8221;.vc_custom_1761662508780{margin-top: 3% !important;border-top-width: 2% !important;}&#8221;]\nCommand Strategy can help you implement these regulations with solutions tailored to your needs. If you would like further assistance, please contact our team. \n[\/vc_column_text][vc_btn title=&#8221;Contact us&#8221; style=&#8221;classic&#8221; color=&#8221;black&#8221; align=&#8221;center&#8221; css=&#8221;.vc_custom_1756977538450{margin-top: 2% !important;margin-bottom: 3% !important;}&#8221; link=&#8221;url:https%3A%2F%2Fwww.commandstrategy.com%2Fen%2F%3Fpage_id%3D4412|target:_blank|&#8221;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_column_text css=&#8221;&#8221;]\n\n\nAuthor\nSarah ATROUZ\nJunior Consultant\n\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-6931_3098\" class=\"filterall eg-actus-wrapper filter-events filter-facultatif-en eg-post-id-6931\" data-skin=\"actus\" data-date=\"1764927554\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/12\/Design-sans-titre-15-25x25.png\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/12\/Design-sans-titre-15.png\" alt=\"\" title=\"Design sans titre (15)\" width=\"1100\" height=\"1100\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/a-look-back-at-our-2025-team-seminar\/\" target=\"_self\">A look back at our 2025 team seminar<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-6931 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">A look back at our 2025 team seminar<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-6931 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1764927828224{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column width=&#8221;2\/3&#8243; css=&#8221;.vc_custom_1764928058498{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1764928085942{margin-top: 1% !important;margin-bottom: 0% !important;border-bottom-width: 0% !important;}&#8221;]\nFrom October 10 to 12, the Command Strategy Advisory team gathered in Seville for its annual seminar.Three days of conviviality, collective reflection and experience sharing, in an inspiring setting in the heart of Andalusia.\n[\/vc_column_text][vc_column_text css=&#8221;.vc_custom_1764685862362{margin-top: 2% !important;margin-bottom: 2% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\nThe firm&#8217;s must-attend meeting\nNow an essential part of the year, this seminar provided an opportunity to take stock of projects already underway and to discuss future prospects.The various working sessions enabled us to analyze successes, identify performance levers and explore new avenues of development for 2026.\n[\/vc_column_text][vc_column_text css=&#8221;.vc_custom_1764931259473{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\nCohesion at the heart of the team\nOver and above professional exchanges, this shared time strengthened team cohesion and dynamics.Visits, outdoor activities and convivial moments provided an environment conducive to informal exchanges, creativity and strengthening bonds.\n[\/vc_column_text][\/vc_column][vc_column fixed=&#8221;thb-fixed&#8221; width=&#8221;1\/3&#8243; css=&#8221;.vc_custom_1764928136430{margin-top: 2% !important;margin-right: 5% !important;margin-bottom: 0% !important;margin-left: 0% !important;border-bottom-width: 0% !important;}&#8221; offset=&#8221;vc_col-lg-offset-0 vc_col-lg-4 vc_col-md-offset-0 vc_col-md-4 vc_col-sm-offset-0 vc_col-xs-4&#8243;][vc_single_image image=&#8221;6493&#8243; img_size=&#8221;1000&#215;1250&#8243; alignment=&#8221;center&#8221; style=&#8221;vc_box_rounded&#8221; css=&#8221;.vc_custom_1764931040577{margin-right: 10% !important;margin-left: 0% !important;border-right-width: 10% !important;border-left-width: 0% !important;}&#8221;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1764927843926{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1764927840359{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1764928175427{margin-top: 1% !important;margin-bottom: 2% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\nA human dimension at the heart of our strategy\nThis Andalusian interlude was a reminder of the importance we attach to the human dimension of our business. Thecommitment,team spirit and rigor that drive us all find their full strength in these times of sharing and cohesion.\n[\/vc_column_text][vc_row_inner css=&#8221;.vc_custom_1764684576088{margin-top: 1% !important;margin-bottom: 0% !important;}&#8221;][vc_column_inner css=&#8221;.vc_custom_1764681369855{margin-right: 0% !important;margin-bottom: 0% !important;margin-left: 0% !important;border-right-width: 0% !important;border-bottom-width: 0% !important;border-left-width: 0% !important;padding-right: 0% !important;padding-left: 0% !important;}&#8221;][vc_single_image image=&#8221;6710&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221; css=&#8221;.vc_custom_1764931054490{margin-right: 2% !important;margin-bottom: 0% !important;margin-left: 2% !important;border-bottom-width: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1764929062946{margin-top: 2% !important;margin-right: 3% !important;margin-left: 3% !important;}&#8221;]\nUnder the Andalusian sun, everyone left with new ideas, renewed energy and the satisfaction of belonging to a close-knit,forward-looking team.\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1764673510912{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1764673520234{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-6937_6024\" class=\"filterall eg-actus-wrapper filter-articles-en filter-facultatif-en eg-post-id-6937\" data-skin=\"actus\" data-date=\"1765296379\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/12\/telechargement-25x25.jpg\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/12\/telechargement.jpg\" alt=\"\" title=\"t\u00e9l\u00e9chargement\" width=\"840\" height=\"560\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/settlement-t1\/\" target=\"_self\">Settlement T+1<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-6937 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Settlement T+1<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-6937 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_single_image image=&#8221;6879&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221; css=&#8221;.vc_custom_1765293487781{border-top-width: 5% !important;padding-top: 5% !important;padding-right: 5px !important;padding-left: 5px !important;}&#8221;][vc_column_text css=&#8221;&#8221;]\nI. Introduction\nFirst of all, we need to establish a clear definition of settlement:\nSettlement is the final stage of a financial transaction.  \nIt aims to finalize a negotiated transaction by implementing the simultaneous exchange of securities and cash between the counterparties, via the settlement systems and service providers dedicated to this circuit.\nThis operation results in the transfer of ownership being recorded in the accounts held by the buyer&#8217;s and seller&#8217;s respective custodians, in accordance with the rules and deadlines in force on the market.\nIf there is no exchange of securities, cash flows are processed via a payment system (such as TARGET2), outside the framework of settlement-delivery.\nIn Europe today, settlement takes place according to the T+2 cycle, which means that it takes two working days for the securities\/money transfer to be completed.\nTo better understand how settlement works, it is necessary toillustrate the role of the various players in concrete terms, using the diagram below, which shows, step by step, the journey of a transaction between two counterparties through to its final settlement.\n[\/vc_column_text][vc_single_image image=&#8221;6816&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221; css=&#8221;.vc_custom_1765293521308{margin-right: 7% !important;margin-left: 7% !important;}&#8221;][vc_column_text css=&#8221;&#8221;]\n Here are the respective roles of the players mentioned in the previous diagram:\n[\/vc_column_text][vc_raw_html css=&#8221;&#8221;]%3Cstyle%3E%20%20%0D%0A%2F%2A%20%3D%3D%3D%3D%3D%3D%20Bandeau%20orange%20%28en-t%C3%AAte%29%20%3D%3D%3D%3D%3D%3D%20%2A%2F%0D%0A.table-orange%20thead%2C%0D%0A.table-orange%20thead%20tr%2C%0D%0A.table-orange%20thead%20th%2C%0D%0Afigure.wp-block-table%20.table-orange%20thead%20th%20%7B%0D%0A%20%20background-color%3A%20%23ED7D31%20%21important%3B%0D%0A%20%20color%3A%20%23fff%20%21important%3B%0D%0A%20%20border-color%3A%20%23ED7D31%20%21important%3B%0D%0A%20%20text-align%3A%20center%20%21important%3B%0D%0A%20%20padding%3A%208px%2010px%20%21important%3B%0D%0A%20%20font-size%3A%2014px%20%21important%3B%0D%0A%20%20font-weight%3A%20700%3B%0D%0A%7D%0D%0A%0D%0A%2F%2A%20%3D%3D%3D%3D%3D%3D%20Table%20%3D%3D%3D%3D%3D%3D%20%2A%2F%0D%0A.table-orange%20%7B%0D%0A%20%20width%3A%20100%25%3B%0D%0A%20%20border-collapse%3A%20collapse%3B%0D%0A%20%20margin%3A%2024px%200%3B%0D%0A%20%20font-family%3A%20inherit%3B%0D%0A%20%20font-size%3A%2014px%3B%0D%0A%20%20color%3A%20%23000%3B%0D%0A%20%20border%3A%201px%20solid%20%23ddd%3B%0D%0A%7D%0D%0A%0D%0A.table-orange%20th%2C%0D%0A.table-orange%20td%20%7B%0D%0A%20%20padding%3A%2012px%2016px%3B%0D%0A%20%20vertical-align%3A%20top%3B%0D%0A%20%20border%3A%201px%20solid%20%23ddd%3B%0D%0A%20%20text-align%3A%20left%3B%0D%0A%20%20box-sizing%3A%20border-box%3B%0D%0A%7D%0D%0A%0D%0A%2F%2A%20%3D%3D%3D%3D%3D%3D%20Premi%C3%A8re%20colonne%20%3D%3D%3D%3D%3D%3D%20%2A%2F%0D%0A.table-orange%20tbody%20%3E%20tr%20%3E%20td%3Afirst-child%20%7B%0D%0A%20%20background%3A%20%23E9EBEC%20%21important%3B%0D%0A%20%20color%3A%20%23000%20%21important%3B%0D%0A%20%20font-weight%3A%20600%3B%0D%0A%20%20width%3A%2022%25%3B%0D%0A%7D%0D%0A%0D%0A%2F%2A%20%3D%3D%3D%3D%3D%3D%20Lignes%20altern%C3%A9es%20%3D%3D%3D%3D%3D%3D%20%2A%2F%0D%0A.table-orange%20tbody%20%3E%20tr%3Anth-child%28even%29%20%3E%20td%3Anot%28%3Afirst-child%29%20%7B%20background%3A%20%23f9f9f9%3B%20%7D%0D%0A.table-orange%20tbody%20%3E%20tr%3Anth-child%28odd%29%20%3E%20td%3Anot%28%3Afirst-child%29%20%7B%20background%3A%20%23fff%3B%20%7D%0D%0A%0D%0A%2F%2A%20%3D%3D%3D%3D%3D%3D%20Listes%20%3D%3D%3D%3D%3D%3D%20%2A%2F%0D%0A.table-orange%20td%20ul%20%7B%20margin%3A%200%200%200%2018px%3B%20padding%3A%200%3B%20%7D%0D%0A.table-orange%20td%20li%20%7B%20margin%3A%206px%200%3B%20%7D%0D%0A%0D%0A%2F%2A%20%3D%3D%3D%3D%3D%3D%20Correction%20WordPress%20%3D%3D%3D%3D%3D%3D%20%2A%2F%0D%0A.wp-block-table.is-style-stripes%20table.table-orange%20thead%20th%20%7B%20background%3A%20%23ED7D31%20%21important%3B%20%7D%0D%0A.wp-block-table.is-style-stripes%20table.table-orange%20tbody%20td%20%7B%20background%3A%20transparent%20%21important%3B%20%7D%0D%0A%3C%2Fstyle%3E%0D%0A%0D%0A%3Ctable%20class%3D%22table-orange%22%3E%0D%0A%20%20%3Cthead%3E%0D%0A%20%20%20%20%3Ctr%3E%0D%0A%20%20%20%20%20%20%3Cth%3EKey%20Stakeholders%3C%2Fth%3E%0D%0A%20%20%20%20%20%20%3Cth%3EPrimary%20Role%3C%2Fth%3E%0D%0A%20%20%20%20%20%20%3Cth%3EKey%20Actions%20%26%20Responsibilities%3C%2Fth%3E%0D%0A%20%20%20%20%3C%2Ftr%3E%0D%0A%20%20%3C%2Fthead%3E%0D%0A%20%20%3Ctbody%3E%0D%0A%20%20%20%20%3Ctr%3E%0D%0A%20%20%20%20%20%20%3Ctd%3E1.%20Asset%20Manager%20%28asset%20manager%2C%20insurer%2C%20etc.%29%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3EMakes%20investment%20decisions%20on%20behalf%20of%20the%20investor.%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3EDefines%20the%20investment%20strategy%2C%20conducts%20market%20analysis%2C%20and%20issues%20buy%20or%20sell%20instructions.%3C%2Ftd%3E%0D%0A%20%20%20%20%3C%2Ftr%3E%0D%0A%20%20%20%20%3Ctr%3E%0D%0A%20%20%20%20%20%20%3Ctd%3E2.%20Broker%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3EExecutes%20transactions%20on%20financial%20markets.%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3E%0D%0A%20%20%20%20%20%20%20%20Executes%20orders%20received%20from%20clients.%3Cbr%2F%3E%0D%0A%20%20%20%20%20%20%20%20Acts%20as%20a%20trading%20intermediary.%3Cbr%2F%3E%0D%0A%20%20%20%20%20%20%20%20May%20be%20bypassed%20when%20counterparties%20trade%20directly%20on%20an%20over-the-counter%20%28OTC%29%20basis.%0D%0A%20%20%20%20%20%20%3C%2Ftd%3E%0D%0A%20%20%20%20%3C%2Ftr%3E%0D%0A%20%20%20%20%3Ctr%3E%0D%0A%20%20%20%20%20%20%3Ctd%3E3.%20Stock%20Exchange%20%2F%20Regulated%20Market%20%2F%20Trading%20Platform%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3EProvides%20the%20infrastructure%20for%20matching%20supply%20and%20demand.%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3E%0D%0A%20%20%20%20%20%20%20%20Ensures%20price%20transparency%20and%20market%20liquidity.%3Cbr%2F%3E%0D%0A%20%20%20%20%20%20%20%20Executes%20transactions%20by%20matching%20buy%20and%20sell%20orders.%0D%0A%20%20%20%20%20%20%3C%2Ftd%3E%0D%0A%20%20%20%20%3C%2Ftr%3E%0D%0A%20%20%20%20%3Ctr%3E%0D%0A%20%20%20%20%20%20%3Ctd%3E4.%20Custodian%20Bank%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3ESafekeeps%20securities%20and%20cash%20on%20behalf%20of%20investors%20or%20funds.%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3EMaintains%20securities%20accounts.%3C%2Ftd%3E%0D%0A%20%20%20%20%3C%2Ftr%3E%0D%0A%20%20%20%20%3C%21--%20%3D%3D%3D%3D%3D%3D%3D%3D%3D%20AJOUT%20DES%20DEUX%20NOUVELLES%20LIGNES%20%3D%3D%3D%3D%3D%3D%3D%3D%3D%20--%3E%0D%0A%20%20%20%20%3Ctr%3E%0D%0A%20%20%20%20%20%20%3Ctd%3E5.%20Buyer%20Agent%20%2F%20Seller%20Agent%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3EAct%20on%20behalf%20of%20the%20custodian%20to%20carry%20out%20settlement%20instructions.%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3E%0D%0A%20%20%20%20%20%20%20%20Their%20involvement%20may%20be%20required%20when%20the%20custodian%20does%20not%20have%20direct%20access%20to%20the%20relevant%20securities%20market.%3Cbr%2F%3E%0D%0A%20%20%20%20%20%20%20%20They%20transmit%20delivery%20%28Seller%29%20or%20payment%20%28Buyer%29%20instructions%20to%20the%20Central%20Securities%20Depository%20%28CSD%29.%0D%0A%20%20%20%20%20%20%3C%2Ftd%3E%0D%0A%20%20%20%20%3C%2Ftr%3E%0D%0A%20%20%20%20%3Ctr%3E%0D%0A%20%20%20%20%20%20%3Ctd%3E6.%20Central%20Securities%20Depository%20%28CSD%29%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3EMaintains%20securities%20records%20and%20manages%20ownership%20transfers.%3C%2Ftd%3E%0D%0A%20%20%20%20%20%20%3Ctd%3E%0D%0A%20%20%20%20%20%20%20%20Ensures%20the%20dematerialisation%20of%20securities.%3Cbr%2F%3E%0D%0A%20%20%20%20%20%20%20%20Performs%20delivery%20of%20securities%20against%20payment%20of%20cash%20%28Delivery%20versus%20Payment%29.%0D%0A%20%20%20%20%20%20%3C%2Ftd%3E%0D%0A%20%20%20%20%3C%2Ftr%3E%0D%0A%20%20%3C%2Ftbody%3E%0D%0A%3C%2Ftable%3E%0D%0A[\/vc_raw_html][vc_raw_html css=&#8221;.vc_custom_1765294325078{margin-right: 10% !important;margin-left: 10% !important;}&#8221;]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[\/vc_raw_html][vc_column_text css=&#8221;&#8221;]\nII. The transition from T+2 to T+1 \nHaving defined the principles of settlement, it is appropriate to examine the transition from the T+2 cycle to the T+1 cycle:\nThe CSDR (Central Securities Depositories Regulation), adopted in 2014, aims to enhance the safety, discipline and efficiency of settlement in the European Union, without however setting a precise duration for the settlement cycle.\nThe project to transition to T+1 is therefore being driven by the European Commission and ESMA, in line with the principles established by the CSDR, in order toharmonize European markets with international standards and reduce counterparty risks and settlement failures.\nAmong the new rules imposed by these regulations :\n\nThe introduction of financial penalties for late or failed settlement, to encourage players to meet deadlines;\nObligatory buy-in by the defaulting counterparty when delivery has not been made within a certain period;\nReinforced reporting and transparency requirements for central depositories and supervisory authorities;\n\nWhile these regulatory requirements are essential for strengthening market security, they also make the transition to T+1 more complex to implement, because of the greater rigor they impose on players in terms of deadlines and settlement quality.\nThis map illustrates the current state of settlement cycles around the world, showing countries that have remained on T+2, those that have already adopted T+1, and markets that are experimenting with T+0.\n[\/vc_column_text][vc_single_image image=&#8221;6847&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221; css=&#8221;.vc_custom_1765293507183{margin-right: 7% !important;margin-left: 7% !important;border-top-width: 5% !important;border-bottom-width: 5% !important;padding-top: 5px !important;padding-right: 5px !important;padding-bottom: 5px !important;padding-left: 5px !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1765288248862{margin-bottom: 0% !important;}&#8221;]\nSo the current state of the world&#8217;s settlement cycles:\n[\/vc_column_text][vc_row_inner css=&#8221;.vc_custom_1765288593740{margin-top: 2% !important;padding-top: 3% !important;padding-bottom: 3% !important;border-radius: 1px !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1765288469827{margin-top: 3% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1765288096342{margin-bottom: 0% !important;}&#8221;]\n\ud83d\udfe7 T+0: expanded in India, with same-day settlement.\n\ud83d\udfe9 T+1: adopted by the United States, Canada, Mexico, Argentina, India, Singapore and Hong Kong, which have accelerated their cycle to one business day.[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1765288474217{margin-top: 3% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1765288196933{margin-bottom: 0% !important;}&#8221;]\ud83d\udfe6 T+2: still in force in most countries, particularly in Europe, Africa, South America and the Middle East, pending transition to T+1 (planned in Europe for 2027).\n\u2b1b No data available[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text css=&#8221;.vc_custom_1765290818602{margin-top: 1% !important;margin-bottom: 0% !important;}&#8221;]\nWe can see thatT+2 is still in the majority, T+1 is progressing rapidly, and T+0 prefigures the future of instant settlement.\n[\/vc_column_text][vc_column_text css=&#8221;.vc_custom_1765277469141{margin-top: 1% !important;}&#8221;]\nFrom a chronological point of view, the transition to T+1 has not taken place simultaneously across the different market zones, but follows a progressive dynamic depending on the region. The timeline below traces the main stages of this transition, from India in 2023 to the coordinated switchover of Europe, the UK and Switzerland in 2027. \n[\/vc_column_text][vc_raw_html css=&#8221;&#8221;]%3C%21DOCTYPE%20html%3E%0D%0A%3Chtml%20lang%3D%22fr%22%3E%0D%0A%3Chead%3E%0D%0A%3Cmeta%20charset%3D%22UTF-8%22%3E%0D%0A%3Cmeta%20name%3D%22viewport%22%20content%3D%22width%3Ddevice-width%2C%20initial-scale%3D1.0%22%3E%0D%0A%3Ctitle%3ET%2B1%20Timeline%3C%2Ftitle%3E%0D%0A%3Cstyle%3E%0D%0A%2A%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20padding%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20box-sizing%3A%20border-box%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline-container%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20max-width%3A%201200px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin%3A%2030px%20auto%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20padding%3A%2020px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20font-family%3A%20-apple-system%2C%20BlinkMacSystemFont%2C%20%22Segoe%20UI%22%2C%20Roboto%2C%20%22Helvetica%20Neue%22%2C%20Arial%2C%20sans-serif%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20position%3A%20relative%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20padding%3A%2040px%200%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline-line%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20position%3A%20absolute%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20left%3A%2050%25%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20top%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20bottom%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20width%3A%2040px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background%3A%20linear-gradient%28to%20bottom%2C%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%23ED7D31%200%25%2C%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%23ED7D31%2020%25%2C%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%23ED7D31%2025%25%2C%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%23F4B183%2025%25%2C%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%23F4B183%2045%25%2C%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%23F8CBAD%2045%25%2C%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%23F8CBAD%2050%25%2C%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%23F8CBAD%2050%25%2C%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%23F8CBAD%2070%25%2C%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%237A93AC%2070%25%2C%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%237A93AC%20100%25%29%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20transform%3A%20translateX%28-50%25%29%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline-arrow%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20position%3A%20absolute%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20left%3A%2050%25%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20bottom%3A%20-50px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20transform%3A%20translateX%28-50%25%29%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20width%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20height%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20border-left%3A%2035px%20solid%20transparent%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20border-right%3A%2035px%20solid%20transparent%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20border-top%3A%2050px%20solid%20%237A93AC%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline-item%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20position%3A%20relative%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin-bottom%3A%2040px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20display%3A%20flex%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20align-items%3A%20center%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline-item.left%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20justify-content%3A%20flex-start%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline-item.right%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20justify-content%3A%20flex-end%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline-content%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20width%3A%2045%25%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20padding%3A%2015px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background-color%3A%20white%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20border-radius%3A%208px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20box-shadow%3A%200%202px%208px%20rgba%280%2C0%2C0%2C0.1%29%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20text-align%3A%20justify%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20line-height%3A%201.5%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20font-size%3A%2013px%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline-item.left%20.timeline-content%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin-right%3A%20auto%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20padding-right%3A%2020px%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline-item.right%20.timeline-content%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin-left%3A%20auto%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20padding-left%3A%2020px%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline-dot%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20position%3A%20absolute%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20left%3A%2050%25%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20transform%3A%20translateX%28-50%25%29%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20width%3A%2070px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20height%3A%2070px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20border-radius%3A%2050%25%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20display%3A%20flex%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20align-items%3A%20center%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20justify-content%3A%20center%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20color%3A%20white%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20font-size%3A%2020px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20font-weight%3A%20bold%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20z-index%3A%2010%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20box-shadow%3A%200%204px%2012px%20rgba%280%2C0%2C0%2C0.2%29%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.dot-2023%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background-color%3A%20%23ED7D31%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.dot-2024%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background-color%3A%20%23ED7D31%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.dot-2025-1%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background-color%3A%20%23F4B183%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20color%3A%20%23fff%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.dot-2025-2%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background-color%3A%20%23F8CBAD%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20color%3A%20%23fff%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.dot-2027%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background-color%3A%20%237A93AC%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.timeline-content%20strong%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20font-weight%3A%20bold%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%40media%20%28max-width%3A%20768px%29%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.timeline-line%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20left%3A%2030px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.timeline-dot%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20left%3A%2030px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20width%3A%2060px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20height%3A%2060px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20font-size%3A%2018px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.timeline-item%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20padding-left%3A%20100px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.timeline-content%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20width%3A%20100%25%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.timeline-item.left%20.timeline-content%2C%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.timeline-item.right%20.timeline-content%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20margin%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.timeline-arrow%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20left%3A%2030px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%3C%2Fstyle%3E%0D%0A%3C%2Fhead%3E%0D%0A%0D%0A%3Cbody%3E%0D%0A%3Cdiv%20class%3D%22timeline-container%22%3E%0D%0A%3Cdiv%20class%3D%22timeline%22%3E%0D%0A%3Cdiv%20class%3D%22timeline-line%22%3E%3C%2Fdiv%3E%0D%0A%3Cdiv%20class%3D%22timeline-arrow%22%3E%3C%2Fdiv%3E%0D%0A%0D%0A%3C%21--%202023%20--%3E%0D%0A%3Cdiv%20class%3D%22timeline-item%20right%22%3E%0D%0A%3Cdiv%20class%3D%22timeline-dot%20dot-2023%22%3E2023%3C%2Fdiv%3E%0D%0A%3Cdiv%20class%3D%22timeline-content%22%3E%0D%0A%3Cstrong%3EIn%20January%202023%3C%2Fstrong%3E%2C%20India%20became%20the%20first%20major%20market%20to%20fully%20implement%20T%2B1%20settlement%2C%20following%20a%20phased%20transition%20that%20began%20in%202022.%0D%0A%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%0D%0A%3C%21--%202024%20--%3E%0D%0A%3Cdiv%20class%3D%22timeline-item%20left%22%3E%0D%0A%3Cdiv%20class%3D%22timeline-dot%20dot-2024%22%3E2024%3C%2Fdiv%3E%0D%0A%3Cdiv%20class%3D%22timeline-content%22%3E%0D%0A%3Cstrong%3EOn%20May%2028%2C%202024%3C%2Fstrong%3E%2C%20the%20United%20States%2C%20followed%20by%20Canada%20and%20Mexico%2C%20officially%20transitioned%20to%20T%2B1%20settlement%2C%20shortening%20the%20settlement%20cycle%20by%20one%20day%20to%20enhance%20market%20efficiency%20and%20resilience.%0D%0A%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%0D%0A%3C%21--%202025%20%28premi%C3%A8re%20mention%29%20--%3E%0D%0A%3Cdiv%20class%3D%22timeline-item%20right%22%3E%0D%0A%3Cdiv%20class%3D%22timeline-dot%20dot-2025-1%22%3E2025%3C%2Fdiv%3E%0D%0A%3Cdiv%20class%3D%22timeline-content%22%3E%0D%0A%3Cstrong%3EIndia%3C%2Fstrong%3E%3A%20extension%20of%20T%2B0%20%28same-day%20settlement%29%20testing%2C%20aimed%20at%20exploring%20an%20even%20faster%20settlement%20model%20than%20T%2B1%20and%20assessing%20its%20operational%20and%20technological%20feasibility.%0D%0A%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%0D%0A%3C%21--%202025%20%28deuxi%C3%A8me%20mention%29%20--%3E%0D%0A%3Cdiv%20class%3D%22timeline-item%20left%22%3E%0D%0A%3Cdiv%20class%3D%22timeline-dot%20dot-2025-2%22%3E2025%3C%2Fdiv%3E%0D%0A%3Cdiv%20class%3D%22timeline-content%22%3E%0D%0A%3Cstrong%3EEurope%2C%20UK%2C%20Switzerland%3C%2Fstrong%3E%3A%20publication%20of%20roadmaps%20outlining%20the%20transition%20to%20T%2B1%2C%20detailing%20key%20milestones%20as%20well%20as%20the%20required%20regulatory%20and%20technological%20adjustments.%0D%0A%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%0D%0A%3C%21--%202027%20--%3E%0D%0A%3Cdiv%20class%3D%22timeline-item%20right%22%3E%0D%0A%3Cdiv%20class%3D%22timeline-dot%20dot-2027%22%3E2027%3C%2Fdiv%3E%0D%0A%3Cdiv%20class%3D%22timeline-content%22%3E%0D%0A%3Cstrong%3EEurope%2C%20UK%2C%20Switzerland%3C%2Fstrong%3E%3A%20coordinated%20implementation%20of%20T%2B1%20settlement%2C%20scheduled%20for%20October%2C%20with%20the%20objective%20of%20aligning%20the%20region%20with%20international%20standards%20already%20adopted%20by%20%3Cstrong%3EIndia%20and%20the%20Americas%3C%2Fstrong%3E.%0D%0A%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%0D%0A%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3C%2Fbody%3E%0D%0A%3C%2Fhtml%3E%0D%0A[\/vc_raw_html][vc_column_text css=&#8221;&#8221;]\nTo understand the rationale behind this change, it is worth presenting the main economic and operational arguments for moving from T+2 to T+1, which can be summarized in three main reasons: \n[\/vc_column_text][vc_raw_html css=&#8221;&#8221;]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[\/vc_raw_html][vc_column_text css=&#8221;&#8221;]\nIII. Challenges and limits \nHowever, this evolution also brings with it a number of constraints that need to be anticipated. So, over and above the expected benefits, the move to T+1 presents a number of challenges and limits, in operational, technological and regulatory terms: \n[\/vc_column_text][vc_raw_html css=&#8221;.vc_custom_1765980173291{margin-right: 8% !important;}&#8221;]%3C%21DOCTYPE%20html%3E%0D%0A%3Chtml%20lang%3D%22fr%22%3E%0D%0A%3Chead%3E%0D%0A%3Cmeta%20charset%3D%22UTF-8%22%3E%0D%0A%3Cmeta%20name%3D%22viewport%22%20content%3D%22width%3Ddevice-width%2C%20initial-scale%3D1.0%22%3E%0D%0A%3Ctitle%3ET%2B1%20Challenges%3C%2Ftitle%3E%0D%0A%3Cstyle%3E%2A%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20padding%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20box-sizing%3A%20border-box%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20body%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20font-family%3A%20%22Segoe%20UI%22%2C%20-apple-system%2C%20BlinkMacSystemFont%2C%20Roboto%2C%20%22Helvetica%20Neue%22%2C%20Arial%2C%20sans-serif%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20padding%3A%2040px%2020px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background-color%3A%20%23ffffff%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.defis-container%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20max-width%3A%20900px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin%3A%200%20auto%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.defi-row%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20display%3A%20flex%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20align-items%3A%20center%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin-bottom%3A%2030px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20gap%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.chevron%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20position%3A%20relative%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20min-width%3A%20200px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20height%3A%20140px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20display%3A%20flex%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20align-items%3A%20center%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20justify-content%3A%20center%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20color%3A%20white%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20font-size%3A%2016px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20font-weight%3A%20700%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20text-align%3A%20center%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20padding%3A%2020px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20flex-shrink%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.chevron%3A%3Abefore%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20content%3A%20%27%27%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20position%3A%20absolute%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20left%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20top%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20width%3A%20100%25%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20height%3A%20100%25%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20clip-path%3A%20polygon%280%200%2C%20calc%28100%25%20-%2035px%29%200%2C%20100%25%2050%25%2C%20calc%28100%25%20-%2035px%29%20100%25%2C%200%20100%25%2C%2035px%2050%25%29%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.chevron.first%3A%3Abefore%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20clip-path%3A%20polygon%280%200%2C%20calc%28100%25%20-%2035px%29%200%2C%20100%25%2050%25%2C%20calc%28100%25%20-%2035px%29%20100%25%2C%200%20100%25%29%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.chevron-text%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20position%3A%20relative%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20z-index%3A%201%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20line-height%3A%201.3%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.chevron.orange%3A%3Abefore%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background-color%3A%20%23E8743B%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.chevron.blue%3A%3Abefore%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background-color%3A%20%237A93AC%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.chevron.gray%3A%3Abefore%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background-color%3A%20%239CA3AF%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.content-box%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20flex%3A%201%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20background-color%3A%20white%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20border%3A%202px%20solid%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20border-radius%3A%2012px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20padding%3A%2020px%2025px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin-left%3A%20-35px%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.content-box.orange-border%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20border-color%3A%20%23E8743B%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.content-box.blue-border%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20border-color%3A%20%237A93AC%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.content-box.gray-border%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20border-color%3A%20%239CA3AF%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.content-box%20ul%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20list-style%3A%20none%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20padding%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.content-box%20li%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin-bottom%3A%2012px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20font-size%3A%2013px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20line-height%3A%201.5%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20color%3A%20%233c3c3c%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.content-box%20li%3Alast-child%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin-bottom%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.content-box%20li%3A%3Abefore%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20content%3A%20%22%E2%80%A2%20%22%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20font-weight%3A%20bold%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20margin-right%3A%205px%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20.content-box%20strong%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20font-weight%3A%20700%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20color%3A%20%23000%3B%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%40media%20%28max-width%3A%20768px%29%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.defi-row%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20flex-direction%3A%20column%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20align-items%3A%20stretch%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.chevron%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20width%3A%20100%25%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20min-width%3A%20unset%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20height%3A%2080px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20margin-bottom%3A%20-10px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.chevron%3A%3Abefore%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20clip-path%3A%20polygon%280%200%2C%20100%25%200%2C%20100%25%20calc%28100%25%20-%2020px%29%2C%2050%25%20100%25%2C%200%20calc%28100%25%20-%2020px%29%29%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.chevron.first%3A%3Abefore%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20clip-path%3A%20polygon%280%200%2C%20100%25%200%2C%20100%25%20calc%28100%25%20-%2020px%29%2C%2050%25%20100%25%2C%200%20calc%28100%25%20-%2020px%29%29%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.content-box%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20margin-left%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20margin-top%3A%200%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.chevron-text%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20font-size%3A%2014px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20.content-box%20li%20%7B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20font-size%3A%2014px%3B%0D%0A%20%20%20%20%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%20%20%20%20%7D%0D%0A%20%20%20%20%3C%2Fstyle%3E%0D%0A%3C%2Fhead%3E%0D%0A%0D%0A%3Cbody%3E%0D%0A%3Cdiv%20class%3D%22defis-container%22%3E%0D%0A%0D%0A%3C%21--%20D%C3%A9fis%20op%C3%A9rationnels%20--%3E%0D%0A%3Cdiv%20class%3D%22defi-row%22%3E%0D%0A%3Cdiv%20class%3D%22chevron%20orange%20first%22%3E%0D%0A%3Cdiv%20class%3D%22chevron-text%22%3EOperational%3Cbr%2F%3Echallenges%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3Cdiv%20class%3D%22content-box%20orange-border%22%3E%0D%0A%3Cul%3E%0D%0A%3Cli%3E%3Cstrong%3EShortened%20timelines%3C%2Fstrong%3E%3A%20confirmations%2C%20matching%20and%20settlement%20must%20be%20completed%20faster%2C%20increasing%20operational%20pressure.%3C%2Fli%3E%0D%0A%3Cli%3E%3Cstrong%3ETime%20zones%3C%2Fstrong%3E%3A%20adjustment%20of%20cut-off%20times%20to%20prevent%20delays.%3C%2Fli%3E%0D%0A%3Cli%3E%3Cstrong%3EInternal%20organisation%3C%2Fstrong%3E%3A%20bringing%20deadlines%20forward%2C%20strengthening%20real-time%20monitoring%2C%20and%20minimising%20manual%20corrections.%3C%2Fli%3E%0D%0A%3C%2Ful%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%0D%0A%3C%21--%20D%C3%A9fis%20technologiques%20--%3E%0D%0A%3Cdiv%20class%3D%22defi-row%22%3E%0D%0A%3Cdiv%20class%3D%22chevron%20blue%22%3E%0D%0A%3Cdiv%20class%3D%22chevron-text%22%3ETechnological%3Cbr%2F%3Echallenges%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3Cdiv%20class%3D%22content-box%20blue-border%22%3E%0D%0A%3Cul%3E%0D%0A%3Cli%3E%3Cstrong%3EAutomation%20%28STP%29%3C%2Fstrong%3E%3A%20reducing%20manual%20input%20and%20accelerating%20information%20flows.%3C%2Fli%3E%0D%0A%3Cli%3E%3Cstrong%3EIT%20systems%3C%2Fstrong%3E%3A%20processing%20larger%20volumes%20of%20data%20more%20rapidly%2C%20with%20reliability%20and%20resilience.%3C%2Fli%3E%0D%0A%3Cli%3E%3Cstrong%3EReal-time%20monitoring%3C%2Fstrong%3E%3A%20immediate%20identification%20of%20exceptions.%3C%2Fli%3E%0D%0A%3Cli%3E%3Cstrong%3EInteroperability%3C%2Fstrong%3E%3A%20ensuring%20system%20compatibility%20across%20brokers%2C%20custodians%2C%20CCPs%20and%20CSDs.%3C%2Fli%3E%0D%0A%3C%2Ful%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%0D%0A%3C%21--%20CSDR%20--%3E%0D%0A%3Cdiv%20class%3D%22defi-row%22%3E%0D%0A%3Cdiv%20class%3D%22chevron%20gray%22%3E%0D%0A%3Cdiv%20class%3D%22chevron-text%22%3ECSDR%3Cbr%2F%3E%28late%20settlement%3Cbr%2F%3Epenalties%29%20and%20T%2B1%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3Cdiv%20class%3D%22content-box%20gray-border%22%3E%0D%0A%3Cul%3E%0D%0A%3Cli%3E%3Cstrong%3ECSDR%3C%2Fstrong%3E%3A%20mandatory%20cash%20penalties%20and%20mandatory%20buy-ins%20in%20the%20event%20of%20settlement%20failure.%3C%2Fli%3E%0D%0A%3Cli%3E%3Cstrong%3ET%2B1%3C%2Fstrong%3E%3A%20reduced%20time%20to%20resolve%20issues%2C%20meaning%20that%20any%20delay%20becomes%20more%20costly.%3C%2Fli%3E%0D%0A%3Cli%3ECSDR%20enforces%20discipline%2C%20while%20T%2B1%20accelerates%20the%20settlement%20cycle%20%E2%80%94%20together%2C%20they%20enhance%20market%20safety%20but%20require%20greater%20operational%20rigour.%3C%2Fli%3E%0D%0A%3C%2Ful%3E%0D%0A%3C%2Fdiv%3E%0D%0A%3C%2Fdiv%3E%0D%0A%0D%0A%3C%2Fdiv%3E%0D%0A%3C%2Fbody%3E%0D%0A%3C%2Fhtml%3E%0D%0A[\/vc_raw_html][vc_column_text css=&#8221;&#8221;]\nIV. Conclusion \nThe move from T+2 to T+1 serves a dual purpose: to reduce risk and improve market efficiency. However, it requires major adjustments on the part of the various players, and raises operational and technological challenges that are reinforced by the CSDR framework. \nThe internal players have already anticipated this work to reduce settlement times by :\n\nautomation actions ;\nsimplification of matching processes by centralizing SWIFT transactions with CSDs, notably through platforms such as CTM.\n\nAnother aspect to consider is the delay in transmitting orders (posting trades) from traders to the middle and back office teams who manage settlement, with deadlines now in T+1 or even T+0, not to mention the referential issues that can impact the chain.\nHere, it&#8217;s more a question of operational management in the transactional chain, at front-office level, than a simple move towards new T+1 regulations.\nCommand Strategy Advisory is accustomed to supporting its customers in this type of mission, helping them to adapt their processes and systems to comply with T+1 settlement requirements.\nThis transition marks a key step towards safer, faster markets, but the question remains: are we in Europe ready to go further with T+0?\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1756977546044{margin-top: 1% !important;background-color: #f7f7f7 !important;}&#8221;][vc_column][vc_column_text css=&#8221;.vc_custom_1756977533446{margin-top: 3% !important;margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\nCommand Strategy can help you implement these regulations with solutions tailored to your needs. If you would like further assistance, please contact our team. \n[\/vc_column_text][vc_btn title=&#8221;Contact us&#8221; style=&#8221;classic&#8221; color=&#8221;black&#8221; align=&#8221;center&#8221; css=&#8221;.vc_custom_1756977538450{margin-top: 2% !important;margin-bottom: 3% !important;}&#8221; link=&#8221;url:https%3A%2F%2Fwww.commandstrategy.com%2Fen%2F%3Fpage_id%3D4412|target:_blank|&#8221;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1755768322871{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221;][vc_column][vc_column_text css=&#8221;.vc_custom_1765291974635{margin-top: 3% !important;margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\n\n\nAuthor\nMaha SOMAI\nJunior Consultant\n\n[\/vc_column_text][\/vc_column][\/vc_row][vc_column css=&#8221;.vc_custom_1715255294334{padding-top: 5% !important;padding-bottom: 4% !important;}&#8221;][\/vc_column][vc_column_inner][\/vc_column_inner]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-5543_5910\" class=\"filterall eg-actus-wrapper filter-articles-en filter-facultatif-en eg-post-id-5543\" data-skin=\"actus\" data-date=\"1756921005\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/09\/iStock-1661126796-25x25.jpg\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/09\/iStock-1661126796.jpg\" alt=\"\" title=\"iStock-1661126796\" width=\"1200\" height=\"783\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/dora-regulations-6\/\" target=\"_self\">DORA regulations<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-5543 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">DORA regulations<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-5543 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738663599205{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1738663616915{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1739177429150{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\n\n\n\n\n\n\nContext\n\nIncreased digitization, growing risk\nLa num\u00e9risation rapide et l&#8217;interconnexion croissante des services financiers en Europe apportent de nombreuses opportunit\u00e9s, mais elles s&#8217;accompagnent \u00e9galement d&#8217;une augmentation significative des cybermenaces. Face \u00e0 cette situation, les acteurs du secteur financier adoptent des strat\u00e9gies de protection souvent h\u00e9t\u00e9rog\u00e8nes et isol\u00e9es. Cette fragmentation des approches expose les consommateurs \u00e0 des risques accrus et fragilise l&#8217;int\u00e9grit\u00e9 des march\u00e9s financiers.\u200b&#13;\nUne n\u00e9cessit\u00e9 de surveillance et de coordination\u200bAfin de mieux pr\u00e9venir et contrer ces cybermenaces, il devient essentiel de pouvoir cartographier, monitorer et surveiller les \u00e9volutions des risques li\u00e9s aux technologies de l\u2019information et de la communication (TIC). La mise en commun des informations et des retours d\u2019exp\u00e9riences permettra une am\u00e9lioration progressive des strat\u00e9gies de lutte contre les attaques informatiques. Cette approche collaborative renforcera la r\u00e9silience num\u00e9rique de l\u2019ensemble du secteur financier.\u200b\r\nObjectifs cl\u00e9s de la strat\u00e9gie europ\u00e9enne\u200bPour r\u00e9pondre \u00e0 ces d\u00e9fis, plusieurs objectifs strat\u00e9giques sont d\u00e9finis :\u200b&#13;\n&#13;\nHarmoniser les exigences en mati\u00e8re de gestion des risques TIC dans toute l\u2019Union Europ\u00e9enne : \u00e9tablir des normes communes pour garantir une protection homog\u00e8ne et \u00e9viter les vuln\u00e9rabilit\u00e9s syst\u00e9miques.\u200b&#13;\nRenforcer la r\u00e9silience num\u00e9rique des institutions financi\u00e8res : assurer que les organismes financiers soient mieux pr\u00e9par\u00e9s face aux cyberattaques et puissent y r\u00e9pondre efficacement.\u200b&#13;\nProt\u00e9ger les consommateurs et l\u2019int\u00e9grit\u00e9 des march\u00e9s financiers contre les perturbations num\u00e9riques : garantir un cadre s\u00e9curis\u00e9 et fiable pour les transactions financi\u00e8res, tout en pr\u00e9servant la confiance des utilisateurs.\u200b&#13;\n&#13;\n\r\n\r\n\r\n\n&#13;\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1739381279249{background-color: #f7f7f7 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221;][vc_column width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1738664521765{margin-top: 3% !important;}&#8221;][vc_single_image image=&#8221;3761&#8243; img_size=&#8221;full&#8221; css=&#8221;.vc_custom_1739177407557{margin-top: 10% !important;margin-right: 0% !important;border-right-width: 0% !important;padding-right: 0% !important;}&#8221;][\/vc_column][vc_column width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1738601963862{margin-right: 0% !important;border-right-width: 0% !important;padding-right: 0% !important;}&#8221;][vc_column_text]&#13;\nPour qui?\u00a0&#13;\n\nComp\u00e9tence ACPR : \u200b&#13;\nSoci\u00e9t\u00e9s d&#8217;assurance, de r\u00e9assurance et de retraite professionnelle.\u200bBanques et \u00e9tablissements de cr\u00e9dit\u200bEntreprises d\u2019investissements, Plateforme de n\u00e9gociation\u200bEtablissement de monnaie \u00e9lectronique, de paiement\u200bPrestataire d\u2019informations sur les comptes, prestataires de services sur crypto-actifs, \u00e9metteur de jetons se r\u00e9f\u00e9rant \u00e0 des actifs (ART)\n\n\n\n\n\nComp\u00e9tence AMF \/ Banque de France : \u200b\n\nContrepartie centrale, D\u00e9positaires centraux de titres, \u200bSoci\u00e9t\u00e9 de Gestion, Gestionnaires de fonds alternatifs, Plateformes de crowfunding. \u200bFournisseurs de services critiques li\u00e9s aux TIC, tels que les prestataires de cloud computing.\u200b\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_row_padding=&#8221;true&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738773277352{margin-bottom: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;.vc_custom_1739373527597{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\nA travers 2 textes&#8230;\nR\u00e8glement (UE) 2022\/2554 du 14 d\u00e9cembre 2022 dit r\u00e8glement DORA.\n\u00a0 \u00a0D\u00e9finit des exigences pour renforcer et harmoniser la gestion des risques li\u00e9s aux technologies de l&#8217;information et de la communication (TIC) et \u00e0 la s\u00e9curit\u00e9 des r\u00e9seaux et des syst\u00e8mes d\u2019information au niveau de l\u2019UE.\u200b\n[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;.vc_custom_1738773303951{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\n\u00a0\nDirective (UE) 2022\/2556 du 14 d\u00e9cembre 2022.\n\u200b\u00a0 \u00a0Modifie les directives existantes telles que les directives CRD IV, DSP2, BRRD, Solvabilit\u00e9 2, IORP2, MiFID 2, AIFM, \u2026afin de les mettre en coh\u00e9rence avec les nouvelles dispositions du r\u00e8glement DORA.\n\u200b\n[\/vc_column_text][\/vc_column][vc_column css=&#8221;.vc_custom_1738773366154{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1739380506060{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\nComment ? 5 pilliers\u00a0\n\nPilier 1 &#8211; Pr\u00e9vention : Etablissement d\u2019un cadre de r\u00e9f\u00e9rence pour la gouvernance et la gestion des risques\u200b\n\u00c9tablir des politiques et proc\u00e9dures robustes pour identifier, g\u00e9rer et att\u00e9nuer les risques TIC\u200bMettre en place des cadres de gouvernance qui int\u00e8grent les risques TIC dans la gestion globale des risques.\u200bEffectuer des \u00e9valuations r\u00e9guli\u00e8res des vuln\u00e9rabilit\u00e9s et des risques li\u00e9s aux syst\u00e8mes num\u00e9riques.\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_row_padding=&#8221;true&#8221; disable_element=&#8221;yes&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1739380109131{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221;][vc_column width=&#8221;1\/3&#8243; css=&#8221;.vc_custom_1738767659807{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_tta_accordion c_position=&#8221;right&#8221; active_section=&#8221;&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;A &#8211; Identifier&#8221; tab_id=&#8221;1739371479974-398c5ae9-ffb2&#8243;][vc_column_text css=&#8221;.vc_custom_1739376926589{margin-right: 3% !important;margin-left: 0% !important;border-right-width: 3% !important;border-left-width: 0% !important;padding-right: 3% !important;padding-left: 0% !important;}&#8221; el_class=&#8221;cta&#8221;]\n\nIdentifier classer et documenter les fonctions d\u00e9pendantes des TIC et les actifs des TIC\nIdentifier toutes les sources de risques li\u00e9s aux TIC\u200b\nEvaluer les menaces et les vuln\u00e9rabilit\u00e9s pesant sur les TIC\u200b\nIdentifier et documenter tous les processus d\u00e9pendants de services TIC de Tiers\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][vc_tta_accordion c_position=&#8221;right&#8221; active_section=&#8221;nan&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;D &#8211; R\u00e9pondre&#8221; tab_id=&#8221;1739372041090-f649a8ba-5625&#8243;][vc_column_text css=&#8221;.vc_custom_1739372471071{margin-right: 3% !important;margin-left: 0% !important;border-right-width: 3% !important;border-left-width: 0% !important;padding-right: 3% !important;padding-left: 0% !important;}&#8221;]\n\nPolitique de continuit\u00e9 des activit\u00e9s TIC (communication de crise, plan de continuit\u00e9 d\u2019activit\u00e9 et de rem\u00e9diation)\u200b\nAnalyse d\u2019impact de l\u2019exposition aux perturbations graves de l\u2019activit\u00e9\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_tta_accordion c_position=&#8221;right&#8221; active_section=&#8221;nan&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;B &#8211; Prot\u00e9ger et anticipier&#8221; tab_id=&#8221;1739372074981-14a49e7a-17f7&#8243;][vc_column_text css=&#8221;.vc_custom_1739372521529{margin-right: 3% !important;margin-left: 0% !important;border-right-width: 3% !important;border-left-width: 0% !important;padding-right: 3% !important;padding-left: 0% !important;}&#8221;]\n\nStrat\u00e9gies de s\u00e9curit\u00e9, politiques, proc\u00e9dures, protocoles et outils\u200b\nSuivi et contr\u00f4le de la s\u00e9curit\u00e9 et fonctionnement des syst\u00e8mes et outils TIC\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][vc_tta_accordion c_position=&#8221;right&#8221; active_section=&#8221;nan&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;E &#8211; Rem\u00e9dier&#8221; tab_id=&#8221;1739372081089-7ad0ed32-1e7f&#8221;][vc_column_text css=&#8221;.vc_custom_1739372490396{margin-right: 3% !important;margin-left: 0% !important;border-right-width: 3% !important;border-left-width: 0% !important;padding-right: 3% !important;padding-left: 0% !important;}&#8221;]\n\nDisposer d\u2019au moins 1 site secondaire pour assurer la continuit\u00e9 d\u2019activit\u00e9\u200b\nDisposer de syst\u00e8mes de sauvegarde et de m\u00e9thodes de rem\u00e9diation\u200b\nMettre en place la politique et les proc\u00e9dures relatives aux sauvegardes\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_tta_accordion c_position=&#8221;right&#8221; active_section=&#8221;nan&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;C &#8211; D\u00e9tecter&#8221; tab_id=&#8221;1739372082655-9988cdc0-ce55&#8243;][vc_column_text css=&#8221;.vc_custom_1739372536345{margin-right: 3% !important;margin-left: 0% !important;border-right-width: 3% !important;border-left-width: 0% !important;padding-right: 3% !important;padding-left: 0% !important;}&#8221;]\n\nMise en place de m\u00e9canismes de d\u00e9tection des activit\u00e9s anormales\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][vc_tta_accordion c_position=&#8221;right&#8221; active_section=&#8221;nan&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;F &#8211; Apprendre et \u00e9voluer&#8221; tab_id=&#8221;1739372097116-47295d4e-affa&#8221;][vc_column_text css=&#8221;.vc_custom_1739372507853{margin-right: 3% !important;margin-left: 0% !important;border-right-width: 3% !important;border-left-width: 0% !important;padding-right: 3% !important;padding-left: 0% !important;}&#8221;]\n\nS\u2019assurer d\u2019avoir les capacit\u00e9s et le personnel suffisant pour fournir des connaissances sur les vuln\u00e9rabilit\u00e9s, les menaces et les incidents li\u00e9s aux TIC\u200b\nR\u00e9aliser des examens Post-Mortem des incidents li\u00e9s aux TIC\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][\/vc_column][\/vc_row][vc_row disable_element=&#8221;yes&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1739372591141{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221;][vc_column width=&#8221;1\/3&#8243; css=&#8221;.vc_custom_1738678225273{margin-top: 0% !important;margin-bottom: 3% !important;border-top-width: 0% !important;border-bottom-width: 3% !important;padding-top: 0% !important;padding-bottom: 3% !important;background-color: #f4f4f4 !important;}&#8221; el_class=&#8221;tiretbleu&#8221;][vc_column_text css=&#8221;.vc_custom_1738678373043{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 1px !important;}&#8221;]\nA- Identifier \nIdentifier classer et documenter les fonctions d\u00e9pendantes des TIC et les actifs des TIC\u200bIdentifier toutes les sources de risques li\u00e9s aux TIC\u200bEvaluer les menaces et les vuln\u00e9rabilit\u00e9s pesant sur les TIC\u200bIdentifier et documenter tous les processus d\u00e9pendants de services TIC de Tiers\n[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243; css=&#8221;.vc_custom_1738678221299{margin-bottom: 3% !important;border-bottom-width: 3% !important;padding-bottom: 3% !important;background-color: #f4f4f4 !important;}&#8221; el_class=&#8221;tiretbleu&#8221;][vc_column_text]\nB &#8211; Prot\u00e9ger et anticiper\u200b\nStrat\u00e9gies de s\u00e9curit\u00e9, politiques, proc\u00e9dures, protocoles et outils\u200bSuivi et contr\u00f4le de la s\u00e9curit\u00e9 et fonctionnement des syst\u00e8mes et outils TIC\n[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243; css=&#8221;.vc_custom_1738678233027{margin-bottom: 3% !important;border-bottom-width: 3% !important;padding-bottom: 3% !important;background-color: #f4f4f4 !important;}&#8221; el_class=&#8221;tiretbleu&#8221;][vc_column_text]\nC &#8211; D\u00e9tecter\u200b\nMise en place de m\u00e9canismes de d\u00e9tection des activit\u00e9s anormales\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row disable_element=&#8221;yes&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1739372597864{margin-top: 5% !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221;][vc_column width=&#8221;1\/3&#8243; el_class=&#8221;tiretbleu&#8221; css=&#8221;.vc_custom_1738662572511{background-color: #f4f4f4 !important;}&#8221;][vc_column_text]\nD &#8211; R\u00e9pondre\nPolitique de continuit\u00e9 des activit\u00e9s TIC (communication de crise, plan de continuit\u00e9 d\u2019activit\u00e9 et de rem\u00e9diation)\u200bAnalyse d\u2019impact de l\u2019exposition aux perturbations graves de l\u2019activit\u00e9\n[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243; css=&#8221;.vc_custom_1738662587445{background-color: #f4f4f4 !important;}&#8221; el_class=&#8221;tiretbleu&#8221;][vc_column_text]\nE &#8211; Rem\u00e9dier\u200b\nDisposer d\u2019au moins 1 site secondaire pour assurer la continuit\u00e9 d\u2019activit\u00e9\u200bDisposer de syst\u00e8mes de sauvegarde et de m\u00e9thodes de rem\u00e9diation\u200bMettre en place la politique et les proc\u00e9dures relatives aux sauvegardes\n[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243; el_class=&#8221;tiretbleu&#8221; css=&#8221;.vc_custom_1738662552857{background-color: #f4f4f4 !important;}&#8221;][vc_column_text]\nF &#8211; Apprendre et \u00e9voluer\u200b\nS\u2019assurer d\u2019avoir les capacit\u00e9s et le personnel suffisant pour fournir des connaissances sur les vuln\u00e9rabilit\u00e9s, les menaces et les incidents li\u00e9s aux TIC\u200bR\u00e9aliser des examens Post-Mortem des incidents li\u00e9s aux TIC\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column width=&#8221;1\/3&#8243;][vc_tta_accordion title_tag=&#8221;h5&#8243; section_title_tag=&#8221;h5&#8243; shape=&#8221;square&#8221; c_position=&#8221;right&#8221; active_section=&#8221;nan&#8221; collapsible_all=&#8221;true&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;A &#8211; Identifier&#8221; tab_id=&#8221;1739379273027-5f051539-489d&#8221;][vc_column_text el_class=&#8221;cta&#8221; css=&#8221;.vc_custom_1739379470695{margin-right: 3% !important;border-right-width: 3% !important;padding-right: 3% !important;}&#8221;]\n\nIdentifier classer et documenter les fonctions d\u00e9pendantes des TIC et les actifs des TIC\nIdentifier toutes les sources de risques li\u00e9s aux TIC\u200b\nEvaluer les menaces et les vuln\u00e9rabilit\u00e9s pesant sur les TIC\u200b\nIdentifier et documenter tous les processus d\u00e9pendants de services TIC de Tiers\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][vc_tta_accordion title_tag=&#8221;h1&#8243; shape=&#8221;square&#8221; c_position=&#8221;right&#8221; active_section=&#8221;nan&#8221; collapsible_all=&#8221;true&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;D &#8211; R\u00e9pondre&#8221; tab_id=&#8221;1739379410301-7eeca548-92c6&#8243;][vc_column_text el_class=&#8221;cta&#8221; css=&#8221;.vc_custom_1739379465000{margin-right: 3% !important;border-right-width: 3% !important;padding-right: 3% !important;}&#8221;]\n\nPolitique de continuit\u00e9 des activit\u00e9s TIC (communication de crise, plan de continuit\u00e9 d\u2019activit\u00e9 et de rem\u00e9diation)\u200b\nAnalyse d\u2019impact de l\u2019exposition aux perturbations graves de l\u2019activit\u00e9\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_tta_accordion shape=&#8221;square&#8221; c_position=&#8221;right&#8221; active_section=&#8221;nan&#8221; collapsible_all=&#8221;true&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;B &#8211; Prot\u00e9ger et anticipier&#8221; tab_id=&#8221;1739379375537-b0daf7ef-08b4&#8243;][vc_column_text el_class=&#8221;cta&#8221; css=&#8221;.vc_custom_1739379480516{margin-right: 3% !important;border-right-width: 3% !important;padding-right: 3% !important;}&#8221;]\n\nStrat\u00e9gies de s\u00e9curit\u00e9, politiques, proc\u00e9dures, protocoles et outils\u200b\nSuivi et contr\u00f4le de la s\u00e9curit\u00e9 et fonctionnement des syst\u00e8mes et outils TIC\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][vc_tta_accordion shape=&#8221;square&#8221; c_position=&#8221;right&#8221; active_section=&#8221;nan&#8221; collapsible_all=&#8221;true&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;E &#8211; Rem\u00e9dier&#8221; tab_id=&#8221;1739379489988-47c51ad9-e6ab&#8221;][vc_column_text el_class=&#8221;cta&#8221; css=&#8221;.vc_custom_1739379460394{margin-right: 3% !important;border-right-width: 3% !important;padding-right: 3% !important;}&#8221;]\n\nDisposer d\u2019au moins 1 site secondaire pour assurer la continuit\u00e9 d\u2019activit\u00e9\u200b\nDisposer de syst\u00e8mes de sauvegarde et de m\u00e9thodes de rem\u00e9diation\u200b\nMettre en place la politique et les proc\u00e9dures relatives aux sauvegardes\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_tta_accordion shape=&#8221;square&#8221; c_position=&#8221;right&#8221; active_section=&#8221;nan&#8221; collapsible_all=&#8221;true&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;C &#8211; D\u00e9tecter&#8221; tab_id=&#8221;1739379413989-9e0a1292-0d01&#8243;][vc_column_text el_class=&#8221;cta&#8221; css=&#8221;.vc_custom_1739379520683{margin-right: 3% !important;border-right-width: 3% !important;padding-right: 3% !important;}&#8221;]\n\nMise en place de m\u00e9canismes de d\u00e9tection des activit\u00e9s anormales\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][vc_tta_accordion shape=&#8221;square&#8221; c_position=&#8221;right&#8221; active_section=&#8221;nan&#8221; collapsible_all=&#8221;true&#8221; el_class=&#8221;accobleu3&#8243;][vc_tta_section title=&#8221;F &#8211; Apprendre et \u00e9voluer&#8221; tab_id=&#8221;1739379492789-d4d316d0-d048&#8243;][vc_column_text el_class=&#8221;cta&#8221; css=&#8221;.vc_custom_1739379540748{margin-right: 3% !important;border-right-width: 3% !important;padding-right: 3% !important;}&#8221;]\n\nS\u2019assurer d\u2019avoir les capacit\u00e9s et le personnel suffisant pour fournir des connaissances sur les vuln\u00e9rabilit\u00e9s, les menaces et les incidents li\u00e9s aux TIC\u200b\nR\u00e9aliser des examens Post-Mortem des incidents li\u00e9s aux TIC\n\n[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738663665264{margin-top: 5% !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221;][vc_column][vc_column_text]\nPilier 2 &#8211; Tests : Afin d\u2019assurer la robustesse des syst\u00e8mes financiers face aux cybermenaces, un programme de tests rigoureux et complet est mis en place. Il comprend une s\u00e9rie d\u2019\u00e9valuations, de tests, de m\u00e9thodologies, de pratiques et d\u2019outils en adoptant une approche fond\u00e9e sur le risque.\u200b\n\nObligation annuelle de tests de r\u00e9silience op\u00e9rationnelle : Les institutions financi\u00e8res doivent r\u00e9aliser des tests r\u00e9guliers afin d&#8217;\u00e9valuer leur capacit\u00e9 \u00e0 r\u00e9sister \u00e0 des cyberattaques sophistiqu\u00e9es (scans, tests d\u2019intrusion, etc.).\u200b\nD\u00e9signation d\u2019acteurs syst\u00e9miques pour des tests avanc\u00e9s : Les autorit\u00e9s de r\u00e9gulation comp\u00e9tentes identifient des entit\u00e9s jug\u00e9es critiques qui doivent r\u00e9aliser des tests de p\u00e9n\u00e9tration avanc\u00e9s.\u200b\nTests de p\u00e9n\u00e9tration fond\u00e9s sur la menace (TLPT \u2013 Threat-Led Penetration Testing) : Ces tests, obligatoires tous les trois ans pour les acteurs syst\u00e9miques, permettent d\u2019\u00e9valuer la capacit\u00e9 des institutions \u00e0 faire face aux cyberattaques les plus complexes\u200b\n\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738663665264{margin-top: 5% !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221;][vc_column width=&#8221;2\/3&#8243;][vc_column_text]\nPilier 3 &#8211; Prestataires TIC : Elargissement du champ d&#8217;application aux prestataires et fournisseurs de services TIC\u200b\u200b\n\nMa\u00eetrise des risques sur toute la cha\u00eene : Une supervision sp\u00e9cifique est mise en place pour les tiers et fournisseurs de services TIC critiques.\u200b\nResponsabilit\u00e9 ultime de l\u2019entit\u00e9 financi\u00e8re : En cas d\u2019externalisation, l\u2019institution financi\u00e8re reste responsable.\u200b\nEncadrement des fonctions critiques : Mise en place d\u2019un cadre de gestion du risque d\u2019externalisation, obligation d\u2019une strat\u00e9gie de gestion des risques et d\u2019un registre individuel des prestataires TIC.\u200b\nContr\u00f4le des sous-d\u00e9l\u00e9gations : Les prestataires tiers doivent respecter des exigences suppl\u00e9mentaires pour toute sous-traitance.\u200b\n\n[\/vc_column_text][vc_column_text css=&#8221;.vc_custom_1739375821760{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\nPilier 4 &#8211; Alerte : Signalement obligatoire de tout incident aux autorit\u00e9s et d\u00e9lais\u200b\u200b\nTout incident majeur doit obligatoirement \u00eatre signal\u00e9 aux autorit\u00e9s comp\u00e9tentes (notification initiale 4h apr\u00e8s classification de l\u2019incident comme majeur, et sous 24h apr\u00e8s sa d\u00e9tection. Rapport interm\u00e9diaire 72h apr\u00e8s la notification, puis rapport final 1 mois apr\u00e8s)\u200b\nCadre pour la classification des incidents majeurs :\n \nPilier 5 &#8211; Transparence et \u00e9change d\u2019informations : Am\u00e9lioration collective de la r\u00e9silience des acteurs concern\u00e9s\u200b\u200b\nRenforcement de la communication aupr\u00e8s de toutes les parties prenantes sur toutes les mesures de renforcement de la r\u00e9silience num\u00e9rique (autorit\u00e9s comp\u00e9tentes, clients, \u2026)\u200bTemplate de reporting des cyber-menaces jug\u00e9s importantes, sur base du volontariat pour contribuer \u00e0 la r\u00e9silience du secteur financier.Encouragements \u00e0 partager toutes les informations et renseignement sur les cybermenaces pour soutenir les capacit\u00e9s de d\u00e9tection\u200b et de d\u00e9fense.\n[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243;]\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\tGouvernance et Supervision\t\t\t\n\t\t\t\tLes autorit\u00e9s nationales comp\u00e9tentes (ANC) et les autorit\u00e9s europ\u00e9ennes (ABE, ESMA, EIOPA) jouent un r\u00f4le cl\u00e9 dans la supervision et l'application des r\u00e8gles de DORA.Ces autorit\u00e9s peuvent imposer des sanctions en cas de non-conformit\u00e9.\n\t\t\t\n\t\t\n\t\t\t\t\t\t\n\t\t\t\n\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\tQuand ?\t\t\t\n\t\t\t\tDepuis le 17 Janvier 2025\n\t\t\t\n\t\t\n\t\t\t\t\t\t\n\t\t\t\n\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\tQuels impacts ?\t\t\t\n\t\t\t\tCo\u00fbt de mise en conformit\u00e9 : Les entreprises doivent investir dans des technologies, des processus et des formations pour r\u00e9pondre aux exigences de DORA.Opportunit\u00e9s : Une meilleure r\u00e9silience num\u00e9rique peut renforcer la confiance des clients et am\u00e9liorer la comp\u00e9titivit\u00e9 sur le march\u00e9.Risques : Les entreprises qui ne respectent pas les exigences peuvent faire face \u00e0 des sanctions financi\u00e8res et \u00e0 des dommages sur leur activit\u00e9 et leur r\u00e9putation.\n\t\t\t\n\t\t\n\t\t\t\t\t\t\n\t\t\t\n\t[\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1739381279249{background-color: #f7f7f7 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221;][vc_column][vc_column_text css=&#8221;.vc_custom_1739382288052{margin-top: 3% !important;margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\nCommand Strategy vous aide \u00e0 mettre en \u0153uvre cette r\u00e9glementation gr\u00e2ce \u00e0 des solutions adapt\u00e9es \u00e0 vos enjeux. Pour toute demande d\u2019accompagnement, contactez notre \u00e9quipe.\n[\/vc_column_text][vc_btn title=&#8221;Contactez-nous&#8221; style=&#8221;classic&#8221; color=&#8221;black&#8221; align=&#8221;center&#8221; css=&#8221;.vc_custom_1739382728242{margin-top: 2% !important;margin-bottom: 3% !important;}&#8221; link=&#8221;url:https%3A%2F%2Fwww.commandstrategy.com%2Fcontact%2F|target:_blank&#8221;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1755768322871{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221;][vc_column][vc_column_text css=&#8221;.vc_custom_1755769144851{margin-top: 3% !important;margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\n\n\nAuteur\nVincent TARRIT\nManager\n\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row disable_element=&#8221;yes&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1755769173826{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221;][vc_column][vc_column_text css=&#8221;.vc_custom_1755768813048{margin-top: 3% !important;margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\n\n\n\nAuteur\nVincent TARRIT\nManager\n\n\n[\/vc_column_text][\/vc_column][\/vc_row][vc_column css=&#8221;.vc_custom_1715255294334{padding-top: 5% !important;padding-bottom: 4% !important;}&#8221;][\/vc_column][vc_column_inner][\/vc_column_inner]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4549_2560\" class=\"filterall eg-actus-wrapper filter-articles-en filter-facultatif-en eg-post-id-4549\" data-skin=\"actus\" data-date=\"1749036401\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/qu-est-ce-que-le-mandat-de-protection-future-istock-com-worawee-meepian-209-1551964819-25x25.jpg\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/qu-est-ce-que-le-mandat-de-protection-future-istock-com-worawee-meepian-209-1551964819.jpg\" alt=\"\" title=\"qu-est-ce-que-le-mandat-de-protection-future-istock-com-worawee-meepian-209-1551964819\" width=\"1254\" height=\"836\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/dora-regulations-5\/\" target=\"_self\">Postponement and temporary relief from FRTB in Europe<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4549 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Postponement and temporary relief from FRTB in Europe<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4549 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1747648906508{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1748877662862{margin-top: 3% !important;}&#8221;][vc_single_image image=&#8221;4450&#8243; img_size=&#8221;1200&#215;720&#8243; alignment=&#8221;center&#8221; css=&#8221;.vc_custom_1748877617200{margin-bottom: 0% !important;border-top-width: 3% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][\/vc_column][vc_column width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1748874791102{margin-top: 2% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1748877528468{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\r\n\r\n\r\n\r\nEuropean Commission considers further postponement and temporary relief measures for FRTB application\r\nIn view of the continuing uncertainties surrounding the implementation of the Basel III market risk framework in major jurisdictions such as the United States and the United Kingdom, the European Commission has launched a targeted consultation. This initiative aims to assess the possibility of a further postponement, as well as the introduction of temporary relief measures regarding the Fundamental Review of the Trading Book (FRTB) requirements within the European Union. The consultation period ended on April 22, 2025.  \r\n\r\n\r\n\r\n\r\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1747213631192{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1747213650401{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1746605695825{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\r\nContent of the consultation\r\nThe Commission&#8217;s consultation presents three main options:\r\n1. Maintain the current timetable, with implementation of the FRTB on January 1, 2026;\r\n\r\n2. Postpone implementation by one year, to January 1, 2027;\r\n\r\n3. Introduce temporary relief measures for up to three years, postponing full implementation until either January 1, 2029 or January 1, 2030, depending on whether or not option 2 is adopted.[\/vc_column_text][vc_column_text]\r\nThese options are based on Article 461a of the Capital Requirements Regulation (CRR3), which empowers the Commission to defer the application of capital requirements for market risk for up to two years, and to introduce temporary relief measures for up to three years, in order to ensure alignment with international standards and maintain a level playing field for European banks. Among the relief measures proposed: \r\n[\/vc_column_text][vc_row_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;.vc_custom_1747208394071{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;] For banks using the Internal Models Approach (IMA) :\r\n&#8211; Progressive phase-in of capital requirements for non-modifiable risk factors (NMRF), applying a fixed multiplier of between 35% and 45% for three years years;\r\n&#8211; Use of the Profit and Loss Attribution Test (PLAT) only as a monitoring tool until January 1, 2029.\r\n[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;.vc_custom_1747208385048{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]  For banks using the alternative standardized approach (ASA) :\r\n&#8211; Temporary elimination of the Residual Risk Add-on (RRAO) by applying a zero multiplier for instruments with exotic underlyings or other residual risks.\r\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner css=&#8221;.vc_custom_1747213561449{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_inner css=&#8221;.vc_custom_1747213577702{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1747641897523{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]These measures are designed to mitigate potential competitive disadvantages for European banks resulting from asynchronous implementation schedules on a global scale.[\/vc_column_text][vc_column_text css=&#8221;.vc_custom_1747648989228{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\r\nImpacts\r\nThe proposed postponement and relief measures are intended to give European banks additional time to adapt to the complex requirements of the FRTB framework, particularly in the face of challenges related to the implementation of advanced risk models and operational complexities.\r\nFeedback from the banking industry is expected to be mixed. Internationally-operating ASA banks may prefer alignment with the US and UK timetables to ensure fair competition, while mainly European ASA banks, having already invested in compliance, may perceive the postponement as an additional cost of maintaining parallel systems. IMA banks, on the other hand, are likely to support the proposed measures, given the benefits in terms of capital and the encouragement of wider adoption of internal models.  \r\nThe Commission should finalize its approach by June 2025, taking into account feedback received during the consultation.\r\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1749029310265{margin-top: 2% !important;margin-bottom: 2% !important;border-top-width: 2% !important;border-bottom-width: 2% !important;padding-top: 0% !important;padding-bottom: 2% !important;background-color: #f4f4f4 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;border-top-color: #ed7d31 !important;border-bottom-color: #ed7d31 !important;}&#8221;][vc_column css=&#8221;.vc_custom_1747208435483{margin-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1749029295289{margin-top: 2% !important;margin-bottom: 0% !important;border-top-width: 2% !important;border-bottom-width: 0% !important;padding-bottom: 1% !important;}&#8221;]\r\nSources :\r\n  FRTB implementation in the EU: the European Commission gains time &#8211; Deloitte blog\r\n  European Commission consultation on market risk approach for banks[\/vc_column_text][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4857_1657\" class=\"filterall eg-actus-wrapper filter-articles-en filter-facultatif-en eg-post-id-4857\" data-skin=\"actus\" data-date=\"1748428436\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/monsitj_123rf_75863324_custom-25x25.jpg\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/monsitj_123rf_75863324_custom.jpg\" alt=\"\" title=\"monsitj_123rf_75863324_custom\" width=\"800\" height=\"600\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/dora-regulations-4\/\" target=\"_self\">Trade tensions and the yield curve: what impact will tariff hikes have on the bond market?<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4857 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Trade tensions and the yield curve: what impact will tariff hikes have on the bond market?<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4857 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1748335214069{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column width=&#8221;1\/6&#8243; css=&#8221;.vc_custom_1747818903746{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][\/vc_column][vc_column width=&#8221;4\/6&#8243;][vc_separator color=&#8221;black&#8221;][vc_column_text css=&#8221;.vc_custom_1747821004901{border-radius: 1px !important;}&#8221;]\nSummary. &#8211; On April 2, 2025, the Trump administration&#8217;s announcement of a 10% universal tariff on imports and targeted surcharges of up to 125% rekindled global trade tensions. Against a backdrop of weakening growth and persistent inflation, these protectionist measures have profoundly altered investor expectations. This article examines the macro-financial impact of this tariff escalation on the structure of the yield curve and the functioning of the bond market.  \nDrawing on the lessons of the 2018-2019 cycle and the latest data (Fed Funds futures, sovereign yields, volatility indices), we analyze the transmission mechanisms of imported inflation, slowing growth, monetary policy repositioning and their differentiated effects across economic zones. The study highlights a market configuration characterized by a further flattening of yield curves, a rise in risk premiums, and a positive correlation between long rates and equities, typical of a risk-off regime. \n[\/vc_column_text][vc_separator color=&#8221;black&#8221; css=&#8221;.vc_custom_1747828837550{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][\/vc_column][vc_column width=&#8221;1\/6&#8243;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1748339006323{margin-bottom: 0% !important;border-top-width: 4% !important;border-bottom-width: 0% !important;padding-top: 1% !important;padding-bottom: 0% !important;}&#8221;][vc_column width=&#8221;2\/6&#8243; css=&#8221;.vc_custom_1748344322222{margin-top: 6% !important;border-top-width: 6% !important;padding-top: 6% !important;}&#8221;][vc_single_image image=&#8221;5105&#8243; img_size=&#8221;900&#215;1960&#8243; css=&#8221;.vc_custom_1748345700102{margin-top: 3% !important;border-top-width: 3% !important;padding-top: 3% !important;}&#8221;][\/vc_column][vc_column width=&#8221;4\/6&#8243; css=&#8221;.vc_custom_1748339075967{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1748345116146{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n1. Introduction\nOn April 2, 2025, Donald Trump announced a new wave of large-scale tariff increases, calling it America&#8217;s \u201cLiberation Day\u201d. In this resounding declaration, he imposed a 10% universal tariff on all imports except those from Canada and Mexico, as well as additional tariffs of up to 50% on around sixty countries deemed commercially hostile, including China and several European Union member states  \u00b9. \nThese announcements, the first measures of which took effect on April 5, 2025, sent shockwaves around the world. The European Union, directly targeted, saw its exports to the United States hit by surtaxes of up to 25%, particularly in the automotive, steel and agri-food sectors \u00b2. Although the European Commission has opted for a temporary suspension of any retaliation, it is nevertheless preparing targeted retaliatory measures.\nChina, for its part, has already reacted with surtaxes of up to 125% on American products, exacerbating trade tensions \u00b3.  [\/vc_column_text][vc_column_text css=&#8221;.vc_custom_1748344216343{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\nThese protectionist policies come against a complex macroeconomic backdrop of persistent inflation, slowing global growth and restrictive monetary policies. Such decisions have an immediate impact on economic expectations, modifying market perceptions of risk, inflation and interest rate trajectories. \nIn this context, it is essential to ask: how might this new rate escalation influence the structure of the yield curve? And what would be the consequences for the bond market, in terms of valuation, liquidity and investor positioning? \nThis article analyzes the transmission mechanisms between trade tensions and yield curve dynamics. yield curve dynamics, based on historical precedents (notably the period 2018-2019) and current market dynamics.\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1748345171362{margin-top: % !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1747664282485{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_row_inner css=&#8221;.vc_custom_1748339569647{margin-top: 0% !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1748339720667{margin-top: 2% !important;margin-bottom: 0% !important;border-top-width: 2% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_separator color=&#8221;black&#8221; css=&#8221;.vc_custom_1747828361796{margin-top: 0% !important;margin-bottom: 2% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1748348339759{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n1. See The Guardian, April 2, 2025, theguardian.com\n2. See Reuters, May 7, 2025: reuters.com\n3. See The Guardian, April 11, 2025: theguardian.com\n\n\n\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text css=&#8221;.vc_custom_1748339712128{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n2. Economic mechanisms involved\nThe sudden introduction of tariff barriers by a major economic power profoundly alters global macroeconomic equilibria. This section examines the main transmission channels through which tariff increases can influence inflationary dynamics, growth expectations and monetary policy reactions. These elements form the basis for the formation of the yield curve.  \n  2.1. Inflationary effects of price increases\nIn practice, a customs tax is equivalent to an increase in the price of imports. In   In an interconnected economic system, this increase is reflected in consumer prices (pass-through) via two main mechanisms:\n&#8211; Direct transmission: imported goods become more expensive, immediately increasing the consumer price index (CPI), particularly in segments such as electronics, manufactured goods and processed agricultural products.\n&#8211; Indirect transmission: companies exposed to foreign competition pass on the extra cost on final sales prices to preserve their margins, inducing an inflationary effect.\nwidespread.  \nIn the case of the US, several analyses from the Federal Reserve network suggest that a  A price shock of 10-20% could exert significant pressure on inflation. A study   Federal Reserve Bank of Boston estimates that a combination of 25% tariffs on Canadian and Mexican imports, and Mexican imports, and 10% on imports from China, could add between between 0.5 and 0.8 percentage points to core PCE inflation, depending on the degree of pass-through in consumer prices \u2074. According to the Dallas Fed&#8217;s April 2025 TBOS survey, 55% of  manufacturing companies anticipate higher selling prices in response to rising import costs \u2075. Finally, St. Louis Fed President Alberto Musalem stated that the   recently announced tariff increases could add up to 1.2 percentage points to inflation PCE, highlighting the possibility of a longer-lasting impact than expected \u2076.\n[\/vc_column_text][vc_row_inner css=&#8221;.vc_custom_1748344985711{margin-top: 2% !important;margin-bottom: 0% !important;border-top-width: 2% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1747821874897{margin-top: 2% !important;margin-bottom: 0% !important;border-top-width: 2% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_separator color=&#8221;black&#8221; css=&#8221;.vc_custom_1747828361796{margin-top: 0% !important;margin-bottom: 2% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1748348353744{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n4. See Federal Reserve Bank of Boston (2025), The Impact of Tariffs on Inflation, bostonfed.org\n5. Federal Reserve Bank of Dallas (2025), Texas Business Outlook Surveys &#8211; April 2025, dallasfed.org\n6. Statement by Alberto Musalem, quoted in Barron&#8217;s, April 30, 2025, barrons.com\n\n\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1748344997324{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1747664282485{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1748338297395{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n  2.2. Potential slowdown in growth\nIn addition to their inflationary effects, price increases act as a tax on business.  global economy. The additional costs imposed on companies reduce their competitiveness, squeezing margins&#8230;   and is having an impact on investment and hiring decisions. On the household side, the rise in   price reduces real purchasing power, leading to an adjustment in consumption. Uncertainty   tensions and the fragmentation of global value chains is fuelling a general wait-and-see attitude economic agents to adopt a wait-and-see attitude.\nInternational institutions have recently revised their growth forecasts downwards  due to heightened trade tensions. According to the World Economic Outlook published by the   International Monetary Fund in April 2025, Eurozone GDP growth is now expected to be 0.8% for 2025, compared with 1.0% in previous projections \u2077. The main reasons for this revision are  the impact of protectionist measures on trade flows and supply chains.\nThe OECD confirmed this trend in its March 2025 Interim Economic Outlook, pointing out that pointing out that trade uncertainty and falling exports are weighing particularly heavily on the large industrial economies \u2078. Germany, heavily dependent on its industrial exports,  has been identified as one of the countries most vulnerable to this deteriorating economic climate.\nThis anticipated slowdown in economic activity is directly reflected in the yield curve  interest rates. Weak growth prompts investors to revise their expectations downwards   of future returns, particularly on long maturities. This typically translates into   long rates, while short rates can remain high if the central bank  maintains a restrictive stance due to inflationary pressures. This configuration generates a   flattened or even inverted yield curves, reflecting the perception of monetary tightening followed by  an economic downturn. Historically, such reversals have often preceded phases of   recession, making the shape of the curve a leading indicator of future economic dynamics.  \n[\/vc_column_text][vc_row_inner css=&#8221;.vc_custom_1747820540609{margin-top: 2% !important;border-top-width: 2% !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1747821874897{margin-top: 2% !important;margin-bottom: 0% !important;border-top-width: 2% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_separator color=&#8221;black&#8221; css=&#8221;.vc_custom_1747828361796{margin-top: 0% !important;margin-bottom: 2% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1748348368601{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n7. International Monetary Fund, World Economic Outlook &#8211; April 2025, imf.org\n8. OECD, Intermediate Economic Outlook &#8211; March 2025, oecd.org\n\n\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text css=&#8221;.vc_custom_1748249091627{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n  2.3. Potentially favorable macroeconomic effects\nBeyond the risks identified for growth and inflation, tariff measures can also produce positive macroeconomic effects in the medium term, particularly when they are part of a strategy to redeploy industry or rebalance external accounts.\nFirstly, a universal tariff applied to imports is likely to help reduce the US current account deficit, by reducing import volumes and increasing demand for domestic producers. This dynamic could encourage a gradual rebalancing of the balance of payments, a recurring objective of US economic policy since the crisis of value chain globalization. \nSecondly, tariffs can provide temporary protection for strategic sectors exposed to international competition (such as the automotive, electronics and steel industries), thus creating the conditions for a targeted boost to productive investment and industrial employment.\nIn this sense, the measures announced are in line with a logic of reindustrialization and economic sovereignty, at the crossroads of geopolitical and social concerns.\nThese potential positive effects must, however, be weighed against the immediate tensions generated on the markets, and assessed in terms of their sustainability within a multilateral framework.\n  2.4. Expected monetary policy reactions\nFaced with this dual impetus &#8211; inflationary in the short term but recessionary in the medium term &#8211; monetary policy faces a dilemma. Initially, central banks could maintain, or even reinforce, their restrictive stance in order to stem imported inflationary pressures. However, if growth slows further, a premature normalization of rates could be envisaged.  \nThis ambiguity is perceptible on the money markets through the evolution of implicit key rate curves (e.g. the Fed Funds futures curve), which reflect both an expectation of high rates in the short term and a fall in rates over a 12 to 24-month horizon.\n3. Impact on the yield curve\nThe yield curve is a dynamic synthesis of growth, inflation and monetary policy expectations. As such, it reacts sensitively to exogenous shocks such as trade tensions and major tariff changes. In the current context, the Trump administration&#8217;s new protectionist strategy is influencing the structure of the yield curve through three mechanisms: short-term inflationary pressures, an anticipated slowdown in growth and adjustments in monetary expectations.  \n  3.1. Curve flattening or inversion  \nWhen an inflationary shock coincides with a deterioration in growth prospects, the yield curve tends to flatten, or even invert. Short rates remain high due to the maintenance of a restrictive monetary policy aimed at containing price rises, while long rates incorporate a weakening economic outlook, or even future monetary easing. This configuration is particularly closely watched by investors, as it has historically preceded several episodes of recession.  \n  3.2. Empirical elements and reading the Fed Funds Futures curve\nU.S. money market data provide a concrete illustration of current expectations. The Fed Funds futures curve, as at May 2, 2025, reflects an implicit path of key rate cuts over the next two years: [\/vc_column_text][vc_row_inner css=&#8221;.vc_custom_1748249109575{margin-top: 2% !important;}&#8221;][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][vc_single_image image=&#8221;5030&#8243; img_size=&#8221;LARGE&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][vc_single_image image=&#8221;4978&#8243; img_size=&#8221;full&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_column_text css=&#8221;.vc_custom_1748338398656{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\nThis structure implies that markets expect monetary policy to remain restrictive until summer 2025, followed by a gradual easing cycle over 2026 and 2027, in response to a slowdown in activity. The expected trough of the curve around 3.2% in 2027 reflects a perception of high macroeconomic risk, possibly fuelled by the effects of current trade tensions. \nThe inflection of the curve between 2025 and 2027 can thus be interpreted as a signal of mistrust in the sustainability of the economic cycle. An inverted curve, where short rates exceed long rates, often reflects expectations of a slowdown, or even a recession. Against this backdrop, investors prefer longer-duration, safe-haven assets, further amplifying the fall in long rates and accentuating the convexity of the curve.  \n  3.3. Feedback: tariff tensions and the yield curve in 20218-2019  \nThe trade tensions between the United States and China, which peaked between 2018 and 2019 during Donald Trump&#8217;s first term in office, provide a particularly instructive precedent. During this period, several waves of tariff hikes were imposed on several hundred billion dollars&#8217; worth of traded goods, stoking fears of an inflationary spiral. Yet the effects on import prices remained contained: according to an analysis by CPR Asset Management, imported inflation reached around 1% in 2018, before turning slightly negative again in 2019, thanks in part to the appreciation of the US dollar \u2079. A complementary analysis by CEPII points out that the overall macroeconomic impact of these measures turned out to be weaker than expected on inflation, but not negligible on business confidence and value chains \u00b9\u2070.   \nFaced with rising trade uncertainties, the US Federal Reserve had adopted a more accommodative posture. After a phase of monetary tightening in 2018, it made three successive rate cuts in 2019, partially reversing the trend \u00b9\u00b9. This monetary policy contributed to a marked flattening of the yield curve, followed by a temporary inversion of the 2Y-10Y spread in summer 2019, interpreted by the markets as a signal of recession \u00b9\u00b2.  \nThis historical sequence highlights two key lessons: (i) tariffs do not automatically translate into sustainable inflation, and (ii) the yield curve remains a leading indicator sensitive to monetary policy adjustments in the face of trade tensions. These observations provide a useful framework for understanding the current dynamics observed in 2025.   \n[\/vc_column_text][vc_row_inner css=&#8221;.vc_custom_1747820540609{margin-top: 2% !important;border-top-width: 2% !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1747821874897{margin-top: 2% !important;margin-bottom: 0% !important;border-top-width: 2% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_separator color=&#8221;black&#8221; css=&#8221;.vc_custom_1747828361796{margin-top: 0% !important;margin-bottom: 2% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1748348414139{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n9. CPR Asset Management, United States: details on tariff hikes, 2019, cpram.com\n10. CEPII, Trump, tariffs and the US economy, 2020, cepii.fr\n11. The Federal Reserve cut the Fed Funds rate three times in 2019: on July 31 (2.25% \u2192 2.00%), September 18 (2.00% \u2192 1.75%) and October 30 (1.75% \u2192 1.50%). See forbes.com \n12. The spread between US 10-year and 2-year rates turned negative in August 2019, reaching around -0.04% according to the Federal Reserve Bank of St. Louis. See fred.stlouisfed.org. See also ecb.europa.eu for an analysis of the observed flattening.\n\n\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text css=&#8221;.vc_custom_1748338638474{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n  3.4. Interactions with the equity market\nThe current deformation of the yield curve cannot be interpreted in isolation. The equity market offers complementary, even converging signals, which reinforce the macro-financial analysis. On April 2, 2025, the announcement of \u201cLiberation Day\u201d by the Trump administration, formalizing the introduction of across-the-board tariffs on imports, triggered a sharp reaction from global stock markets: the S&amp;P 500 fell by 3.15% over the session, while the Euro Stoxx 50 and CAC 40 were down 2.9% \u00b9\u00b3. A few days later, the announcement of a 90-day postponement of tariff measures for certain allied countries led to a partial rebound: the S&amp;P 500 gained 0.1% and the CAC 40 0.2% on April 6 \u00b9\u2074. However, this lull was short-lived. On April 7, the Euro Stoxx 50 recorded a historic single-session decline of 4.7%, its biggest since March 2022, illustrating the high sensitivity of European markets to heightened trade tensions \u00b9\u2075. At the close of April, monthly index performances reflect an uncertain climate: the S&amp;P 500 is down 0.76%(-5.31% since the start of the year), the Euro Stoxx 50 is down 1.1%, while the CAC 40 is up 0.5%. By contrast, the MSCI Emerging Markets index posted a robust performance of         +2.9% in USD, supported by the rebound in Chinese stocks and the resilience of Asian markets \u00b9\u2076.\nThis widespread market correction was accompanied by a significant rise in implied volatility. The VIX index, a barometer of risk aversion on equity markets, jumped from 21.77 on April 1 to a peak of 52.33 on April 8, 2025, before gradually falling back to close at 24.70 on April 30 \u00b9\u2077. This upturn contrasts sharply with the first-quarter 2025 average of 18.5, with levels ranging from 14.8 to 27.9 \u00b9\u2078. This regime break reflects a sharp revaluation of the equity risk premium, linked to trade tensions and fears of a macroeconomic slowdown. This volatility shock was coupled with a marked sector rotation: flows redirected towards so-called \u201cdefensive\u201d stocks (healthcare, consumer staples and utilities) to the detriment of cyclical, technology and industrial stocks, more exposed to global value chains and international trade disruptions. This repositioning illustrates a phase of strategic retrenchment by investors, anxious to preserve capital in the face of growing uncertainty.     \n[\/vc_column_text][vc_row_inner css=&#8221;.vc_custom_1747820540609{margin-top: 2% !important;border-top-width: 2% !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1747821874897{margin-top: 2% !important;margin-bottom: 0% !important;border-top-width: 2% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_separator color=&#8221;black&#8221; css=&#8221;.vc_custom_1747828361796{margin-top: 0% !important;margin-bottom: 2% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1748348428082{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n13. See Business Insider, April 2, 2025.\n14. See AP News, April 6, 2025.\n15. See Financial Times, April 7, 2025.\n16. See MarketWatch, April 2025, STOXX, Yahoo Finance, and MSCI Fact Sheet, April 2025.\n17. Source: FRED &#8211; CBOE Volatility Index, April 2025.\n18. Calculations based on official FRED data.\n\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][vc_single_image image=&#8221;5007&#8243; img_size=&#8221;full&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_column_text css=&#8221;.vc_custom_1748269704005{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\nThese movements reflect the anticipation of a more uncertain macroeconomic environment, characterized by pressure on profit margins, heightened investment caution and an expected slowdown in activity in sectors sensitive to world trade. In this context, the current configuration of the yield curve (inverted or flattened), depending on the zone, is not simply a monetary signal, but part of a market regime dominated by rising risk aversion and the search for stability. \nThe link between bond and equity dynamics is also evident in the positive correlation observed since mid-April: long rates have been falling while stock market indices have simultaneously lost ground. This joint movement, far from illustrating a healthy growth environment in which lower rates would be perceived as supportive, on the contrary reveals a pronounced risk-off phase. The fall in long-term sovereign yields is explained more by aflight-to-quality than by the expected easing of monetary policy. Investors are abandoning risky assets in favor of AAA-rated sovereign bonds, reflecting a pessimistic reassessment of global growth prospects. This synchronization of equity and fixed-income declines is a leading indicator of macro-financial stress, confirming the signals emitted by the yield curve: a downward revision of economic expectations and a return to a regime of generalized mistrust.    \n4. Introduction Mandatory market: arbitration and repositioning\nMonetary policy expectations, inflationary pressures and growth prospects have a direct impact on the functioning of the bond market. The reconfiguration of the yield curve generates portfolio arbitrage, modifies capital flows between maturity segments, and influences the relative valuation of fixed-income securities. \nThis anticipated slowdown in economic activity is directly reflected in the yield curve. Indeed, weaker growth prompts investors to revise downwards their expectations of future yields, particularly on long maturities. This typically translates into lower long rates, while short rates may remain high if the central bank maintains a restrictive stance due to inflationary pressures. This configuration results in a flattened or even inverted yield curve, reflecting the perception of monetary tightening followed by an economic downturn. Historically, such inversions have often preceded recessionary phases, making the shape of the curve a leading indicator of future economic dynamics.      \n[\/vc_column_text][vc_row_inner css=&#8221;.vc_custom_1748272240857{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243; css=&#8221;.vc_custom_1748272255472{margin-bottom: 0% !important;border-bottom-width: 0% !important;}&#8221;][vc_single_image image=&#8221;5011&#8243; img_size=&#8221;full&#8221; css=&#8221;.vc_custom_1748272210083{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_column_text css=&#8221;.vc_custom_1748338734966{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n  4.1. Curve deformation and market movements\nMarket operators react to macroeconomic developments by making tactical and strategic adjustments to their exposures. In the current context, two types of curve deformation are being considered in particular: \n\nBear steepening : if inflationary pressures prevail, long rates may rise more sharply than short rates, causing the curve to slope upwards. This scenario is often linked to a loss of credibility on the part of central banks, or to expectations of lasting price slippage. \nBull flattening : if an economic slowdown is expected, long rates fall while short rates remain stable or fall. This scenario reflects increased demand for long bonds, considered as safe havens.\n\nRecent data tend to validate the second scenario. The positioning of institutional investors (pension funds, insurers, asset managers) shows a gradual reallocation towards long maturities, reflecting a search for security and the anticipation of monetary easing. \n  4.2. Interest rate trends to April 2025: volatility and readjustments\nApril 2025 was marked by significant volatility on bond markets, following the Trump administration&#8217;s protectionist announcements. Sovereign yields reacted differently over time, reflecting a two-stage dynamic: an initial shock triggering a pullback to safe havens, followed by a gradual adjustment in macroeconomic expectations. \nAmerican market.  The yield on the 10-year US Treasury note has had a contrasting trajectory. It opened the month at 4.17% on April 1, then plummeted to 4.01% from April 4 \u00b9\u2079. This decline can be explained by a classic flight-to-quality movement following the market shock caused by the announcement of \u201cLiberation Day\u201d and the onset of a reinforced protectionist cycle. Faced with a sharp correction in equity markets, investors temporarily favored sovereign bonds as defensive assets.   \nHowever, this downward phase was short-lived. Rates quickly recovered, peaking at 4.48% on April 11, driven by a reassessment of inflation expectations and a possible extension of the Fed&#8217;s restrictive cycle. The 90-day postponement announced for certain trading partners on April 9 brought a slight easing, without calling into question the upward trend. At the end of the month, the yield stood at 4.17%, back to its initial level in a context of cautious stabilization.   \nEuropean market.  In the eurozone, momentum was more moderate, although international tensions also had an impact on long rates. The yield on 10-year sovereign bonds (AAA rating) rose from 2.76% on April 1 to 2.68% on April 9, before beginning a marked reflux from mid-April \u00b2\u2070. The rate reached a low point of 2.55% on April 24, before closing at 2.56% at the end of the month. This gradual decline reflects a perception of lower inflationary risk compared to the US, as well as more restrained expectations about the ECB&#8217;s trajectory.   \nNevertheless, European investors reacted to the prospects of a global slowdown and the stock market correction at the beginning of the month by favouring high-quality bonds. The contrasting trends of the CAC 40 and Euro Stoxx 50 (+0.5% and -1.1% respectively in April) illustrate these sectoral and geographic arbitrages in favor of stability. \n[\/vc_column_text][vc_row_inner css=&#8221;.vc_custom_1747820540609{margin-top: 2% !important;border-top-width: 2% !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1747821874897{margin-top: 2% !important;margin-bottom: 0% !important;border-top-width: 2% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_separator color=&#8221;black&#8221; css=&#8221;.vc_custom_1747828361796{margin-top: 0% !important;margin-bottom: 2% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1748348441532{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n19. Source: Federal Reserve &#8211; H.15 Daily Update. \n20. Source: European Central Bank &#8211; 10-year yields, April 2025.\n\n\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner css=&#8221;.vc_custom_1748272240857{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243; css=&#8221;.vc_custom_1748272255472{margin-bottom: 0% !important;border-bottom-width: 0% !important;}&#8221;][vc_single_image image=&#8221;5020&#8243; img_size=&#8221;full&#8221; css=&#8221;.vc_custom_1748332476056{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_column_text css=&#8221;.vc_custom_1748420405832{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\nSynthetic reading.  A joint analysis of these rate movements reveals a three-stage sequence: (i) an immediate shock perceived as systemic, (ii) an increase in macroeconomic expectations, (iii) a partial stabilization under the effect of corrective announcements (90-day postponement). The trajectory of yields, coupled with an increase in the convexity of expectations, reflects a market regime dominated by caution, defensive arbitrage and the rapid revaluation of risk premiums.    \n  4.3. Impact on credit spreads and capital flows\nProtectionist policies also influence credit spreads, i.e. the difference in yield between a risk-free sovereign bond and a corporate bond of the same maturity. In times of trade stress, spreads tend to widen, reflecting heightened risk aversion. Companies with international exposure (particularly industrial and technology companies) see their financing costs rise, which can reduce their investment capacity.  \nIn addition, cross-border arbitrage is intensifying. The search for yield may shift to geographic areas less exposed to trade tensions, or to bond segments deemed more resilient (inflation-indexed bonds, supranational debt, green bonds). \n5. Outlook for 2025\nAs of May 5, 2025, the global macro-financial environment is profoundly influenced by the first economic decisions of the Trump II administration. Having taken office on January 20 for a second, non-consecutive term, President Donald Trump has swiftly introduced a series of protectionist measures on an unprecedented scale, including a universal 10% tariff and specific surtaxes targeting China and the European Union in particular. These decisions, several of which have already come into force, are heightening trade tensions and fuelling uncertainty over inflation and growth trajectories.  \n  5.1. Macro-financial development scenarios\nThree main scenarios can be envisaged for the end of 2025-2026:\n\nProlonged inflationary scenario: if price rises exert sustained pressure on consumer prices, central banks, particularly the Fed, will be forced to maintain monetary policy. The yield curve could then bend towards a bear steepening, with long rates rising faster than short rates.\nGlobal slowdown scenario: a marked weakening in global demand, coupled with disruptions to international trade, could cause long rates to fall as investors flee to quality. This would result in bull flattening or an inversion of the yield curve, heralding a cycle of monetary easing. \nControlled normalization scenario: if trade tensions stabilize and inflation remains contained, central banks could embark on a normalization path. The curve would then remain moderately upward, reflecting a balance between monetary prudence and moderate growth.\n\n  5.2. Anticipated investor behavior\nInitial market reactions show an increase in volatility on long-maturity segments, and a tactical reallocation of portfolios towards bond assets perceived as safe havens. Institutional investors are adjusting their exposure by lengthening duration, integrating more inflation-indexed bonds, and reducing their exposure to issuers most sensitive to global trade flows. Hedging strategies (swaptions, caps\/floors) are gaining in importance in portfolio management.  \nConclusion\nThe protectionist measures announced and partially implemented by the Trump administration in April 2025 mark an assertive return to a form of economic sovereignism with multiple repercussions. By targeting China, the European Union and other strategic partners, these tariff hikes are reshaping global trade flows and prompting a rapid reassessment of macroeconomic expectations. \nAnalysis of the transmission mechanisms shows that these tensions have a direct influence on the structure of the yield curve: imported inflation, uncertainty about growth, ambiguity in monetary policy reactions. Bond markets react by reconfiguring term premiums, increasing volatility on long maturities, and reinforcing geographic and sectoral arbitrage. \nThe yield curve, both a synthetic indicator of macroeconomic expectations and a reflection of the risk premiums demanded by investors, is emerging as a central diagnostic tool in the forward-looking assessment of financial conditions over the coming months. It embodies the synthesis of antagonistic forces running through financial markets: inflationary shocks in the short term, fears of recession in the medium term, and enduring political uncertainties. \nAgainst this backdrop, market players will need to demonstrate heightened vigilance, tactical flexibility and the ability to rapidly integrate weak signals. Active interest-rate risk management, supported by sophisticated hedging tools and a fine-tuned reading of implicit curves, is more than ever an essential lever for preserving performance and financial stability. \n[\/vc_column_text][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4655_5576\" class=\"filterall eg-actus-wrapper filter-articles-en filter-facultatif-en eg-post-id-4655\" data-skin=\"actus\" data-date=\"1747820856\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/hyperinflation-allemagne-1923-scaled-25x25.jpg\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/hyperinflation-allemagne-1923-scaled.jpg\" alt=\"2560x1853\" title=\"Berlin\" width=\"2560\" height=\"1853\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/dora-regulations-3\/\" target=\"_self\">Inflation: a passing threat or a new economic paradigm?<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4655 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Inflation: a passing threat or a new economic paradigm?<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4655 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column width=&#8221;2\/5&#8243; css=&#8221;.vc_custom_1747669023029{margin-top: 3% !important;}&#8221;][vc_single_image image=&#8221;4675&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221; css=&#8221;.vc_custom_1747735055426{margin-top: 5% !important;border-top-width: 5% !important;padding-top: 5% !important;}&#8221;][\/vc_column][vc_column width=&#8221;3\/5&#8243; css=&#8221;.vc_custom_1747665436199{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1747666414526{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n\n\n\n\n\n\nL\u2019inflation. Depuis quelques ann\u00e9es maintenant et plus pr\u00e9cis\u00e9ment depuis la crise Covid, ce mot revient sans cesse tel un leitmotiv dans les conversations au quotidien.\n\u201cLe prix de tel ou tel bien a encore augment\u00e9, le prix du gaz et de l\u2019\u00e9lectricit\u00e9 a encore augment\u00e9\u2026 Cela va encore affecter notre pouvoir d\u2019achat.\u201d\nCe mot est utilis\u00e9 souvent sans comprendre ce qui se cache derri\u00e8re le concept devenu un v\u00e9ritable ph\u00e9nom\u00e8ne de soci\u00e9t\u00e9 \u00e0 travers l\u2019histoire, qui outre l\u2019impact \u00e9conomique qui le d\u00e9finit de prime abord, a un impact social r\u00e9el.\nPour comprendre l\u2019inflation, ses causes et ses cons\u00e9quences, il se doit d\u2019aborder en pr\u00e9ambule quelques notions de d\u00e9finitions.\n\n\n\n\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1747213631192{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1747664282485{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1747756028619{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\nThe word inflation comes from the Latin word \u201cinflatio\u201d meaning \u201cswelling\u201d and \u201cinflare\u201d meaning \u201cto swell\u201d, conveying the subtle idea that the extension of a growing magnitude with its environment can cause collateral damage.\nThe etymological origin of the word inflation already carries a negative stigma.Inflation defines the sustained economic phenomenon of generalized price rises.\nIn addition to inflation, there are other concepts that go hand in hand with this economic theme:\n\ndeflation: a lasting phenomenon of generalized price declines,\ndisinflation: the phenomenon of falling inflation, or a slowdown in general price rises, i.e. prices continue to rise, but at a slower pace,\nhyperinflation: the phenomenon of extremely high inflation, with unpredictable and \u201cuncontrollable\u201d inflation rates (a situation notably experienced by Germany in 1923 between the two world wars).\n\nMoreover, famous phases of high or low inflation have often led to the creation of \u201cflation\u201d terms in addition to those already mentioned, such as stagflation, shrinkflation or greedflation:stagflation, shrinkflation or greedflation.\nSo how can this so-called inflation phenomenon occur?  Or to put it another way, what are the causes of observed inflation?\nThe answers lie in understanding economic theories, the principles of which are outlined below.\n[\/vc_column_text][vc_column_text css=&#8221;.vc_custom_1747756131491{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\n  INFLATION by demand  \n(Theorized by Keynes in his \u201cGeneral Theory of Employment, Interest and Money\u201d)\nIf demand grows faster than the supply of goods (excess demand over supply, and an inability of the production scale to meet this excess demand), prices rise (scarcity effect).\n  It can result from :\n\ntoo much money creation,\npopulation growth,\nor a catch-up effect after a crisis (such as a pandemic)\n\n  INFLATION by costs\nThe rising costs faced by companies are reflected in the prices of goods and services, which in turn rise.\nThese may include :\n\nan increase in imported products (known asimported inflation),\nor production costs such as energy prices or wages (especially if the latter are rising faster than productivity).\n\nThis cost inflation can lead to an inflationary spiral, as companies raise prices to maintain profits.\n  INFLATION by currency\n(Quantitative theory of money from the monetarist movement inspired by Friedman, sketched out by Bodin and developed by Fisher)\nProponents of monetarist theory identify a relationship between the money supply in circulation and inflation.\nIn this case, inflation is caused by excessive money creation, or more precisely, growth in the money supply that is too high in relation to growth in production.  \n\u201cInflation is always and everywhere a monetary phenomenon\u201d, which has no positive long-term impact on growth and employment due to the adaptive expectations of economic agents.\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1747213631192{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1747664282485{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1747816508193{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\nRecent context: Covid, war, supply chain\nWhile economic history has shown and tested theories that can explain inflation through one or other of them, the recent past has revealed that the three major causes can coexist and contribute simultaneously to generating inflation; but also that a new typology of crisis could imply a paradigm shift.\nWhile inflation can arise from an excess of demand over supply of goods, the reverse is true: a shortage or limitation of supply relative to demand will also generate inflation.\nThe Covid crisis and containment policies have disrupted global production and supply chains, limiting supply in durable goods and manufacturing, reducing supply in the face of global demand and creating inflation.\nSimilarly, labor shortages mechanically reduced supply. To encourage workers to continue, wage increases had to be granted, which, via the rise in production costs, also fuelled inflation, as companies were forced to raise prices to preserve their margins. \nMore recently, the war in Ukraine has led to an energy supply crisis, causing energy prices to rise and thus amplifying inflation, linked to higher costs for businesses and food prices: this is what we call imported inflation.\nEconomic impact of inflation and levers for action\nGenerally speaking, there is a consensus that inflation is detrimental to household purchasing power and an economy&#8217;s growth potential. Indeed, if wages fail to keep pace with price rises, i.e., prices rise faster than wages, this mechanically reduces the quantity of goods and services a household can buy. Also, in the face of inflation in the domestic economy, competition from imported products (foreign trade), which become more attractive than local exported products whose value increases, penalizes an economy&#8217;s competitiveness.  \nSimilarly, as inflation reduces household purchasing power, it simultaneously penalizes savings, leading to a drop in economic activity, a reduction in investment and, consequently, economic growth.\nUnderstanding the origins and consequences of inflation enables us to combat it effectively, and to implement appropriate responses in each case.\nOne of the historical answers lies in the intervention of financial bodies such as central banks (ECB, Fed), to influence the money supply by adjusting key interest rates. Indeed, an increase in interest rates (\u201cprice of money\u201d) can limit the circulation of money and thus control inflation; but it can also influence inflation via demand, by reducing investment while stimulating savings. \nIncreasing companies&#8217; production capacity will also enable them toadjust the imbalance between supply and demand, and thus curb inflation.\nThe diversity of economic crises shows that the levers for action vary depending on whether inflation is caused by excess demand or insufficient supply. The multiplicity of economic factors acting simultaneously makes this task particularly complex. \nWhile inflation is not a recent concept, inflation-indexed financial instruments are part of a more modern market dynamic, having only appeared in the early 2000s.\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1747813546154{margin-top: 5% !important;margin-bottom: 2% !important;border-top-width: 5% !important;border-bottom-width: 2% !important;padding-top: 0% !important;padding-bottom: 2% !important;background-color: #f4f4f4 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;border-top-color: #ed7d31 !important;border-bottom-color: #ed7d31 !important;}&#8221;][vc_column css=&#8221;.vc_custom_1747208435483{margin-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1747748457112{margin-top: 2% !important;margin-bottom: 0% !important;border-top-width: 2% !important;border-bottom-width: 0% !important;padding-bottom: 1% !important;}&#8221;]\nSources :\n  Inflation, a paradigm shift: what causes it and how to control it? What exactly is inflation &#8211; And what are its causes (Bastien Drut Published on 03\/02\/2024) The inflation crisis shows that it is supply, not demand, that restricts economic capacity, and that the state cannot borrow indefinitely (John H. Cochrane) What is inflation? Inflation Derivatives Explained &#8211; Markets, Products, and Pricing (Jeroen Kerkhof &#8211; Fixed Income Quantitative Research &#8211; Lehman Brothers)\n[\/vc_column_text][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4327_7195\" class=\"filterall eg-actus-wrapper filter-non-categorise filter-facultatif-en eg-post-id-4327\" data-skin=\"actus\" data-date=\"1738769703\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/ECOVADIS-25x25.jpg\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/ECOVADIS.jpg\" alt=\"\" title=\"ECOVADIS\" width=\"1600\" height=\"878\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/command-strategy-wins-ecovadis-gold-medal\/\" target=\"_self\">Command Strategy wins EcoVadis Gold Medal<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4327 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Command Strategy wins EcoVadis Gold Medal<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4327 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_column_padding=&#8221;true&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738156138811{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1738158304777{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1738765555110{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\n\nCommand Strategy wins its first EcoVadis Gold Medal for its 2022 CSR policy\n\n[\/vc_column_text][vc_separator color=&#8221;custom&#8221; align=&#8221;align_left&#8221; el_width=&#8221;10&#8243; accent_color=&#8221;#ed9107&#8243; css=&#8221;.vc_custom_1738158459761{margin-top: 2% !important;margin-bottom: 2% !important;}&#8221;][\/vc_column][\/vc_row][vc_row full_height=&#8221;yes&#8221; columns_placement=&#8221;top&#8221; content_placement=&#8221;top&#8221; thb_divider_position=&#8221;bottom&#8221;][vc_column css=&#8221;.vc_custom_1738157886669{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221; offset=&#8221;vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0&#8243;][vc_single_image image=&#8221;3698&#8243; img_size=&#8221;700&#215;1000&#8243; alignment=&#8221;center&#8221;][vc_column_text css=&#8221;.vc_custom_1738765734180{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\nCommand Strategy is proud to have been awarded its first EcoVadis Gold Medal following the evaluation of its CSR 2022 report, thanks to the efforts and investment of the entire Command Strategy team.\nThis gold medal is just a milestone, and we will continue to work every day to improve our actions and have a positive impact on our society.\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_btn title=&#8221;Download our 2023 CSR report&#8221; style=&#8221;classic&#8221; shape=&#8221;square&#8221; color=&#8221;black&#8221; align=&#8221;center&#8221; link=&#8221;url:https%3A%2F%2Fqominodev.com%2Fcmds%2Fwp-content%2Fuploads%2F2025%2F02%2FRapport-RSE-2023.pdf|target:_blank|&#8221;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4357_1342\" class=\"filterall eg-actus-wrapper filter-events eg-post-id-4357\" data-skin=\"actus\" data-date=\"1738768589\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/JMLECO-400x241-1-25x25.jpg\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/JMLECO-400x241-1.jpg\" alt=\"\" title=\"JMLECO-400x241\" width=\"400\" height=\"241\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/finance-impacts-du-covid-19-command-strategy-advisorys-expertise-and-support-for-players-in-the-financial-sector\/\" target=\"_self\">Finance &amp; impacts du Covid 19 - Command Strategy Advisory&#039;s expertise and support for players in the financial sector<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4357 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Finance &amp; impacts du Covid 19 - Command Strategy Advisory's expertise and support for players in the financial sector<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4357 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_column_padding=&#8221;true&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738156138811{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1738158304777{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1738764947012{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\n\nCommand Strategy on BFM Business in the #JMLECO program presented by Nicolas Doze.\n\n[\/vc_column_text][vc_separator color=&#8221;custom&#8221; align=&#8221;align_left&#8221; el_width=&#8221;10&#8243; accent_color=&#8221;#ed9107&#8243; css=&#8221;.vc_custom_1738158459761{margin-top: 2% !important;margin-bottom: 2% !important;}&#8221;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738764963335{margin-top: 3% !important;}&#8221;][vc_column][vc_row_inner][vc_column_inner width=&#8221;2\/5&#8243;][vc_single_image image=&#8221;3684&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;3\/5&#8243;][vc_column_text]\nHakim AMEZIANI, Managing Director of Command Strategy, was Nicolas Doze&#8217;s guest on the #JMLECO program on BFM Business.\nThe topic of the 02\/22 issue was: Finance &amp; the impact of Covid 19 &#8211; Command Strategy Advisory&#8217;s expertise and support for players in the financial sector.\nPlease find below the transcript of the exchange, taken from the BFM-Business website and written by their partner SCRIBEO. You can watch the replay here. \n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_separator][vc_column_text]\nImpacted by the current crisis, banks and insurance companies are preparing for the future in a changing environment which, in addition to the financial crisis, is marked by the digitization of processes, new regulatory requirements, and the ever-increasing importance of ESG criteria. Hakim Ameziani, Managing Director of Command Strategy, a consulting firm specializing in the financial sector, explains. \n\nWhat impact has the pandemic had on Risk Management in the banking and insurance sectors?\nThe pandemic has had a systemic impact on all financial institutions. From a risk perspective, the crisis has had an impact on all financial risks. Market risk, for example, was reflected in a significant fall in the fair value of assets on the trading book in the banking sector, and in the value of assets included in technical reserves in the insurance sector.  \nCredit risk has been impacted in two ways: firstly, by the reduction in customer loans and the tightening of lending conditions; and secondly, by the inclusion of government support measures in the estimate of credit losses under IFRS 9, notably in the inclusion of macro-economic factors in the estimate of losses, without however creating significant volatility.\nMore generally, we have observed an impact on our customers&#8217; financial statements and financial communications, with longer lead times and greater flexibility in the distribution of regulatory reports such as COREP and FINREP.\nAt a time when we&#8217;re hoping for a way out of the crisis with vaccination, how can we help financial institutions prepare for the post-Covid era?\nAt Command Strategy, some of our customers ask us to help them draw up concrete scenarios, in line with the progressive decontamination plan. Indeed, the various departments must contribute to the definition of the disaster recovery plan: \n&#8211; Establish recovery scenarios in line with deconfinement scenarios, and anticipate possible reconfinement scenarios\n&#8211; Identify disaster recovery risks, define priorities, their costs and the disaster recovery schedule, then assign teams to priority activities, which requires organizational agility, and support teams in disaster recovery.\nGenerally speaking, our customers are aware that solving problems now requires the mobilization of their entire teams. It&#8217;s no longer just team leaders or top managers who are concerned. It also means providing all employees with digital tools, which are now essential, not only from a strategic point of view, but also on a day-to-day basis to make users&#8217; jobs easier.  \nSocial and responsible investment (SRI) is becoming increasingly popular. How does your company view this trend, and what impact does it have on you? \nThis is indeed an important issue. Command Strategy&#8217;s various BUs are working together to meet this challenge. A few months ago, we worked with an asset management company to select and compare market solutions based on extra-financial data, in order to develop a scoring system for ESG (environmental, social and governance) criteria.  \nThe difficulty is that the extra-financial data we are looking for is more or less available and complicated to apprehend&#8230;\nInstitutional investors are exposed to an unprecedented volume of information, due to the emergence of numerous ESG data providers in recent years. To support them in their decision-making, our data analysts and data scientists have adapted their approaches and algorithms to these new issues, to offer indicators that are ever more in tune with our customers&#8217; needs. \nThe second topic concerns the integration of this information into investment policies. For a number of years now, we have been supporting Finance Departments in the implementation of their objectives, whether in terms of returns (Asset Managers) or risk management (Asset &amp; Liability Managers &amp; Financial Risk Managers). The success of such a project depends on tailor-made support for the various teams, so that extra-financial criteria are incorporated into their day-to-day work in the same way as other risk indicators.  \nThe final challenge concerns the internal and external communication of this green data. Circulation&#8221; is a major problem faced by financial institutions: how to disseminate specialized information through a variety of reports, while maintaining its readability and coherence with an already comprehensive range of existing information (management, regulatory, risk management dashboards, etc.). \nAt Command Strategy, we work to ensure that each financial institution can address these issues according to its own priorities and identity, while taking into account current and future regulatory requirements.\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4342_3648\" class=\"filterall eg-actus-wrapper filter-non-categorise eg-post-id-4342\" data-skin=\"actus\" data-date=\"1738767803\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/adobestock-329216075-e1587140052499-380x281-1-25x25.jpeg\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/adobestock-329216075-e1587140052499-380x281-1.jpeg\" alt=\"\" title=\"adobestock-329216075-e1587140052499-380x281\" width=\"380\" height=\"281\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/private-equity-and-covid-19-in-europe\/\" target=\"_self\">Private Equity and Covid-19 in Europe<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4342 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Private Equity and Covid-19 in Europe<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4342 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_column_padding=&#8221;true&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738156138811{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1738158304777{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1738763555879{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\n\nPrivate Equity and Covid-19: between consequences and opportunities.\n\n\n[\/vc_column_text][vc_separator color=&#8221;custom&#8221; align=&#8221;align_left&#8221; el_width=&#8221;10&#8243; accent_color=&#8221;#ed9107&#8243; css=&#8221;.vc_custom_1738158459761{margin-top: 2% !important;margin-bottom: 2% !important;}&#8221;][\/vc_column][\/vc_row][vc_row full_height=&#8221;yes&#8221; columns_placement=&#8221;top&#8221; content_placement=&#8221;top&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738764179198{margin-top: 2% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1738157886669{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221; offset=&#8221;vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0&#8243;][vc_single_image image=&#8221;3675&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][vc_column_text css=&#8221;.vc_custom_1738764049073{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\nAfter a year of pandemics, the financial markets seem to have returned to their former levels, but what about the real economy in Europe?\nRead our article on the subject!\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_btn title=&#8221;Download article&#8221; style=&#8221;classic&#8221; shape=&#8221;square&#8221; color=&#8221;black&#8221; align=&#8221;center&#8221; link=&#8221;url:https%3A%2F%2Fqominodev.com%2Fcmds%2Fwp-content%2Fuploads%2F2025%2F02%2FPrivate-Equity-Covid-19-en-Europe.pdf|target:_blank|&#8221;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4341_5668\" class=\"filterall eg-actus-wrapper filter-non-categorise filter-facultatif-en eg-post-id-4341\" data-skin=\"actus\" data-date=\"1738766972\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/1200x680_visuel_anthropo_bu-25x25.webp\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/1200x680_visuel_anthropo_bu.webp\" alt=\"\" title=\"1200x680_visuel_anthropo_bu\" width=\"1200\" height=\"680\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/command-strategy-is-rated-silver-by-ecovadis-2020\/\" target=\"_self\">Command Strategy is rated Silver by Ecovadis (2020)<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4341 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Command Strategy is rated Silver by Ecovadis (2020)<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4341 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_column_padding=&#8221;true&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738156138811{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1738158304777{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1738762881927{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\n\nEcovadis certification for the firm\n\n[\/vc_column_text][vc_separator color=&#8221;custom&#8221; align=&#8221;align_left&#8221; el_width=&#8221;10&#8243; accent_color=&#8221;#ed9107&#8243; css=&#8221;.vc_custom_1738158459761{margin-top: 2% !important;margin-bottom: 2% !important;}&#8221;][\/vc_column][\/vc_row][vc_row full_height=&#8221;yes&#8221; columns_placement=&#8221;top&#8221; content_placement=&#8221;top&#8221; thb_divider_position=&#8221;bottom&#8221;][vc_column css=&#8221;.vc_custom_1738157886669{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221; offset=&#8221;vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0&#8243;][vc_single_image image=&#8221;3662&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][vc_column_text css=&#8221;.vc_custom_1738763360630{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\nCreated in 2007, Ecovadis is a French start-up specializing in corporate CSR analysis. Today, the platform boasts almost 75,000 labeled customers. Their CSR study is based on a large number of criteria relating to the environment, human rights, ethics and the purchases made by the company being assessed.  \nAt Command Strategy, we believe that CSR is everyone&#8217;s business. Our CSR team is made up of employees from a variety of backgrounds, all driven by the conviction that we have a role to play in meeting the challenges of the future. Every day, we strive to improve our practices within the firm in order to reinforce our commitments.  \nIn 2020, Command Strategy, an independent consulting firm specializing in financial services, was awarded the Silver label by Ecovadis with an average score of 62\/100, putting our firm in the top 10% of companies rated by the platform.\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_btn title=&#8221;Download our CSR policy&#8221; style=&#8221;classic&#8221; shape=&#8221;square&#8221; color=&#8221;black&#8221; align=&#8221;center&#8221; link=&#8221;url:https%3A%2F%2Fqominodev.com%2Fcmds%2Fwp-content%2Fuploads%2F2025%2F02%2F2020-Politique-RSE-Command-Strategy-Advisory.pdf|target:_blank|&#8221;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4350_2582\" class=\"filterall eg-actus-wrapper filter-non-categorise filter-facultatif-en eg-post-id-4350\" data-skin=\"actus\" data-date=\"1738749749\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/1100-12-25x25.png\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/1100-12.png\" alt=\"\" title=\"1100-12\" width=\"1100\" height=\"772\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/renewal-of-our-commitment-to-the-united-nations-global-compact-cop-2024\/\" target=\"_self\">Renewal of our commitment to the United Nations Global Compact (COP 2024)<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4350 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Renewal of our commitment to the United Nations Global Compact (COP 2024)<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4350 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_column_padding=&#8221;true&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738156138811{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1738158304777{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1738589838680{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\r\n\r\nCommitment to the United Nations Global Compact\r\n\r\n\r\n[\/vc_column_text][vc_separator color=&#8221;custom&#8221; align=&#8221;align_left&#8221; el_width=&#8221;10&#8243; accent_color=&#8221;#ed9107&#8243; css=&#8221;.vc_custom_1738158459761{margin-top: 2% !important;margin-bottom: 2% !important;}&#8221;][\/vc_column][\/vc_row][vc_row thb_row_padding=&#8221;true&#8221; full_height=&#8221;yes&#8221; columns_placement=&#8221;top&#8221; content_placement=&#8221;top&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738751059287{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1738750923271{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221; offset=&#8221;vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0&#8243;][vc_column_text css=&#8221;.vc_custom_1738751108779{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;]\r\nFor the fifth year running, Command Strategy, an independent consulting firm specializing in financial services, has renewed its commitment to the United Nations Global Compact which now includes some 1,300 French companies.\r\nAt Command Strategy, we anchor CSR at the heart of the firm&#8217;s fundamental principles, making it a pillar of our global strategy, which aims for performance and constant improvement for everyone. In fact, our aim is to develop our CSR policy and integrate it into the heart of the company&#8217;s life, as well as into the day-to-day practices of our employees. At CS, we are aware that a global impact is only possible with the involvement of everyone, particularly through everyday gestures. This CSR approach is a key element in shaping our identity.   \r\nTo formalize our actions in terms of CSR, in 2020 we took the initiative of joining the United Nations Global Compact. We wish to underpin our commitment and respect for the ten principles relating to human rights, labor standards, the environment and the fight against corruption. \r\n[\/vc_column_text][vc_empty_space][vc_row_inner][vc_column_inner width=&#8221;2\/3&#8243;][vc_column_text css=&#8221;.vc_custom_1738589383476{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\r\nReminder of the 10 principles of the Global Compact:\r\n\r\n \t  Promoting and respecting the protection of international human rights law\r\n \tMake sure you are not complicit in human rights violations\r\n \tRespect freedom of association and recognize the right to collective bargaining\r\n \tContribute to the elimination of discrimination in employment\r\n \tContribute to the effective abolition of child labor\r\n \tContribute to the elimination of all forms of forced or compulsory labor\r\n \tApplying the precautionary approach to environmental problems\r\n \tTake initiatives to promote greater environmental responsibility\r\n \tPromoting the development and dissemination of environmentally-friendly technologies\r\n \tAct against corruption in all its forms, including extortion and bribery\r\n\r\n[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][vc_single_image image=&#8221;3406&#8243; img_size=&#8221;full&#8221; css=&#8221;.vc_custom_1738589435442{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner][vc_btn title=&#8221;Find out more about our commitment!&#8221; style=&#8221;classic&#8221; shape=&#8221;square&#8221; color=&#8221;black&#8221; align=&#8221;center&#8221; link=&#8221;url:https%3A%2F%2Fqominodev.com%2Fcmds%2Fnotre-engagement%2F|target:_blank|&#8221;][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4328_9045\" class=\"filterall eg-actus-wrapper filter-articles-en filter-facultatif-en eg-post-id-4328\" data-skin=\"actus\" data-date=\"1738591092\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/le-risque-cyber-un-marche-a-developper-pour-les-reassureurs-e1738587983771-25x25.jpg\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/02\/le-risque-cyber-un-marche-a-developper-pour-les-reassureurs-e1738587983771.jpg\" alt=\"\" title=\"le-risque-cyber-un-marche-a-developper-pour-les-reassureurs\" width=\"835\" height=\"509\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/cyber-risk-management\/\" target=\"_self\">Cyber Risk Management<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4328 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Cyber Risk Management<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4328 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_column_padding=&#8221;true&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738156138811{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1738158304777{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1738160049020{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\r\n\r\nCyber Risk Management: How to manage risks?\r\n\r\n\r\n[\/vc_column_text][vc_separator color=&#8221;custom&#8221; align=&#8221;align_left&#8221; el_width=&#8221;10&#8243; accent_color=&#8221;#ed9107&#8243; css=&#8221;.vc_custom_1738158459761{margin-top: 2% !important;margin-bottom: 2% !important;}&#8221;][\/vc_column][\/vc_row][vc_row full_height=&#8221;yes&#8221; columns_placement=&#8221;top&#8221; content_placement=&#8221;top&#8221; thb_divider_position=&#8221;bottom&#8221;][vc_column css=&#8221;.vc_custom_1738160239319{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221; offset=&#8221;vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0&#8243;][vc_column_text css=&#8221;.vc_custom_1738160442114{margin-bottom: 3% !important;}&#8221;]\r\nDid you know that, every year, 8 out of 10 companies are affected by cybersecurity attacks, representing an average loss of \u20ac2.25 million for large French companies and \u20ac240,000 for French SMEs? So how do you manage these risks? \r\n[\/vc_column_text][vc_single_image image=&#8221;3240&#8243; img_size=&#8221;LARGE&#8221; alignment=&#8221;center&#8221; css=&#8221;.vc_custom_1738590932163{margin-top: 3px !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1738160122591{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\r\nCyber risk management, a not-so-new component of operational risk!\r\nIn recent years, the digitization of businesses and the outsourcing of data have greatly increased the exposure of financial professionals to cyber risk. Despite having invested in defensive solutions, the financial sector remains a prime target for hackers. \r\nWhether we&#8217;re talking about the loss of sensitive data (strategic or customer data), financial leakage, espionage, crashing or corruption of information systems (physical or otherwise), these risks are relatively similar to operational risks. Formerly confined to a qualification of &#8220;human risk&#8221;, operational risks have now been identified and quantified for several years by companies in the financial sector, in the same way as financial risks. \r\nWhile the defense technologies differ between cyber risk and traditional operational risk, the risk management methodology remains the same.\r\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_btn title=&#8221;Download article&#8221; style=&#8221;classic&#8221; shape=&#8221;square&#8221; color=&#8221;black&#8221; align=&#8221;center&#8221; link=&#8221;url:https%3A%2F%2Fqominodev.com%2Fcmds%2Fwp-content%2Fuploads%2F2025%2F02%2FGestion-du-Cyber-Risque-1-2.pdf|target:_blank|&#8221;][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4338_5737\" class=\"filterall eg-actus-wrapper filter-articles-en filter-facultatif-en eg-post-id-4338\" data-skin=\"actus\" data-date=\"1738163498\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/01\/Brunch-Bols-iPhone-Publication-Facebook-1000-x-1000-px-1200-x-700-px-700-x-400-px-400-x-300-px-3-25x25.png\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/01\/Brunch-Bols-iPhone-Publication-Facebook-1000-x-1000-px-1200-x-700-px-700-x-400-px-400-x-300-px-3.png\" alt=\"Rating ESG\" title=\"Brunch Bols iPhone Publication Facebook (1000 x 1000 px) (1200 x 700 px) (700 x 400 px) (400 x 300 px) (3)\" width=\"1000\" height=\"1200\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/esg-ratings-of-an-equity-portfolio\/\" target=\"_self\">ESG ratings of an equity portfolio<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4338 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">ESG ratings of an equity portfolio<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4338 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_column_padding=&#8221;true&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738156138811{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1738158304777{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1738156149384{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\n\nHow important is the dispersion of ratings?\n\n[\/vc_column_text][vc_separator color=&#8221;custom&#8221; align=&#8221;align_left&#8221; el_width=&#8221;10&#8243; accent_color=&#8221;#ed9107&#8243; css=&#8221;.vc_custom_1738158459761{margin-top: 2% !important;margin-bottom: 2% !important;}&#8221;][\/vc_column][\/vc_row][vc_row full_height=&#8221;yes&#8221; columns_placement=&#8221;top&#8221; content_placement=&#8221;top&#8221; thb_divider_position=&#8221;bottom&#8221;][vc_column width=&#8221;2\/3&#8243; css=&#8221;.vc_custom_1738157886669{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221; offset=&#8221;vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0&#8243;][vc_column_text css=&#8221;.vc_custom_1738158194007{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}&#8221;]\nIn the space of just a few years, ESG metrics have established themselves as an essential third pillar of financial analysis in the construction of investment strategies, complementing return and risk. The notion of &#8220;conviction&#8221; with regard to ESG criteria is no longer important, as institutional investors must respond both to the demands of their clients and to the constraints of current and future regulations. \n\nThe integration of ESG data into models, analyses and strategies is thus reshuffling the cards of a well-established system, the urgency of which is accentuated by a heightened competitive context. Although necessarily incorporated in the same way as other portfolio management indicators , their use may nevertheless call for some very specific considerations. \n\nThis contribution addresses the problem of the dispersion of ESG ratings around the average rating of an investment portfolio, first with a detailed intuitive approach, then illustrating the evolution of this phenomenon using clustering algorithms and transition matrices linked to Markov chains, and finally proposing possible solutions for integrating this bias into portfolio monitoring indicators.\n\nUnder no circumstances will this contribution be able to determine which ESG rating allocation structure should be considered optimal for the investor; rather, its aim is to highlight the importance to be attached to this structure.\n[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_single_image image=&#8221;3204&#8243; img_size=&#8221;full&#8221; css=&#8221;.vc_custom_1738158230309{margin-top: 5% !important;}&#8221;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_btn title=&#8221;Download article&#8221; style=&#8221;classic&#8221; shape=&#8221;square&#8221; color=&#8221;black&#8221; align=&#8221;center&#8221; link=&#8221;url:https%3A%2F%2Fqominodev.com%2Fcmds%2Fwp-content%2Fuploads%2F2025%2F01%2FArticle-ESG-Repartition-des-notations-VF-1.pdf|target:_blank|&#8221;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4326_1604\" class=\"filterall eg-actus-wrapper filter-articles-en eg-post-id-4326\" data-skin=\"actus\" data-date=\"1738161998\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/01\/Brunch-Bols-iPhone-Publication-Facebook-1000-x-1000-px-1200-x-700-px-700-x-400-px-400-x-300-px-4-25x25.png\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/01\/Brunch-Bols-iPhone-Publication-Facebook-1000-x-1000-px-1200-x-700-px-700-x-400-px-400-x-300-px-4.png\" alt=\"\" title=\"Brunch Bols iPhone Publication Facebook (1000 x 1000 px) (1200 x 700 px) (700 x 400 px) (400 x 300 px) (4)\" width=\"1000\" height=\"1200\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/alternative-assets-retail-investors-step-up-their-investments\/\" target=\"_self\">Alternative assets: retail investors step up their investments<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4326 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Alternative assets: retail investors step up their investments<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4326 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">[vc_row thb_column_padding=&#8221;true&#8221; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1738156138811{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column css=&#8221;.vc_custom_1738158304777{margin-bottom: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1738159238963{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-bottom: 0% !important;}&#8221;]\n\nIncreased investment in alternative assets!\n\n[\/vc_column_text][vc_separator color=&#8221;custom&#8221; align=&#8221;align_left&#8221; el_width=&#8221;10&#8243; accent_color=&#8221;#ed9107&#8243; css=&#8221;.vc_custom_1738158459761{margin-top: 2% !important;margin-bottom: 2% !important;}&#8221;][\/vc_column][\/vc_row][vc_row full_height=&#8221;yes&#8221; columns_placement=&#8221;top&#8221; content_placement=&#8221;top&#8221; thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_single_image image=&#8221;3206&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_column_text]\nPrivate investors are increasingly investing in alternative assets.\nCommand Strategy explains why.\nRead on and download our article on the subject!\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;][vc_column][vc_btn title=&#8221;Download article&#8221; style=&#8221;classic&#8221; shape=&#8221;square&#8221; color=&#8221;black&#8221; align=&#8221;center&#8221; link=&#8221;url:https%3A%2F%2Fqominodev.com%2Fcmds%2Fwp-content%2Fuploads%2F2025%2F02%2FArticle-INC-2-Accroissement-des-investissements-dans-les-Actifs-alternatifs-pour-les-particuliers-.pdf|target:_blank|&#8221;][\/vc_column][\/vc_row]<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4362_11\" class=\"filterall eg-actus-wrapper filter-office-life filter-tag-blog-en filter-facultatif-en eg-post-id-4362\" data-skin=\"actus\" data-date=\"1702450630\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2023\/12\/Design-sans-titre-33-25x25.png\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2023\/12\/Design-sans-titre-33.png\" alt=\"\" title=\"Design sans titre (33)\" width=\"1080\" height=\"1080\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/happyindexatwork-2024-survey-our-results\/\" target=\"_self\">HappyIndex\u00aeAtWork 2024 survey: Our results<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4362 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">HappyIndex\u00aeAtWork 2024 survey: Our results<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4362 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">Nulla quis est vitae purus fringilla bibendum id ac est<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4369_8536\" class=\"filterall eg-actus-wrapper filter-events filter-tag-blog-en filter-facultatif-en eg-post-id-4369\" data-skin=\"actus\" data-date=\"1702410888\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2024\/09\/Photo_Vincent-Krieger_220327_101035_D52_6707-scaled-1-1-25x25.jpg\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2024\/09\/Photo_Vincent-Krieger_220327_101035_D52_6707-scaled-1-1.jpg\" alt=\"\" title=\"Photo_Vincent-Krieger_220327_101035_D52_6707-scaled-1\" width=\"2560\" height=\"1707\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/recent-participations-la-parisienne-and-les-foulees-de-lassurance\/\" target=\"_self\">Recent participations : La Parisienne and Les Foul\u00e9es de l&#039;Assurance<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4369 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Recent participations : La Parisienne and Les Foul\u00e9es de l'Assurance<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4369 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">Nulla faucibus, urna blandit gravida lacinia, leo lectus pretium<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<li id=\"eg-4-post-id-4373_2439\" class=\"filterall eg-actus-wrapper filter-events filter-tag-blog-en filter-facultatif-en eg-post-id-4373\" data-skin=\"actus\" data-date=\"1702410723\" >\n    <div class=\"esg-media-cover-wrapper\">\n<div class=\"esg-entry-media\" ><img loading=\"lazy\" decoding=\"async\" class=\"esg-entry-media-img lazyload\"  src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/public\/assets\/images\/300x200transparent.png\" data-lazythumb=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2024\/09\/Media-_1_-e1736932314492-25x25.jpeg\" data-no-lazy=\"1\" data-lazysrc=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2024\/09\/Media-_1_-e1736932314492.jpeg\" alt=\"\" title=\"M\u00e9dia-_1_\" width=\"960\" height=\"997\"><\/div>\n\n            <div class=\"esg-entry-cover\" data-clickable=\"on\">\n\n<a class=\"eg-invisiblebutton\" href=\"https:\/\/www.commandstrategy.com\/en\/command-strategy-en-action-solidaire\/\" target=\"_self\">Command Strategy&#039;s Solidarity Initiative<\/a>                <div class=\"esg-overlay eg-actus-container esg-cover-blend-multiply  esg-transition\" data-duration=\"300\" data-transition=\"esg-fade\"><\/div>\n\n              <div class=\"esg-center eg-actus-element-8 esg-none esg-clear esg-line-break\"><\/div>\n              <div class=\"esg-center eg-actus-element-9 esg-none esg-clear esg-line-break\"><\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-3 eg-post-4373 eg-actus-element-3 esg-transition\" data-delay=\"0\" data-duration=\"default\" data-transition=\"esg-fade\">Command Strategy's Solidarity Initiative<\/div>\n\t\t\t\t<div class=\"esg-center eg-actus-element-12 eg-post-4373 eg-actus-element-12 esg-transition\" data-delay=\"0.1\" data-duration=\"default\" data-transition=\"esg-flipup\">Curabitur sed semper magna, non blandit<\/div>\n           <\/div>\n   <\/div>\n\n<\/li>\n<\/ul>\n    <\/div>\n\n<\/article>\n<div class=\"clear\"><\/div>\n<script type=\"text\/javascript\">\nvar essapi_4_1;\nwindow.ESG ??={};\nwindow.ESG.E ??={};\nwindow.ESG.E.plugin_url = \"https:\/\/www.commandstrategy.com\/wp-content\/plugins\/essential-grid\/\";\nwindow.ESG.E.crossorigin = false;\nwindow.ESG.inits ??={};\nwindow.ESG.inits.v4_1 ??={ state:false};\nwindow.ESG.inits.v4_1.call = () => {\njQuery(document).ready(function() {\n  var lightboxOptions = {\n        margin : [0,0,0,0],\n        buttons : [\"share\",\"thumbs\",\"close\"],\n        infobar : true,\n        loop : true,\n        slideShow : {\"autoStart\": false, \"speed\": 3000},\n        videoAutoPlay : true,\n        animationEffect : \"fade\",\n        animationDuration : 500,\n        beforeShow: function(a, c) {\n          var i = 0,\n              multiple = false;\n          a = a.slides;\n          for(var b in a) {\n            i++;\n            if (i > 1) {\n              multiple = true;\n              break;\n            }\n          }\n          if (!multiple) jQuery(\"body\").addClass(\"esgbox-single\");\n          if (c.type === \"image\") jQuery(\".esgbox-button--zoom\").show();\n          if (c.contentType === \"html\") c.$slide.addClass(\"esgbox-slide--overflow-\" + c.opts.overflow);\n        },\n        beforeLoad: function(a, b) {\n          jQuery(\"body\").removeClass(\"esg-four-by-three\");\n          if (b.opts.$orig.data(\"ratio\") === \"4:3\") jQuery(\"body\").addClass(\"esg-four-by-three\");\n        },\n        afterLoad: function() {jQuery(window).trigger(\"resize.esglb\");},\n        afterClose : function() {jQuery(\"body\").removeClass(\"esgbox-hidearrows esgbox-single\");},\n        transitionEffect : \"fade\",\n        transitionDuration : 500,\n        hash : \"group\",\n        arrows : true,\n        wheel : false,\n        baseClass : \"esgbox-container-4\",\n        captionPosition : \"bottom\",\n        overflow : \"auto\",\n  };\n\n  jQuery(\"#esg-grid-4-1\").data(\"lightboxsettings\", lightboxOptions);\n\n  essapi_4_1 = jQuery(\"#esg-grid-4-1\").tpessential({\n        gridID:4,\n        layout:\"even\",\n        lazyLoad:\"on\",\n        lazyLoadColor:\"#FFFFFF\",\n        row:39,\n        apiName: \"essapi_4_1\",\n        loadMoreAjaxToken:\"cfeb45317a\",\n        loadMoreAjaxUrl:\"https:\/\/www.commandstrategy.com\/wp-admin\/admin-ajax.php\",\n        loadMoreAjaxAction:\"Essential_Grid_Front_request_ajax\",\n        ajaxContentTarget:\"ess-grid-ajax-container-\",\n        ajaxScrollToOffset:\"0\",\n        ajaxCloseButton:\"off\",\n        ajaxContentSliding:\"on\",\n        ajaxScrollToOnLoad:\"on\",\n        ajaxCallbackArgument:\"off\",\n        ajaxNavButton:\"off\",\n        ajaxCloseType:\"type1\",\n        ajaxCloseInner:\"false\",\n        ajaxCloseStyle:\"light\",\n        ajaxClosePosition:\"tr\",\n        space:30,\n        pageAnimation:\"fade\",\n        videoPlaybackInGrid: \"on\",\n        videoLoopInGrid: \"off\",\n        videoPlaybackOnHover: \"off\",\n        videoInlineMute: \"on\",\n        videoInlineControls: \"off\",\n        keepLayersInline: \"off\",\n        startAnimation: \"none\",\n        startAnimationSpeed: 1000,\n        startAnimationDelay: 100,\n        startAnimationType: \"item\",\n        animationType: \"item\",\n        paginationScrollToTop:\"off\",\n        paginationAutoplay:\"off\",\n        spinner:\"spinner0\",\n        minVisibleItems:3,\n        evenGridMasonrySkinPusher:\"off\",\n        lightBoxMode:\"single\",\n        lightboxHash:\"group\",\n        lightboxPostMinWid:\"75%\",\n        lightboxPostMaxWid:\"75%\",\n        lightboxSpinner:\"off\",\n        lightBoxFeaturedImg:\"off\",\n        lightBoxPostTitle:\"off\",\n        lightBoxPostTitleTag:\"h2\",\n        lightboxMargin : \"0|0|0|0\",\n        lbContentPadding : \"0|0|0|0\",\n        lbContentOverflow : \"auto\",\n        animSpeed:1000,\n        delayBasic:1,\n        mainhoverdelay:1,\n        filterType:\"single\",\n        showDropFilter:\"hover\",\n        filterGroupClass:\"esg-fgc-4\",\n        filterNoMatch:\"No Items for the Selected Filter\",\n        filterDeepLink:\"off\",\n        hideMarkups: \"on\",\n        youtubeNoCookie:\"false\",\n        convertFilterMobile:false,\n        convertFilterMobileWidth:768,\n        paginationSwipe: \"off\",\n        paginationDragVer: \"on\",\n        pageSwipeThrottle: 30,\n        aspectratio:\"1:1\",\n        hideBlankItemsAt: \"none\",\n        responsiveEntries: [\n            { width:1900,amount:2,mmheight:0},\n            { width:1400,amount:2,mmheight:0},\n            { width:1170,amount:2,mmheight:0},\n            { width:1024,amount:2,mmheight:0},\n            { width:960,amount:2,mmheight:0},\n            { width:778,amount:2,mmheight:0},\n            { width:640,amount:2,mmheight:0},\n            { width:480,amount:1,mmheight:0},\n            ]\n  });\n\n\n});\n} \/\/ End of EsgInitScript\nif (document.readyState === \"loading\")document.addEventListener('readystatechange',function() {  if ((document.readyState === \"interactive\" || document.readyState === \"complete\") && !window.ESG.inits.v4_1.state )  { if ((jQuery?.fn?.tpessential)) {   window.ESG.inits.v4_1.state = true;   window.ESG.inits.v4_1.call();}  }});else{ if ((jQuery?.fn?.tpessential)) {  window.ESG.inits.v4_1.state = true;   window.ESG.inits.v4_1.call();}}\n<\/script>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row bg_gradient_direction=&#8221;0&#8243; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1730971737843{background: #7a8a9a url(https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2024\/11\/Sans-titre-2000-x-641-px-1.png?id=2178) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221; el_class=&#8221;section&#8221; bg_gradient1=&#8221;rgba(0,0,0,0)&#8221; bg_gradient2=&#8221;rgba(0,0,0,0.31)&#8221;][vc_column css=&#8221;.vc_custom_1715254998369{padding-top: 6% !important;padding-bottom: 1% !important;}&#8221;][vc_row_inner][vc_column_inner][vc_column_text el_class=&#8221;light&#8221;] News [\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"ub_ctt_via":"","footnotes":""},"class_list":["post-4383","page","type-page","status-publish","hentry"],"featured_image_src":null,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>News - Command Strategy<\/title>\n<meta name=\"description\" content=\"Keep up to date with the latest news and events from Command Strategy, and find out about our latest projects and commitments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commandstrategy.com\/en\/news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News - Command Strategy\" \/>\n<meta property=\"og:description\" content=\"Keep up to date with the latest news and events from Command Strategy, and find out about our latest projects and commitments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commandstrategy.com\/en\/news\/\" \/>\n<meta property=\"og:site_name\" content=\"Command Strategy\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-05T11:44:43+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commandstrategy.com\/en\/news\/\",\"url\":\"https:\/\/www.commandstrategy.com\/en\/news\/\",\"name\":\"News - Command Strategy\",\"isPartOf\":{\"@id\":\"https:\/\/www.commandstrategy.com\/en\/#website\"},\"datePublished\":\"2024-04-28T07:42:44+00:00\",\"dateModified\":\"2025-06-05T11:44:43+00:00\",\"description\":\"Keep up to date with the latest news and events from Command Strategy, and find out about our latest projects and commitments.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commandstrategy.com\/en\/news\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commandstrategy.com\/en\/news\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commandstrategy.com\/en\/news\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\/\/www.commandstrategy.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commandstrategy.com\/en\/#website\",\"url\":\"https:\/\/www.commandstrategy.com\/en\/\",\"name\":\"Command Strategy\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.commandstrategy.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commandstrategy.com\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.commandstrategy.com\/en\/#organization\",\"name\":\"Command Strategy\",\"url\":\"https:\/\/www.commandstrategy.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commandstrategy.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2023\/10\/LogoCommandStrategy_Orange-1.jpg\",\"contentUrl\":\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2023\/10\/LogoCommandStrategy_Orange-1.jpg\",\"width\":964,\"height\":458,\"caption\":\"Command Strategy\"},\"image\":{\"@id\":\"https:\/\/www.commandstrategy.com\/en\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"News - Command Strategy","description":"Keep up to date with the latest news and events from Command Strategy, and find out about our latest projects and commitments.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commandstrategy.com\/en\/news\/","og_locale":"en_US","og_type":"article","og_title":"News - Command Strategy","og_description":"Keep up to date with the latest news and events from Command Strategy, and find out about our latest projects and commitments.","og_url":"https:\/\/www.commandstrategy.com\/en\/news\/","og_site_name":"Command Strategy","article_modified_time":"2025-06-05T11:44:43+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commandstrategy.com\/en\/news\/","url":"https:\/\/www.commandstrategy.com\/en\/news\/","name":"News - Command Strategy","isPartOf":{"@id":"https:\/\/www.commandstrategy.com\/en\/#website"},"datePublished":"2024-04-28T07:42:44+00:00","dateModified":"2025-06-05T11:44:43+00:00","description":"Keep up to date with the latest news and events from Command Strategy, and find out about our latest projects and commitments.","breadcrumb":{"@id":"https:\/\/www.commandstrategy.com\/en\/news\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commandstrategy.com\/en\/news\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commandstrategy.com\/en\/news\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/www.commandstrategy.com\/en\/"},{"@type":"ListItem","position":2,"name":"News"}]},{"@type":"WebSite","@id":"https:\/\/www.commandstrategy.com\/en\/#website","url":"https:\/\/www.commandstrategy.com\/en\/","name":"Command Strategy","description":"","publisher":{"@id":"https:\/\/www.commandstrategy.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commandstrategy.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.commandstrategy.com\/en\/#organization","name":"Command Strategy","url":"https:\/\/www.commandstrategy.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commandstrategy.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2023\/10\/LogoCommandStrategy_Orange-1.jpg","contentUrl":"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2023\/10\/LogoCommandStrategy_Orange-1.jpg","width":964,"height":458,"caption":"Command Strategy"},"image":{"@id":"https:\/\/www.commandstrategy.com\/en\/#\/schema\/logo\/image\/"}}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Plateforme de strategie digitale","author_link":"https:\/\/www.commandstrategy.com\/en\/author\/plateforme-de-strategie-digitale\/"},"rttpg_comment":0,"rttpg_category":"","rttpg_excerpt":"[vc_row bg_gradient_direction=&#8221;0&#8243; thb_divider_position=&#8221;bottom&#8221; css=&#8221;.vc_custom_1730971737843{background: #7a8a9a url(https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2024\/11\/Sans-titre-2000-x-641-px-1.png?id=2178) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221; el_class=&#8221;section&#8221; bg_gradient1=&#8221;rgba(0,0,0,0)&#8221; bg_gradient2=&#8221;rgba(0,0,0,0.31)&#8221;][vc_column css=&#8221;.vc_custom_1715254998369{padding-top: 6% !important;padding-bottom: 1% !important;}&#8221;][vc_row_inner][vc_column_inner][vc_column_text el_class=&#8221;light&#8221;] News [\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row thb_divider_position=&#8221;bottom&#8221;&hellip;","_links":{"self":[{"href":"https:\/\/www.commandstrategy.com\/en\/wp-json\/wp\/v2\/pages\/4383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commandstrategy.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.commandstrategy.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.commandstrategy.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commandstrategy.com\/en\/wp-json\/wp\/v2\/comments?post=4383"}],"version-history":[{"count":11,"href":"https:\/\/www.commandstrategy.com\/en\/wp-json\/wp\/v2\/pages\/4383\/revisions"}],"predecessor-version":[{"id":5244,"href":"https:\/\/www.commandstrategy.com\/en\/wp-json\/wp\/v2\/pages\/4383\/revisions\/5244"}],"wp:attachment":[{"href":"https:\/\/www.commandstrategy.com\/en\/wp-json\/wp\/v2\/media?parent=4383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}