Chris Van Es

La résistance des OPC monétaires

CAMBRIDGE – La Securities and Exchange Commission (SEC) des Etats-Unis a récemment rejeté des règles proposées en vue de rendre les organismes de placement collectifs (OPC) monétaires plus sûrs en cas de crise financière – un rejet qui a provoqué la consternation parmi les observateurs et les autres organismes de réglementation. Compte tenu des risques que les OPC monétaires peuvent faire peser sur le système financier global, comme le démontre leur rôle déstabilisateur durant la crise financière de 2008, il n'est pas difficile de comprendre pourquoi ils sont inquiets.

Les OPC monétaires récoltent les excédents de trésorerie des investisseurs et les utilisent pour acheter des créances à court terme envers des entreprises, des banques et d’autres institutions financières. Ils imitent les comptes bancaires en permettant aux investisseurs d’émettre des chèques et en promettant que la valeur de leur investissement ne chutera pas.

En 2012, les OPC monétaires américains « de premier choix », qui achètent des créances bancaires ou d’entreprises, pesaient près de 1,5 milliards de dollars. L'argent circulant à travers ces fonds a servi à beaucoup de grandes banques du monde, non seulement les suspects habituels aux États-Unis (JP Morgan Chase, Bank of America et Citi) mais aussi de grandes banques européennes et japonaises telles que Barclays, Deutsche Bank, Bank of Tokyo, Sumitomo, Credit Suisse et ING. Ces six banques internationales représentent à elles seules près de 20% de la valeur des OPC monétaires de premier choix.

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