Agefi Luxembourg - octobre 2024

Octobre 2024 47 AGEFI Luxembourg Informatique financière O n 1October 2024, Luxembourg’s ban- king and fund in- dustries gathered for an event organisedbyAssocia- tiondes Banques et Ban- quiers Luxembourg (ABBL) andAssociationLuxembour- geoise des Fonds d'Investis- sement (ALFI) in cooperationwith theCom- missionde Surveillance du Secteur Financier (CSSF), fo- cusing on the SecondBatch of RegulatoryTechnical Standards (RTS) under the EUDigitalOperational Resi- lienceAct (DORA). The event titled “DORA Getting Real: Second Batch of Technical Standards” aimed to provide a comprehensive overview of the latestregulatoryrequirementsand their impact on financial institu- tions. The event delved into key topics such as subcontracting ICT services (RTS), notification and reports for major ICT incidents (RTS & ITS), aggregated annual costs and losses caused by major ICT-relatedincidents(Guidelines), and threat-led penetration testing (RTS). A keynote speaker from theCSSFprovidedcrucialinsights into Luxembourg’s regulatory stance onDORA compliance and readiness, reinforcing the impor- tance of timely preparedness to the application of DORA (17 January 2025). CSSF’s survey of 389 entities in Luxembourg showed that: - Nearly 90% of entities have car- ried out a gap analysis between theirsituationandDORArequire- ments. -Overall,thereisastrongprogres- sion in gap analysis realized com- pared to results from previous surveys (e.g. ABBL or PwC sur- veys done between March and June on a sample of entities). - Credit institutions are the most advanced, with more than 97% having carried out a gap analysis, followed by AIFM and ManCo withnearly 90%. Addressingkey challenges inDORA implementation Thesurveyrevealedthetop4most criticalchallengesseenbycreditin- stitutions regarding DORA com- pliance, namely: 1. contractual negotiations with ICT thirdparty service providers 2. dependencies ongroup 3. short delays to implement DORArequirements, 4. and shortage of resources (tech- nical, human resources, budget). Presentation of the survey results was followed by an engaging Q&A session where representa- tives from ABBL and ALFI con- veyed questions collected from their members to the representa- tives of the CSSF on subjects re- lated to subcontracting ICT services, reporting timelines, and TLPT requirements, offering at- tendeesfurthermuch-neededclar- ity on DORA Second Batch of policydocuments. As DORA’s January 2025 imple- mentation date approaches, this event served as a timely reminder forfinancialentitiestoensuretheir digitaloperationalresiliencestrate- gies are firmly inplace. Looking ahead ABBLwill continue following the DORA subject and will keep its members informed about further developments. The ABBL thanks ALFI and CSSF for the cooperation on this event and specifically all the speakers: Ananda Kautz (ABBL), Gildas Blanchard (ALFI), Cécile Gellenoncourt (CSSF), Kathrin Moules (CSSF), Cristina Spinelli (CSSF), Karim Bouaissi (EY Luxembourg), Olga Frenkel (Franklin Templeton International Services), LucMaquil (MAQIT), Grainne Goodman (M&G Luxembourg), Onur ÖZDEMIR (KPMG Luxembourg), Isadora Pardo (ALFI), and Andrey Martovoy (ABBL). Source :ABBL DORA: addressing the second batch of technical standards ©ABBL Par Christophe POUCHOY, Gérant d'Echiquier Artificial Intelligence, La Financière de l'Échiquier D epuis mi-juillet 2024, les va- leurs technologiques ont sus- cité d'importantes prises de profits, en raison notamment de la forte surperformance du secteur ces 18 der- niers mois sous l'impulsion de l'intelli- gence artificielle (IA). Ces prises de bénéfices sont logiques et attendues. Après une phase d'en- gouement généralisée, les investis- seurs seront désormais, selon nous, plus pointilleux sur l'évolution de la contributionde l'IAdans les résultats des sociétés. Une évolution qui requiert une expertise pointue pour discerner lesmeilleures opportunités. Changement de paradigme Cette situation est également le fruit d'un change- ment de paradigme macroéconomique. Le marché évolue, d'un scénario d'atterrissage en douceur de l'économie à celui d'un en- vironnement plus difficile et potentiel- lement à un risque de récession. Si ce dernier se confirme, et si les inves- tisseurs envisagent de réallouer leur portefeuille sur d'autres classes d'actifs plus défensives, comme les obligations et/ou le monétaire, en allégeant leurs positions en actions, des prises de profits sur les valeurs ayant bien performé seront attendues, en l'occurrence sur le secteur de la tech. Il serait toutefois ré- ducteur de considérer que les valeurs tech soient uniquement corré- lées au cycle macroécono- mique. Chaque sous-segment de la techpossède sonpropre cycle : les semicon- ducteurs automobiles et industriels sont actuelle- ment en milieu/fin de cycle baissier, le marché des smartphones et des ordinateurs repart timidement, et les semi-datacenters sont enmilieude cyclehaus- sier. Ces cycles sont davantage corrélés à l'évolution des stocks chez les clients finaux et dans les chaînes de distribution. Si les prises de profits surNvidia, Broadcomou en- core sur les acteurs de la mémoire ont pu effrayer certains investisseurs, les tendances sous-jacentes restent selon nous fortes et bien orientées. Les diri- geants d'AMD, de Nvidia, Marvel, Broadcom ont ainsi confirmé que la forte demande des clients de- vrait soutenir leurs résultats surplusieurs trimestres. Le CEO de Nvidia, Jensen Huang, va jusqu'à évo- quer une «demande incroyable» pour la nouvelle génération de processeurs IABlackwell, qui sera li- vrée en fin d'année. Les hyperscalers, les grands fournisseurs de ser- vices cloud, ont augmenté en moyenne de +9% leurs dépenses d'investissements prévues en 2025 (1) . Enparallèle, contrairement aux inquiétudes de cer- tains investisseurs anticipant une décélérationde la demande de serveurs IAavec un ralentissement de la construction de datacenters, le CEO d'Oracle a présenté des prévisions très optimistes sur le nom- bre deDatacenters pouvant être construits par l'en- treprise. Enfin, plusieurs éditeurs logiciels ou four- nisseurs de services de gestion de l'infrastructure cloudontmentionnéune contribution croissantede l'IA à leurs résultats. Ce secteur devrait bénéficier de la deuxième vague demonétisationde l'IA, celle de l'EdgeAI. L'Edge IA, la 2 e vague L'EdgeAI, l'IApériphérique, embarquera l'IAdans lavie réelle, viades équipements technologiquesno- mades et des objets connectés industriels. Endécou- lera notamment l'accélération du cycle de renouvellement produit, bénéfique aux fabricants d'équipements tech. Au-delà de l'IA, d'autres segments technologiques devraient poursuivre leurs innovations : voiture au- tonome et électrique, robotique médicale, les tech- nologies spatiales. Nous en sommes convaincus, l'innovation technologique est une tendancede long terme qui permet de s'exposer selonnous à la crois- sance et aumonde de demain. 1)Annonces publications trimestrielles Les valeurs technologiques, vers un nouveau cycle ? N owCM, global technology leader indigital and auto- matedbond issuance, and leading international lawfirm White&Case have teamedup to provide breakthrough technology and legal advice to the dated and manual commercial paper (CP) market by creating the NextGenCP for corporates and other CP issuers. Family-owned investment holding FranzHaniel &Cie. GmbH (Haniel) has led the way togetherwithNowCMand White&Case in implementing this programme. As a long-term, purpose-driven investor, Haniel aims to create value for genera- tions. Led by Dr. Axel Gros, treasurer of Haniel,andBirgitSommer,headofCPat Haniel, creating the NextGenCP rein- forces Haniel’s commitment to digital transformation,markingasignificantstep inmodernizing theCPmarket. The new set-up includes several wide- reaching innovations in technologyand law: -Fastset-up :NowCMhasautomatedthe setup of theNextGenCP based onWhite & Case’s state-of-the-art legal work. This innovationsignificantlyreducescostsand allows for the establishment of NextGenCP in a matter of days, rather than the traditionalmonths-longprocess. - High-volume facility: NextGenCP of- fers issuers the ability to conduct transac- tions with no volume limitations, for example Haniel aiming to reach three transactions per week. This supports high-frequency issuance, even several is- suances in parallel, providing a stream- lined and efficient process for managing large-scaleCPprogrammes. - Arranger-less set-up : The NextGenCP setuprequiresnoarrangerbank,address- ing a problem inmarket structurewhere banks are often reluctant to engage in lengthy, burdensomeprocesseswith low or no fees. Instead, NowCM Luxem- bourg,asaregulatedentity,actsasthear- ranger with support fromWhite&Case, enabling deployment without the need for an arranger bank. This allows issuers and banks to focus on their core busi- nesseswhile simplifying the process. -Multi-dealercapability :Eventhoughno arrangerbankisneeded,theNextGenCP operates in a traditional intermediated manner with dealer banks. It allows dealer banks to participate either in spe- cific transactions or at the programme level,providingflexibilitywhilemaintain- ing the benefits of traditional market structures. - Fully automated : The NextGenCP is fullyautomatedinitsoperation,allowing dealer banks to simply email their trade confirmationtoNowCM.Allsubsequent steps, including life cycle events such as settlement and repayment, are executed without human intervention, streamlin- ing the entire process for maximum effi- ciency. -Touchless :Intheissuanceprocess,there is no need for drafting or sending any documents.Everythingishandledseam- lessly through NowCM’s cloud-based platform.Iftheissuerwants,anadditional approval step before the issuance can be implemented, adding flexibility without complicating the process. -Entirelydigital :TheCP,likeallsecurities onNowCM’splatform,isrepresentedby a full digital twin in a machine-readable and structured format. This digital twin containsallrelevantinformationaboutthe CP, its lifecycle, and other metadata, which were previously only available in unstructured formats such as PDFs and Worddocuments. - Golden source: NowCM’s structured data and document repository serves as thegoldensourceforalldatarelatedtothe CP, enabling seamless integration with other stakeholders and IT infrastructure. This ensures error-free data transmission and supports digital issuance, including under the German Electronic Securities Act, further enhancing efficiency and compliance in the issuance process. - AI-enabled: The process developed by NowCM incorporates the latest in AI technology, enabling fully automated, real-time handling of data. - STEPcompliantandECBeligible :Like traditionalCP,NextGenCP is STEPcom- pliant and, consequently, ECB eligible making it suitable for collateral. By using NextGenCP issuersnot only futureproof their CP issuance but also ensure that all datarequiredunderthenewECB“Single CollateralManagementRulebookforEu- rope” (SCoRE) is readily available inma- chine-readable form. - CPprimarymarketplace : NowCMop- erates theworld’sfirst andonly fully reg- ulated primary marketplace. The Paris-based multilateral trading facility (MTF), comparable to a German ex- change Freiverkehr or the EuroMTF in Luxembourg,offersthepossibilitytodig- italise the only remainingmanual step in the value chain. Instead of negotiating tradesviaphoneorchat,issuersanddeal- ers can directly negotiate and transact on the NowCM MTF simplifying the is- suance of CP to the pushof a button. - Optional – use of regulated issuance vehicle : For issuers looking to avoid all the hassle of managing the entire value chain of CP issuance, NowCMoffers the use of its fully regulated issuance vehicle in Luxembourg, where NowCM takes over the entire issuance process. Dr.AxelGros,treasurerofHaniel ,states: “We are very pleased with the imple- mentation of this state-of-the-art CPpro- gramme. Leveraging NowCM’s advanced technology andWhite &Case outstanding legal expertise, NextGenCP offers a process flow beyond straight- throughprocess(STP),ensuringseamless execution from issuance to settlement to repayment, thereby helping us to effi- cientlymanage our liquidity needs”. KarstenWoeckener,HeadofGermany of White &Case and its DCMpractice group leader , adds: “As a global law- firmthat is supporting the latest technol- ogy we were delighted to support this project and to help unlock the German CP market. We certainly hope that the combination of our legal expertise, Haniel invaluable insights and NowCM’s technology to create NextGenCP will attract many followers and usher a new age of funding in the moneymarkets”. NowCM’s founder and CEO, Robert Koller , says: “We are delighted to have brought NextGenCP to life with our ex- ceptional partners at White & Case and the incredible support and innovation leadership of Haniel and, not to forget, the many dealer banks involved. The simplicity of using NextGenCP is based on more than a decade of research and development,adatamodelofthousands of variables and business rules, a highly secure cloud platform and above all the interaction with our clients who con- tributed countless hours and ideas. We will see further announcements soon on bringing the funding business into the 21 st century.” NowCM and White & Case First fully digital, end-to-end automated commercial paper programme