{"id":19748,"date":"2020-05-30T17:08:08","date_gmt":"2020-05-30T16:08:08","guid":{"rendered":"https:\/\/www.fbt-avocats.ch\/appels-de-marge-la-crainte-dune-3e-vague-confirmee\/"},"modified":"2026-01-20T16:42:18","modified_gmt":"2026-01-20T15:42:18","slug":"appels-de-marge-la-crainte-dune-3e-vague-confirmee","status":"publish","type":"post","link":"https:\/\/staging.fbt-avocats.ch\/en\/appels-de-marge-la-crainte-dune-3e-vague-confirmee\/","title":{"rendered":"Appels de marge: la crainte d\u2019une 3e vague confirm\u00e9e"},"content":{"rendered":"<section  class='av_textblock_section av-7dtlel-54646e090b2362c0ce717e7039213545 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-6hs9cd-aa7fd7160a86b43089fe650ca2464333\">\n.flex_column.av-6hs9cd-aa7fd7160a86b43089fe650ca2464333{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-6hs9cd-aa7fd7160a86b43089fe650ca2464333 av_one_full  avia-builder-el-1  el_after_av_textblock  avia-builder-el-last  first flex_column_div av-zero-column-padding  column-top-margin'     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_heading-1cc91b2c43c86ddadacdafff0aaa55d4\">\n#top .av-special-heading.av-av_heading-1cc91b2c43c86ddadacdafff0aaa55d4{\npadding-bottom:10px;\nfont-size:26px;\n}\nbody .av-special-heading.av-av_heading-1cc91b2c43c86ddadacdafff0aaa55d4 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-av_heading-1cc91b2c43c86ddadacdafff0aaa55d4 .av-special-heading-tag{\nfont-size:26px;\n}\n.av-special-heading.av-av_heading-1cc91b2c43c86ddadacdafff0aaa55d4 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-av_heading-1cc91b2c43c86ddadacdafff0aaa55d4 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-av_heading-1cc91b2c43c86ddadacdafff0aaa55d4 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-av_heading-1cc91b2c43c86ddadacdafff0aaa55d4 av-special-heading-h1 blockquote modern-quote  avia-builder-el-2  el_before_av_hr  avia-builder-el-first  av-inherit-size'><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Appels de marge: la crainte d\u2019une 3e vague confirm\u00e9e<\/h1><div class='av-subheading av-subheading_below'><p>Allnews \u2013 Mai 2020<br \/>\nSerge Fasel et Jean-Marie Kiener<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4rtof1-6cb168409d4b952e81360eb2f8cb23b0\">\n#top .hr.hr-invisible.av-4rtof1-6cb168409d4b952e81360eb2f8cb23b0{\nheight:20px;\n}\n<\/style>\n<div  class='hr av-4rtof1-6cb168409d4b952e81360eb2f8cb23b0 hr-invisible  avia-builder-el-3  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<section  class='av_textblock_section av-jo5hremo-8df0535b4b08dc00af18df224af1af03 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><div data-canvas-width=\"431.1431666666666\">\n<div class=\"textLayer\">\n<div data-canvas-width=\"318.9300803304\">\n<p><strong>Il appartient au client de suivre l\u2019\u00e9volution de la marge, ce qui peut s\u2019av\u00e9rer\u00a0<\/strong><strong>difficile voire impossible en pratique.<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>Apr\u00e8s la crise \u2002nanci\u00e8re de 2008 et l\u2019abandon du taux plancher en 2015, les mouvements de\u00a0march\u00e9s provoqu\u00e9s par la crise sanitaire actuelle ont d\u00e9clench\u00e9 une vague d\u2019appels de marge\u00a0\u00e0 l\u2019attention des investisseurs b\u00e9n\u00e9\u2002ciant d\u2019un effet de levier et dont la valeur des actifs nantis\u00a0ne couvrait plus les marges exig\u00e9es par les banques pr\u00eateuses.<\/p>\n<p>Dans des situations de turbulence des march\u00e9s, les exigences de couverture interviennent \u00e0\u00a0un moment o\u00f9 le contexte \u00e9conomique est d\u00e9t\u00e9rior\u00e9, si bien que l\u2019apport par les emprunteurs\u00a0d\u2019actifs suppl\u00e9mentaires pour \u00e9viter la r\u00e9alisation de leurs positions leur est g\u00e9n\u00e9ralement\u00a0difficile. Le risque de d\u00e9couvert en cas de d\u00e9faut d\u2019apport d\u2019actifs peut affecter tant la banque\u00a0que son client. L\u2019enjeu pour le client est de maintenir la couverture du pr\u00eat par des actifs qui le\u00a0garantissent et ainsi \u00e9viter toute r\u00e9alisation en temps inopportun. La Banque quant \u00e0 elle doit\u00a0agir avec diligence pour \u00e9viter de se retrouver expos\u00e9e \u00e0 un cr\u00e9dit non garanti. Si le Tribunal\u00a0f\u00e9d\u00e9ral a pr\u00e9cis\u00e9 \u00e0 maintes reprises que l\u2019appel de marge a pour but de prot\u00e9ger la banque et\u00a0non son client, les \u00e9tablissements pr\u00eateurs doivent toutefois, pour contenir les risques de\u00a0litiges, respecter les formalit\u00e9s l\u00e9gales et contractuelles, m\u00eame en cas de crise.<\/p>\n<\/div>\n<div data-canvas-width=\"318.9300803304\"><\/div>\n<div data-canvas-width=\"318.9300803304\"><\/div>\n<div data-canvas-width=\"318.9300803304\"><\/div>\n<div data-canvas-width=\"318.9300803304\"><\/div>\n<div data-canvas-width=\"318.9300803304\"><\/div>\n<div data-canvas-width=\"318.9300803304\"><\/div>\n<div data-canvas-width=\"318.9300803304\"><\/div>\n<div data-canvas-width=\"318.9300803304\"><\/div>\n<div data-canvas-width=\"318.9300803304\"><\/div>\n<\/div>\n<\/div>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1xwhd9-afd37c19b28461d09397a418e175376c\">\n#top .hr.hr-invisible.av-1xwhd9-afd37c19b28461d09397a418e175376c{\nheight:20px;\n}\n<\/style>\n<div  class='hr av-1xwhd9-afd37c19b28461d09397a418e175376c hr-invisible  avia-builder-el-5  el_after_av_textblock  el_before_av_button '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<div  class='avia-button-wrap av-jo5hs5ts-dee0cfaf84f90c82f493775831aac2e2-wrap avia-button-left  avia-builder-el-6  el_after_av_hr  avia-builder-el-last '>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-jo5hs5ts-dee0cfaf84f90c82f493775831aac2e2\">\n#top #wrap_all .avia-button.av-jo5hs5ts-dee0cfaf84f90c82f493775831aac2e2{\nbackground-color:#44525f;\nborder-color:#44525f;\ncolor:#ffffff;\ntransition:all 0.4s ease-in-out;\n}\n#top #wrap_all .avia-button.av-jo5hs5ts-dee0cfaf84f90c82f493775831aac2e2 .avia-svg-icon svg:first-child{\nfill:#ffffff;\nstroke:#ffffff;\n}\n<\/style>\n<a 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suite<\/span><\/a><\/div><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":18,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84],"tags":[560],"datespeciale":[],"class_list":["post-19748","post","type-post","status-publish","format-standard","hentry","category-media-and-news","tag-allnews-en","competences-banking-and-finance","auteurs-jean-marie-kiener-en","auteurs-serge-fasel-en","date-publication-2020-en","diffusion-groupe-bancaire-en","diffusion-medias-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Appels de marge: la crainte d\u2019une 3e vague confirm\u00e9e | FBT Avocats SA<\/title>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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