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TEC10 - principle and mechanism

On June 2013 this presentation has been done in Frankfurt by Jacques Fournier and Philippe Laroche. Due to capital markets expansion, yield fixing is crucial. As far as the TEC® is concerned, its fixing is under the responsibility of the FBA (CNO) which has set up a full process based on a Chinese wall between data provider and calculation agent. The European Prospectus  Directive requires TEC® structures disclosures in EMTN programs and FBA reminds market participants that it owns the TEC® trade mark. Also in this presentation, readers could find a comparable analysis between the French TEC®, the UST CMT and the  German REX® as well as a TEC10® FRN pricing introduction. 

Many  thanks  to Pierre Lebel, Société Générale Paris, Klaus von Massenbach and Max Gerling, Société Générale Frankfurt, for the event organization.

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last update 02 June 2020