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Préparée par : Mme IDELCADI SAFIA Encadrée par : Mr INASS FARISSI
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DEDICACES
Je dédie ce travail à mes parents bien aimés
A mon mari
A mon petit fils
A toute ma famille
Et à tous ceux qui, de près ou de loin, ont participé à l'élaboration de ce travail
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REMERCIEMENTS
Je témoigne tous mes remerciements, ma reconnaissance et ma gratitude aux chères personnes qui ont contribué de près ou de loin, de par leur courtoisie et soutien et qui ont accepté de m'orienter et de m'apporter leur assistance et leur aide inestimable durant la période de préparation de cette thèse. Je cite entre autres Mr KAITOUNI DRISS, responsable du Mastère spécialisé en finance, et Mr INASS FARISSI, pour son encadrement, ses conseils et orientations qui m’ont permis d’enrichir davantage le contenu de cette thèse. t hèse.
Toute ma gratitude et mes sincères remerciements au Directeur Général d’AUTOHALL, au Directeur Administratif et Financier et au Directeur des Ressources Humaines qui ont toujours encouragé la formation du personnel.
A cette occasion je tiens ensuite à exprimer toute ma gratitude à l’ISCAE ; corps professoral, et administration et à mes chers collègues étudiants qui par leur sympathie et simplicité vont rester toute ma vie gravé dans mon cœur.
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SOMMAIRE Dédicaces……………………………………………………………………………….2 Remerciements…………………………………………………………………………3 Sommaire………………………………………………………………………………..5 Introduction……………………………………………………………………………..7 Problématique et méthodologie ………………………………………………………..8 Partie I : Le risque de change enjeu pour les importateurs i mportateurs comme le groupe AUTOHALL Chapitre1 :L’environnement du marché des changes 123456-
Les intervenants du marché des changes………………………………………..9 Les principales devises échangées sur le marché des changes………………...12 Les principales opérations sur le marché des changes…………………………13 Les compartiments du marché des changes……………………………………14 Traitement des changes de devises au Maroc………………………………….16 Les approches traditionnelles et modernes de prévisions du taux de change….20
Chapitre 2 : Exposition du groupe AUTOHALL au risque de change
1- Présentation du groupe AUTOHALL……………………………………………27 2- Identification du risque de d e change du groupe AUTOHALL…………………….33 AUTOHALL…………………….33 2.1 Opérations traitées par le groupe en devises………………………………...33 devises………………………………...33 2.2 Illustration de l’exposition du groupe au risque de change…………………34 change…………………34 3- Evaluation du risque de change du groupe AUTOHALL……………………….35 3.1 Evaluation d’une position de change………………………………………..35 3.2 Illustration de la position de change d’AUTOHALL…………………… d’AUTOHALL………………………..37 …..37 4- La gestion actuelle du risque de change du groupe AUTOHALL………………39 AUTOHALL………………39
Partie II : Proposition d’une nouvelle stratégie pour une gestion efficace du Risque de Change du groupe AUTOHALL : Chapitre 1 : Les instruments de gestion du risque de change à mettre en place
1- Les techniques internes : 1.1 Choix de la monnaie de facturation…………………………………………..42 1.2 Le termaillage…………………………………………………………………43
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2- Les techniques externes : 2.1 Couvertures à terme……………………………………………………………45 a) Principe b) Mécanismes de fonctionnement fonctionnement c) Apports et limites 2.2 SWAP de devises………………………………………………………………47 a) Principe b) Mécanismes de fonctionnement c) les apports et limites 2.3 Options de devises…………………………………………………………….49 a) Principe : b) Les mécanismes de fonctionnement fonctionnement c) Les stratégies de de bases des des options de change change d) Les apports et limites
Chapitre 2 : Proposition d’une réorganisation interne de la gestion du risque de change
1� Choix et simulations des stratégies de couverture du risque de change……………54
1.1 Les différentes actions de couverture du risque de change…………………… change……………………54 54 1.2 Choix des instruments de couverture du risque ri sque de change……………………55 change……………………55 1.3 Simulation des stratégies de couverture du risque de change d’AUTOHALL..57 2�
Réorganisation de la gestion du risque de change…………………………………60 2.1 Choix d’une politique de gestion du risque de change………………………….60 change………………………….60 2.2 Un système d’information et collecte de données……………………………. données……………………………....60 ...60 2.3 Mise en place d'une unité de gestion du risque de change………………………61
Conclusion…………………………………………………………………………………63 Bibliographie………………………………………………………………………………64
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INTRODUCTION Le risque est inhérent à l’activité économique, toute entreprise y est confrontée dés lors qu’elle réalise des opérations commerciales ou industrielles. Le développement des marchés financiers et l’internationalisation des activités des entreprises ont donné naissance à un nouveau type de risque qui s’est ajouté aux risques traditionnels, de nature industrielle ou commerciale. Ce nouveau risque, dit financier, résulte des mouvements imprévisibles des taux de change, des taux d’intérêt et des prix des matières premières. Ces trois types t ypes de risque ont des conséquences conséquences qui peuvent être dommageables au niveau des résultats financiers, de la valeur du patrimoine et même de la pérennité de l’entreprise. Aucune firme, grande ou petite, ne peut se prévaloir d’être `à l’abri des fluctuations des taux de marché qui se répercutent sur sa performance. Il importe alors de les prendre en considération et de les gérer au mieux. Il n'est pas question ici de tous les analyser, nous nous concentrerons sur l'un des risques les plus importants ; à savoir le risque de change qui est l'un des risque considérés depuis très longtemps comme source d'inquiétude pour les entreprises dans leurs relations internationales. Au cours des dernières années, avec l'abandon du système des parités fixes, les cours de change ont connu des fluctuations erratiques sans précédent, ce qui n’a pas été sans incidences commerciales et financières pour les entreprises fortement intégrées au commerce international. Les entreprises sont confrontées au risque de change car elles effectuent des opérations d'exportations et d'importations facturées dans une devise différente de celle utilisée pour l'établissement de leurs bilans et de leurs comptes de résultats. Dans la mesure où le cours de change varie, ces fluctuations peuvent être à l'origine de gains mais aussi de pertes très importants. Le risque de change est donc passé au premier plan des préoccupations des entreprises ayant : -
Une grande pratique des exportations et importations avec l'étranger. Une forte activité financière en devises, d evises, Une forte implantation commerciale à l'étranger : filiales succursales, groupe multinational.
Pour un importateur il existe un risque de change lorsque le cours de la devise dans laquelle est libellée sa dette s'accroît, c'est à dire s'apprécie entre la date de signature du contrat commercial et la date du paiement, dans le cas d’un exportateur, il existe un risque de change lorsque le cours de la devise dans laquelle est libellée la créance baisse entre la date de signature du contrat commercial et la date de paiement. Dans les hypothèses que nous venons d'évoquer, la variation du cours de change était défavorable à l'importateur et à l'exportateur, tel n'est pas toujours le cas, l'évolution inverse se rencontre : le cours de la devise dans laquelle est libellée la créance peut s'apprécier ou le cours de la devise dans laquelle est libellée la dette peut baisser, dans ces conditions, la variation du cours de change entraîne un profit.
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La confrontation au risque de change n'est pas seulement réservée aux seuls exportateurs et importateurs ; les prêteurs et les emprunteurs qui opèrent sur les marchés financiers internationaux et étrangers sont eux aussi exposés au risque de change. Dans le contexte d'une économie internationale caractérisée par le flottement des devises et des fluctuations de grandes ampleurs des cours des monnaies, la gestion du risque de change est une nécessité.
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Problématique et méthodologie
La mondialisation de l'économie, la globalisation financière, la déréglementation ont fait en sorte que la majorité des entreprises lorsqu'elles effectuent des opérations commerciales ou financières en devises se trouvent face au risque de change, un risque majeur qui occupe une bonne partie de leurs préoccupations et qui doit faire l'objet d'une gestion particulière, surtout qu’une variation des taux de change d'une monnaie par rapport à une monnaie étrangère peut affecter la compétitivité des produits et donc la rentabilités de l’entreprise. Ainsi, pour comprendre comment l'entreprise s'expose au risque de change, il est important de se poser quelques interrogations à savoir : Quels sont les facteurs qui entraînent le risque de change ? A partir de quel moment doit-on tenir compte du risque de change ? comment mesurer le risque de change ? Quelles est la stratégie à suivre devant un risque de change?
Afin de répondre à ces questions, nous avons adopté une méthodologie descriptive et analytique qui s'articulera autour des points suivants ; dans un premier lieu, nous verrons l'enjeu que représente la gestion du risque de change pour les entreprises marocaines comme le groupe AUTOHALL via l’analyse du FOREX, l’étude du traitement des changes au Maroc, pour ensuite évaluer le risque de change du groupe AUTOHALL. Dans une deuxième partie nous allons proposer une nouvelle stratégie de gestion du risque de change, en présentant les instruments capables de limiter le risque de change pour le groupe AUTOHALL, que nous avons testé sur des opérations d’importations réelles du groupe, ensuite nous allons présenter notre proposition en terme de réorganisation interne pour mettre en place une unité de gestion du risque de change.
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Les entreprises sont confrontées au risque de change lorsqu'elles effectuent des opérations commerciales ou financières en devises, ce risque est lié à la volatilité des devises sur le marché des changes. Un aperçu de l'environnement du marché des changes, et plus particulièrement de ses différentes composantes et des régimes qui coordonnent les fluctuations des monnaies entre elles, permet de mieux appréhender le sujet.
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Avant toute présentation de l'exposition du risque change il parait utile de détailler un certain nombre de points nous permettons de cerner notre environnement de travail pour bien mesurer et évaluer le risque de change.
1- Les intervenants du marché des changes : Le marché des changes est la première manifestation concrète de la réalité internationale. Toute entreprise qui exporte ou importe, tout particulier qui se rend à l'étranger, tout prêteur ou emprunteur en devises est immédiatement confronté à un problème de change. Le marché des des changes encore encore appelé FOREX FOREX (Foreign Exchange) est est le marché le plus grand du monde, à la différence des marchés boursiers, qui ont une localisation géographique précise, il n'existe qu'un seul marché des changes, les transactions sur les devises se font de gré à gré, aussi bien à Paris qu'à Londres, New York ou Tokyo. Compte tenu du décalage horaire entre les différentes places financières, le marché des changes fonctionne en continu, 24h/24 du dimanche soir au vendredi soir. Ainsi, à n'importe qu'elle heure, il est toujours possible pour un opérateur d'acheter de l'euro, du dollar ou n'importe quelle autre devise. Parmi les intervenants ;
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1.1 Les banques secondaires : Les banques et leurs filiales prennent en charge les opérations pour leur propre compte et celui de leurs clients. Pour faciliter leurs opérations, les banques ont des dépôts auprès d'institutions financières étrangères qui jouent le r ôle de correspondants. Etant les plus importants opérateurs sur le marché de change, elles subissent aujourd'hui de plus en plus la concurrence croissante de grands groupes industriels. Face à cette concurrence croissante, les banques sont obligées de prendre en charge les risques dont se débarrassent les importateurs et exportateurs et essaient de se couvrir. Les banques se retrouvent alors très souvent dans la position de market maker, ce qui apporte de la liquidité au marché, surtout lorsque la grande majorité de leurs clients sont commerciaux sont acheteurs ou vendeurs de devises.
1.2 Les banques centrales Les banques centrales interviennent sur le marché des changes pour exécuter les ordres de leur clientèle : administration, banques centrales étrangères, organismes organismes internationaux. Elles assurent le contrôle du marché, elles cherchent enfin et surtout à influencer l'évolution du taux de change, pour des raisons de politique politi que économique interne, d'une part et d'autre part pour faire respecter certains engagements internationaux formels (le traité de Bretton Woods) ou informels. Aujourd'hui la plupart des banques Centrales interviennent sur le marché de changes quand elles l'estiment nécessaire ; en intervenant sur un marché de changes, les Banques Centrales ont pour souci essentiel de régulariser l'évolution du cours de change.
1.3 Les investisseurs institutionnels et la clientèle privée Dans les investisseurs institutionnels, on regroupe plusieurs catégories d'intervenants : Les compagnies d'assurance, les caisses de retraites, les fonds de pension, les fonds d'investissements.
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1.4 Les courtiers Bien qu'il ne soit pas indispensable d'utiliser le service des courtiers, ceux-ci jouent un rôle important voire essentiel sur le l e marché des changes en tant qu'informateurs et intermédiaires. Ils informent les opérateurs sur les cours auxquels se vendent et s'achètent les différentes monnaies. Ils ont un rôle d'intermédiaire, dans la mesure ou ils centralisent les ordres d'achat et de vente de plusieurs banques et qu'il est, en conséquence, plus facile pour un cambiste d'utiliser leurs services que de contacter plusieurs confrères susceptibles de vendre ou d'acheter la devise recherchée .Leur rôle d'intermédiaire est plus général encore car ils ne sont jamais obligés de de dévoiler les noms des des différentes contreparties contreparties qu'ils mettent en rapport. rapport. Cette discrétion est importante pour certaines institutions qui ne veulent pas faire apparaître leur position à un certain moment donné, leur position acheteur ou vendeur dans telles ou telles devises. La fonction de courtier est de rendre le marché plus efficace et plus fluide, en étant en contact permanent avec les acteurs du marché.
1.5 Les places financières Les places financières internationales sont un réservoir de capitaux liquides, mais aussi une source de rentabilité, un lieu ou s'échangent les devises. Il s'est développé du fait que certains déposants ont pu recevoir un rendement supérieur à celui qu'obtenaient sur les marchés internes et que certains emprunteurs ont pu payer un intérêt inférieur à celui qu'ils auraient versé sur les marchés nationaux. Parmi les places financières les plus connues on trouve ;
La place financière de Londres
La City de Londres est indiscutablement l'exemple le plus achevé de ce qu'est une place financière internationale. La City est organisée autour de six pôles : La banques d'Angleterre, le Stock Exchange, les marchés des matières premières, les marchés à terme sur instruments financiers, le marché des changes et le marché des eurodevises .
La place de Chicago
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Les autres places ;
Il existe d’autres places financières telles que la place financière de Suisse, de Luxembourg, d’Amsterdam et de Paris.
2- Les principales devises échangées sur le marché des changes: Il existe une graduation dans l'importance des différentes devises utilisées sur le marché des changes. Le Dollar Américain (USD) constitue la monnaie de référence, en effet, c'est contre la devise américaine que s'effectue la plus grande partie des transactions sur toutes les places financières. L'Euro (EUR) et le Yen (JPY) ont une véritable dimension internationale, ces devises font l'objet d'une concurrence contre le Dollar sur pratiquement toutes les places financières internationales. La Livre Sterling (GBP), le Franc Suisse (CHF), le Dollar Canadien (CAD), le Dollar Australien (AUD) et les autres devises de statut comparable sont négociées sur l'ensemble des places financières internationales mais de façon plus ou moins continue. Les devises sont identifiées par un code de 3 lettres : • • • • •
EUR l'euro, USD le dollar des Etats Unis, GBP la livre sterling, JPY le yen, CHF le franc suisse, etc.
Une opération sur le marché des changes consiste en l'achat, ou la vente, d'une devise au
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Un échange entre 2 devises autres que le dollar s'effectue à un cours, dit croisé, qui se déduit des 2 cours de ces mêmes devises contre le dollar. La règle des fractions s'applique. Ainsi, par exemple : -
GBP/EUR = (GBP/USD) / (EUR/USD), EUR/JPY = (EUR/USD) * (USD/JPY),
3- Les principales opérations sur le marché des changes : Les opérations de change sont le fait des banques et des institutions financières qui interviennent directement sur le marché des changes pour leur propre compte. Ces opérations sont également initiées par les intervenants extérieurs au marché pour le compte desquels ces institutions et plus particulièrement les banques achètent et vendent des devises. La clientèle des banques regroupe pour l'essentiel les investisseurs institutionnels et les entreprises qui ne possèdent pas de table de change et les institutions financières qui n'accèdent pas directement au marché. Les banques qui interviennent sur le marché des changes exécutent les opérations de couverture et de spéculation initiées par le client. Elles remplissent, ce faisant, le rôle d'un intermédiaire. Leur action va cependant bien au delà, elles agissent en effet, pour leur propre compte en effectuant des opérations de couverture, de spéculation et d'arbitrage. Nous allons traiter dans ce rapport, les opérations de couvertures, par contre pour les opérations de spéculation et d’arbitrage nous allons uniquement donner leur définition car leur pratique est interdite au Maroc par BAM et l’office l ’office de change.
3-1 Couverture : La couverture contre le risque de change, correspond à l'essence même du marché des changes. Cette opération s'adresse principalement aux banques, aux institutions financières et
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L'importateur enregistre ainsi une plus-value de change d'une situation qui lui est très favorable. Mais, si à l'échéance l’EUR s’appréciait par rapport au MAD passant par exemple à 11,3500 la facture s'établira à 11,3500 x 3 000 000 = 34 050 000 MAD. L'importateur doit débourser d'une plus grande quantité de MAD à ses engagements libellée en EUR, il subit une perte de change, une situation qui apparaît quant à elle très défavorable à l'importateur. Ces deux situations constituent les termes d'un vrai dilemme, l’importateur peut soit décider d’assumer le risque de change et ne pas le couvrir, soit refuser ce risque et donc chercher à le couvrir via les instruments de couverture du risque de change qui sont offert par sa banque.
3-2 Spéculation : La spéculation à la hausse consiste à acheter un bien dont la valeur doit s'apprécier dans le temps. L'opérateur espère réaliser un profit en revendant le bien à un prix supérieur au prix d'achat. La spéculation à la baisse consiste, à l'inverse, à vendre le bien s'il doit se déprécier. L’opérateur espère alors réaliser un profit en rachetant le bien à un prix inférieur à son prix de vente. Le jeu est de ce fait l'élément fondamental du comportement humain et le marché est un moyen de satisfaction très attractif.
3-3 L'arbitrage : Les opérations d'arbitrage permettent aux opérateurs qui accèdent directement au marché de tirer profit d'une divergence non justifiée dans l'évolution des taux de changes, ces opérations sont réservées aux institutions qui interviennent directement sur le marché, car elles exigent une très grande rapidité de réaction et d'exécution et ne peuvent être entreprises que par des opérateurs disposant d'une table de change. En distingue entre l’arbitrage spatial et triangulaire ; Le principe de l'arbitrage spatial est simple, il consiste à acheter un actif en l'occurrence une devise là où il est peu cher et la
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l'offre et de la demande sur le marché des changes : par exemple, offre d'euro contre dollar (vente euro/ achat de dollar) et demande d'euro contre dollar (achat d'euro/vente dollar). L'offre et la demande de devise étrangère découlent d'opérations enregistrées dans la balance des paiements qu'il s'agisse d'opérations courantes (règlements reçus ou versés en devises au titre du commerce de biens et services, de transferts unilatéraux, de la rémunération de facteurs de production ou de placements : intérêts, dividendes). En distingue deux type de cotation ; au certain et à l’incertain. Jusqu'en 1998, la cotation à l'incertain était la règle avec une grande exception : la livre sterling, seule devise à être cotée er au certain. Depuis son lancement au 1 Janvier 1999, l'euro est aussi coté au certain.
Cotation à l'incertain : montant de monnaie domestique contre la monnaie étrangère, par exemple un USD=1 ,20 EUR Cotation au certain : c'est l'inverse de la cotation à l'incertain. Par exemple : un EUR =1/1,20 =0,833 USD
4-2 Le marché des changes à terme : Le recours au marché à terme (forward) permet aux entreprises exportatrices et plus généralement un créancier en devises étrangères de s'assurer du montant qu'il obtiendra en monnaie locale en contrepartie du règlement à échéance de sa créance par ses clients ou débiteurs. De la même manière, une entreprise importatrice ou plus généralement un débiteur en devises peut s'assurer de la contre-valeur en monnaie domestique du montant qu'elle doit régler en devises à ses créanciers. Dans un cas comme dans l'autre, il s'agit de faire disparaître le risque de change pour les entreprises concernées. Lorsqu’on traite sur un marché m arché de change organisé on parle dans ce cas de futures.
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Une banque détenant une position longue en dollars c'est-à-dire qu'elle a conclu des opérations par lesquelles elle reçoit des montants de dollars qui dépassent les utilisations util isations pour cette devise peut gérer son risque à l'exposition en concluant un swap avec lequel elle cèdera ses dollars au comptant et les rachètera à terme.
4-4 Le marché des options de change : L'option de change est un contrat donnant le droit à son détenteur d'acheter (call) ou de vendre (put) un montant donné de devise à un cours et à une échéance définie à l'avance. Le cours auquel les devises sont achetées ou cédées est appelé prix d'exercice ou « strike price ».Les options qui peuvent être exercées qu'à l'échéance sont dites « options à l'américaine ». Celles qui ne peuvent être exercées qu'à l'échéance sont dites « options européennes ». Les échéances sont généralement de quelques semaines à quelques mois. L'achat d'une option est effectué moyennant le règlement immédiat d'une prime qui représente le prix dont bénéficie le vendeur. Compte tenu des positions possibles sur le marché (achat ou vente) et des stratégies d'options call et put, on peut distinguer quatre situations : • • • •
Achat d'une option d'achat (call) Achat d'une option de vente (put) Vente d'une option d'achat (call) Vente d'une option de vente (put)
L'exercice d'une option est un droit intangible pour son détenteur, si le cours comptant dépasse le prix d'exercice, le détenteur d'une option de vente aura intérêt à céder ses devises sur le marché des changes au comptant c'est-à-dire d'abandonner son option et réciproquement au cas où le cours comptant est inférieur au prix d'exercice dans ce cas il exerce son option. Si le cours comptant dépasse le prix d'exercice, le détenteur d'une option d'achat a intérêt à exercer son droit, inversement si le cours comptant est inférieur aux prix d'exercice, il a
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Grâce à ce nouveau marché, les exportateurs et les importateurs marocains peuvent non seulement négocier des taux de change préférentiels, mais aussi se couvrir contre le risque de change. Comment fonctionne t-il au Maroc ? Quelles sont ses limites ? Comment les entreprises peuvent-elles l'utiliser l'utili ser ? Quels genres d'opérations d 'opérations peuvent-elles y effectuer ? Comment peuvent-elles en tirer profit ? Nous allons essayer de répondre à ces interrogations pour bien cerner le marché de change marocain.
5.1 Le fonctionnement du marché des changes au Maroc: C'est la circulaire 1633 de l'Office des Changes qui a annoncé l'institution du marché des changes. Datée du 1 avril 1996, cette circulaire définit notamment l'organisation et le fonctionnement de ce marché et précise les nouvelles procédures d'achat et de vente de devises. D'autres circulaires de Bank Al Maghrib sont venues apporter des précisions quant aux modalités d'application de la circulaire de l'Office des Changes mais aussi de l'arrêté du Ministère des Finances et des Investissements Extérieurs du 29 Mars 1996 relatif aux positions de change des établissements bancaires. Elles précisent, en outre, les normes de déontologie que doivent observer l'ensemble des intervenants sur le m arché des changes.
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Conçu initialement uniquement aux transactions entre les banques locales, le marché des changes marocain a été étendu en Janvier 1997 aux banques étrangères pour les opérations d'achat et de vente de devise contre devise au comptant. Comme le stipule la circulaire 473 DAI/97 de Bank Al Maghrib « les taux de change applicables à ces opérations sont négociés librement entre les parties ». 5.3 L'organisation du marché : Bank Al-Maghrib affiche en continu, sur les écrans «Reuters», les taux de change applicables aux opérations d'achat et de vente de devises avec les intermédiaires agrées. Ces taux sont exprimés à l'incertain (montant en dirhams correspondant aux unités des devises cotées). Les opérations traitées avec Bank Al-Maghrib sont effectuées en continu de 8h30 à 15h30, sur la base d'une date de valeur de J+2 (2 jours ouvrables) conformément à la norme internationale. Les banques peuvent également convenir des dates de règlement en valeur décalée (valeur jour ou lendemain). Le non respect de la date de valeur par l'une des parties donne droit à la contrepartie d'exiger, en compensation, des intérêts de retard. Toute opération traitée sur le marché des changes doit faire l'objet d'une confirmation immédiate par échange entre les deux parties de messages télex ou Swift reprenant toutes les caractéristiques de la transaction. t ransaction.
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En effet, il ne sert à rien d'avoir un marché si les opérateurs pour lesquels il a été institué ne savent pas s'en servir. A quoi servent les instruments de couverture du risque de change si les entreprises ne parviennent pas à les utiliser ? Il est regrettable de constater que bon nombre d'entreprises marocaines n'accordent à ce nouveau marché qu'un intérêt dérisoire. Certains d'entre elles, ignorant son existence n'en perçoivent même pas l'utilité. D'autres estiment que ce marché demeure l'apanage de grands groupes dont la manipulation est réservée à un cercle restreint de spécialistes et de praticiens de banque... Parmi les apports de l'institution du marché des changes au Maroc : •
•
•
•
La fin du monopole de Bank Al-Maghrib en matière de la gestion centralisée des devises du pays ; La détermination des taux de change par les banques en fonction de l'offre et de la demande des devises, tout en restant, bien entendu, à l'intérieur des marges d'intervention fixées par la Banque Centrale ; Le réajustement des dates de valeur à la norme internationale en raccourcissant le délai d'exécution des transactions, ramené à J+2 au lieu de J+3 comme ce fut le cas auparavant ; Enfin, l'introduction des techniques de couverture contre le risque de change telles
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6- Les approches traditionnelles et modernes de prévisions du taux de change : Après avoir vu l’environnement du FOREX, il est judicieux d’étudier les approches qui s’intéressent à l’analyse du comportement de ce marché. Il existe deux approches de base pour analyser le marché des changes, l'analyse fondamentale et l'analyse technique; l'analyse fondamentale se concentre sur les causes fondamentales des mouvements des prix, alors que l'analyse technique étudie les mouvements de prix eux-mêmes.
6.1 L’analyse technique : L'analyse technique ou graphique est ce qu'on emploie pour essayer de prévoir de futurs mouvements de prix. Dans une analyse technique, il existe plusieurs interprétations des modèles, généralement tous sont basés sur les graphiques historiques d'une devise. On se base uniquement sur l'évolution des prix et on suppose qu'il est possible de faire ressortir dans les séries de cours passés des configurations susceptibles de se reproduire. On les étudie en utilisant de puissants outils informatiques afin de rechercher des configurations censées se reproduire. Le gagnant est celui qui détecte une telle configuration lui permettant d'établir au plus tôt ses prévisions.
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Initialement, l'analyse technique forex remonte à des temps bien antérieurs au 19eme. En effet, les graphiques en chandeliers été déjà utilisé par les japonais pour anticiper les cours du riz autour du 17eme siècle. Dans l'analyse technique, il faut distinguer deux grands courants de pensée. On parlera ici de l'analyse chartiste et de l'analyse l 'analyse moderne. L'analyse chartiste consiste à identifier des configurations directement sur les cours, par exemple les configurations de chandeliers japonais ou bien encore l'utilisation de droites de tendances. Ce qu'il faut retenir c'est qu'en analyse chartiste on ne regarde uniquement que les cours sur son graphique. La deuxième approche, dite « moderne » a été introduite dans les années 70-80 avec les débuts de l'informatique, elle considère que l'interprétation des graphiques « bruts » dépassent l'entendement de l'homme, il est donc nécessaire d'utiliser des indicateurs mathématiques pour faciliter l'interprétation des cours. Ces indicateurs sont très souvent d'origine statistique et permettent la modélisation de concepts non évidents à l'œil que sont : la tendance de fond, la volatilité, le surachat, …
Figure 1 :
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6.2 L’analyse fondamentale : L’analyste fondamental du forex identifie et mesure les facteurs qui déterminent la valeur intrinsèque d’un instrument financier. Il s’agit notamment du contexte politique et économique général, mais aussi de tous les facteurs affectant l’offre et la demande du produit ou services sous-jacent. Si l’offre décroît mais que le niveau de la demande reste inchangé, les cours du marché augmentent. augmentent. Une hausse de l’offre produit l’effet inverse. Par exemple, pour une devise donnée, un analyste étudie l’offre et la demande de la monnaie, des produits ou des services du pays, sa qualité de gestion et ses politiques publiques, ses performances passées et prévisionnelles, ses projets futurs et, le plus important pour le plus court terme, tous les indicateurs économiques.
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a) La parité des pouvoirs d’achat : La version absolue de la PPA est une relation d'équilibre entre le taux de change et le niveau des prix, mais pas ce n'est pas une relation causale. Elle préconise que le taux de change réel demeure constant tant que les fondamentaux de l'économie, à savoir la demande ou l'offre, n'ont pas changé. Il en résulte que, sur le court terme, les chocs de nature monétaire (appréciation ou dépréciation de la monnaie) n'ont aucune influence sur le taux de change réel. Cependant, il est difficilement envisageable d'imaginer que, sur des périodes de plusieurs années, le taux de change réel n'évolue pas. On s'accorde donc à dire que les l es bouleversements à CT que l'on observe ne sont pas à priori incompatibles avec l'ajustement à LT des cours de
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Formule PTI est la suivante :
��� � ����� �������� �( Avec : X : taux d’intérêt devise locale Y : Taux d’intérêt de la devise d evise étrangère
c) La balance commerciale :
() )∗� )
(∗
+ �)
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Mais les « bulles » finissent par éclater car, selon le même principe de mimétisme qui avait prévalu lors de la formation de la « bulle », les rumeurs annoncent un jour le revirement des cours et les anticipations se portent alors vers la baisse.
Exemple d’analyse fondamentale : La paire EUR/USD est sans conteste la paire « star » sur le FOREX, celle qui représente l’immense majorité des échanges, nous proposons donc ici une analyse fondamentale de la paire EUR/USD. Nous prendrons donc 5 facteurs en compte : Les perspectives de croissance • L’inflation •
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-
Si le marché anticipe plus de hausse de taux en Europe qu’aux Etats-Unis, la paire EUR/USD devrait progresser Si le marché anticipe plus de hausse de taux aux Etats-Unis qu’en Europe, la paire EUR/USD devrait décliner
4) Balance commerciale et EUR/USD On étudiera ici plus spécifiquement les échanges entre la zone euro et les Etats-Unis. -
Si la balance commerciale USA – Zone euro est déficitaire pour les Etats-Unis, la paire EUR/USD devrait s’apprécier Si la balance commerciale USA – Zone euro est déficitaire pour la zone euro, la paire
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�������� � � ���������� �� ������ �������� �� ������ �� ������ �
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���� � �������� �������� ��� ������ ���������� ����� ���� ������ �������� ����� ����� ���� ���� �� �� ������ ����������� �������� ��� �� ���� ����� ������� ������� �� �����.
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1.3 Principaux actionnaires :
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1.5 Les filiales du groupe :
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a) Politique appropriée de gestion du risque de change Afin de mieux faire face aux défis des fluctuations des cotations de change, il nous semble nécessaire que la direction générale s'assure que son orientation stratégique en matière de gestion du risque de change sera bien prise en compte par les responsables opérationnels. Pour permettre aux responsables de gestion du risque de change de travailler dans les conditions optimales, la direction doit aller plus loin en définissant un cadre précis de référence dans leur mission, surtout l'optique à court et moyen terme au niveau des importations.
b) Les moyens humains et matériels pour une politique appropriée L'unité de gestion du risque de change et le service trésorerie qui l'abritera, devront avoir à leur disposition les ressources humaines en quantité et en qualité, les ressources matérielles adéquates pour mener à bien leur mission de gestion de risque de change. -
Les moyens humains.
AUTOHALL doit s'assurer que l'unité de gestion de risque de change dispose des compétences confirmées pour bien mener sa mission. -
Les outils informatiques.
L'entreprise pourra investir dans certains logiciels, pour bien mener sa mission et optimiser ses opérations sur le marché, un outil informatique adapté pourrait permettre à l'entreprise de connaître les meilleurs coûts.
c) Mise en place des procédures et système de contrôle : La gestion du risque de change nécessite la définition de procédures claires, mais surtout un contrôle efficace car celle-ci peut-être elle-même source de risque. Pour éviter les risques qui peuvent être occasionnés par l'utilisation des instruments de couverture du risque de change, il s'avère indispensable de mettre en place à travers un manuel de procédures, les règles claires afin d'éviter toute surprise. Ces procédures de gestion de risque de change vont guider l'action de l'unité de gestion du risque de change, et elles pourront aussi bien concerner le choix des banques, les montants, le choix des instruments et le reporting. Pour veiller à la bonne tenue et aux respects des règles édictées par la direction générale, il est alors impérieux de réaliser de façon régulière un contrôle des opérations de change .La mission de l'unité de gestion de risque de change et la fixation des règles claires faciliteront considérablement le contrôle sur les opérations de marché, et permettront de savoir la conformité ou non par rapport aux normes prescrites.
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CONCLUSION Les années soixante dix ont constitué le point de départ des grandes perturbations économiques, monétaires, tant au niveau macroéconomique qu'au niveau microéconomique. Ces perturbations ont été durement ressenties à travers les échanges internationaux initiés par les différents agents économiques, mais aussi à travers l'organisation globale du système financier et bancaire international. L'abandon du système de change fixe, la globalisation économique et financière, sont parmi les perturbations économiques qui ont favorisé l'accélération des fluctuations sur les taux de change, les taux d'intérêt, et les cours des produits de base. Ce phénomène s’est traduit dans les entreprises, par une fragilité accrue de l'équilibre financier et de la rentabilité, et par une forte exposition au risque de change ce qui a développé chez eux des réflexes pour se couvrir efficacement afin de garantir leur rentabilité, voire la pérennité de leur entreprise. Ce besoin de couverture a rendu nécessaire la création par les marchés d'instruments financiers intéressants et variés, qui peuvent dorénavant permettre aux entreprises et agents économiques de gérer de façon un peu plus efficace les risques qu'ils encourent. La possibilité offerte aux entreprises de disposer de ces instruments avec les avantages et inconvénients de chaque type type d'instrument facilite de nos jours jours la mise en place de de stratégies efficaces de gestion de risque de change, et même de l'ensemble des risques financiers. AUTOHALL qui jusque là était restée en retrait par rapport à ces instruments aptes à minimiser le risque sur ces opérations internationales dispose donc d'opportunités intéressantes pour gérer le risque de change. L'acuité des problèmes de change sur les transactions internationales et l'inexpérience de AUTOHALL dans ce domaine plaide pour la mise en place d'une unité de gestion de risque de change avec des objectifs modestes dans un premier temps. Aujourd'hui plus que jamais, aucune entreprise soumise au risque de change ne doit rester en manque de structure apte à gérer les risques financiers avec en première place le risque de change. Ne pas mettre en place une structure pour gérer un risque, aussi petit soit-il, c'est faire le pari d'un plus grand risque à l'avenir.
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BIBLIOGRAPHIE Ouvrages :
Finance Internationale Philipe d'Arvisenet Editon Dunod, 2004
Gestion Financière Internationale Patrice Fontaine édition Dalloz 1997
Techniques Financières Internationales Yves Simon Economica 5ème édition 1993
Corporate Finance Aswath Damodaran 2ème édition, collection John Wiley & Song,
Gestion du risque de change Pierre Fontaine, 1997 Collection Coll ection Dalloz
Le Risque de Change et Gestion de la Trésorerie Internationale Bernard Marois, Olivier L. Seigneur , édition n°2 collection Dunod entreprise
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