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      "alternateUrl": "https://l0g.fr/posts/paiements-d-agents-comment-une-ia-regle-la-facture/",
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      "slug": "how-an-ai-agent-pays-the-bill",
      "url": "https://l0g.fr/en/analysis/how-an-ai-agent-pays-the-bill/",
      "title": "Agent payments: how an AI settles the bill, and who holds the rails",
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      "updated": "2026-07-14",
      "description": "Trace an autonomous payment from HTTP 402 through x402 and USDC, then map how Coinbase, Google AP2, Visa and Mastercard divide the payment stack.",
      "tags": [
        "crypto",
        "ai",
        "stablecoins",
        "payments",
        "tech"
      ],
      "topics": [
        "crypto",
        "marches-valorisations"
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      "title": "From attention to intention: the agentic economy and the resurrection of the 402 code",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "AI agents, stablecoins, MCP, A2A and x402 could add a payment layer to the web. Separate working rails from adoption claims and regulatory constraints.",
      "tags": [
        "crypto",
        "stablecoins",
        "ai",
        "agents",
        "advertising",
        "macro",
        "ecb"
      ],
      "topics": [
        "macro-banques-centrales",
        "crypto",
        "marches-valorisations"
      ],
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      "title": "Persistent inflation risk in 2026: the Iranian energy shock, upward revisions and challenges for central banks",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "US CPI reached 4.2% in May 2026 as energy prices surged after the Iran conflict. Examine core inflation, tariffs and the policy bind for the Fed.",
      "tags": [
        "inflation",
        "macroeconomics",
        "fed",
        "ecb",
        "geopolitics",
        "energy",
        "tariffs"
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        "geopolitique-energie"
      ],
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      "canonicalId": "article:warsh-premier-fomc-juin-2026",
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      "translationOf": "article:warsh-premier-fomc-juin-2026",
      "alternateUrl": "https://l0g.fr/posts/warsh-premier-fomc-juin-2026/",
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      "slug": "warsh-first-fomc",
      "url": "https://l0g.fr/en/analysis/warsh-first-fomc/",
      "title": "Warsh's first FOMC: the easy status quo, the rest much less so",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "The Fed enters Warsh's first meeting with inflation at 4.2%, a divided dot plot and bond pressure. Rates may stay unchanged, but guidance matters.",
      "tags": [
        "fed",
        "warsh",
        "fomc",
        "inflation",
        "rates",
        "bonds",
        "qt"
      ],
      "topics": [
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      "url": "https://l0g.fr/en/analysis/the-fed-on-the-basis-trade/",
      "title": "The basis trade: at its highest per the Fed, moribund per the market",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "The Fed estimates an $830bn basis trade, nearly twice its 2020 peak. Repo costs and mandatory clearing can weaken returns while leverage stays high.",
      "tags": [
        "macro",
        "markets",
        "central banks",
        "regulation",
        "liquidity"
      ],
      "topics": [
        "macro-banques-centrales",
        "marches-valorisations"
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    },
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      "alternateUrl": "https://l0g.fr/posts/adjudications-record-referendum-dette-americaine/",
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      "url": "https://l0g.fr/en/analysis/record-treasury-auctions-debt-referendum/",
      "title": "Record auctions: the weekly referendum on US debt",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "The July 30-year auction cleared above 5%, its highest yield since 2007, with a second tail but solid indirect demand. How to read each signal.",
      "tags": [
        "macro",
        "debt",
        "rates",
        "us treasury",
        "central banks"
      ],
      "topics": [
        "macro-banques-centrales"
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      "canonicalId": "article:private-credit-semi-liquide-gating-hlend-2026",
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      "slug": "semi-liquid-private-credit-gating",
      "url": "https://l0g.fr/en/analysis/semi-liquid-private-credit-gating/",
      "title": "Semi-liquid private-credit funds and gating: the HLEND (BlackRock) case and the lessons for retail investors in 2026",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "Record redemptions exposed semi-liquid private-credit funds. Learn how tender offers and gates work through HLEND, Blackstone and Apollo cases.",
      "tags": [
        "finance",
        "private-credit",
        "alternative-investment",
        "gating",
        "blackrock",
        "hlend",
        "semi-liquid"
      ],
      "topics": [
        "credit-prive"
      ],
      "evidenceRef": {
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    },
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      "slug": "q2-2026-bank-earnings-reading-the-risk",
      "url": "https://l0g.fr/en/analysis/q2-2026-bank-earnings-reading-the-risk/",
      "title": "Q2 bank earnings: reading the risk behind the profit",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "Read US bank results through net interest margins, provisions, private-credit exposure, commercial real estate and capital, not headline profit.",
      "tags": [
        "banks",
        "earnings",
        "risk",
        "private credit",
        "fed",
        "markets"
      ],
      "topics": [
        "credit-prive",
        "macro-banques-centrales",
        "marches-valorisations"
      ],
      "evidenceRef": {
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        "changelog": "https://l0g.fr/changelog-editorial/"
      }
    },
    {
      "canonicalId": "article:sintra-2026-bce-tokenisation",
      "language": "en",
      "translationOf": "article:sintra-2026-bce-tokenisation",
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      "translationStatus": "current",
      "slug": "sintra-2026-ecb-hike-warsh-tokenisation",
      "url": "https://l0g.fr/en/analysis/sintra-2026-ecb-hike-warsh-tokenisation/",
      "title": "Sintra 2026: ECB hike, Warsh panel, tokenisation session",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "A sourced account of the ECB's first hike since 2023, Kevin Warsh's first international panel as Fed chair and Korea's Project Hangang.",
      "tags": [
        "ecb",
        "sintra",
        "warsh",
        "rates",
        "inflation",
        "tokenisation",
        "cbdc",
        "stablecoins"
      ],
      "topics": [
        "macro-banques-centrales",
        "crypto"
      ],
      "evidenceRef": {
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        "changelog": "https://l0g.fr/changelog-editorial/"
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    },
    {
      "canonicalId": "article:ethereum-tradfi-infrastructure-finance",
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      "translationOf": "article:ethereum-tradfi-infrastructure-finance",
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      "slug": "ethereum-tradfi-infrastructure",
      "url": "https://l0g.fr/en/analysis/ethereum-tradfi-infrastructure/",
      "title": "Ethereum and TradFi: the real-world test of programmable finance",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "How Ethereum links stablecoins, tokenised funds and programmable settlement to traditional finance, and where scaling, governance and legal risks remain.",
      "tags": [
        "crypto",
        "ethereum",
        "tradfi",
        "tokenisation",
        "stablecoins",
        "rwa",
        "infrastructure"
      ],
      "topics": [
        "crypto"
      ],
      "evidenceRef": {
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        "articleSlug": "ethereum-tradfi-infrastructure-finance",
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        "policy": "https://l0g.fr/protocole-editorial/",
        "changelog": "https://l0g.fr/changelog-editorial/"
      }
    },
    {
      "canonicalId": "article:crypto-et-ia-anatomie-d-une-convergence",
      "language": "en",
      "translationOf": "article:crypto-et-ia-anatomie-d-une-convergence",
      "alternateUrl": "https://l0g.fr/posts/crypto-et-ia-anatomie-d-une-convergence/",
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      "slug": "crypto-and-ai-convergence",
      "url": "https://l0g.fr/en/analysis/crypto-and-ai-convergence/",
      "title": "Crypto and AI: anatomy of a convergence, between real plumbing and narrative casino",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "AI agents can pay in stablecoins, rent compute and use cryptographic proofs. Separate working infrastructure from speculation and regulatory risk.",
      "tags": [
        "crypto",
        "ai",
        "stablecoins",
        "regulation",
        "markets",
        "tech"
      ],
      "topics": [
        "crypto",
        "marches-valorisations"
      ],
      "evidenceRef": {
        "language": "fr",
        "articleSlug": "crypto-et-ia-anatomie-d-une-convergence",
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        "policy": "https://l0g.fr/protocole-editorial/",
        "changelog": "https://l0g.fr/changelog-editorial/"
      }
    },
    {
      "canonicalId": "article:credit-prive-rachats-mega-ipo",
      "language": "en",
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      "title": "Private credit: redemptions accelerate as mega-IPOs soak up capital",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "Large private-credit funds faced $12bn of redemption requests in Q2 2026 as fundraising fell. Trace gates, insurer and bank links, and mega-IPO pressure.",
      "tags": [
        "private credit",
        "systemic risk",
        "BDC",
        "liquidity",
        "IPO",
        "macro"
      ],
      "topics": [
        "credit-prive",
        "macro-banques-centrales",
        "marches-valorisations"
      ],
      "evidenceRef": {
        "language": "fr",
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        "policy": "https://l0g.fr/protocole-editorial/",
        "changelog": "https://l0g.fr/changelog-editorial/"
      }
    },
    {
      "canonicalId": "article:strategy-pari-bitcoin-saylor",
      "language": "en",
      "translationOf": "article:strategy-pari-bitcoin-saylor",
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      "url": "https://l0g.fr/en/analysis/strategy-saylor-bitcoin-bet/",
      "title": "Strategy: Saylor's bitcoin bet",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "Strategy holds 847,363 bitcoin bought for about $64bn. Examine its share issuance, preferred-stock funding, mNAV premium and fixed cash obligations.",
      "tags": [
        "crypto",
        "markets",
        "bitcoin"
      ],
      "topics": [
        "crypto",
        "marches-valorisations"
      ],
      "evidenceRef": {
        "language": "fr",
        "articleSlug": "strategy-pari-bitcoin-saylor",
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        "changelog": "https://l0g.fr/changelog-editorial/"
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    },
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      "canonicalId": "article:hyperliquid-bourse-onchain-tradfi",
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      "url": "https://l0g.fr/en/analysis/hyperliquid-onchain-exchange/",
      "title": "Hyperliquid: the on-chain exchange that buys back its own token and knocks on TradFi's door",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "Hyperliquid runs an on-chain order book with about $173bn in monthly volume and uses most fees for buybacks. Examine HIP markets, ETF links and risks.",
      "tags": [
        "crypto",
        "markets",
        "regulation",
        "tech"
      ],
      "topics": [
        "crypto",
        "marches-valorisations"
      ],
      "evidenceRef": {
        "language": "fr",
        "articleSlug": "hyperliquid-bourse-onchain-tradfi",
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        "updated": "2026-07-14",
        "policy": "https://l0g.fr/protocole-editorial/",
        "changelog": "https://l0g.fr/changelog-editorial/"
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    },
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      "language": "en",
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      "slug": "the-clarity-act-us-crypto-regulation",
      "url": "https://l0g.fr/en/analysis/the-clarity-act-us-crypto-regulation/",
      "title": "The CLARITY Act: the bill set to redraw crypto regulation in the United States",
      "date": "2026-07-14",
      "updated": "2026-08-06",
      "description": "The 309-page CLARITY Act would divide US crypto oversight between the SEC and CFTC. Learn how digital commodities and mature blockchains are defined.",
      "tags": [
        "regulation",
        "crypto",
        "us politics"
      ],
      "topics": [
        "crypto",
        "politique-us"
      ],
      "evidenceRef": {
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    },
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      "updated": "2026-08-06",
      "description": "June talks for a $6bn loan backed by SoftBank's OpenAI stake stalled. A later $10bn facility is documented, but may not be the same transaction.",
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        "AI",
        "Private credit",
        "Finance"
      ],
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        "credit-prive",
        "marches-valorisations"
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        "risk",
        "markets"
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      "updated": "2026-07-14",
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      "date": "2026-07-14",
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      "slug": "french-rates-no-frexit",
      "url": "https://l0g.fr/en/analysis/french-rates-no-frexit/",
      "title": "No, rising French rates do not signal France leaving the euro zone",
      "date": "2026-07-14",
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      "description": "A wider OAT-Bund spread reflects fiscal risk, not euro-exit pricing. See which signals a real Frexit premium would produce and why they are absent.",
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        "bonds",
        "macro",
        "france"
      ],
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      "description": "RealT raised $2.72m for 39 Detroit homes while the deeds remained with the seller. The case exposes the legal bridge behind real-estate tokens.",
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        "tokenisation"
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      "description": "The CLARITY Act, the top priority of the US crypto industry, runs into a paradoxical obstacle: the president's personal interests. The anti-conflict-of-interest provision Democrats demand targets Donald Trump and his family first, whose crypto ventures have generated billions. Without it, no 60 votes in the Senate; with it, the White House threatens to block.",
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      "title": "US import prices: +1.9% in a month, but read the fine print",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "US import prices jump 1.9% in May 2026, +6.7% year on year. The figures are accurate. But behind the headline, fuel does all the work, and the idea that these indices could replace the CPI does not hold. A read of the BLS data.",
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    },
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      "slug": "dollar-yen-intervention-carry-unwind",
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      "title": "Dollar-yen: the risk is not only the level, it is the unwind",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "USD/JPY above 161, a more restrictive BoJ, the threat of Japanese intervention: the main risk is less an FX line than a carry-trade and liquidity shock.",
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      "title": "SpaceX goes public, 12 June 2026: the red carpet the SEC rolls out for the most expensive IPO in history by bending its own rules",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "Accelerated SEC review, a single take-it-or-leave-it price of $135, 30 percent of the offer reserved for retail and a moonshot S-1 promising AI compute satellites in orbit: anatomy of the largest listing ever, its financial risks and the huge short position flagged by Arkham. Good luck to investors, good luck to traders.",
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        "crypto",
        "us politics"
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        "crypto",
        "marches-valorisations",
        "politique-us"
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      "slug": "13flow-institutional-and-insider-signals",
      "url": "https://l0g.fr/en/analysis/13flow-institutional-and-insider-signals/",
      "title": "13FLOW: the money that is heavy and the money that knows",
      "date": "2026-07-14",
      "updated": "2026-07-14",
      "description": "13FLOW industrialises the reading of 13F-HR and Form 4 filings on SEC EDGAR and crosses them into an auditable confluence score. Breakdown of the method: institutional weighting, transaction-code hygiene, time decay and insider clusters.",
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        "13F",
        "Form 4",
        "markets",
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      "url": "https://l0g.fr/en/analysis/the-genius-act-stablecoins-and-the-debt/",
      "title": "The GENIUS Act: the 18 July deadline, between settled rules and a bet on the debt",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "The GENIUS Act requires full reserves, short Treasury assets and no holder yield. See the implementation deadline, Tether question and run-risk scenarios.",
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        "crypto",
        "regulation",
        "debt",
        "us treasury"
      ],
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        "crypto"
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      "title": "Private credit in 2026: the new king of shadow banking starts to cough (and stammer on withdrawals)",
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      "updated": "2026-07-13",
      "description": "Private credit manages about $2tn, but rising redemptions, payment-in-kind interest and opaque defaults test its liquidity and valuation model.",
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        "macro",
        "private credit",
        "finance"
      ],
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        "credit-prive",
        "macro-banques-centrales"
      ],
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      "title": "Zombie funds: the great illusion of private valuations hits its limits",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "Between unsellable assets, continuation funds and portfolio-backed loans, private equity faces a silent valuation crisis. Behind stable NAVs hides a liquidity problem that worries investors more and more.",
      "tags": [
        "private equity",
        "valuation",
        "finance",
        "private markets",
        "private credit",
        "liquidity"
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      "topics": [
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      "title": "The dollar rebound: how far before the central banks strike back?",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "The DXY rose 2.3% in June to a 13-month high as the yen stayed above 160. Compare Fed, BoJ and ECB forces behind the move and its limits.",
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        "fed",
        "central banks",
        "yen",
        "rates"
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      "title": "De-dollarisation: the narrative versus the numbers",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "IMF, SWIFT and BIS data show slow dollar diversification, no successor currency and a clearer shift into gold. What the numbers support.",
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        "macro",
        "dollar",
        "reserves"
      ],
      "topics": [
        "macro-banques-centrales"
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      "url": "https://l0g.fr/en/analysis/central-banks-gold-de-dollarisation/",
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      "updated": "2026-07-13",
      "description": "Gold overtook the euro as the second reserve asset after central banks bought 863 tonnes in 2025. The data show diversification, opacity and limits.",
      "tags": [
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        "central banks",
        "hard commodities",
        "geopolitics"
      ],
      "topics": [
        "macro-banques-centrales",
        "geopolitique-energie"
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    },
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      "title": "US inflation: the March 2026 energy shock, read in the numbers",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "The US price index jumps to 3.3% year on year in March 2026, driven almost entirely by gasoline. Beneath the surface, core inflation stays contained. What the BLS report says, and why the distinction is the whole point.",
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        "macro",
        "inflation",
        "fed"
      ],
      "topics": [
        "macro-banques-centrales"
      ],
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      "alternateUrl": "https://l0g.fr/posts/warsh-bilan-qt/",
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      "slug": "warsh-and-the-fed-balance-sheet",
      "url": "https://l0g.fr/en/analysis/warsh-and-the-fed-balance-sheet/",
      "title": "The Fed's balance sheet, Kevin Warsh's first battlefield",
      "date": "2026-07-13",
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      "description": "Warsh wants a smaller Fed balance sheet but takes over after QT ended. See the reserve constraint and policy choices shaping his mandate.",
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        "macro",
        "us politics"
      ],
      "topics": [
        "macro-banques-centrales",
        "politique-us"
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    },
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      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "Three regional banks failed in seven weeks in 2023 after deposit runs. Review BTFP, reserve conditions and the Fed's 2026 liquidity reform debate.",
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        "macro",
        "central banks",
        "liquidity",
        "regulation",
        "markets"
      ],
      "topics": [
        "macro-banques-centrales",
        "marches-valorisations"
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    },
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      "url": "https://l0g.fr/en/analysis/the-treasury-basis-trade/",
      "title": "The Treasury basis trade: the leveraged arbitrage at the heart of US debt",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "The Treasury basis trade uses about 20x leverage across futures and repo. See how forced unwinds can amplify stress in the US debt market.",
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        "macro",
        "markets",
        "central banks",
        "regulation"
      ],
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        "macro-banques-centrales",
        "marches-valorisations"
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    },
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      "canonicalId": "article:dette-americaine-le-reveil-de-la-prime-de-terme",
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      "alternateUrl": "https://l0g.fr/posts/dette-americaine-le-reveil-de-la-prime-de-terme/",
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      "slug": "the-return-of-the-term-premium",
      "url": "https://l0g.fr/en/analysis/the-return-of-the-term-premium/",
      "title": "US debt: the awakening of the term premium",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "The US term premium is positive again as federal debt and interest costs rise. See how Fed runoff, foreign demand and fiscal risk affect long-term yields.",
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        "debt",
        "rates",
        "us treasury",
        "risk"
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      "topics": [
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    },
    {
      "canonicalId": "article:carry-trade-yen-la-meche-dans-les-obligations-japonaises",
      "language": "en",
      "translationOf": "article:carry-trade-yen-la-meche-dans-les-obligations-japonaises",
      "alternateUrl": "https://l0g.fr/posts/carry-trade-yen-la-meche-dans-les-obligations-japonaises/",
      "translationStatus": "current",
      "slug": "the-yen-carry-trade",
      "url": "https://l0g.fr/en/analysis/the-yen-carry-trade/",
      "title": "The yen carry trade: the fuse is now in Japanese bonds",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "Japan's 10-year yield reached 2.88% in July 2026. See how higher JGB rates can unwind yen-funded positions across bonds, equities and currencies.",
      "tags": [
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        "boj",
        "carry trade",
        "jgb",
        "rates",
        "macro",
        "markets"
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        "marches-valorisations"
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      "evidenceRef": {
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        "changelog": "https://l0g.fr/changelog-editorial/"
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    },
    {
      "canonicalId": "article:cross-currency-basis-prix-cache-dollar",
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      "slug": "the-cross-currency-basis",
      "url": "https://l0g.fr/en/analysis/the-cross-currency-basis/",
      "title": "The cross-currency basis: the hidden price of the dollar, when the law of international finance breaks",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "FX swaps can price dollars above covered interest parity. Learn why bank balance-sheet constraints sustain the basis and signal dollar funding stress.",
      "tags": [
        "macro",
        "central banks",
        "liquidity",
        "markets"
      ],
      "topics": [
        "macro-banques-centrales",
        "marches-valorisations"
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    },
    {
      "canonicalId": "article:eurodollars-dollar-offshore-dette-cachee",
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      "slug": "eurodollars-the-offshore-dollar",
      "url": "https://l0g.fr/en/analysis/eurodollars-the-offshore-dollar/",
      "title": "Eurodollars: the offshore dollar, the debt no one sees in full",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "BIS data show $14.3tn of offshore dollar credit and over $25tn of non-bank FX swap obligations. How hidden dollar funding creates systemic risk.",
      "tags": [
        "macro",
        "central banks",
        "liquidity",
        "markets"
      ],
      "topics": [
        "macro-banques-centrales",
        "marches-valorisations"
      ],
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        "changelog": "https://l0g.fr/changelog-editorial/"
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    },
    {
      "canonicalId": "article:la-contagion-silencieuse-credit-prive",
      "language": "en",
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      "slug": "the-silent-contagion-of-private-credit",
      "url": "https://l0g.fr/en/analysis/the-silent-contagion-of-private-credit/",
      "title": "The silent contagion: how private credit weaves an invisible web across banks, insurers, equities, crypto and stablecoins",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "Map five transmission channels from private credit into banks, life insurers, BDCs, stablecoins and Japanese bonds, with three dated scenarios.",
      "tags": [
        "finance",
        "private credit",
        "macro",
        "crypto"
      ],
      "topics": [
        "credit-prive",
        "macro-banques-centrales",
        "crypto"
      ],
      "evidenceRef": {
        "language": "fr",
        "articleSlug": "la-contagion-silencieuse-credit-prive",
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        "changelog": "https://l0g.fr/changelog-editorial/"
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    },
    {
      "canonicalId": "article:credit-prive-un-actif-deux-prix",
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      "title": "Private credit: one asset, two prices",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "Listed BDCs traded near 0.83x book while non-traded funds marked similar loans near par. See how stale NAVs create first-mover risk.",
      "tags": [
        "private credit",
        "valuation",
        "BDC",
        "NAV",
        "price discovery",
        "systemic risk"
      ],
      "topics": [
        "credit-prive",
        "marches-valorisations"
      ],
      "evidenceRef": {
        "language": "fr",
        "articleSlug": "credit-prive-un-actif-deux-prix",
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    },
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      "url": "https://l0g.fr/en/analysis/repo-the-liquidity-factory/",
      "title": "Repo and collateral: where liquidity is made, and where it breaks",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "The repo market funds Treasuries and leverage with overnight secured loans. Learn how SOFR, dealer balance sheets and collateral trigger stress.",
      "tags": [
        "macro",
        "central banks",
        "liquidity",
        "markets"
      ],
      "topics": [
        "macro-banques-centrales",
        "marches-valorisations"
      ],
      "evidenceRef": {
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    },
    {
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      "url": "https://l0g.fr/en/analysis/collateral-and-rehypothecation/",
      "title": "Collateral and rehypothecation: one security, several owners, and the keystone of the whole plumbing",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "A Treasury can support several loans as collateral is reused across repo and shadow banking. See how velocity creates liquidity and freeze risk.",
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        "macro",
        "markets",
        "liquidity",
        "central banks"
      ],
      "topics": [
        "macro-banques-centrales",
        "marches-valorisations"
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    },
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      "language": "en",
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      "canonicalId": "guide:lire-la-dette-d-une-entreprise",
      "language": "fr",
      "translationOf": null,
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      "slug": "lire-la-dette-d-une-entreprise",
      "url": "https://l0g.fr/guides/lire-la-dette-d-une-entreprise/",
      "title": "Lire la dette d’une entreprise : cinq chiffres, une échéance, un piège",
      "date": "2026-08-07",
      "updated": "2026-08-07",
      "description": "Guide de référence pour lire la dette d’une entreprise : dette brute, trésorerie réellement mobilisable, dette nette, échéancier, charge d’intérêts et capacité à produire du cash. Une méthode pour distinguer un bilan finançable d’un problème de refinancement, sans transformer un ratio en verdict.",
      "summary": "La dette d’une entreprise ne se résume ni à son montant total ni à son ratio dette nette sur EBITDA. Il faut rapprocher cinq données : dette porteuse d’intérêts, trésorerie mobilisable, dette nette réconciliée, principal arrivant à échéance et charge d’intérêts couverte par les flux. L’échéancier et les covenants déterminent souvent le risque avant le montant total.",
      "tags": [
        "crédit",
        "analyse fondamentale",
        "bilan",
        "risque",
        "méthodologie"
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    },
    {
      "canonicalId": "guide:lire-la-dette-d-une-entreprise",
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      "alternateUrl": "https://l0g.fr/guides/lire-la-dette-d-une-entreprise/",
      "translationStatus": "current",
      "slug": "read-corporate-debt",
      "url": "https://l0g.fr/en/guides/read-corporate-debt/",
      "title": "How to Read Corporate Debt: Five Numbers, One Maturity Wall, One Trap",
      "date": "2026-08-07",
      "updated": "2026-08-07",
      "description": "A reference guide to reading corporate debt: gross debt, genuinely available cash, reconciled net debt, the maturity schedule, interest burden and cash generation. A method for separating a fundable balance sheet from a refinancing problem, without turning one ratio into a verdict.",
      "summary": "Corporate debt is not summarized by total borrowings or by net debt to EBITDA. Read five items together: interest-bearing debt, usable cash, reconciled net debt, principal coming due and interest burden covered by cash generation. The maturity schedule and covenants often determine the risk before the total amount does.",
      "tags": [
        "credit",
        "fundamental analysis",
        "balance sheet",
        "risk",
        "methodology"
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    },
    {
      "canonicalId": "guide:lire-la-balance-des-paiements",
      "language": "fr",
      "translationOf": null,
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      "translationStatus": "source",
      "slug": "lire-la-balance-des-paiements",
      "url": "https://l0g.fr/guides/lire-la-balance-des-paiements/",
      "title": "Lire la balance des paiements et le compte courant",
      "date": "2026-07-28",
      "updated": "2026-07-28",
      "description": "Guide de référence sur la balance des paiements : les trois comptes (courant, capital, financier), l'identité comptable de fer qui veut qu'un déficit courant soit financé par des entrées de capitaux, le lien avec l'épargne et l'investissement, la position extérieure nette et le privilège exorbitant américain qui s'érode, et les pièges de lecture. Avec les comptes extérieurs américains de 2026 comme cas d'école.",
      "summary": "La balance des paiements est la comptabilité des échanges d'un pays avec le reste du monde. Son identité de fer relie le compte courant, le compte de capital et le compte financier : un déficit courant, comme celui des États-Unis, est nécessairement financé par des entrées de capitaux, car un pays qui dépense plus qu'il ne produit emprunte au monde. Le lire suppose de distinguer flux commerciaux et flux de capitaux, et de suivre la position extérieure nette. Les comptes américains de 2026 servent d'illustration.",
      "tags": [
        "macro",
        "dollar",
        "dette"
      ]
    },
    {
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      "language": "en",
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      "translationStatus": "current",
      "slug": "read-the-balance-of-payments",
      "url": "https://l0g.fr/en/guides/read-the-balance-of-payments/",
      "title": "How to Read the Balance of Payments and the Current Account",
      "date": "2026-07-28",
      "updated": "2026-07-28",
      "description": "A reference guide to the balance of payments: the three accounts (current, capital, financial), the iron accounting identity that a current account deficit must be financed by capital inflows, the link with savings and investment, the net international investment position and America's eroding exorbitant privilege, and the reading pitfalls. With the US external accounts of 2026 as the worked example.",
      "summary": "The balance of payments is the accounting of a country's exchanges with the rest of the world. Its iron identity links the current account, the capital account and the financial account: a current account deficit, like America's, is necessarily financed by capital inflows, because a country that spends more than it produces borrows from the world. Reading it means separating trade flows from capital flows, and tracking the net international investment position. The US accounts of 2026 serve as illustration.",
      "tags": [
        "macro",
        "dollar",
        "debt"
      ]
    },
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      "canonicalId": "guide:lire-les-cds-souverains",
      "language": "fr",
      "translationOf": null,
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      "translationStatus": "source",
      "slug": "lire-les-cds-souverains",
      "url": "https://l0g.fr/guides/lire-les-cds-souverains/",
      "title": "Lire les CDS souverains",
      "date": "2026-07-28",
      "updated": "2026-07-28",
      "description": "Guide de référence sur les credit default swaps souverains : ce qu'est une assurance contre le défaut d'un État, la prime en points de base comme thermomètre du risque, l'événement de crédit et le rôle de l'ISDA et de son comité de détermination, le règlement par enchère, la base CDS-obligataire qui dit ce que le spread au comptant ne dit pas, et le cas particulier du risque de redénomination dans la zone euro. Avec l'Italie comme cas d'école.",
      "summary": "Un CDS souverain est un contrat d'assurance contre le défaut d'un État, dont la prime, exprimée en points de base, offre une seconde lecture du risque pays, parfois plus rapide que l'obligation. Le lire suppose de comprendre la prime, l'événement de crédit défini par l'ISDA, le règlement par enchère et la base CDS-obligataire. En zone euro s'ajoute la question du risque de redénomination. L'Italie, CDS souverain le plus traité d'Europe, sert d'illustration.",
      "tags": [
        "marches",
        "obligataire",
        "risque souverain"
      ]
    },
    {
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      "language": "en",
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      "alternateUrl": "https://l0g.fr/guides/lire-les-cds-souverains/",
      "translationStatus": "current",
      "slug": "read-sovereign-cds",
      "url": "https://l0g.fr/en/guides/read-sovereign-cds/",
      "title": "How to Read Sovereign CDS",
      "date": "2026-07-28",
      "updated": "2026-07-28",
      "description": "A reference guide to sovereign credit default swaps: what insurance against a state's default is, the premium in basis points as a risk thermometer, the credit event and the role of ISDA and its Determinations Committee, auction settlement, the CDS-bond basis that says what the cash spread does not, and the special case of redenomination risk in the euro area. With Italy as the worked example.",
      "summary": "A sovereign CDS is a contract insuring against a state's default, whose premium, in basis points, offers a second reading of country risk, sometimes faster than the bond. Reading it means understanding the premium, the ISDA-defined credit event, auction settlement and the CDS-bond basis. In the euro area, redenomination risk is added. Italy, Europe's most traded sovereign CDS, serves as illustration.",
      "tags": [
        "markets",
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        "sovereign risk"
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    {
      "canonicalId": "guide:lire-les-reserves-de-change-cofer",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-central-bank-fx-reserves-cofer/",
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      "slug": "lire-les-reserves-de-change-cofer",
      "url": "https://l0g.fr/guides/lire-les-reserves-de-change-cofer/",
      "title": "Lire les réserves de change des banques centrales (COFER et part de l'or)",
      "date": "2026-07-28",
      "updated": "2026-07-28",
      "description": "Guide de référence sur les réserves de change mondiales : ce que mesure le COFER du FMI, la part du dollar et son déclin graduel, le piège central de la valorisation face aux vrais flux d'achat, le cas de l'or exclu du COFER et son passage au-dessus des Treasuries, et comment distinguer une décision d'allocation d'un simple effet de prix. Avec les données 2026 comme cas d'école du récit de la dédollarisation.",
      "summary": "Le COFER du FMI mesure chaque trimestre la composition en devises des réserves de change mondiales, hors or. Le dollar y pèse encore autour de 57 %, en déclin graduel depuis 2000. Le lire suppose une discipline unique : distinguer l'effet de valorisation, dû aux mouvements de prix et de change, des vrais flux d'allocation des banques centrales. C'est cette distinction qui sépare le récit d'une dédollarisation brutale de la réalité d'une diversification lente. Les données 2026 servent d'illustration.",
      "tags": [
        "macro",
        "banques centrales",
        "dollar"
      ]
    },
    {
      "canonicalId": "guide:lire-les-reserves-de-change-cofer",
      "language": "en",
      "translationOf": "guide:lire-les-reserves-de-change-cofer",
      "alternateUrl": "https://l0g.fr/guides/lire-les-reserves-de-change-cofer/",
      "translationStatus": "current",
      "slug": "read-central-bank-fx-reserves-cofer",
      "url": "https://l0g.fr/en/guides/read-central-bank-fx-reserves-cofer/",
      "title": "How to Read Central Bank FX Reserves (COFER and the gold share)",
      "date": "2026-07-28",
      "updated": "2026-07-28",
      "description": "A reference guide to global foreign exchange reserves: what the IMF's COFER measures, the dollar's share and its gradual decline, the central trap of valuation versus true purchase flows, the case of gold excluded from COFER and its crossover above Treasuries, and how to tell an allocation decision from a mere price effect. With 2026 data as the worked example of the de-dollarisation narrative.",
      "summary": "The IMF's COFER measures each quarter the currency composition of global foreign exchange reserves, excluding gold. The dollar still weighs about 57%, in gradual decline since 2000. Reading it requires a single discipline: separating the valuation effect, driven by price and exchange-rate moves, from central banks' true allocation flows. That distinction is what separates the narrative of an abrupt de-dollarisation from the reality of a slow diversification. The 2026 data serve as illustration.",
      "tags": [
        "macro",
        "central banks",
        "dollar"
      ]
    },
    {
      "canonicalId": "guide:lire-une-titrisation-de-credit-a-la-consommation",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-a-consumer-credit-securitisation-abs/",
      "translationStatus": "source",
      "slug": "lire-une-titrisation-de-credit-a-la-consommation",
      "url": "https://l0g.fr/guides/lire-une-titrisation-de-credit-a-la-consommation/",
      "title": "Lire une titrisation de crédit à la consommation (ABS auto, cartes, BNPL)",
      "date": "2026-07-27",
      "updated": "2026-07-27",
      "description": "Guide de référence sur les ABS de crédit à la consommation : comment un panier de prêts auto, de soldes de cartes ou de paiements fractionnés devient une obligation notée, la cascade des tranches, les quatre coussins de rehaussement de crédit (subordination, surdimensionnement, excess spread, compte de réserve), la lecture du pool (FICO, perte cumulée attendue, concentration), les triggers d'amortissement anticipé, et ce qui sépare ces ABS des CDO qui ont sauté en 2008. Avec le marché 2026 comme cas d'école.",
      "summary": "Un ABS de crédit à la consommation transforme des milliers de petits prêts (auto, cartes, BNPL) en obligations vendues par tranches. Le lire suppose de regarder trois choses : le pool sous-jacent, l'épaisseur du rehaussement de crédit qui protège les tranches senior, et les triggers qui redirigent les flux en cas de stress. Une note AAA ne dit pas que le pool est sûr, elle dit qu'il est protégé par tout ce qui se trouve en dessous. Ce guide donne la grille, et rappelle pourquoi ces ABS ne sont pas les CDO de 2008.",
      "tags": [
        "marches",
        "crédit",
        "titrisation"
      ]
    },
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      "canonicalId": "guide:lire-une-titrisation-de-credit-a-la-consommation",
      "language": "en",
      "translationOf": "guide:lire-une-titrisation-de-credit-a-la-consommation",
      "alternateUrl": "https://l0g.fr/guides/lire-une-titrisation-de-credit-a-la-consommation/",
      "translationStatus": "current",
      "slug": "read-a-consumer-credit-securitisation-abs",
      "url": "https://l0g.fr/en/guides/read-a-consumer-credit-securitisation-abs/",
      "title": "How to Read a Consumer Credit Securitisation (Auto, Card, BNPL ABS)",
      "date": "2026-07-27",
      "updated": "2026-07-27",
      "description": "A reference guide to consumer credit ABS: how a pool of auto loans, card balances or instalment payments becomes a rated bond, the tranche waterfall, the four credit-enhancement cushions (subordination, overcollateralization, excess spread, reserve account), reading the pool (FICO, expected cumulative loss, concentration), the early-amortisation triggers, and what separates these ABS from the CDOs that blew up in 2008. With the 2026 market as the worked example.",
      "summary": "A consumer credit ABS turns thousands of small loans (auto, cards, BNPL) into bonds sold in tranches. Reading it means looking at three things: the underlying pool, the thickness of the credit enhancement protecting the senior tranches, and the triggers that redirect cash flows under stress. A AAA rating does not say the pool is safe, it says it is protected by everything beneath it. This guide gives the grid, and recalls why these ABS are not the CDOs of 2008.",
      "tags": [
        "markets",
        "credit",
        "securitisation"
      ]
    },
    {
      "canonicalId": "guide:lire-une-cbdc-euro-numerique-parametre-par-parametre",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-a-cbdc-the-digital-euro-parameter-by-parameter/",
      "translationStatus": "source",
      "slug": "lire-une-cbdc-euro-numerique-parametre-par-parametre",
      "url": "https://l0g.fr/guides/lire-une-cbdc-euro-numerique-parametre-par-parametre/",
      "title": "Lire une CBDC : l'euro numérique paramètre par paramètre",
      "date": "2026-07-27",
      "updated": "2026-07-27",
      "description": "Guide de référence sur les monnaies numériques de banque centrale, à travers l'exemple de l'euro numérique. Une CBDC n'est pas un objet mais un faisceau de choix de conception, chacun politique : détail ou gros, compte ou jeton, distribution directe ou à deux niveaux, plafond de détention, rémunération, confidentialité, cours légal et programmabilité. Chaque paramètre révèle la vraie priorité de l'émetteur, entre souveraineté des paiements, stabilité financière et surveillance. Avec le calendrier de l'euro numérique en 2026 comme fil conducteur.",
      "summary": "Une monnaie numérique de banque centrale se lit paramètre par paramètre : chaque choix de conception, du plafond de détention à la rémunération, de l'architecture compte ou jeton au degré de confidentialité, traduit un arbitrage entre souveraineté des paiements, stabilité bancaire et conformité. L'euro numérique sert de cas d'école : plafonné, non rémunéré, distribué par les banques, doté d'un cours légal et volontairement non programmable. Ce guide donne la grille de lecture applicable à toute CBDC.",
      "tags": [
        "crypto",
        "banques centrales",
        "paiements"
      ]
    },
    {
      "canonicalId": "guide:lire-une-cbdc-euro-numerique-parametre-par-parametre",
      "language": "en",
      "translationOf": "guide:lire-une-cbdc-euro-numerique-parametre-par-parametre",
      "alternateUrl": "https://l0g.fr/guides/lire-une-cbdc-euro-numerique-parametre-par-parametre/",
      "translationStatus": "current",
      "slug": "read-a-cbdc-the-digital-euro-parameter-by-parameter",
      "url": "https://l0g.fr/en/guides/read-a-cbdc-the-digital-euro-parameter-by-parameter/",
      "title": "How to Read a CBDC: the digital euro parameter by parameter",
      "date": "2026-07-27",
      "updated": "2026-07-27",
      "description": "A reference guide to central bank digital currencies, through the example of the digital euro. A CBDC is not an object but a bundle of design choices, each of them political: retail or wholesale, account or token, direct or two-tier distribution, holding limit, remuneration, privacy, legal tender and programmability. Each parameter reveals the issuer's real priority, between payment sovereignty, financial stability and surveillance. With the digital euro's 2026 timeline as the thread.",
      "summary": "A central bank digital currency is read parameter by parameter: each design choice, from the holding limit to remuneration, from account-or-token architecture to the degree of privacy, reflects a trade-off between payment sovereignty, bank stability and compliance. The digital euro serves as the worked example: capped, unremunerated, distributed by banks, legal tender and deliberately non-programmable. This guide gives the reading grid applicable to any CBDC.",
      "tags": [
        "crypto",
        "central banks",
        "payments"
      ]
    },
    {
      "canonicalId": "guide:lire-le-rapport-dette-et-credit-des-menages",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-the-ny-fed-household-debt-report/",
      "translationStatus": "source",
      "slug": "lire-le-rapport-dette-et-credit-des-menages",
      "url": "https://l0g.fr/guides/lire-le-rapport-dette-et-credit-des-menages/",
      "title": "Lire le rapport dette et crédit des ménages de la Fed de New York",
      "date": "2026-07-27",
      "updated": "2026-07-27",
      "description": "Guide de référence sur le Household Debt and Credit Report de la Réserve fédérale de New York : ce qu'il mesure et comment (le Consumer Credit Panel, échantillon Equifax de 5 %), la composition de la dette des ménages américains, les trois lectures de l'impayé (stock, flux, sévérité), le taux de transition vers le défaut comme signal avancé, le piège de l'agrégat qui masque une économie en K, le cas des prêts étudiants après la fin du gel, et les pièges de lecture. Avec le rapport du premier trimestre 2026 comme cas d'école.",
      "summary": "Le Household Debt and Credit Report est la radiographie trimestrielle de l'endettement des ménages américains, publiée par la Fed de New York à partir d'un échantillon anonymisé de dossiers Equifax. Il donne la composition de la dette (hypothécaire, auto, carte, étudiant) et surtout les taux de transition vers l'impayé, signal plus précoce que le niveau agrégé. Le lire suppose de distinguer le stock, le flux et la sévérité, et de ne jamais s'arrêter à la moyenne, qui recouvre une distribution en K. Le rapport du premier trimestre 2026 sert d'illustration.",
      "tags": [
        "macro",
        "consommation",
        "crédit"
      ]
    },
    {
      "canonicalId": "guide:lire-le-rapport-dette-et-credit-des-menages",
      "language": "en",
      "translationOf": "guide:lire-le-rapport-dette-et-credit-des-menages",
      "alternateUrl": "https://l0g.fr/guides/lire-le-rapport-dette-et-credit-des-menages/",
      "translationStatus": "current",
      "slug": "read-the-ny-fed-household-debt-report",
      "url": "https://l0g.fr/en/guides/read-the-ny-fed-household-debt-report/",
      "title": "How to Read the NY Fed Household Debt Report",
      "date": "2026-07-27",
      "updated": "2026-07-27",
      "description": "A reference guide to the New York Fed's Household Debt and Credit Report: what it measures and how (the Consumer Credit Panel, a 5% Equifax sample), the composition of US household debt, the three lenses on delinquency (stock, flow, severity), the transition rate as a leading signal, the trap of the aggregate that hides a K-shaped economy, the student-loan case after the forbearance reset, and the reading pitfalls. With the first quarter of 2026 as a worked example.",
      "summary": "The Household Debt and Credit Report is the quarterly X-ray of US household borrowing, published by the New York Fed from an anonymised sample of Equifax records. It gives the composition of debt (mortgage, auto, card, student) and, above all, the transition rates into delinquency, a signal earlier than the aggregate level. Reading it means separating stock, flow and severity, and never stopping at the average, which hides a K-shaped distribution. The first quarter of 2026 serves as illustration.",
      "tags": [
        "macro",
        "consumer",
        "credit"
      ]
    },
    {
      "canonicalId": "guide:lire-un-programme-du-fmi",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-an-imf-program/",
      "translationStatus": "source",
      "slug": "lire-un-programme-du-fmi",
      "url": "https://l0g.fr/guides/lire-un-programme-du-fmi/",
      "title": "Lire un programme du FMI : quote-part, DTS, guichets et échéanciers",
      "date": "2026-07-21",
      "updated": "2026-07-21",
      "description": "Guide de référence sur le fonctionnement du Fonds monétaire international vu du prêteur et de l'emprunteur : la quote-part qui commande tout, le DTS comme unité de compte et actif de réserve, la différence entre guichet général (GRA) et guichet concessionnel (PRGT), les instruments (SBA, EFF, FCL, PLL, RFI), les limites d'accès et l'accès exceptionnel, la conditionnalité par tranches et revues, les surcommissions et le statut de créancier privilégié. Avec la méthode pour lire les tables de données officielles du Fonds.",
      "summary": "Un programme du FMI se lit sur deux colonnes : la somme que le pays reçoit et celle qu'il devra rembourser. Tout part de la quote-part, qui fixe la contribution, le droit de vote, l'allocation de DTS et les limites d'accès. Au-delà de 600 % de quote-part, on entre en accès exceptionnel. Le crédit sort du guichet général (GRA) ou du guichet concessionnel (PRGT), se décaisse par tranches soumises à conditionnalité, et se rembourse charges et surcommissions comprises. Savoir lire ce mécanisme, c'est savoir lire les tables financières que le Fonds publie pays par pays.",
      "tags": [
        "fmi",
        "dette",
        "macro"
      ]
    },
    {
      "canonicalId": "guide:lire-un-programme-du-fmi",
      "language": "en",
      "translationOf": "guide:lire-un-programme-du-fmi",
      "alternateUrl": "https://l0g.fr/guides/lire-un-programme-du-fmi/",
      "translationStatus": "current",
      "slug": "read-an-imf-program",
      "url": "https://l0g.fr/en/guides/read-an-imf-program/",
      "title": "How to read an IMF program: quota, SDRs, facilities and repayment schedules",
      "date": "2026-07-21",
      "updated": "2026-07-21",
      "description": "A reference guide to how the International Monetary Fund works, seen from both lender and borrower: the quota that governs everything, the SDR as unit of account and reserve asset, the difference between the general window (GRA) and the concessional window (PRGT), the instruments (SBA, EFF, FCL, PLL, RFI), access limits and exceptional access, conditionality through tranches and reviews, surcharges and preferred-creditor status. With the method to read the Fund's official country data tables.",
      "summary": "An IMF program reads on two columns: the sum a country receives and the sum it will owe. Everything starts from the quota, which sets the contribution, voting power, SDR allocation and access limits. Beyond 600% of quota, a program enters exceptional access. Credit comes from the general window (GRA) or the concessional one (PRGT), is disbursed in tranches under conditionality, and is repaid with charges and surcharges. Knowing how to read this mechanism means knowing how to read the financial tables the Fund publishes country by country.",
      "tags": [
        "imf",
        "debt",
        "macro"
      ]
    },
    {
      "canonicalId": "guide:lire-le-bilan-bce-target2",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-ecb-balance-sheet-target2/",
      "translationStatus": "source",
      "slug": "lire-le-bilan-bce-target2",
      "url": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "title": "Lire le bilan de la BCE et les soldes Target2",
      "date": "2026-07-19",
      "updated": "2026-07-19",
      "description": "Guide de référence sur le bilan de l'Eurosystème : comment se lit la situation financière hebdomadaire, où en est le resserrement quantitatif européen, d'où viennent les soldes Target2 et pourquoi ils ne sont pas le renflouement caché que l'on raconte, comment des banques centrales peuvent enchaîner les pertes sans cesser de fonctionner, et le nouveau cadre opérationnel des taux. Avec les chiffres de 2026 en illustration, première hausse de taux depuis 2023 comprise.",
      "summary": "Le bilan de l'Eurosystème consolide la BCE et les banques centrales nationales de la zone euro : environ 6 300 milliards d'euros fin 2025, en décrue d'environ 500 milliards par an au rythme du resserrement quantitatif. Le lire suppose de comprendre la répartition par clé de capital, la mécanique des soldes Target2 (plus de 1 000 milliards de créance pour la Bundesbank), les pertes comptables des banques centrales et le cadre opérationnel de plancher qui pilote les taux courts.",
      "tags": [
        "macro",
        "banques centrales",
        "liquidité",
        "europe"
      ]
    },
    {
      "canonicalId": "guide:lire-le-bilan-bce-target2",
      "language": "en",
      "translationOf": "guide:lire-le-bilan-bce-target2",
      "alternateUrl": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "translationStatus": "current",
      "slug": "read-ecb-balance-sheet-target2",
      "url": "https://l0g.fr/en/guides/read-ecb-balance-sheet-target2/",
      "title": "Reading the ECB balance sheet and the Target2 balances",
      "date": "2026-07-19",
      "updated": "2026-07-19",
      "description": "Read the ECB and Eurosystem balance sheet: assets, QT, reserves, Target2 balances, central-bank losses and the framework steering euro rates.",
      "summary": "The Eurosystem balance sheet consolidates the ECB and the euro area's national central banks: about €6.3 trillion at the end of 2025, shrinking by roughly €500 billion a year at the pace of quantitative tightening. Reading it means understanding the capital-key allocation, the mechanics of the Target2 balances (more than €1 trillion of claims for the Bundesbank), central banks' accounting losses and the floor framework that steers short-term rates.",
      "tags": [
        "macro",
        "central banks",
        "liquidity",
        "europe"
      ]
    },
    {
      "canonicalId": "guide:lire-la-dette-souveraine-europeenne",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-european-sovereign-debt/",
      "translationStatus": "source",
      "slug": "lire-la-dette-souveraine-europeenne",
      "url": "https://l0g.fr/guides/lire-la-dette-souveraine-europeenne/",
      "title": "Lire la dette souveraine européenne : OAT, Bund, BTP et le spread",
      "date": "2026-07-19",
      "updated": "2026-07-19",
      "description": "Guide de référence sur la dette des États de la zone euro : pourquoi une monnaie unique coexiste avec une vingtaine d'émetteurs nationaux, la vraie signification du spread OAT-Bund ou BTP-Bund, le grand basculement de 2026 où la France devient le maillon fragile pendant que l'Italie se resserre, le filet de la BCE (le TPI) et sa conditionnalité, l'embryon d'actif sûr commun avec les obligations de l'UE, et le tournant budgétaire allemand. Avec les chiffres de 2026 en illustration.",
      "summary": "La zone euro partage une monnaie mais pas sa dette : chaque État emprunte pour son compte, et l'écart de rendement entre pays, le spread, mesure le risque budgétaire relatif. Lire ce marché suppose de comprendre l'architecture à vingt émetteurs, la mécanique du spread OAT-Bund et BTP-Bund, le filet conditionnel de la BCE (le TPI), et la lente émergence d'une dette commune européenne.",
      "tags": [
        "europe",
        "obligataire",
        "taux"
      ]
    },
    {
      "canonicalId": "guide:lire-la-dette-souveraine-europeenne",
      "language": "en",
      "translationOf": "guide:lire-la-dette-souveraine-europeenne",
      "alternateUrl": "https://l0g.fr/guides/lire-la-dette-souveraine-europeenne/",
      "translationStatus": "current",
      "slug": "read-european-sovereign-debt",
      "url": "https://l0g.fr/en/guides/read-european-sovereign-debt/",
      "title": "Reading European sovereign debt: OATs, Bunds, BTPs and the spread",
      "date": "2026-07-19",
      "updated": "2026-07-19",
      "description": "A reference guide to euro area government debt: why a single currency coexists with some twenty national issuers, what the OAT-Bund or BTP-Bund spread really measures, the great 2026 reversal in which France becomes the weak link while Italy tightens, the ECB's safety net (the TPI) and its conditionality, the embryonic common safe asset that EU bonds represent, and Germany's fiscal turn. With 2026 figures as illustration.",
      "summary": "The euro area shares a currency but not its debt: each state borrows on its own account, and the yield gap between countries, the spread, measures relative fiscal risk. Reading this market means understanding the twenty-issuer architecture, the mechanics of the OAT-Bund and BTP-Bund spreads, the ECB's conditional safety net (the TPI), and the slow emergence of common European debt.",
      "tags": [
        "europe",
        "bonds",
        "rates"
      ]
    },
    {
      "canonicalId": "guide:lire-une-notation-de-credit",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-credit-ratings/",
      "translationStatus": "source",
      "slug": "lire-une-notation-de-credit",
      "url": "https://l0g.fr/guides/lire-une-notation-de-credit/",
      "title": "Lire une notation de crédit : échelles, défaut et le conflit du modèle émetteur-payeur",
      "date": "2026-07-16",
      "updated": "2026-07-16",
      "description": "Guide de référence sur les notations de crédit : ce qu'une note mesure vraiment (une probabilité de défaut, pas un prix ni une garantie), les échelles de S&P, Moody's et Fitch et la frontière investment grade / high yield, le rôle des agences agréées (NRSRO) et le conflit du modèle émetteur-payeur, les taux de défaut par note et la matrice de transition, la différence entre note publique et note privée, et ce qu'une note ne dit pas. Avec la dette adossée aux GPU et les notations privées des assureurs comme cas d'école.",
      "summary": "Une notation de crédit est une opinion sur la probabilité qu'un emprunteur fasse défaut, exprimée sur une échelle de AAA (le plus sûr) à D (en défaut). La frontière décisive sépare la catégorie investissement (BBB- et au-dessus) du haut rendement en dessous. Trois agences agréées, S&P, Moody's et Fitch, concentrent environ 95 % du marché, sous un modèle émetteur-payeur qui porte un conflit d'intérêts structurel. Les taux de défaut montent fortement à mesure que la note descend. Lire une note suppose de connaître son échelle, sa dynamique (matrice de transition), ses limites, et de distinguer une note publique d'une note privée, souvent plus complaisante.",
      "tags": [
        "crédit",
        "marchés",
        "régulation",
        "risque",
        "obligations"
      ]
    },
    {
      "canonicalId": "guide:lire-une-notation-de-credit",
      "language": "en",
      "translationOf": "guide:lire-une-notation-de-credit",
      "alternateUrl": "https://l0g.fr/guides/lire-une-notation-de-credit/",
      "translationStatus": "current",
      "slug": "read-credit-ratings",
      "url": "https://l0g.fr/en/guides/read-credit-ratings/",
      "title": "Reading a credit rating: scales, default and the issuer-pays conflict",
      "date": "2026-07-16",
      "updated": "2026-07-16",
      "description": "A reference guide to credit ratings: what a rating really measures (a probability of default, not a price or a guarantee), the scales of S&P, Moody's and Fitch and the investment grade / high yield frontier, the role of approved agencies (NRSROs) and the conflict of the issuer-pays model, default rates by rating and the transition matrix, the difference between a public and a private rating, and what a rating does not say. With GPU-backed debt and insurers' private ratings as case studies.",
      "summary": "A credit rating is an opinion on the probability that a borrower defaults, expressed on a scale from AAA (safest) to D (in default). The decisive frontier separates investment grade (BBB- and above) from high yield below. Three approved agencies, S&P, Moody's and Fitch, hold about 95% of the market, under an issuer-pays model that carries a structural conflict of interest. Default rates rise sharply as the rating falls. Reading a rating means knowing its scale, its dynamics (transition matrix), its limits, and telling a public rating from a private one, often more lenient.",
      "tags": [
        "credit",
        "markets",
        "regulation",
        "risk",
        "bonds"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-du-gaz-et-du-gnl",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-gas-lng-market/",
      "translationStatus": "source",
      "slug": "lire-le-marche-du-gaz-et-du-gnl",
      "url": "https://l0g.fr/guides/lire-le-marche-du-gaz-et-du-gnl/",
      "title": "Lire le marché du gaz et du GNL : les trois indices et l'arbitrage entre bassins",
      "date": "2026-07-16",
      "updated": "2026-07-16",
      "description": "Guide de référence sur le marché mondial du gaz naturel : pourquoi il n'existe pas un prix unique mais trois indices régionaux (Henry Hub aux États-Unis, TTF en Europe, JKM en Asie), la chaîne du GNL de la liquéfaction à la regazéification, les unités et leurs conversions, l'arbitrage des cargaisons entre bassins, le rôle du stockage européen et des goulots comme Ormuz, et les signaux à suivre. Avec la crise d'Ormuz de 2026 comme fil rouge.",
      "summary": "Le gaz naturel n'a pas un prix mondial unique comme le pétrole, mais trois indices régionaux : le Henry Hub américain (le moins cher, livraison physique en Louisiane), le TTF néerlandais (référence européenne, coté en euros par mégawattheure) et le JKM asiatique (spot du GNL livré en Asie du Nord-Est). Le gaz liquéfié (GNL) relie ces bassins : refroidi à −162°C, transporté par méthanier, puis regazéifié, avec une perte d'énergie de l'ordre de 10 à 15 %. L'écart entre les indices, net des coûts de transport, commande la direction des cargaisons. Lire ce marché suppose de suivre les trois prix, le stockage européen, les goulots comme Ormuz et la capacité d'export.",
      "tags": [
        "énergie",
        "gaz",
        "gnl",
        "matières premières",
        "macro"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-du-gaz-et-du-gnl",
      "language": "en",
      "translationOf": "guide:lire-le-marche-du-gaz-et-du-gnl",
      "alternateUrl": "https://l0g.fr/guides/lire-le-marche-du-gaz-et-du-gnl/",
      "translationStatus": "current",
      "slug": "read-gas-lng-market",
      "url": "https://l0g.fr/en/guides/read-gas-lng-market/",
      "title": "Reading the gas and LNG market: the three benchmarks and inter-basin arbitrage",
      "date": "2026-07-16",
      "updated": "2026-07-16",
      "description": "A reference guide to the world natural-gas market: why there is no single price but three regional benchmarks (Henry Hub in the US, TTF in Europe, JKM in Asia), the LNG chain from liquefaction to regasification, the units and their conversions, the arbitrage of cargoes between basins, the role of European storage and chokepoints like Hormuz, and the signals to watch. With the 2026 Hormuz crisis as the thread.",
      "summary": "Natural gas has no single world price like oil, but three regional benchmarks: the American Henry Hub (the cheapest, physical delivery in Louisiana), the Dutch TTF (Europe's reference, quoted in euros per megawatt-hour) and the Asian JKM (the spot price for LNG delivered to Northeast Asia). Liquefied natural gas (LNG) connects these basins: cooled to −162°C, shipped by carrier, then regasified, with an energy loss of about 10 to 15%. The spread between the benchmarks, net of shipping costs, governs the direction of cargoes. Reading this market means following the three prices, European storage, chokepoints like Hormuz and export capacity.",
      "tags": [
        "energy",
        "gas",
        "lng",
        "commodities",
        "macro"
      ]
    },
    {
      "canonicalId": "guide:lire-la-solidite-d-un-assureur-vie",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-life-insurer-health/",
      "translationStatus": "source",
      "slug": "lire-la-solidite-d-un-assureur-vie",
      "url": "https://l0g.fr/guides/lire-la-solidite-d-un-assureur-vie/",
      "title": "Lire la solidité d'un assureur-vie : capital, réassurance et actifs opaques",
      "date": "2026-07-16",
      "updated": "2026-07-16",
      "description": "Guide de référence pour juger la solidité d'un assureur-vie : le ratio de capital réglementaire (RBC) et ses seuils d'action de la NAIC, la lecture du bilan statutaire (Schedule D contre Schedule BA), la réassurance cédée aux Bermudes, la part d'actifs affiliés et illiquides, les désignations NAIC et les notations privées, la fragilité du passif de rentes, et pourquoi un assureur bien noté peut cacher un risque déplacé hors du regard. Avec la chute de 777 Re comme cas d'école.",
      "summary": "Juger la solidité d'un assureur-vie revient à croiser plusieurs cadrans : son capital réglementaire (le ratio RBC et les seuils d'action de la NAIC), la composition de ses actifs (bons et obligations en Schedule D, actifs alternatifs et affiliés en Schedule BA), le levier et la destination de sa réassurance (souvent cédée à un affilié aux Bermudes), la qualité des notations qui portent son capital (publiques ou privées), et la nature de son passif (rentes à passif long mais rachetable). Un assureur peut afficher un ratio de capital confortable tout en ayant déplacé le risque vers un compartiment moins régulé. La chute de 777 Re en 2024 montre par où le fil se rompt.",
      "tags": [
        "assurance",
        "crédit privé",
        "régulation",
        "risque",
        "marchés"
      ]
    },
    {
      "canonicalId": "guide:lire-la-solidite-d-un-assureur-vie",
      "language": "en",
      "translationOf": "guide:lire-la-solidite-d-un-assureur-vie",
      "alternateUrl": "https://l0g.fr/guides/lire-la-solidite-d-un-assureur-vie/",
      "translationStatus": "current",
      "slug": "read-life-insurer-health",
      "url": "https://l0g.fr/en/guides/read-life-insurer-health/",
      "title": "Reading a life insurer's soundness: capital, reinsurance and opaque assets",
      "date": "2026-07-16",
      "updated": "2026-07-16",
      "description": "A reference guide to judging a life insurer's soundness: the regulatory capital ratio (RBC) and its NAIC action levels, reading the statutory balance sheet (Schedule D versus Schedule BA), reinsurance ceded to Bermuda, the share of affiliated and illiquid assets, NAIC designations and private ratings, the fragility of an annuity liability, and why a well-rated insurer can hide a risk moved out of sight. With the collapse of 777 Re as the case study.",
      "summary": "Judging a life insurer's soundness means cross-checking several dials: its regulatory capital (the RBC ratio and the NAIC action levels), the composition of its assets (bonds and equities in Schedule D, alternative and affiliated assets in Schedule BA), the leverage and destination of its reinsurance (often ceded to an affiliate in Bermuda), the quality of the ratings that carry its capital (public or private), and the nature of its liability (annuities with a long but surrenderable liability). An insurer can post a comfortable capital ratio while having moved the risk into a less-regulated compartment. The collapse of 777 Re in 2024 shows where the thread snaps.",
      "tags": [
        "insurance",
        "private credit",
        "regulation",
        "risk",
        "markets"
      ]
    },
    {
      "canonicalId": "guide:lire-un-stress-test-bancaire",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-bank-stress-tests/",
      "translationStatus": "source",
      "slug": "lire-un-stress-test-bancaire",
      "url": "https://l0g.fr/guides/lire-un-stress-test-bancaire/",
      "title": "Lire un stress test bancaire : DFAST, CCAR et le coussin de stress",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "Guide de référence pour lire le test de résistance annuel de la Fed : la différence entre DFAST et CCAR, le scénario d'apocalypse conçu sur mesure, la mécanique qui projette pertes, revenus et ratio de fonds propres sur neuf trimestres, le Stress Capital Buffer qui en découle et fixe la marge de rachats d'actions, et les limites de l'exercice, à commencer par son angle mort sur les ruées de liquidité. Avec le test de 2026 comme fil conducteur.",
      "summary": "Chaque année, la Réserve fédérale soumet les plus grandes banques américaines à une récession hypothétique sévère et publie si elles y survivent. Le test comporte deux volets : le DFAST, quantitatif, qui mesure la solvabilité sous stress, et le CCAR, qui juge la capacité à distribuer du capital. Son résultat le plus important est le Stress Capital Buffer, une exigence de fonds propres propre à chaque banque qui détermine sa marge de dividendes et de rachats. Le lire suppose de comprendre le scénario, la ponction de CET1, la composition des pertes et les limites de l'exercice, dont son silence sur le risque de liquidité qui a pourtant tué Silicon Valley Bank.",
      "tags": [
        "banques",
        "régulation",
        "risque",
        "fed",
        "capital"
      ]
    },
    {
      "canonicalId": "guide:lire-un-stress-test-bancaire",
      "language": "en",
      "translationOf": "guide:lire-un-stress-test-bancaire",
      "alternateUrl": "https://l0g.fr/guides/lire-un-stress-test-bancaire/",
      "translationStatus": "current",
      "slug": "read-bank-stress-tests",
      "url": "https://l0g.fr/en/guides/read-bank-stress-tests/",
      "title": "Reading a bank stress test: DFAST, CCAR and the stress buffer",
      "date": "2026-07-13",
      "updated": "2026-07-13",
      "description": "A reference guide to reading the Fed's annual bank stress test: the difference between DFAST and CCAR, the tailor-made apocalypse scenario, the mechanics that project losses, revenues and the capital ratio over nine quarters, the Stress Capital Buffer that follows and sets each bank's room for buybacks, and the limits of the exercise, starting with its blind spot on liquidity runs. With the 2026 test as the thread.",
      "summary": "Each year, the Federal Reserve puts the largest U.S. banks through a severe hypothetical recession and publishes whether they survive. The test has two parts: DFAST, the quantitative test of solvency under stress, and CCAR, which judges the ability to distribute capital. Its most important output is the Stress Capital Buffer, a firm-specific capital requirement that sets each bank's room for dividends and buybacks. Reading it requires understanding the scenario, the CET1 drawdown, the loss composition and the limits of the exercise, including its silence on the liquidity risk that actually killed Silicon Valley Bank.",
      "tags": [
        "banks",
        "regulation",
        "risk",
        "fed",
        "capital"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-du-cuivre",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-copper-market/",
      "translationStatus": "source",
      "slug": "lire-le-marche-du-cuivre",
      "url": "https://l0g.fr/guides/lire-le-marche-du-cuivre/",
      "title": "Lire le marché du cuivre : Dr. Copper, LME, tarifs et déficit",
      "date": "2026-07-11",
      "updated": "2026-07-11",
      "description": "Guide de référence sur le marché du cuivre : pourquoi on l'appelle Dr. Copper, où se forme son prix entre Londres, New York et Shanghai, le grand écart COMEX-LME provoqué par le tarif américain, l'offre minière concentrée et le signal des frais de fonderie (TC/RC), la demande tirée par l'électrification, et le déficit attendu en 2026. Avec un métal autour de 13 000 dollars la tonne comme fil conducteur.",
      "summary": "Le cuivre est surnommé Dr. Copper parce que son prix suit la santé de l'industrie mondiale, mais il est devenu aussi le métal de l'électrification, des réseaux électriques aux véhicules électriques. Son prix se forme entre trois bourses, le London Metal Exchange (LME), le COMEX de New York et le SHFE de Shanghai, dont l'écart s'est creusé en 2025-2026 sous l'effet du tarif douanier américain. Le lire suppose de suivre les stocks, la courbe, les frais de fonderie (TC/RC) comme signal de tension sur l'offre, et la demande chinoise, alors que le marché s'oriente vers un déficit et que le métal cote autour de 13 000 dollars la tonne.",
      "tags": [
        "cuivre",
        "matières premières",
        "macro",
        "marchés"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-du-cuivre",
      "language": "en",
      "translationOf": "guide:lire-le-marche-du-cuivre",
      "alternateUrl": "https://l0g.fr/guides/lire-le-marche-du-cuivre/",
      "translationStatus": "current",
      "slug": "read-copper-market",
      "url": "https://l0g.fr/en/guides/read-copper-market/",
      "title": "Reading the copper market: Dr. Copper, LME, tariffs and deficit",
      "date": "2026-07-11",
      "updated": "2026-07-11",
      "description": "A reference guide to the copper market: why it is called Dr. Copper, where its price is set between London, New York and Shanghai, the COMEX-LME split caused by the US tariff, concentrated mine supply and the smelter-charge signal (TC/RCs), electrification-driven demand, and the deficit expected in 2026. With a metal around $13,000 a tonne as the thread.",
      "summary": "Copper is nicknamed Dr. Copper because its price tracks the health of global industry, but it has also become the metal of electrification, from power grids to electric vehicles. Its price is set across three exchanges, the London Metal Exchange (LME), New York's COMEX and Shanghai's SHFE, whose gap widened in 2025-2026 under the US tariff. Reading it requires following inventories, the curve, smelter charges (TC/RCs) as a supply-tightness signal, and Chinese demand, as the market tips toward deficit and the metal trades around $13,000 a tonne.",
      "tags": [
        "copper",
        "commodities",
        "macro",
        "markets"
      ]
    },
    {
      "canonicalId": "guide:lire-les-clo-et-prets-a-effet-de-levier",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-clos-and-leveraged-loans/",
      "translationStatus": "source",
      "slug": "lire-les-clo-et-prets-a-effet-de-levier",
      "url": "https://l0g.fr/guides/lire-les-clo-et-prets-a-effet-de-levier/",
      "title": "Lire les CLO et les prêts à effet de levier : tranches, cascade et vrais risques",
      "date": "2026-07-11",
      "updated": "2026-07-11",
      "description": "Guide de référence sur les prêts à effet de levier et les CLO : la matière première (prêts syndiqués à taux variable, souvent cov-lite), la mécanique de la titrisation en tranches de l'AAA à l'equity, la cascade des paiements et les tests de protection, la distinction décisive avec les CDO subprime de 2008, les vrais risques (taux variable, faibles covenants, restructurations qui masquent les défauts), et la rivalité montante avec le crédit privé. Un marché de plus de 1 000 milliards de dollars, décodé.",
      "summary": "Un prêt à effet de levier est un crédit syndiqué à taux variable consenti à une entreprise endettée, sous la catégorie investissement. Les CLO regroupent des centaines de ces prêts et émettent des tranches de risque échelonné, de l'AAA payée en premier à l'equity qui absorbe les premières pertes. Premier acheteur de ce marché de plus de 1 000 milliards de dollars, le CLO a mieux résisté que le CDO subprime en 2008, mais concentre le risque de crédit d'aujourd'hui. Le lire suppose de comprendre la cascade, les tests de surcollatéralisation, l'érosion des covenants et les restructurations qui masquent le vrai taux de défaut.",
      "tags": [
        "crédit",
        "titrisation",
        "marchés",
        "risque"
      ]
    },
    {
      "canonicalId": "guide:lire-les-clo-et-prets-a-effet-de-levier",
      "language": "en",
      "translationOf": "guide:lire-les-clo-et-prets-a-effet-de-levier",
      "alternateUrl": "https://l0g.fr/guides/lire-les-clo-et-prets-a-effet-de-levier/",
      "translationStatus": "current",
      "slug": "read-clos-and-leveraged-loans",
      "url": "https://l0g.fr/en/guides/read-clos-and-leveraged-loans/",
      "title": "Reading CLOs and leveraged loans: tranches, waterfall and real risks",
      "date": "2026-07-11",
      "updated": "2026-07-11",
      "description": "A reference guide to leveraged loans and CLOs: the raw material (syndicated floating-rate loans, often cov-lite), the mechanics of tranched securitization from AAA to equity, the payment waterfall and protection tests, the decisive distinction from the 2008 subprime CDOs, the real risks (floating rate, weak covenants, restructurings that mask defaults), and the rising rivalry with private credit. A market of over $1 trillion, decoded.",
      "summary": "A leveraged loan is a syndicated, floating-rate credit to an already-indebted, sub-investment-grade company. CLOs pool hundreds of these loans and issue tranches of graded risk, from the AAA paid first to the equity that absorbs the first losses. The leading buyer of this $1 trillion-plus market, the CLO held up better than the subprime CDO in 2008, but concentrates today's corporate credit risk. Reading it requires understanding the waterfall, overcollateralization tests, the erosion of covenants, and the restructurings that mask the true default rate.",
      "tags": [
        "credit",
        "securitization",
        "markets",
        "risk"
      ]
    },
    {
      "canonicalId": "guide:lire-les-fonds-monetaires",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-money-market-funds/",
      "translationStatus": "source",
      "slug": "lire-les-fonds-monetaires",
      "url": "https://l0g.fr/guides/lire-les-fonds-monetaires/",
      "title": "Lire les fonds monétaires : 2a-7, valeur liquidative stable et risque de ruée",
      "date": "2026-07-11",
      "updated": "2026-07-11",
      "description": "Guide de référence sur les fonds monétaires : à quoi ils servent, les trois familles (gouvernemental, prime, municipal), le corset de la règle 2a-7 de la SEC, la valeur liquidative stable à un dollar et la hantise de « rompre le pair », la réforme de 2023 qui a supprimé les gates, et leur rôle systémique de robinet de bons du Trésor et de repo. Avec le record de 8 000 milliards de dollars d'encours en 2026.",
      "summary": "Un fonds monétaire est un placement collectif en titres courts et sûrs, bons du Trésor, repo, billets de trésorerie, qui promet une sécurité et une liquidité proches du cash avec un rendement. On distingue les fonds gouvernementaux, les plus sûrs, des fonds prime, plus rémunérateurs mais plus risqués. La règle 2a-7 de la SEC encadre leur qualité, leur maturité et leurs coussins de liquidité, et leur permet de viser une valeur liquidative stable à un dollar. Le lire suppose de comprendre le risque de ruée, la réforme de 2023 et leur rôle de premier acheteur de dette d'État courte, alors que leurs encours atteignent un record de 8 000 milliards de dollars.",
      "tags": [
        "liquidité",
        "fonds monétaires",
        "régulation",
        "marchés"
      ]
    },
    {
      "canonicalId": "guide:lire-les-fonds-monetaires",
      "language": "en",
      "translationOf": "guide:lire-les-fonds-monetaires",
      "alternateUrl": "https://l0g.fr/guides/lire-les-fonds-monetaires/",
      "translationStatus": "current",
      "slug": "read-money-market-funds",
      "url": "https://l0g.fr/en/guides/read-money-market-funds/",
      "title": "Reading money market funds: Rule 2a-7, stable NAV and run risk",
      "date": "2026-07-11",
      "updated": "2026-07-11",
      "description": "A reference guide to money market funds: what they are for, the three families (government, prime, municipal), the corset of the SEC's Rule 2a-7, the stable one-dollar NAV and the dread of 'breaking the buck', the 2023 reform that scrapped gates, and their systemic role as a tap of Treasury bills and repo. With the record $8 trillion of assets in 2026.",
      "summary": "A money market fund is a pooled vehicle holding short, safe instruments, Treasury bills, repo, commercial paper, that promises cash-like safety and liquidity with a yield. Government funds are the safest; prime funds pay more but carry more risk. The SEC's Rule 2a-7 governs their quality, maturity and liquidity buffers, and lets them target a stable one-dollar NAV. Reading them requires understanding run risk, the 2023 reform, and their role as a leading buyer of short government debt, as assets hit a record $8 trillion.",
      "tags": [
        "liquidity",
        "money-market-funds",
        "regulation",
        "markets"
      ]
    },
    {
      "canonicalId": "guide:lire-les-swaps-de-taux",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-interest-rate-swaps/",
      "translationStatus": "source",
      "slug": "lire-les-swaps-de-taux",
      "url": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
      "title": "Lire les swaps de taux : IRS, OIS et swap spread",
      "date": "2026-07-11",
      "updated": "2026-07-11",
      "description": "Guide de référence sur les swaps de taux d'intérêt : la mécanique de l'échange fixe contre variable sur un notionnel, le taux de swap et sa courbe, l'OIS comme lecture des paris sur la banque centrale, la bascule de LIBOR vers SOFR, le swap spread et son signe qui s'inverse sur les longues maturités, le rôle de la compensation et des marges, et la spirale LDI britannique de 2022 comme cas d'école. Le plus grand marché de dérivés du monde, décodé.",
      "summary": "Un swap de taux échange des flux d'intérêts sur un capital de référence, le notionnel : une partie paie un taux fixe, l'autre un taux variable indexé sur le SOFR. C'est l'outil central de couverture du risque de taux et le plus grand marché de dérivés du monde. Le lire suppose de comprendre le taux de swap et sa courbe, l'OIS qui reflète la trajectoire anticipée de la banque centrale, la bascule de LIBOR vers SOFR, le swap spread contre le Treasury, et la mécanique de marge qui, lors de la crise LDI britannique de 2022, a transformé un choc de taux en ventes forcées de dette souveraine.",
      "tags": [
        "taux",
        "dérivés",
        "marchés",
        "banques centrales"
      ]
    },
    {
      "canonicalId": "guide:lire-les-swaps-de-taux",
      "language": "en",
      "translationOf": "guide:lire-les-swaps-de-taux",
      "alternateUrl": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
      "translationStatus": "current",
      "slug": "read-interest-rate-swaps",
      "url": "https://l0g.fr/en/guides/read-interest-rate-swaps/",
      "title": "Reading interest rate swaps: IRS, OIS and swap spreads",
      "date": "2026-07-11",
      "updated": "2026-07-11",
      "description": "A reference guide to interest rate swaps: the mechanics of exchanging fixed for floating on a notional, the swap rate and its curve, OIS as a read on central-bank bets, the shift from LIBOR to SOFR, the swap spread and its sign flipping negative at long maturities, the role of clearing and margin, and the 2022 UK LDI spiral as a case study. The largest derivatives market in the world, decoded.",
      "summary": "An interest rate swap exchanges interest flows on a reference amount, the notional: one party pays a fixed rate, the other a floating rate indexed to SOFR. It is the core tool for hedging interest-rate risk and the largest derivatives market in the world. Reading it requires understanding the swap rate and its curve, OIS as a gauge of the expected central-bank path, the LIBOR-to-SOFR shift, the swap spread against Treasuries, and the margin mechanics that, in the 2022 UK LDI crisis, turned a rate shock into forced sales of sovereign debt.",
      "tags": [
        "rates",
        "derivatives",
        "markets",
        "central-banks"
      ]
    },
    {
      "canonicalId": "guide:lire-le-gamma-des-dealers",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-dealer-gamma/",
      "translationStatus": "source",
      "slug": "lire-le-gamma-des-dealers",
      "url": "https://l0g.fr/guides/lire-le-gamma-des-dealers/",
      "title": "Lire le gamma des dealers : quand la couverture des options fait le marché",
      "date": "2026-07-10",
      "updated": "2026-07-10",
      "description": "Guide de référence sur le positionnement en options et le gamma des teneurs de marché : les notions de delta et de gamma, pourquoi les dealers couvrent mécaniquement leurs options dans le sous-jacent, la différence décisive entre long gamma qui étouffe la volatilité et short gamma qui l'amplifie, l'essor des options 0DTE, et les précédents du Volmageddon de 2018 et du gamma squeeze de GameStop. Comment une force invisible fixe une part des mouvements de marché.",
      "summary": "Une part croissante des mouvements de marché à court terme ne vient pas des fondamentaux mais de la couverture mécanique des vendeurs d'options, les teneurs de marché. Quand ces dealers sont longs gamma, ils achètent les baisses et vendent les hausses, étouffant la volatilité ; quand ils sont courts gamma, ils font l'inverse et amplifient les mouvements. L'explosion des options qui expirent le jour même (0DTE), désormais 40 à 50 % du volume sur le S&P 500, a fait de ces flux de couverture un moteur dominant de l'intrajournalier. Le lire suppose de comprendre le delta, le gamma, le gamma flip et leurs limites.",
      "tags": [
        "options",
        "volatilité",
        "marchés",
        "gamma"
      ]
    },
    {
      "canonicalId": "guide:lire-le-gamma-des-dealers",
      "language": "en",
      "translationOf": "guide:lire-le-gamma-des-dealers",
      "alternateUrl": "https://l0g.fr/guides/lire-le-gamma-des-dealers/",
      "translationStatus": "current",
      "slug": "read-dealer-gamma",
      "url": "https://l0g.fr/en/guides/read-dealer-gamma/",
      "title": "Reading dealer gamma: when options hedging drives the market",
      "date": "2026-07-10",
      "updated": "2026-07-10",
      "description": "A reference guide to options positioning and market-maker gamma: what delta and gamma are, why dealers mechanically hedge their options in the underlying, the decisive difference between long gamma that dampens volatility and short gamma that amplifies it, the rise of 0DTE options, and the precedents of the 2018 Volmageddon and the GameStop gamma squeeze. How an invisible force sets part of the market's moves.",
      "summary": "A growing share of short-term market moves comes not from fundamentals but from the mechanical hedging of options sellers, the market makers. When these dealers are long gamma, they buy dips and sell rallies, dampening volatility; when they are short gamma, they do the opposite and amplify moves. The explosion of same-day options (0DTE), now 40 to 50% of S&P 500 volume, has made these hedging flows a dominant driver of intraday action. Reading it requires understanding delta, gamma, the gamma flip and their limits.",
      "tags": [
        "options",
        "volatility",
        "markets",
        "gamma"
      ]
    },
    {
      "canonicalId": "guide:lire-la-solidite-d-une-banque",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-bank-health/",
      "translationStatus": "source",
      "slug": "lire-la-solidite-d-une-banque",
      "url": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "title": "Lire la solidité d'une banque : capital, liquidité et pertes cachées",
      "date": "2026-07-10",
      "updated": "2026-07-10",
      "description": "Guide de référence pour juger la solidité d'une banque : la différence entre solvabilité et liquidité, les ratios de fonds propres (CET1, ratio de levier) et de liquidité (LCR, NSFR), le piège des pertes latentes dissimulées en portefeuille détenu jusqu'à l'échéance, la fragilité du passif et des dépôts non assurés, et pourquoi une banque rentable peut disparaître en 48 heures. Avec la chute de Silicon Valley Bank comme cas d'école.",
      "summary": "Juger la solidité d'une banque revient à lire deux choses distinctes : sa solvabilité, c'est-à-dire le capital dont elle dispose pour absorber des pertes (ratio CET1, ratio de levier), et sa liquidité, c'est-à-dire sa capacité à honorer des retraits (LCR, NSFR). Une banque peut mourir de l'une ou de l'autre. Le cas de SVB en 2023 montre le piège : des pertes latentes cachées dans un portefeuille détenu jusqu'à l'échéance, un passif concentré en dépôts non assurés, et une ruée numérique fatale en 48 heures. Lire une banque suppose donc de croiser capital, liquidité, pertes latentes et structure des dépôts.",
      "tags": [
        "banques",
        "régulation",
        "liquidité",
        "risque",
        "marchés"
      ]
    },
    {
      "canonicalId": "guide:lire-la-solidite-d-une-banque",
      "language": "en",
      "translationOf": "guide:lire-la-solidite-d-une-banque",
      "alternateUrl": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "translationStatus": "current",
      "slug": "read-bank-health",
      "url": "https://l0g.fr/en/guides/read-bank-health/",
      "title": "Reading a bank's soundness: capital, liquidity and hidden losses",
      "date": "2026-07-10",
      "updated": "2026-07-10",
      "description": "A reference guide to judging a bank's soundness: the difference between solvency and liquidity, capital ratios (CET1, leverage ratio) and liquidity ratios (LCR, NSFR), the trap of unrealized losses buried in a held-to-maturity portfolio, the fragility of the liability side and uninsured deposits, and why a profitable bank can vanish in 48 hours. With the collapse of Silicon Valley Bank as the case study.",
      "summary": "Judging a bank's soundness means reading two distinct things: its solvency, the capital it has to absorb losses (CET1 ratio, leverage ratio), and its liquidity, its ability to honour withdrawals (LCR, NSFR). A bank can die of either. The SVB case in 2023 shows the trap: unrealized losses hidden in a held-to-maturity portfolio, a liability base concentrated in uninsured deposits, and a fatal digital run in 48 hours. Reading a bank therefore requires cross-checking capital, liquidity, unrealized losses and deposit structure.",
      "tags": [
        "banks",
        "regulation",
        "liquidity",
        "risk",
        "markets"
      ]
    },
    {
      "canonicalId": "guide:lire-le-carry-trade",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-the-carry-trade/",
      "translationStatus": "source",
      "slug": "lire-le-carry-trade",
      "url": "https://l0g.fr/guides/lire-le-carry-trade/",
      "title": "Lire le carry trade : emprunter bas, placer haut, et gérer le débouclage",
      "date": "2026-07-10",
      "updated": "2026-07-10",
      "description": "Guide de référence sur le carry trade, ou portage : comment on emprunte dans une devise peu rémunérée pour placer dans un actif au rendement supérieur et empocher l'écart, pourquoi cette stratégie revient à vendre de la volatilité, le rôle du levier, la mécanique du débouclage qui a fait plonger le Nikkei de 12 % en une séance en août 2024, et les cadrans à surveiller pour jauger le risque. Avec le yen comme fil conducteur.",
      "summary": "Le carry trade, ou portage, consiste à emprunter dans une devise de financement à bas taux, le yen ou le franc suisse par exemple, pour placer dans un actif mieux rémunéré et capter l'écart de rendement. Il rapporte un revenu régulier tant que le change reste stable et la volatilité contenue, mais se dénoue brutalement quand la devise de financement remonte, forçant des ventes en chaîne. Le lire suppose de comprendre l'écart de taux qui le nourrit, l'effet de levier qui l'amplifie, et les signaux, volatilité FX, positionnement, seuils de change, qui annoncent un débouclage.",
      "tags": [
        "carry trade",
        "change",
        "taux",
        "macro",
        "marchés"
      ]
    },
    {
      "canonicalId": "guide:lire-le-carry-trade",
      "language": "en",
      "translationOf": "guide:lire-le-carry-trade",
      "alternateUrl": "https://l0g.fr/guides/lire-le-carry-trade/",
      "translationStatus": "current",
      "slug": "read-the-carry-trade",
      "url": "https://l0g.fr/en/guides/read-the-carry-trade/",
      "title": "Reading the carry trade: borrow low, invest high, and manage the unwind",
      "date": "2026-07-10",
      "updated": "2026-07-10",
      "description": "A reference guide to the carry trade: how you borrow in a low-yielding funding currency to invest in a higher-yielding asset and pocket the gap, why the strategy amounts to selling volatility, the role of leverage, the mechanics of the unwind that sank the Nikkei 12% in a single session in August 2024, and the dials to watch to gauge the risk. With the yen as the guiding thread.",
      "summary": "The carry trade means borrowing in a low-rate funding currency, such as the yen or Swiss franc, to invest in a higher-yielding asset and capture the rate differential. It earns a steady income while exchange rates are stable and volatility is contained, but unwinds violently when the funding currency rebounds, forcing a chain of sales. Reading it requires understanding the rate gap that feeds it, the leverage that amplifies it, and the signals, FX volatility, positioning, currency thresholds, that flag an unwind.",
      "tags": [
        "carry trade",
        "fx",
        "rates",
        "macro",
        "markets"
      ]
    },
    {
      "canonicalId": "guide:lire-les-previsions-du-cbo",
      "language": "en",
      "translationOf": "guide:lire-les-previsions-du-cbo",
      "alternateUrl": "https://l0g.fr/guides/lire-les-previsions-du-cbo/",
      "translationStatus": "current",
      "slug": "read-cbo-budget-outlook",
      "url": "https://l0g.fr/en/guides/read-cbo-budget-outlook/",
      "title": "How to Read CBO Forecasts: the Budget Baseline and Its Traps",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to the Congressional Budget Office: what this independent budget referee is, what it publishes, how to read a baseline through deficits, debt-to-GDP and net interest, the misunderstood current-law convention that makes it a benchmark rather than a forecast, the difference between static and dynamic scoring, and how sensitive long-term projections are to interest-rate and productivity assumptions. With 2026 figures as illustration.",
      "summary": "The Congressional Budget Office is the independent, nonpartisan budget agency of the U.S. Congress. Its baseline projects deficits, debt and the economy over ten years under the assumption that current law does not change. It is a benchmark, not a forecast. Reading it well requires understanding its conventions, scoring methods and sensitivity to rates and productivity.",
      "tags": [
        "macro",
        "debt",
        "us budget"
      ]
    },
    {
      "canonicalId": "guide:lire-cot-cftc",
      "language": "en",
      "translationOf": "guide:lire-cot-cftc",
      "alternateUrl": "https://l0g.fr/guides/lire-cot-cftc/",
      "translationStatus": "current",
      "slug": "read-cftc-cot-report",
      "url": "https://l0g.fr/en/guides/read-cftc-cot-report/",
      "title": "How to Read the CFTC COT Report: Who Is Positioned, and How to Know",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to the Commitments of Traders, the weekly CFTC release that reveals large-trader positioning on futures markets. Which reports to read, which categories carry the signal, how classification is done, and which blind spots to know before drawing conclusions.",
      "summary": "The Commitments of Traders report is a weekly release published by the CFTC that details open positions by trader category on U.S. futures markets. It is released each Friday at 3:30 p.m. New York time, using positions as of the previous Tuesday. Read well, it shows where speculative money and hedgers stand; read badly, it misleads.",
      "tags": [
        "markets",
        "institutional flows",
        "commodities",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:lire-les-spreads-de-credit",
      "language": "en",
      "translationOf": "guide:lire-les-spreads-de-credit",
      "alternateUrl": "https://l0g.fr/guides/lire-les-spreads-de-credit/",
      "translationStatus": "current",
      "slug": "read-credit-spreads-oas",
      "url": "https://l0g.fr/en/guides/read-credit-spreads-oas/",
      "title": "How to Read Credit Spreads: OAS, Quality Scale and Stress Signal",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to credit spreads: what the yield gap between a corporate bond and a Treasury measures, why OAS is the reference measure, the quality ladder from investment grade to CCC, how to decompose a spread into expected loss, risk premium and liquidity premium, the role of CDS and CDX indexes, and how to read spreads as a forward stress signal. With 2026 levels near the tightest since 2007 and the market-complacency debate.",
      "summary": "A credit spread is the price of lending to a company rather than the government: the yield gap between a corporate bond and a Treasury of comparable maturity. The reference measure is OAS, published through ICE BofA indexes. Reading it means knowing the quality scale, the spread decomposition and its role as an early stress signal.",
      "tags": [
        "macro",
        "credit",
        "markets",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:lire-le-dollar-dxy-cross-currency-basis",
      "language": "en",
      "translationOf": "guide:lire-le-dollar-dxy-cross-currency-basis",
      "alternateUrl": "https://l0g.fr/guides/lire-le-dollar-dxy-cross-currency-basis/",
      "translationStatus": "current",
      "slug": "read-dollar-dxy-cross-currency-basis",
      "url": "https://l0g.fr/en/guides/read-dollar-dxy-cross-currency-basis/",
      "title": "How to Read the Dollar: DXY, Cross-Currency Basis and Offshore Dollar Debt",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to the dollar as the world’s funding currency: what DXY really measures and why its basket is biased, why the Fed’s broad dollar index is a better compass, covered interest parity and its post-2008 break, cross-currency basis as the hidden price of dollars and a funding-stress thermometer, FX swaps as off-balance-sheet repo, the missing dollar debt estimated by the BIS, Fed swap lines as the offshore backstop, and the crucial distinction between the reserve dollar and the funding dollar. With the 2026 regime as illustration.",
      "summary": "The dollar cannot be read through one number. DXY gives a spot index, but its basket overweights the euro and ignores China; the Fed’s broad index corrects the bias. More importantly, the real dollar system sits offshore, where non-U.S. actors borrow dollars through FX swaps. Cross-currency basis is the thermometer, Fed swap lines the backstop.",
      "tags": [
        "macro",
        "dollar",
        "liquidity",
        "central banks"
      ]
    },
    {
      "canonicalId": "guide:lire-le-dot-plot-sep",
      "language": "en",
      "translationOf": "guide:lire-le-dot-plot-sep",
      "alternateUrl": "https://l0g.fr/guides/lire-le-dot-plot-sep/",
      "translationStatus": "current",
      "slug": "read-dot-plot-sep",
      "url": "https://l0g.fr/en/guides/read-dot-plot-sep/",
      "title": "How to Read the Dot Plot and the SEP: Interpreting the Fed’s Projections",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to the Federal Reserve dot plot and Summary of Economic Projections: what the dots really show, why they are neither a plan nor a forecast but a median of individual views on appropriate policy, how to read the central tendency, the neutral rate and the gap with market pricing. With the June 2026 SEP, the first under Warsh, where the 2026 median flipped from an implied cut to an implied hike.",
      "summary": "The dot plot is the cluster of rate projections in the Fed’s Summary of Economic Projections, published four times a year. Each FOMC participant marks the policy rate they judge appropriate for each year-end and the longer run. It is not a plan or promise, but a set of anonymous, individual, conditional views that can shift sharply from one quarter to the next.",
      "tags": [
        "macro",
        "central banks",
        "Fed"
      ]
    },
    {
      "canonicalId": "guide:liquidite-tresor-dts-tga-rrp",
      "language": "en",
      "translationOf": "guide:liquidite-tresor-dts-tga-rrp",
      "alternateUrl": "https://l0g.fr/guides/liquidite-tresor-dts-tga-rrp/",
      "translationStatus": "current",
      "slug": "read-net-liquidity-tga-rrp",
      "url": "https://l0g.fr/en/guides/read-net-liquidity-tga-rrp/",
      "title": "How to Read Liquidity: Reserves, TGA, RRP and the Net-Liquidity Proxy",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to financial-system liquidity: the three taps of bank reserves, the Treasury General Account and reverse repos, the net-liquidity formula markets follow and its limits, how to read the plumbing from primary sources, and the 2026 regime after the end of quantitative tightening.",
      "summary": "Net liquidity is a market-followed indicator built from the Federal Reserve balance sheet minus the U.S. Treasury General Account and reverse repos. It is a useful proxy for available liquidity, provided its limits are explicit.",
      "tags": [
        "macro",
        "central banks",
        "liquidity",
        "treasury",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-du-repo-sofr",
      "language": "en",
      "translationOf": "guide:lire-le-marche-du-repo-sofr",
      "alternateUrl": "https://l0g.fr/guides/lire-le-marche-du-repo-sofr/",
      "translationStatus": "current",
      "slug": "read-repo-market-sofr",
      "url": "https://l0g.fr/en/guides/read-repo-market-sofr/",
      "title": "How to Read the Repo Market: SOFR, the Rate Corridor and Reserve Scarcity",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to U.S. secured-funding plumbing: what repo is, how SOFR is produced and on what volume it rests, the Fed’s rate corridor (IORB, RRP, SRF, EFFR), how to read the SOFR-IORB spread as a reserve-scarcity thermometer, the anatomy of a stress episode with September 2019, quarter-end and year-end jumps, and the 2026 regime after the end of quantitative tightening.",
      "summary": "Repo is the market where wholesale finance funds itself every day: more than $3 trillion of cash lending secured by Treasuries, whose volume-weighted median becomes SOFR, the reference rate for overnight secured funding. Reading it means understanding repos, the Fed’s corridor and why SOFR moving above IORB signals scarcer reserves.",
      "tags": [
        "macro",
        "central banks",
        "liquidity",
        "rates",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-des-treasuries",
      "language": "en",
      "translationOf": "guide:lire-le-marche-des-treasuries",
      "alternateUrl": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
      "translationStatus": "current",
      "slug": "read-us-treasuries-market",
      "url": "https://l0g.fr/en/guides/read-us-treasuries-market/",
      "title": "How to Read the Treasury Market: Auctions, Curve and Term Premium",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to U.S. government debt: the composition of the market, from bills to notes and bonds; quarterly refunding and auction mechanics; how to read an auction through bid-to-cover, tail and dealer takedown; what the shape of the yield curve signals; how to decompose a long yield into rate expectations and term premium; who owns the debt; and which stress thermometers to watch. With 2026 figures as illustration.",
      "summary": "The Treasury market is the foundation of the global financial system: more than $28 trillion of marketable U.S. government debt in bills, notes and bonds. Reading it means understanding quarterly refunding, auction mechanics, the yield curve and the split between expected short rates and term premium.",
      "tags": [
        "macro",
        "rates",
        "us treasury"
      ]
    },
    {
      "canonicalId": "guide:analyser-13f-sec",
      "language": "en",
      "translationOf": "guide:analyser-13f-sec",
      "alternateUrl": "https://l0g.fr/guides/analyser-13f-sec/",
      "translationStatus": "current",
      "slug": "how-to-analyze-sec-13f-filings",
      "url": "https://l0g.fr/en/guides/how-to-analyze-sec-13f-filings/",
      "title": "How to Analyze SEC Form 13F Filings",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to Form 13F: who files, when, what it contains, how to read it on EDGAR, and above all its blind spots. A quarterly rear-view mirror of long positions, powerful only if its limits are understood.",
      "summary": "Form 13F is a quarterly filing required by the SEC from institutional investment managers exercising investment discretion over more than $100 million in eligible U.S. securities. It lists their long positions within 45 days after quarter-end.",
      "tags": [
        "markets",
        "regulation",
        "institutional flows",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:lire-le-10-k-sec",
      "language": "en",
      "translationOf": "guide:lire-le-10-k-sec",
      "alternateUrl": "https://l0g.fr/guides/lire-le-10-k-sec/",
      "translationStatus": "current",
      "slug": "how-to-read-10-k-sec",
      "url": "https://l0g.fr/en/guides/how-to-read-10-k-sec/",
      "title": "How to Read a 10-K: the SEC Annual Report",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to reading a Form 10-K: the map of the document, where to start, how to separate a real risk factor from boilerplate, how to read MD&A and the financial statement notes, and how to spot control weaknesses. The most complete document on a listed U.S. company, read by priority.",
      "summary": "Form 10-K is the annual report a U.S.-listed company files with the SEC. Dense and standardized, it is best read by priority: management discussion, risk factors, and financial statement notes.",
      "tags": [
        "markets",
        "regulation",
        "fundamental analysis",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:lire-le-cpi-inflation-us",
      "language": "en",
      "translationOf": "guide:lire-le-cpi-inflation-us",
      "alternateUrl": "https://l0g.fr/guides/lire-le-cpi-inflation-us/",
      "translationStatus": "current",
      "slug": "read-cpi-inflation-us",
      "url": "https://l0g.fr/en/guides/read-cpi-inflation-us/",
      "title": "How to Read CPI: U.S. Inflation, Measure by Measure",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to the Consumer Price Index: what the BLS actually measures, how the basket is built, why shelter accounts for about a third of it, the difference between headline, core and supercore inflation, the traps between raw and seasonally adjusted data, level and change, and why the Fed targets PCE rather than CPI. With May 2026 as a case study, when energy drove the headline.",
      "summary": "The CPI, or Consumer Price Index, is the consumer price index published monthly by the BLS. It measures the average change in prices for a fixed basket of goods and services bought by U.S. urban households. It is the inflation gauge markets watch most closely, but the Fed targets PCE, and reading it properly requires separating headline from core, raw from seasonally adjusted data, and level from change.",
      "tags": [
        "macro",
        "inflation",
        "central banks"
      ]
    },
    {
      "canonicalId": "guide:lire-h41-bilan-fed",
      "language": "en",
      "translationOf": "guide:lire-h41-bilan-fed",
      "alternateUrl": "https://l0g.fr/guides/lire-h41-bilan-fed/",
      "translationStatus": "current",
      "slug": "read-h41-fed-balance-sheet",
      "url": "https://l0g.fr/en/guides/read-h41-fed-balance-sheet/",
      "title": "How to Read H.4.1: the Fed Balance Sheet, Line by Line",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "H.4.1 maps Fed assets, bank reserves, the TGA and reverse repos each Thursday. A weekly snapshot whose securities are not marked to market.",
      "summary": "H.4.1 is the Federal Reserve’s weekly statistical release titled “Factors Affecting Reserve Balances.” Published every Thursday at 4:30 p.m. New York time, with data as of Wednesday, it shows the central bank balance sheet: what the Fed holds as assets, what absorbs liquidity on the liability side, and the resulting level of bank reserves.",
      "tags": [
        "macro",
        "central banks",
        "liquidity",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:lire-le-rapport-emploi-nfp",
      "language": "en",
      "translationOf": "guide:lire-le-rapport-emploi-nfp",
      "alternateUrl": "https://l0g.fr/guides/lire-le-rapport-emploi-nfp/",
      "translationStatus": "current",
      "slug": "read-us-employment-report-nfp",
      "url": "https://l0g.fr/en/guides/read-us-employment-report-nfp/",
      "title": "How to Read the U.S. Jobs Report: NFP and Its Traps",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to the BLS Employment Situation: the two surveys that can contradict each other, what NFP really measures, the ±122,000 confidence interval that makes a single print fragile, monthly revisions and the annual benchmark revision that erased 911,000 jobs, the difference between U3 and U6, and why a falling unemployment rate can be bad news. With the May 2026 report as a case study.",
      "summary": "The U.S. jobs report, or Employment Situation, published by the BLS on the first Friday of the month, rests on two separate surveys: the establishment survey produces NFP, nonfarm payroll employment, while the household survey produces the unemployment rate. The headline is heavily traded but fragile: wide confidence interval, large revisions, and two measures that often disagree.",
      "tags": [
        "macro",
        "employment",
        "central banks"
      ]
    },
    {
      "canonicalId": "guide:lire-la-volatilite-vix-move",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-vix-move-volatility/",
      "translationStatus": "source",
      "slug": "lire-la-volatilite-vix-move",
      "url": "https://l0g.fr/guides/lire-la-volatilite-vix-move/",
      "title": "Lire la volatilité : VIX et MOVE, les thermomètres de la peur",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "Guide de référence sur les indices de volatilité implicite : ce que mesure le VIX sur les actions et le MOVE sur les obligations, comment ils sont construits, la lecture des niveaux et de la structure par terme (contango, backwardation), pourquoi le VIX et le MOVE divergent parfois, les pièges (volatilité moyenne-réversive, faible volatilité qui n'est pas faible risque, produits non directement investissables), et le régime de 2026 où les deux sont bas. Avec les niveaux de 2026 en illustration.",
      "summary": "Le VIX et le MOVE sont les deux thermomètres de la peur des marchés : le VIX mesure la volatilité implicite attendue des actions américaines sur 30 jours, le MOVE celle des obligations d'État. Le lire suppose de comprendre qu'ils regardent devant et non derrière, de situer les niveaux (VIX autour de 20 en moyenne, MOVE autour de 80), de lire la structure par terme, et de savoir qu'une volatilité basse n'est pas un risque bas. En 2026, les deux sont au plancher : une surface calme qui mérite qu'on regarde dessous.",
      "tags": [
        "macro",
        "marchés",
        "taux",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:lire-le-dollar-dxy-cross-currency-basis",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-dollar-dxy-cross-currency-basis/",
      "translationStatus": "source",
      "slug": "lire-le-dollar-dxy-cross-currency-basis",
      "url": "https://l0g.fr/guides/lire-le-dollar-dxy-cross-currency-basis/",
      "title": "Lire le dollar : DXY, cross-currency basis et la dette dollar offshore",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "Guide de référence sur le dollar comme monnaie de financement mondiale : ce que mesure vraiment le DXY et pourquoi son panier est biaisé, l'indice large de la Fed comme meilleure boussole, la parité couverte des taux et sa rupture depuis 2008, le cross-currency basis comme prix caché du dollar et thermomètre du stress de financement, le FX swap comme repo hors bilan, la dette dollar « manquante » estimée par la BIS, les lignes de swap de la Fed comme filet offshore, et la distinction décisive entre dollar de réserve et dollar de financement. Avec le régime de 2026 en illustration.",
      "summary": "Le dollar ne se lit pas à un seul chiffre. Le DXY donne un cours, mais son panier suragrège l'euro et ignore la Chine ; l'indice large de la Fed corrige ce biais. Surtout, l'essentiel du dollar est ailleurs : dans une couche offshore où les non-Américains empruntent en dollars via des FX swaps, un financement hors bilan dont la BIS estime la dette « manquante » à des dizaines de milliers de milliards. Le cross-currency basis en est le thermomètre, les lignes de swap de la Fed le filet. Le lire suppose de séparer le dollar de réserve du dollar de financement.",
      "tags": [
        "macro",
        "dollar",
        "liquidité",
        "banques centrales"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-de-l-or",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-gold-market/",
      "translationStatus": "source",
      "slug": "lire-le-marche-de-l-or",
      "url": "https://l0g.fr/guides/lire-le-marche-de-l-or/",
      "title": "Lire le marché de l'or : Londres, Comex, marchés papier et physique",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "Guide de référence sur le marché de l'or : pourquoi l'or n'est pas une matière première comme les autres, où se forme son prix entre le marché de gré à gré de Londres (LBMA) et les contrats à terme du Comex, la mécanique papier contre physique (EFP, taux de prêt, contango), les vrais moteurs du cours (taux réels, dollar, banques centrales, débasement), le rôle devenu central des achats des banques centrales, et la montée de l'or comme actif de réserve. Avec le cycle de 2026, record puis correction, comme cas d'école.",
      "summary": "L'or n'est pas une matière première ordinaire : c'est un actif monétaire sans rendement, détenu par les banques centrales comme réserve. Son prix se forme entre le marché de gré à gré de Londres (LBMA), qui ancre le physique, et les contrats à terme du Comex, qui amplifient. Le lire suppose de comprendre le lien papier-physique (EFP, taux de prêt), ses moteurs (taux réels, dollar, achats officiels, débasement), et le rôle décisif des banques centrales. En 2026, l'or a touché un record près de 5 600 dollars avant de corriger.",
      "tags": [
        "matières premières",
        "or",
        "macro",
        "banques centrales"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-du-repo-sofr",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-repo-market-sofr/",
      "translationStatus": "source",
      "slug": "lire-le-marche-du-repo-sofr",
      "url": "https://l0g.fr/guides/lire-le-marche-du-repo-sofr/",
      "title": "Lire le marché du repo : SOFR, le couloir des taux et la rareté des réserves",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "Guide de référence sur la plomberie du financement collatéralisé aux États-Unis : ce qu'est une pension livrée (repo), comment se fabrique le SOFR et sur quel volume il repose, le couloir de taux par lequel la Fed pilote les taux courts (IORB, RRP, SRF, EFFR), la lecture de l'écart SOFR-IORB comme thermomètre de la rareté des réserves, l'anatomie d'un stress avec le cas d'école de septembre 2019, les à-coups de fin de trimestre et de fin d'année, et le régime de 2026 après la fin du resserrement quantitatif. Avec les chiffres de 2026 en illustration.",
      "summary": "Le repo est le marché sur lequel se finance chaque jour la finance de gros : plus de 3 000 milliards de dollars de prêts de cash garantis par des Treasuries, dont la moyenne donne le SOFR, taux de référence des financements garantis au jour le jour. Le lire suppose de comprendre la mécanique de la pension livrée, le couloir de taux par lequel la Fed encadre le SOFR (IORB en repère, RRP en plancher, SRF en plafond), et pourquoi un SOFR qui décolle de l'IORB signale que les réserves bancaires deviennent rares.",
      "tags": [
        "macro",
        "banques centrales",
        "liquidité",
        "taux",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:lire-le-pce-inflation-fed",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-pce-inflation-fed/",
      "translationStatus": "source",
      "slug": "lire-le-pce-inflation-fed",
      "url": "https://l0g.fr/guides/lire-le-pce-inflation-fed/",
      "title": "Lire le PCE : la mesure d'inflation que cible vraiment la Fed",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "Guide de référence sur le Personal Consumption Expenditures Price Index : ce que le BEA mesure et pourquoi il est plus large que le CPI, la formule chaînée de Fisher qui capte les substitutions, le poids déterminant de la santé et le principe des dépenses faites pour le compte des ménages, la distinction entre PCE total, core PCE et PCE market-based, les mesures robustes de la Fed de Dallas et de Cleveland, et pourquoi la cible de 2 % porte sur cet indice et non sur le CPI. Avec le chiffre de mai 2026 comme cas d'école, où le core PCE dépasse le core CPI.",
      "summary": "Le PCE (Personal Consumption Expenditures Price Index) est l'indice des prix calculé par le BEA que la Réserve fédérale cible à 2 %. Plus large que le CPI, chaîné selon la formule de Fisher, il pèse la santé environ deux fois plus lourd et le logement environ deux fois moins. Le lire suppose de distinguer PCE total, core PCE et PCE market-based, de connaître les mesures robustes (trimmed mean de Dallas, médiane de Cleveland), et de comprendre pourquoi un même mois peut donner un core PCE au-dessus du core CPI.",
      "tags": [
        "macro",
        "inflation",
        "banques centrales"
      ]
    },
    {
      "canonicalId": "guide:lire-le-rapport-jolts",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-jolts-report/",
      "translationStatus": "source",
      "slug": "lire-le-rapport-jolts",
      "url": "https://l0g.fr/guides/lire-le-rapport-jolts/",
      "title": "Lire le JOLTS : sous le capot du marché du travail américain",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "Guide de référence sur le Job Openings and Labor Turnover Survey : ce que le JOLTS mesure que le NFP ne voit pas, les cinq chiffres clés (postes vacants, embauches, démissions, licenciements, séparations totales), le taux de démission comme thermomètre de la confiance des salariés, le ratio postes vacants sur chômeurs suivi par la Fed, la courbe de Beveridge et le débat sur l'atterrissage en douceur, les pièges de mesure, et le régime de 2026 d'un marché gelé à faible rotation. Avec le rapport de mai 2026 comme cas d'école.",
      "summary": "Le JOLTS (Job Openings and Labor Turnover Survey) est la radiographie des flux du marché du travail américain, là où le NFP n'en donne que le solde net. Il mesure les postes vacants, les embauches, les démissions et les licenciements. Le lire suppose de suivre le taux de démission, thermomètre de la confiance des salariés, et le ratio postes vacants sur chômeurs, jauge de tension privilégiée de la Fed. En 2026, ces indicateurs décrivent un marché gelé : peu d'embauches, peu de licenciements, peu de rotation.",
      "tags": [
        "macro",
        "emploi",
        "banques centrales"
      ]
    },
    {
      "canonicalId": "guide:lire-les-spreads-de-credit",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-credit-spreads-oas/",
      "translationStatus": "source",
      "slug": "lire-les-spreads-de-credit",
      "url": "https://l0g.fr/guides/lire-les-spreads-de-credit/",
      "title": "Lire les spreads de crédit : OAS, échelle de qualité et signal de stress",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "Guide de référence sur les spreads de crédit : ce que mesure l'écart de rendement entre une obligation d'entreprise et un Treasury, pourquoi l'OAS (option-adjusted spread) est la mesure de référence, l'échelle de qualité de l'investment grade au CCC, la décomposition d'un spread entre perte attendue, prime de risque et prime de liquidité, le rôle des CDS et des indices CDX, et la lecture du spread comme signal avancé de stress. Avec les niveaux de 2026, au plus serré depuis 2007, et le débat sur la complaisance du marché.",
      "summary": "Le spread de crédit est le prix du risque de prêter à une entreprise plutôt qu'à l'État : l'écart de rendement entre une obligation privée et un Treasury de même maturité. Sa mesure de référence est l'OAS (option-adjusted spread), publié par les indices ICE BofA. Le lire suppose de connaître l'échelle de qualité (de l'investment grade au CCC), de décomposer le spread entre perte attendue et primes, et de le suivre comme signal avancé : sa vitesse d'écartement dit le stress avant les défauts. En 2026, les spreads sont au plus serré depuis 2007.",
      "tags": [
        "macro",
        "crédit",
        "marchés",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-de-l-or",
      "language": "en",
      "translationOf": "guide:lire-le-marche-de-l-or",
      "alternateUrl": "https://l0g.fr/guides/lire-le-marche-de-l-or/",
      "translationStatus": "current",
      "slug": "read-gold-market",
      "url": "https://l0g.fr/en/guides/read-gold-market/",
      "title": "Reading the gold market: London, Comex, paper and physical markets",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to the gold market: why gold is not a normal commodity, where its price is formed between London's OTC market and Comex futures, the paper-versus-physical mechanics (EFP, lease rates, contango), the real drivers of price (real rates, dollar, central banks, debasement), and the role of gold as a reserve asset.",
      "summary": "Gold is not an ordinary commodity: it is a non-yielding monetary asset held by central banks as a reserve. Its price is formed between the London OTC market, which anchors physical metal, and Comex futures, which amplify expectations. Reading it requires understanding paper-physical links, real rates, the dollar, official-sector demand and debasement risk.",
      "tags": [
        "commodities",
        "gold",
        "macro",
        "central banks"
      ]
    },
    {
      "canonicalId": "guide:lire-le-rapport-jolts",
      "language": "en",
      "translationOf": "guide:lire-le-rapport-jolts",
      "alternateUrl": "https://l0g.fr/guides/lire-le-rapport-jolts/",
      "translationStatus": "current",
      "slug": "read-jolts-report",
      "url": "https://l0g.fr/en/guides/read-jolts-report/",
      "title": "How to Read JOLTS: under the hood of the U.S. labor market",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to the Job Openings and Labor Turnover Survey: what JOLTS measures that payrolls do not, the five key numbers (openings, hires, quits, layoffs, total separations), the quits rate as a confidence gauge, the job-openings-to-unemployed ratio watched by the Fed, the Beveridge curve, measurement traps, and the 2026 regime of a frozen low-turnover labor market.",
      "summary": "JOLTS is the flow map of the U.S. labor market. Where payrolls show a net balance, JOLTS shows job openings, hires, quits, layoffs and total separations. The key readings are the quits rate, a gauge of worker confidence, and the job-openings-to-unemployed ratio, a Fed-favored measure of labor-market tightness.",
      "tags": [
        "macro",
        "employment",
        "central banks"
      ]
    },
    {
      "canonicalId": "guide:lire-le-pce-inflation-fed",
      "language": "en",
      "translationOf": "guide:lire-le-pce-inflation-fed",
      "alternateUrl": "https://l0g.fr/guides/lire-le-pce-inflation-fed/",
      "translationStatus": "current",
      "slug": "read-pce-inflation-fed",
      "url": "https://l0g.fr/en/guides/read-pce-inflation-fed/",
      "title": "How to Read PCE: the Inflation Gauge the Fed Actually Targets",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to the Personal Consumption Expenditures Price Index: what the BEA measures, why it is broader than CPI, how the chained Fisher formula captures substitutions, why health care carries so much weight, how to distinguish headline PCE, core PCE and market-based PCE, what Dallas Fed trimmed mean and Cleveland Fed median PCE add, and why the Fed's 2% target is defined on PCE rather than CPI. Uses May 2026 as a case study, when core PCE ran above core CPI.",
      "summary": "PCE, the Personal Consumption Expenditures Price Index, is the BEA price index the Federal Reserve targets at 2%. It is broader than CPI, uses a chained Fisher formula, gives health care roughly twice the weight and housing roughly half the weight. Reading it well means distinguishing headline PCE, core PCE and market-based PCE, checking robust measures such as Dallas Fed trimmed mean PCE and Cleveland Fed median PCE, and understanding why core PCE can sometimes print above core CPI.",
      "tags": [
        "macro",
        "inflation",
        "central banks"
      ]
    },
    {
      "canonicalId": "guide:lire-la-volatilite-vix-move",
      "language": "en",
      "translationOf": "guide:lire-la-volatilite-vix-move",
      "alternateUrl": "https://l0g.fr/guides/lire-la-volatilite-vix-move/",
      "translationStatus": "current",
      "slug": "read-vix-move-volatility",
      "url": "https://l0g.fr/en/guides/read-vix-move-volatility/",
      "title": "How to Read Volatility: VIX and MOVE, the market fear gauges",
      "date": "2026-07-08",
      "updated": "2026-07-08",
      "description": "A reference guide to implied-volatility indices: what VIX measures for equities and MOVE for bonds, how they are built, how to read levels and term structure, why VIX and MOVE sometimes diverge, common traps, and the 2026 regime in which both are low.",
      "summary": "VIX and MOVE are the two main fear gauges: VIX measures expected 30-day implied volatility for U.S. equities, while MOVE measures implied volatility for Treasuries. They look forward, not backward. Low volatility is not low risk; it is the price the market is currently willing to pay for protection.",
      "tags": [
        "macro",
        "markets",
        "rates",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-de-l-uranium",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-uranium-market/",
      "translationStatus": "source",
      "slug": "lire-le-marche-de-l-uranium",
      "url": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
      "title": "Lire le marché de l'uranium : cycle du combustible, prix et goulots",
      "date": "2026-07-07",
      "updated": "2026-07-07",
      "description": "Guide de référence sur le marché de l'uranium : le cycle du combustible du minerai au réacteur, la façon très particulière dont l'uranium se cote (un marché de contrats privés, pas une Bourse), la structure de la demande des réacteurs, une offre concentrée et lente, le goulot souvent oublié de la conversion et de l'enrichissement, et les indicateurs à suivre pour une veille. Avec les chiffres de 2026 en illustration.",
      "summary": "Le marché de l'uranium ne ressemble à aucun autre : il ne s'échange pas en Bourse mais par contrats privés, où le prix à long terme, publié par UxC et TradeTech, compte plus que le comptant. Le lire suppose de suivre le cycle du combustible (mine, conversion, enrichissement, fabrication), de comprendre une demande des réacteurs en forte hausse face à une offre concentrée et rigide, et de repérer le vrai goulot, l'enrichissement, dominé par la Russie.",
      "tags": [
        "uranium",
        "nucléaire",
        "matières premières"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-des-treasuries",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-us-treasuries-market/",
      "translationStatus": "source",
      "slug": "lire-le-marche-des-treasuries",
      "url": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
      "title": "Lire le marché des Treasuries : adjudications, courbe et prime de terme",
      "date": "2026-07-07",
      "updated": "2026-07-07",
      "description": "Guide de référence sur la dette de l'État américain : la composition du marché (bills, notes, bonds), la mécanique du refinancement trimestriel et de l'adjudication, comment lire une émission (bid-to-cover, tail, dealer takedown), ce que signale la forme de la courbe des taux, la décomposition d'un taux long entre anticipation de taux et prime de terme, qui détient la dette, et les thermomètres de stress à surveiller. Avec les chiffres de 2026 en illustration.",
      "summary": "Le marché des Treasuries est le socle du système financier mondial : plus de 28 000 milliards de dollars de dette négociable de l'État américain, en bills (un an ou moins), notes (2 à 10 ans) et bonds (long terme). Le lire suppose de comprendre le refinancement trimestriel, la mécanique d'adjudication (bid-to-cover, tail, primary dealers), la forme de la courbe des taux et la décomposition d'un taux long entre anticipation de taux et prime de terme.",
      "tags": [
        "macro",
        "taux",
        "trésor us"
      ]
    },
    {
      "canonicalId": "guide:lire-les-previsions-du-cbo",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-cbo-budget-outlook/",
      "translationStatus": "source",
      "slug": "lire-les-previsions-du-cbo",
      "url": "https://l0g.fr/guides/lire-les-previsions-du-cbo/",
      "title": "Lire les prévisions du CBO : la baseline budgétaire et ses pièges",
      "date": "2026-07-07",
      "updated": "2026-07-07",
      "description": "Guide de référence sur le Congressional Budget Office : ce qu'est cet arbitre budgétaire indépendant, ce qu'il publie, comment lire une baseline (déficit, dette sur PIB, intérêts nets), la convention mal comprise du « droit en vigueur » qui en fait un repère et non une prévision, la différence entre chiffrage statique et dynamique, et l'extrême sensibilité des projections de long terme aux hypothèses de taux et de productivité. Avec les chiffres de 2026 en illustration.",
      "summary": "Le Congressional Budget Office (CBO) est l'agence budgétaire indépendante et non partisane du Congrès américain. Sa baseline projette déficits, dette et économie sur dix ans sous l'hypothèse que le droit en vigueur ne change pas : c'est un repère, pas une prévision. Bien la lire suppose de connaître ses conventions (expirations assumées, dépenses discrétionnaires indexées), la différence entre chiffrage statique et dynamique, et la sensibilité des trajectoires longues aux taux et à la productivité.",
      "tags": [
        "macro",
        "dette",
        "budget us"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-de-l-uranium",
      "language": "en",
      "translationOf": "guide:lire-le-marche-de-l-uranium",
      "alternateUrl": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
      "translationStatus": "current",
      "slug": "read-uranium-market",
      "url": "https://l0g.fr/en/guides/read-uranium-market/",
      "title": "Reading the uranium market: fuel cycle, prices and bottlenecks",
      "date": "2026-07-07",
      "updated": "2026-07-07",
      "description": "A reference guide to the uranium market: the fuel cycle from mine to reactor, why uranium pricing is mostly private contracts rather than an exchange, reactor demand, concentrated and slow supply, the conversion and enrichment bottleneck, and the indicators to follow.",
      "summary": "The uranium market is unlike most commodities: it trades mainly through private contracts, where long-term prices published by UxC and TradeTech matter more than spot. Reading it means following the fuel cycle, reactor demand, concentrated supply, and the real bottleneck: conversion and enrichment, especially given Russia's role in enrichment.",
      "tags": [
        "uranium",
        "nuclear",
        "commodities"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-petrolier",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-oil-market/",
      "translationStatus": "source",
      "slug": "lire-le-marche-petrolier",
      "url": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "title": "Lire le marché pétrolier : prix, courbe, offre et données",
      "date": "2026-07-04",
      "updated": "2026-07-04",
      "description": "Guide de référence sur le marché du pétrole : la différence entre Brent et WTI et pourquoi deux prix coexistent, comment le prix se forme entre papier et physique, ce que la forme de la courbe à terme (contango, backwardation) raconte de l'équilibre offre-demande, le rôle de l'OPEP+ et de sa capacité de réserve, la mécanique des stocks stratégiques, et le calendrier des données à suivre : EIA le mercredi, API le mardi, Baker Hughes le vendredi. Avec le marché de 2026, déformé par le choc d'Ormuz, comme cas d'école.",
      "summary": "Le marché pétrolier se lit à travers deux prix de référence, le Brent (mer du Nord, mondial) et le WTI (Cushing, américain) ; un prix qui se forme d'abord sur les marchés à terme puis se décline en différentiels physiques ; une courbe dont la pente signale la tension ou l'abondance ; et un équilibre offre-demande piloté par l'OPEP+, le schiste américain et les stocks. Le suivre suppose de connaître le calendrier des données : inventaires EIA le mercredi, capacité de réserve, rapports mensuels de l'IEA et de l'OPEP.",
      "tags": [
        "pétrole",
        "matières premières",
        "macro"
      ]
    },
    {
      "canonicalId": "guide:lire-le-marche-petrolier",
      "language": "en",
      "translationOf": "guide:lire-le-marche-petrolier",
      "alternateUrl": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "translationStatus": "current",
      "slug": "read-oil-market",
      "url": "https://l0g.fr/en/guides/read-oil-market/",
      "title": "Reading the oil market: price, curve, supply and data",
      "date": "2026-07-04",
      "updated": "2026-07-04",
      "description": "A reference guide to the oil market: Brent versus WTI and why two benchmark prices coexist, how price is formed between paper and physical markets, what contango and backwardation say about the balance, the role of OPEC+ and spare capacity, strategic stocks, and the data calendar to follow.",
      "summary": "The oil market is read through benchmark prices such as Brent and WTI, futures curves, physical differentials, OPEC+ supply, U.S. shale, spare capacity and inventories. The key data calendar includes API estimates on Tuesday, EIA inventories on Wednesday, Baker Hughes rigs on Friday, and monthly reports from the IEA, OPEC and EIA.",
      "tags": [
        "oil",
        "commodities",
        "macro"
      ]
    },
    {
      "canonicalId": "guide:qui-applique-le-genius-act",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/map-genius-act-stablecoin-regulators/",
      "translationStatus": "source",
      "slug": "qui-applique-le-genius-act",
      "url": "https://l0g.fr/guides/qui-applique-le-genius-act/",
      "title": "GENIUS Act : qui applique quoi ? L'architecture d'application des stablecoins",
      "date": "2026-07-01",
      "updated": "2026-07-01",
      "description": "Guide de référence sur l'application du GENIUS Act : quel régulateur supervise quel type d'émetteur de stablecoin, comment fonctionnent les trois portes d'entrée fédérales et l'étage d'État, pourquoi un émetteur agréé devient une institution financière soumise au droit des sanctions, et un calendrier d'application tendu et incertain à l'approche du 18 juillet 2026.",
      "summary": "Le GENIUS Act ne crée pas un régulateur unique des stablecoins de paiement, mais un maillage. L'OCC, la Réserve fédérale, la FDIC, la NCUA, le Trésor et les régulateurs d'État se partagent la supervision selon le type d'émetteur, pendant que FinCEN et l'OFAC imposent à tous des obligations d'anti-blanchiment et de sanctions.",
      "tags": [
        "crypto",
        "stablecoins",
        "régulation",
        "sanctions",
        "macro"
      ]
    },
    {
      "canonicalId": "guide:qui-applique-le-genius-act",
      "language": "en",
      "translationOf": "guide:qui-applique-le-genius-act",
      "alternateUrl": "https://l0g.fr/guides/qui-applique-le-genius-act/",
      "translationStatus": "current",
      "slug": "map-genius-act-stablecoin-regulators",
      "url": "https://l0g.fr/en/guides/map-genius-act-stablecoin-regulators/",
      "title": "GENIUS Act: who enforces what in U.S. stablecoin regulation?",
      "date": "2026-07-01",
      "updated": "2026-07-01",
      "description": "A reference guide to GENIUS Act enforcement: which regulator supervises which kind of stablecoin issuer, how the federal and state entry points work, why a permitted issuer becomes a financial institution subject to sanctions law, and why the July 18, 2026 implementation deadline remains tight.",
      "summary": "The GENIUS Act does not create one stablecoin regulator. It creates a supervisory map: the OCC, Federal Reserve, FDIC, NCUA, Treasury and state regulators divide the prudential regime, while FinCEN and OFAC impose anti-money laundering and sanctions obligations on all permitted payment stablecoin issuers.",
      "tags": [
        "crypto",
        "stablecoins",
        "regulation",
        "sanctions",
        "macro"
      ]
    },
    {
      "canonicalId": "guide:lire-le-rapport-emploi-nfp",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-us-employment-report-nfp/",
      "translationStatus": "source",
      "slug": "lire-le-rapport-emploi-nfp",
      "url": "https://l0g.fr/guides/lire-le-rapport-emploi-nfp/",
      "title": "Lire le rapport emploi américain : le NFP et ses pièges",
      "date": "2026-06-30",
      "updated": "2026-06-30",
      "description": "Guide de référence sur l'Employment Situation du BLS : les deux enquêtes qui se contredisent, ce que mesure vraiment le NFP, l'intervalle de confiance de plus ou moins 122 000 qui rend un chiffre fragile, les révisions mensuelles et la révision de référence annuelle qui a effacé 911 000 emplois, la différence entre U3 et U6, et pourquoi un taux de chômage qui baisse peut être une mauvaise nouvelle. Avec le rapport de mai 2026 comme cas d'école.",
      "summary": "Le rapport emploi américain (Employment Situation), publié par le BLS le premier vendredi du mois, repose sur deux enquêtes distinctes : l'enquête entreprises produit le NFP (emplois salariés non agricoles), l'enquête ménages produit le taux de chômage. Le chiffre de tête est très suivi mais fragile : intervalle de confiance large, révisions importantes, et deux mesures qui se contredisent souvent.",
      "tags": [
        "macro",
        "emploi",
        "banques centrales"
      ]
    },
    {
      "canonicalId": "guide:lire-le-dot-plot-sep",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-dot-plot-sep/",
      "translationStatus": "source",
      "slug": "lire-le-dot-plot-sep",
      "url": "https://l0g.fr/guides/lire-le-dot-plot-sep/",
      "title": "Lire le dot plot et le SEP : les projections de la Fed, mode d'emploi",
      "date": "2026-06-30",
      "updated": "2026-06-30",
      "description": "Guide de référence sur le dot plot et le Summary of Economic Projections de la Fed : ce que le nuage de points montre vraiment, pourquoi ce n'est ni un plan ni une prévision mais une médiane d'avis individuels sur la politique appropriée, comment lire la tendance centrale, le taux neutre et l'écart avec le marché. Avec le SEP de juin 2026, premier sous Warsh, où la médiane 2026 a basculé d'une baisse à une hausse.",
      "summary": "Le dot plot est le nuage de points du Summary of Economic Projections de la Fed, publié quatre fois par an : chaque participant du FOMC y situe le taux directeur qu'il juge approprié pour chaque fin d'année et à long terme. Ce n'est ni un plan ni une promesse, mais une médiane d'avis individuels et anonymes, conditionnels à la prévision de chacun, qui change fortement d'un trimestre à l'autre.",
      "tags": [
        "macro",
        "banques centrales",
        "Fed"
      ]
    },
    {
      "canonicalId": "guide:lire-les-donnees-tic",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-tic-data-us-debt/",
      "translationStatus": "source",
      "slug": "lire-les-donnees-tic",
      "url": "https://l0g.fr/guides/lire-les-donnees-tic/",
      "title": "Lire les données TIC : qui finance vraiment la dette américaine",
      "date": "2026-06-30",
      "updated": "2026-06-30",
      "description": "Guide de référence sur le système Treasury International Capital : ce que mesurent les flux mensuels et la table des grands détenteurs étrangers de Treasuries, pourquoi le Japon devance le Royaume-Uni et la Chine, et surtout le biais de conservation qui attribue les titres au pays du dépositaire et non au détenteur réel. Belgique, Luxembourg, Caïmans, les hedge funds du basis trade sous-comptés de 1 400 milliards, le recul de la part officielle : ce que la donnée montre et ce qu'elle déforme.",
      "summary": "Les données TIC (Treasury International Capital) sont le relevé du Trésor américain qui mesure les détentions et flux transfrontaliers de titres américains. Elles disent qui finance la dette des États-Unis, mais sur une base de conservation : les titres sont attribués au pays du dépositaire, pas au détenteur final, ce qui gonfle les centres de garde (Belgique, Luxembourg, Caïmans) et masque les vrais propriétaires.",
      "tags": [
        "macro",
        "dette",
        "dédollarisation"
      ]
    },
    {
      "canonicalId": "guide:lire-les-donnees-tic",
      "language": "en",
      "translationOf": "guide:lire-les-donnees-tic",
      "alternateUrl": "https://l0g.fr/guides/lire-les-donnees-tic/",
      "translationStatus": "current",
      "slug": "read-tic-data-us-debt",
      "url": "https://l0g.fr/en/guides/read-tic-data-us-debt/",
      "title": "How to Read TIC Data: who really finances U.S. debt",
      "date": "2026-06-30",
      "updated": "2026-09-08",
      "description": "Use U.S. Treasury TIC flows and holdings without misreading custody bias. Track Japan, China, the UK, Belgium, the Caymans and foreign demand.",
      "summary": "TIC data are the U.S. Treasury's cross-border securities data. They show foreign holdings and flows into U.S. assets, including Treasuries. They are indispensable for reading who finances U.S. debt, but they are custody-based: securities are assigned to the country of the custodian, not necessarily to the final owner.",
      "tags": [
        "macro",
        "debt",
        "dedollarization"
      ]
    },
    {
      "canonicalId": "guide:lire-la-donnee-on-chain",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-on-chain-data/",
      "translationStatus": "source",
      "slug": "lire-la-donnee-on-chain",
      "url": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "title": "Lire la donnée on-chain : la transparence de la blockchain, et ses masques",
      "date": "2026-06-29",
      "updated": "2026-06-29",
      "description": "Guide de référence sur la donnée on-chain : le registre public permanent face aux dépôts réglementaires à retard, comment lire l'activité (adresses actives, flux d'exchange), la valorisation (capitalisation réalisée, MVRV, SOPR, NVT) et la DeFi (TVL, ses doubles comptes), puis surtout la part que la chaîne tait. Une adresse n'est pas une identité, l'essentiel du trading reste hors chaîne, et les étiquettes sont l'œuvre de fournisseurs faillibles.",
      "summary": "La donnée on-chain regroupe les transactions et soldes inscrits publiquement sur une blockchain. Radicalement transparente et en temps réel, elle se lit avec des métriques (adresses actives, flux d'exchange, MVRV, SOPR, TVL) et surtout des heuristiques d'étiquetage : la chaîne montre tout, mais une adresse n'est pas une identité et l'essentiel du trading reste hors chaîne.",
      "tags": [
        "crypto",
        "on-chain",
        "data"
      ]
    },
    {
      "canonicalId": "guide:lire-la-donnee-on-chain",
      "language": "en",
      "translationOf": "guide:lire-la-donnee-on-chain",
      "alternateUrl": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "translationStatus": "current",
      "slug": "read-on-chain-data",
      "url": "https://l0g.fr/en/guides/read-on-chain-data/",
      "title": "Reading on-chain data: what the blockchain shows, and what it hides",
      "date": "2026-06-29",
      "updated": "2026-06-29",
      "description": "A reference guide to on-chain data: public permanent ledgers versus delayed regulatory filings, how to read activity (active addresses, exchange flows), valuation metrics (realised cap, MVRV, SOPR, NVT), DeFi TVL and its double-counting traps, and the blind spots that make interpretation hard.",
      "summary": "On-chain data is the set of transactions and balances publicly recorded on a blockchain. It is radically transparent and near real-time, but it requires metrics and labelling heuristics: active addresses, exchange flows, MVRV, SOPR and TVL are useful only if one remembers that an address is not an identity and most trading still occurs off-chain.",
      "tags": [
        "crypto",
        "on-chain",
        "data"
      ]
    },
    {
      "canonicalId": "guide:lire-le-cpi-inflation-us",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-cpi-inflation-us/",
      "translationStatus": "source",
      "slug": "lire-le-cpi-inflation-us",
      "url": "https://l0g.fr/guides/lire-le-cpi-inflation-us/",
      "title": "Lire le CPI : l'inflation américaine, mesure par mesure",
      "date": "2026-06-29",
      "updated": "2026-06-29",
      "description": "Guide de référence sur le Consumer Price Index : ce que le BLS mesure vraiment, comment se compose le panier et pourquoi le logement y pèse un tiers, la différence entre headline, core et supercore, les pièges de lecture entre brut et corrigé, niveau et variation, et pourquoi la Fed cible le PCE plutôt que le CPI. Avec le chiffre de mai 2026 comme cas d'école, où l'énergie a tout emporté.",
      "summary": "Le CPI (Consumer Price Index) est l'indice des prix à la consommation publié chaque mois par le BLS : il mesure la variation moyenne des prix d'un panier fixe de biens et services pour les ménages urbains américains. C'est l'indicateur d'inflation le plus suivi des marchés, mais la Fed cible le PCE, et le lire suppose de distinguer headline et core, brut et corrigé, niveau et variation.",
      "tags": [
        "macro",
        "inflation",
        "banques centrales"
      ]
    },
    {
      "canonicalId": "guide:m2-masse-monetaire-risk-on",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-m2-money-supply-risk-on/",
      "translationStatus": "source",
      "slug": "m2-masse-monetaire-risk-on",
      "url": "https://l0g.fr/guides/m2-masse-monetaire-risk-on/",
      "title": "Lire la masse monétaire M2 : signal de liquidité, lectures erronées et lien avec le risk-on",
      "date": "2026-06-29",
      "updated": "2026-06-29",
      "description": "Un guide complet sur la M2 américaine : sa définition exacte selon la Fed, ce qu'elle mesure et ce qu'elle ne mesure pas, son explosion de 2020 puis sa contraction de 2023, et surtout l'examen rigoureux de son lien avec les actifs risqués et la crypto. La corrélation existe, mais elle est fragile, conditionnelle à la vélocité et au régime macro, et les modèles à décalage fixe relèvent souvent du surajustement.",
      "summary": "La M2 est l'agrégat monétaire large de la Fed : la monnaie et les dépôts liquides détenus par le public non bancaire. Très citée comme baromètre de liquidité pour les actifs risqués, elle est un signal directionnel utile mais instable, à manier avec la vélocité et le contexte plutôt que comme une horloge à décalage fixe.",
      "tags": [
        "macro",
        "banques centrales",
        "crypto",
        "liquidité"
      ]
    },
    {
      "canonicalId": "guide:m2-masse-monetaire-risk-on",
      "language": "en",
      "translationOf": "guide:m2-masse-monetaire-risk-on",
      "alternateUrl": "https://l0g.fr/guides/m2-masse-monetaire-risk-on/",
      "translationStatus": "current",
      "slug": "read-m2-money-supply-risk-on",
      "url": "https://l0g.fr/en/guides/read-m2-money-supply-risk-on/",
      "title": "How to Read M2 Money Supply: liquidity signal, bad readings and risk-on narratives",
      "date": "2026-06-29",
      "updated": "2026-06-29",
      "description": "A complete guide to U.S. M2: the Federal Reserve definition, what it measures and does not measure, the 2020 explosion and 2023 contraction, and a disciplined reading of its link with risk assets and crypto. The correlation exists, but it is fragile, conditional on velocity and macro regime, and fixed-lag models often amount to overfitting.",
      "summary": "M2 is the Fed's broad money aggregate: liquid money and near-money held by the nonbank public. It is often used as a liquidity barometer for risk assets, but it is a stock, not a flow. It is useful as a directional signal only when read with velocity, composition and the broader macro regime.",
      "tags": [
        "macro",
        "central banks",
        "crypto",
        "liquidity"
      ]
    },
    {
      "canonicalId": "guide:lire-h41-bilan-fed",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-h41-fed-balance-sheet/",
      "translationStatus": "source",
      "slug": "lire-h41-bilan-fed",
      "url": "https://l0g.fr/guides/lire-h41-bilan-fed/",
      "title": "Lire le H.4.1 : le bilan de la Fed, ligne par ligne",
      "date": "2026-06-28",
      "updated": "2026-06-28",
      "description": "Guide de référence sur le H.4.1, le relevé hebdomadaire qui détaille le bilan de la Réserve fédérale. Ce que la Fed détient, où va la liquidité, pourquoi les réserves bancaires sont un résidu, comment y lire le resserrement quantitatif, et les pièges de lecture à connaître avant d'en tirer la moindre conclusion.",
      "summary": "Le H.4.1 est le relevé statistique hebdomadaire de la Réserve fédérale, intitulé « Factors Affecting Reserve Balances ». Publié chaque jeudi à 16 h 30 heure de New York, sur données arrêtées au mercredi, il présente le bilan de la banque centrale : ce qu'elle détient à l'actif, ce qui absorbe la liquidité au passif, et les réserves bancaires qui en résultent.",
      "tags": [
        "macro",
        "banques centrales",
        "liquidité",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:lire-cot-cftc",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-cftc-cot-report/",
      "translationStatus": "source",
      "slug": "lire-cot-cftc",
      "url": "https://l0g.fr/guides/lire-cot-cftc/",
      "title": "Lire le COT de la CFTC : qui est positionné, et comment le savoir",
      "date": "2026-06-28",
      "updated": "2026-06-28",
      "description": "Guide de référence sur le Commitments of Traders, le relevé hebdomadaire de la CFTC qui dévoile le positionnement des grands intervenants sur les marchés à terme. Quels rapports lire, quelles catégories portent le signal, comment la classification est faite, et les angles morts à connaître avant d'en tirer la moindre conclusion.",
      "summary": "Le Commitments of Traders est un relevé hebdomadaire publié par la CFTC qui détaille, par catégorie d'intervenant, les positions ouvertes sur les marchés à terme américains. Il est publié chaque vendredi à 15 h 30, heure de New York, sur des données arrêtées au mardi précédent. Bien lu, il montre où se tient l'argent spéculatif et où se tiennent les couvreurs ; mal lu, il induit en erreur.",
      "tags": [
        "marchés",
        "flux institutionnels",
        "matières premières",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:mica-sigle-par-sigle",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/decode-mica-crypto-regulation/",
      "translationStatus": "source",
      "slug": "mica-sigle-par-sigle",
      "url": "https://l0g.fr/guides/mica-sigle-par-sigle/",
      "title": "MiCA sigle par sigle : décoder le règlement crypto européen",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "Guide de référence sur MiCA : les trois catégories d'actifs (EMT, ART, autres), la licence CASP, qui supervise quoi entre NCA, EBA et ESMA, les plafonds sur les stablecoins non libellés en euro pour défendre la souveraineté monétaire, et la fin de la période de transition au 1er juillet 2026. L'alphabet du règlement, décodé.",
      "summary": "MiCA est le règlement européen sur les marchés de crypto-actifs, premier cadre complet au monde. Il classe les crypto-actifs en trois catégories, encadre les stablecoins (EMT et ART), impose une licence aux prestataires de services (CASP) et répartit la supervision entre autorités nationales, EBA et ESMA.",
      "tags": [
        "crypto",
        "régulation",
        "stablecoins",
        "europe",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:mica-sigle-par-sigle",
      "language": "en",
      "translationOf": "guide:mica-sigle-par-sigle",
      "alternateUrl": "https://l0g.fr/guides/mica-sigle-par-sigle/",
      "translationStatus": "current",
      "slug": "decode-mica-crypto-regulation",
      "url": "https://l0g.fr/en/guides/decode-mica-crypto-regulation/",
      "title": "MiCA, acronym by acronym: decoding Europe's crypto rulebook",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "A reference guide to MiCA: the three crypto-asset categories (EMT, ART and other crypto-assets), the CASP licence, who supervises what across national competent authorities, the EBA and ESMA, the caps on non-euro stablecoins designed to defend monetary sovereignty, and the end of the transition period on July 1, 2026.",
      "summary": "MiCA is the European Union's Markets in Crypto-Assets Regulation, the first comprehensive crypto framework of its scale. It classifies crypto-assets into three families, regulates stablecoins through EMTs and ARTs, licenses crypto-asset service providers (CASPs), and divides supervision between national competent authorities, the EBA and ESMA.",
      "tags": [
        "crypto",
        "regulation",
        "stablecoins",
        "europe",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:ofac-sdn-list",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-ofac-sdn-list/",
      "translationStatus": "source",
      "slug": "ofac-sdn-list",
      "url": "https://l0g.fr/guides/ofac-sdn-list/",
      "title": "OFAC et la SDN List : peut-on sanctionner du code ?",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "Guide de référence sur l'OFAC et la liste des Specially Designated Nationals : comment fonctionne l'arme financière la plus puissante du monde, la règle des 50 %, sa portée sur la crypto, et la limite qu'ont posée les tribunaux américains en 2025 en forçant le délistage de Tornado Cash. Conformité, gel de stablecoins, lecture pas à pas.",
      "summary": "L'OFAC est le bureau du Trésor américain qui administre les sanctions économiques. Sa liste des Specially Designated Nationals (SDN) recense les personnes et entités avec lesquelles tout ressortissant américain a interdiction de traiter, et dont les avoirs sont gelés.",
      "tags": [
        "géopolitique",
        "sanctions",
        "crypto",
        "régulation",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:ofac-sdn-list",
      "language": "en",
      "translationOf": "guide:ofac-sdn-list",
      "alternateUrl": "https://l0g.fr/guides/ofac-sdn-list/",
      "translationStatus": "current",
      "slug": "read-ofac-sdn-list",
      "url": "https://l0g.fr/en/guides/read-ofac-sdn-list/",
      "title": "OFAC and the SDN List: can sanctions target code?",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "A reference guide to OFAC and the Specially Designated Nationals List: how the world's most powerful financial-sanctions tool works, the 50 percent rule, its reach into crypto, stablecoin freezes, and the legal limit drawn by U.S. courts in 2025 when Tornado Cash was delisted.",
      "summary": "OFAC is the U.S. Treasury office that administers economic sanctions. Its Specially Designated Nationals and Blocked Persons List identifies people and entities with whom U.S. persons are generally prohibited from dealing and whose property under U.S. jurisdiction is blocked.",
      "tags": [
        "geopolitics",
        "sanctions",
        "crypto",
        "regulation",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:lire-le-10-k-sec",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/how-to-read-10-k-sec/",
      "translationStatus": "source",
      "slug": "lire-le-10-k-sec",
      "url": "https://l0g.fr/guides/lire-le-10-k-sec/",
      "title": "Lire un 10-K : le rapport annuel de la SEC",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "Guide de référence pour lire un formulaire 10-K : la carte du document, par où commencer vraiment, comment distinguer un facteur de risque réel d'un passe-partout, lire la discussion de la direction et les notes aux comptes, repérer les faiblesses de contrôle. Le document le plus complet sur une société cotée, lu par priorités.",
      "summary": "Le formulaire 10-K est le rapport annuel qu'une société cotée américaine dépose auprès de la SEC. Document dense et normalisé, il se lit par priorités : discussion de la direction, facteurs de risque, notes aux comptes.",
      "tags": [
        "marchés",
        "régulation",
        "analyse fondamentale",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:13d-vs-13g-sec",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-schedule-13d-13g-sec/",
      "translationStatus": "source",
      "slug": "13d-vs-13g-sec",
      "url": "https://l0g.fr/guides/13d-vs-13g-sec/",
      "title": "Schedule 13D et 13G : activisme ou détention passive",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "Guide de référence sur les schedules 13D et 13G de la SEC : le même seuil de 5 % du capital, deux déclarations dont la différence est l'intention. Le 13D trahit une visée d'influence, souvent activiste ; le 13G, un placement passif. Délais accélérés depuis 2024, rubrique de l'intention, doctrine du groupe, lecture sur EDGAR.",
      "summary": "Les schedules 13D et 13G sont les déclarations de franchissement du seuil de 5 % du capital d'une société cotée américaine imposées par la SEC. Le 13D signale une intention d'influence, souvent activiste ; le 13G, une détention passive. La différence tient à l'intention.",
      "tags": [
        "marchés",
        "régulation",
        "flux institutionnels",
        "activisme",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:13d-vs-13g-sec",
      "language": "en",
      "translationOf": "guide:13d-vs-13g-sec",
      "alternateUrl": "https://l0g.fr/guides/13d-vs-13g-sec/",
      "translationStatus": "current",
      "slug": "read-schedule-13d-13g-sec",
      "url": "https://l0g.fr/en/guides/read-schedule-13d-13g-sec/",
      "title": "Schedule 13D and 13G: activism or passive ownership",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "A reference guide to SEC Schedules 13D and 13G: the same 5% ownership threshold, two disclosures whose real difference is intent. Schedule 13D signals influence, often activism; Schedule 13G signals passive ownership. Accelerated deadlines since 2024, the purpose-of-transaction item, group doctrine, and how to read the filings on EDGAR.",
      "summary": "Schedules 13D and 13G are SEC beneficial-ownership disclosures triggered when a person or group crosses 5% of a U.S.-listed company's equity class. Schedule 13D signals an intent to influence or control; Schedule 13G is the shorter passive-owner form. The difference is intent.",
      "tags": [
        "markets",
        "regulation",
        "institutional flows",
        "activism",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:liquidite-tresor-dts-tga-rrp",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-net-liquidity-tga-rrp/",
      "translationStatus": "source",
      "slug": "liquidite-tresor-dts-tga-rrp",
      "url": "https://l0g.fr/guides/liquidite-tresor-dts-tga-rrp/",
      "title": "Lire la liquidité : réserves, TGA, RRP et le proxy de liquidité nette",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "Guide de référence sur la liquidité du système financier : les trois robinets que sont les réserves bancaires, le compte du Trésor (TGA) et les prises en pension inversées (RRP), la formule de liquidité nette que suivent les marchés et ses limites, comment lire la plomberie sur les sources primaires, et le régime de 2026 après la fin du resserrement quantitatif.",
      "summary": "La liquidité nette est un indicateur que suivent les marchés, construit à partir du bilan de la Réserve fédérale diminué du compte du Trésor américain (TGA) et des prises en pension inversées (RRP). C'est un proxy utile de la liquidité disponible, à condition d'en connaître les limites.",
      "tags": [
        "macro",
        "banques centrales",
        "liquidité",
        "trésor",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:stablecoins-genius-act",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-stablecoins-genius-act/",
      "translationStatus": "source",
      "slug": "stablecoins-genius-act",
      "url": "https://l0g.fr/guides/stablecoins-genius-act/",
      "title": "Stablecoins et GENIUS Act : lire la promesse du dollar numérique",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "Guide de référence sur les stablecoins et le GENIUS Act : comment un jeton tient son ancrage, la portée réelle de la loi américaine de juillet 2025, pourquoi une attestation n'est pas un audit, comment lire une réserve, et pourquoi ce marché de 320 milliards de dollars est devenu un acheteur de dette américaine.",
      "summary": "Un stablecoin de paiement est un jeton numérique adossé un pour un à une monnaie, le dollar dans près de 99 % des cas, remboursable au pair. Sa valeur ne tient qu'à ses réserves. Le GENIUS Act, promulgué en juillet 2025, en fixe les règles aux États-Unis.",
      "tags": [
        "crypto",
        "stablecoins",
        "régulation",
        "macro",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:stablecoins-genius-act",
      "language": "en",
      "translationOf": "guide:stablecoins-genius-act",
      "alternateUrl": "https://l0g.fr/guides/stablecoins-genius-act/",
      "translationStatus": "current",
      "slug": "read-stablecoins-genius-act",
      "url": "https://l0g.fr/en/guides/read-stablecoins-genius-act/",
      "title": "Stablecoins and the GENIUS Act: reading the promise of the digital dollar",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "A reference guide to stablecoins and the GENIUS Act: how a token holds its peg, what the July 2025 U.S. law actually requires, why an attestation is not an audit, how to read a reserve report, and why this $320 billion market has become a buyer of U.S. Treasury bills.",
      "summary": "A payment stablecoin is a digital token backed one-for-one by a currency, usually the dollar, and redeemable at par. Its value depends on its reserves. The GENIUS Act, signed in July 2025, sets the U.S. federal framework for that promise.",
      "tags": [
        "crypto",
        "stablecoins",
        "regulation",
        "macro",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:analyser-credit-prive",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/read-private-credit-risk/",
      "translationStatus": "source",
      "slug": "analyser-credit-prive",
      "url": "https://l0g.fr/guides/analyser-credit-prive/",
      "title": "Comment lire le crédit privé : cartographier le risque invisible",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "Guide de référence sur le crédit privé : sa nature, les raisons de son essor, et comment lire un risque sans prix de marché. Valorisation au modèle, intérêts PIK, prêts sur NAV, rachats sous gating : les quatre angles morts, le glossaire des véhicules, et la leçon de la séquence de stress 2025-2026.",
      "summary": "Le crédit privé désigne les prêts accordés directement par des gérants non bancaires à des entreprises, sans cotation ni marché secondaire actif. Marché de l'ordre de 1 300 milliards de dollars aux États-Unis, il échange de la transparence et de la liquidité contre du rendement.",
      "tags": [
        "crédit privé",
        "macro",
        "shadow banking",
        "régulation",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:analyser-credit-prive",
      "language": "en",
      "translationOf": "guide:analyser-credit-prive",
      "alternateUrl": "https://l0g.fr/guides/analyser-credit-prive/",
      "translationStatus": "current",
      "slug": "read-private-credit-risk",
      "url": "https://l0g.fr/en/guides/read-private-credit-risk/",
      "title": "How to Read Private Credit: the risk you cannot see",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "A reference guide to private credit: what it is, why it grew, and how to read risk without a market price. Model valuations, PIK interest, NAV loans, gated redemptions: the four blind spots, the vehicle glossary, and the lessons from the 2025-2026 stress sequence.",
      "summary": "Private credit is direct lending by nonbank asset managers to companies, without public quotation or an active secondary market. It offers yield in exchange for less transparency and less liquidity. The core reading problem is that there is no daily market price.",
      "tags": [
        "private credit",
        "macro",
        "shadow banking",
        "regulation",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:analyser-form-4-sec",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/how-to-read-sec-form-4/",
      "translationStatus": "source",
      "slug": "analyser-form-4-sec",
      "url": "https://l0g.fr/guides/analyser-form-4-sec/",
      "title": "Comment lire les formulaires 4 de la SEC : transactions d'initiés",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "Guide de référence sur le formulaire 4 : qui le dépose, sous quel délai, et comment trier le signal du bruit. La plupart des transactions d'initiés ne disent rien ; l'achat sur le marché libre, lui, parle. Codes de transaction, case 10b5-1, achats contre ventes, lecture sur EDGAR.",
      "summary": "Le formulaire 4 est une déclaration que les dirigeants, administrateurs et actionnaires à plus de 10 % d'une société cotée américaine doivent déposer auprès de la SEC dans les deux jours ouvrés suivant tout changement de leurs avoirs. C'est la fenêtre la plus fraîche sur les transactions d'initiés.",
      "tags": [
        "marchés",
        "régulation",
        "flux institutionnels",
        "méthodologie"
      ]
    },
    {
      "canonicalId": "guide:analyser-form-4-sec",
      "language": "en",
      "translationOf": "guide:analyser-form-4-sec",
      "alternateUrl": "https://l0g.fr/guides/analyser-form-4-sec/",
      "translationStatus": "current",
      "slug": "how-to-read-sec-form-4",
      "url": "https://l0g.fr/en/guides/how-to-read-sec-form-4/",
      "title": "How to Read SEC Form 4: classify insider transactions",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "A reference guide to SEC Form 4: who files it, when, and how to separate signal from noise. Most insider transactions say little; open-market purchases matter. Transaction codes, the 10b5-1 checkbox, purchases versus sales, and how to read the filing on EDGAR.",
      "summary": "SEC Form 4 is the insider-transaction report that officers, directors and 10% shareholders must file within two business days after a change in beneficial ownership. It is the freshest public window into insider trading, but most lines are mechanical; the strongest signal is the rare open-market purchase.",
      "tags": [
        "markets",
        "regulation",
        "institutional flows",
        "methodology"
      ]
    },
    {
      "canonicalId": "guide:analyser-13f-sec",
      "language": "fr",
      "translationOf": null,
      "alternateUrl": "https://l0g.fr/en/guides/how-to-analyze-sec-13f-filings/",
      "translationStatus": "source",
      "slug": "analyser-13f-sec",
      "url": "https://l0g.fr/guides/analyser-13f-sec/",
      "title": "Comment analyser les formulaires 13F de la SEC",
      "date": "2026-06-21",
      "updated": "2026-06-21",
      "description": "Guide de référence sur le formulaire 13F : qui dépose, quand, son contenu, sa lecture sur EDGAR, et surtout ses angles morts. Un rétroviseur trimestriel en positions longues, puissant à condition d'en connaître les angles morts.",
      "summary": "Le formulaire 13F est une déclaration trimestrielle que la SEC impose aux gérants institutionnels exerçant un pouvoir de décision sur plus de 100 millions de dollars de titres américains éligibles. Il liste leurs positions longues, dans les 45 jours suivant la fin du trimestre.",
      "tags": [
        "marchés",
        "régulation",
        "flux institutionnels",
        "méthodologie"
      ]
    }
  ],
  "methodologies": [
    {
      "slug": "13flow",
      "url": "https://l0g.fr/methodologie/13flow/",
      "title": "Méthodologie 13FLOW : calcul du score 13F × Form 4",
      "label": "13FLOW",
      "description": "Méthodologie de 13FLOW : comment lire la confluence entre accumulation institutionnelle 13F et achats d'initiés Form 4 depuis SEC EDGAR.",
      "question": "Quels titres concentrent à la fois une accumulation de fonds suivis et des achats récents d'initiés ?",
      "dashboard": "https://13flow.eu",
      "repo": "https://github.com/bluetouff/13flow",
      "updated": "17 juillet 2026",
      "scaleCaveat": null,
      "sources": [
        {
          "name": "SEC EDGAR · 13F-HR",
          "url": "https://www.sec.gov/edgar/search/",
          "role": "Positions longues trimestrielles des gérants institutionnels suivis."
        },
        {
          "name": "SEC EDGAR · Form 4",
          "url": "https://www.sec.gov/edgar/search/",
          "role": "Achats et ventes déclarés par dirigeants, administrateurs et actionnaires à plus de 10 %."
        },
        {
          "name": "SEC company_tickers.json",
          "url": "https://www.sec.gov/files/company_tickers.json",
          "role": "Résolution des émetteurs et rapprochement entre CUSIP, nom d'émetteur et ticker."
        },
        {
          "name": "OpenFIGI",
          "url": "https://www.openfigi.com/api",
          "role": "Résolution optionnelle des CUSIP quand la limite gratuite le permet."
        }
      ]
    },
    {
      "slug": "yen-carry",
      "url": "https://l0g.fr/methodologie/yen-carry/",
      "title": "Yen Carry Monitor : mesurer le risque de débouclage",
      "label": "Yen Carry Monitor",
      "description": "Méthodologie du Yen Carry Monitor : positionnement CFTC, USD/JPY, différentiel de taux et lecture du risque de débouclage du carry trade yen.",
      "question": "Les fonds sont-ils encore massivement vendeurs de yen, et le risque de débouclage violent augmente-t-il ?",
      "dashboard": "https://yct.l0g.fr",
      "repo": "https://github.com/bluetouff/carry-yen-monitor",
      "updated": "17 juillet 2026",
      "scaleCaveat": {
        "title": "Une normalisation d’affichage commune",
        "summary": "Les indicateurs du bandeau utilisent une échelle commune 0-100 pour rendre les signaux lisibles côte à côte. Ils ne mesurent ni le même phénomène, ni la même fréquence, ni le même horizon.",
        "correctLabel": "tableau de bord consolidé de signaux de risque",
        "wrongLabel": "indice consolidé de risque systémique",
        "details": [
          "Un score US Macro de 43 n’est pas statistiquement équivalent à un score Yen Carry de 45, Énergie de 47 ou Dette US de 54.",
          "Le chiffre sert à comparer un instrument à son propre régime, pas à comparer directement les instruments entre eux.",
          "Le libellé et la fiche méthodologique de chaque dashboard priment sur le chiffre isolé."
        ]
      },
      "sources": [
        {
          "name": "CFTC · Commitments of Traders",
          "url": "https://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm",
          "role": "Positionnement spéculatif net sur les futures yen."
        },
        {
          "name": "BCE · taux de change de référence",
          "url": "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html",
          "role": "USD/JPY quotidien via taux de référence officiels."
        },
        {
          "name": "FRED · Fed policy rate",
          "url": "https://fred.stlouisfed.org/",
          "role": "Taux directeur américain utilisé dans le différentiel de taux."
        },
        {
          "name": "Configuration BoJ",
          "url": "https://www.boj.or.jp/en/",
          "role": "Taux directeur japonais ajusté à chaque décision de la Banque du Japon."
        }
      ]
    },
    {
      "slug": "energie",
      "url": "https://l0g.fr/methodologie/energie/",
      "title": "Energie Monitor : lire la tension du marché",
      "label": "Energie Monitor",
      "description": "Méthodologie de l'Energie Monitor : indice de stress des marchés de l'énergie à partir de pétrole, gaz, électricité, positionnement et contexte EUR/USD.",
      "question": "Pétrole, gaz, électricité : le marché de l'énergie est-il anormalement tendu par rapport à son propre régime récent ?",
      "dashboard": "https://energie.l0g.fr",
      "repo": "https://github.com/bluetouff/energie-stress-monitor",
      "updated": "17 juillet 2026",
      "scaleCaveat": {
        "title": "Une normalisation d’affichage commune",
        "summary": "Les indicateurs du bandeau utilisent une échelle commune 0-100 pour rendre les signaux lisibles côte à côte. Ils ne mesurent ni le même phénomène, ni la même fréquence, ni le même horizon.",
        "correctLabel": "tableau de bord consolidé de signaux de risque",
        "wrongLabel": "indice consolidé de risque systémique",
        "details": [
          "Un score US Macro de 43 n’est pas statistiquement équivalent à un score Yen Carry de 45, Énergie de 47 ou Dette US de 54.",
          "Le chiffre sert à comparer un instrument à son propre régime, pas à comparer directement les instruments entre eux.",
          "Le libellé et la fiche méthodologique de chaque dashboard priment sur le chiffre isolé."
        ]
      },
      "sources": [
        {
          "name": "EIA",
          "url": "https://www.eia.gov/",
          "role": "Prix et stocks énergie, notamment pétrole et stocks américains."
        },
        {
          "name": "GIE AGSI",
          "url": "https://agsi.gie.eu/",
          "role": "Remplissage des stockages gaziers européens."
        },
        {
          "name": "ENTSO-E",
          "url": "https://transparency.entsoe.eu/",
          "role": "Données électricité européennes quand la clé est activée."
        },
        {
          "name": "CFTC",
          "url": "https://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm",
          "role": "Positionnement spéculatif WTI et gaz naturel."
        },
        {
          "name": "ODRE / données publiques énergie",
          "url": "https://opendata.reseaux-energies.fr/",
          "role": "Compléments électricité France et Allemagne selon disponibilité."
        }
      ]
    },
    {
      "slug": "debt-risk-radar",
      "url": "https://l0g.fr/methodologie/debt-risk-radar/",
      "title": "Debt Risk Radar : lire la dette comme un système de risque",
      "label": "Debt Risk Radar",
      "description": "Méthodologie de Debt Risk Radar : dette publique, projections budgétaires, crédit privé, spreads et signaux de marché à partir de sources ouvertes et d’API gratuites.",
      "question": "Dette publique, crédit privé, projections budgétaires et signaux de marché : où le risque de dette se tend-il ?",
      "dashboard": "https://debt.l0g.fr",
      "repo": "https://github.com/bluetouff/debt-risk-radar",
      "updated": "17 juillet 2026",
      "scaleCaveat": {
        "title": "Une normalisation d’affichage commune",
        "summary": "Les indicateurs du bandeau utilisent une échelle commune 0-100 pour rendre les signaux lisibles côte à côte. Ils ne mesurent ni le même phénomène, ni la même fréquence, ni le même horizon.",
        "correctLabel": "tableau de bord consolidé de signaux de risque",
        "wrongLabel": "indice consolidé de risque systémique",
        "details": [
          "Un score US Macro de 43 n’est pas statistiquement équivalent à un score Yen Carry de 45, Énergie de 47 ou Dette US de 54.",
          "Le chiffre sert à comparer un instrument à son propre régime, pas à comparer directement les instruments entre eux.",
          "Le libellé et la fiche méthodologique de chaque dashboard priment sur le chiffre isolé."
        ]
      },
      "sources": [
        {
          "name": "US Treasury Fiscal Data",
          "url": "https://fiscaldata.treasury.gov/",
          "role": "Dette publique fédérale quotidienne, notamment Debt to the Penny."
        },
        {
          "name": "FRED · Federal Reserve Bank of St. Louis",
          "url": "https://fred.stlouisfed.org/",
          "role": "Dette / PIB, dette détenue par le public, déficit, intérêts, taux, courbe, spreads IG et HY."
        },
        {
          "name": "BIS Data Portal",
          "url": "https://data.bis.org/",
          "role": "Credit-to-GDP gap et debt service ratios pour suivre le levier privé et la charge de dette."
        },
        {
          "name": "CBO Open Data",
          "url": "https://www.cbo.gov/data/budget-economic-data",
          "role": "Projections budgétaires long terme : dette détenue par le public, dette brute, déficit et intérêts."
        },
        {
          "name": "World Bank Open Data",
          "url": "https://data.worldbank.org/",
          "role": "Comparables internationaux annuels, notamment dette, croissance et agrégats macro."
        },
        {
          "name": "Massive Market Data",
          "url": "https://massive.com/",
          "role": "Prix et ratios de marché : ETF obligataires, actions bancaires, spreads proxy et actifs sensibles au stress de dette."
        }
      ]
    },
    {
      "slug": "euro-macro",
      "url": "https://l0g.fr/methodologie/euro-macro/",
      "title": "EU Macro Dashboard : un thermomètre du risque macro européen",
      "label": "EU Macro Dashboard",
      "description": "Méthodologie du dashboard macro zone euro : indicateurs BCE et Eurostat, z-scores glissants, score 0-100 et signaux avancés.",
      "question": "La zone euro glisse-t-elle vers un régime de stress macro, indicateur par indicateur ?",
      "dashboard": "https://euro.l0g.fr",
      "repo": "https://github.com/bluetouff/euro-macro-dashboard",
      "updated": "17 juillet 2026",
      "scaleCaveat": {
        "title": "Une normalisation d’affichage commune",
        "summary": "Les indicateurs du bandeau utilisent une échelle commune 0-100 pour rendre les signaux lisibles côte à côte. Ils ne mesurent ni le même phénomène, ni la même fréquence, ni le même horizon.",
        "correctLabel": "tableau de bord consolidé de signaux de risque",
        "wrongLabel": "indice consolidé de risque systémique",
        "details": [
          "Un score US Macro de 43 n’est pas statistiquement équivalent à un score Yen Carry de 45, Énergie de 47 ou Dette US de 54.",
          "Le chiffre sert à comparer un instrument à son propre régime, pas à comparer directement les instruments entre eux.",
          "Le libellé et la fiche méthodologique de chaque dashboard priment sur le chiffre isolé."
        ]
      },
      "sources": [
        {
          "name": "BCE · ECB Data Portal",
          "url": "https://data.ecb.europa.eu/",
          "role": "Taux, €STR, CISS, rendements souverains, monnaie, crédit et variables financières."
        },
        {
          "name": "Eurostat",
          "url": "https://ec.europa.eu/eurostat",
          "role": "HICP, production industrielle, ventes de détail, confiance, ESI, faillites."
        },
        {
          "name": "CEPR",
          "url": "https://cepr.org/",
          "role": "Datation des récessions zone euro utilisée pour lecture historique."
        }
      ]
    },
    {
      "slug": "us-macro",
      "url": "https://l0g.fr/methodologie/us-macro/",
      "title": "US Macro Dashboard : lire le régime macro américain",
      "label": "US Macro Dashboard",
      "description": "Méthodologie du dashboard macro US : 47 séries FRED, score composite borné, calibration interne et reconstruction rétrospective.",
      "question": "Croissance, inflation, emploi, conditions financières : où pointe le risque macro américain ?",
      "dashboard": "https://us.l0g.fr",
      "repo": "https://github.com/bluetouff/macro_dashboard",
      "updated": "3 août 2026",
      "scaleCaveat": {
        "title": "Une normalisation d’affichage commune",
        "summary": "Les indicateurs du bandeau utilisent une échelle commune 0-100 pour rendre les signaux lisibles côte à côte. Ils ne mesurent ni le même phénomène, ni la même fréquence, ni le même horizon.",
        "correctLabel": "tableau de bord consolidé de signaux de risque",
        "wrongLabel": "indice consolidé de risque systémique",
        "details": [
          "Un score US Macro de 43 n’est pas statistiquement équivalent à un score Yen Carry de 45, Énergie de 47 ou Dette US de 54.",
          "Le chiffre sert à comparer un instrument à son propre régime, pas à comparer directement les instruments entre eux.",
          "Le libellé et la fiche méthodologique de chaque dashboard priment sur le chiffre isolé."
        ]
      },
      "sources": [
        {
          "name": "FRED · Federal Reserve Bank of St. Louis",
          "url": "https://fred.stlouisfed.org/",
          "role": "Catalogue principal de séries macro, taux, inflation, activité, emploi et conditions financières."
        },
        {
          "name": "NBER",
          "url": "https://www.nber.org/research/business-cycle-dating",
          "role": "Datation des récessions américaines utilisée pour calibration et lecture historique."
        }
      ]
    }
  ],
  "riskBandScaleCaveat": {
    "title": "Une normalisation d’affichage commune",
    "summary": "Les indicateurs du bandeau utilisent une échelle commune 0-100 pour rendre les signaux lisibles côte à côte. Ils ne mesurent ni le même phénomène, ni la même fréquence, ni le même horizon.",
    "correctLabel": "tableau de bord consolidé de signaux de risque",
    "wrongLabel": "indice consolidé de risque systémique",
    "details": [
      "Un score US Macro de 43 n’est pas statistiquement équivalent à un score Yen Carry de 45, Énergie de 47 ou Dette US de 54.",
      "Le chiffre sert à comparer un instrument à son propre régime, pas à comparer directement les instruments entre eux.",
      "Le libellé et la fiche méthodologique de chaque dashboard priment sur le chiffre isolé."
    ]
  },
  "editorial": {
    "protocol": {
      "url": "https://l0g.fr/protocole-editorial/",
      "updated": "2026-07-16",
      "promise": "Séparer les faits, les sources, les hypothèses et les conclusions afin que chaque analyse l0g puisse être relue, contestée et corrigée.",
      "principles": [
        {
          "id": "source-first",
          "title": "Source avant récit",
          "text": "Une source primaire ou réglementaire passe avant une synthèse de marché quand elle existe. Les sources secondaires servent à contextualiser, pas à remplacer l'archive d'origine."
        },
        {
          "id": "method-visible",
          "title": "Méthode visible",
          "text": "Les dashboards, scores, seuils et hypothèses doivent pointer vers une fiche méthodologique ou un bloc de preuve lisible. Une simple mention d’autorité ne vaut pas preuve directe, et un chiffre précis ne vaut pas connaissance précise."
        },
        {
          "id": "uncertainty-explicit",
          "title": "Incertitude explicite",
          "text": "Les scénarios, estimations et signaux faibles sont signalés comme tels. Une projection ne doit pas être présentée comme un fait observé."
        },
        {
          "id": "correction-public",
          "title": "Correction publique",
          "text": "Les changements importants de protocole, de sources ou de lecture éditoriale doivent être inscrits dans le changelog éditorial."
        }
      ],
      "steps": [
        {
          "id": "collecte",
          "title": "Collecte",
          "checks": [
            "Identifier la source primaire disponible.",
            "Noter la date de publication et la fenêtre de fraîcheur utile.",
            "Isoler les agrégateurs et commentaires comme sources secondaires."
          ]
        },
        {
          "id": "verification",
          "title": "Vérification",
          "checks": [
            "Contrôler les chiffres critiques sur la source d’origine.",
            "Repérer les révisions, délais de publication et ruptures de série.",
            "Comparer le narratif public aux données observables."
          ]
        },
        {
          "id": "redaction",
          "title": "Rédaction",
          "checks": [
            "Distinguer fait, estimation, inférence et scénario.",
            "Relier chaque affirmation structurée à une preuve et à un localisateur exact.",
            "Préserver les liens vers méthodologie, données et sources primaires."
          ]
        },
        {
          "id": "publication",
          "title": "Publication",
          "checks": [
            "Vérifier build statique, métadonnées sociales et accessibilité de base.",
            "Exposer les artefacts utiles dans le catalogue machine.",
            "Documenter les changements éditoriaux structurants."
          ]
        }
      ],
      "evidenceLevels": [
        {
          "label": "Source primaire",
          "rank": "niveau 1",
          "description": "Institution, régulateur, dépôt officiel, base publique ou document légal directement cité."
        },
        {
          "label": "Donnée publique",
          "rank": "niveau 2",
          "description": "Snapshot, API, série statistique ou fichier public dont la date utile est lisible."
        },
        {
          "label": "Source secondaire",
          "rank": "niveau 3",
          "description": "Média, recherche, commentaire ou analyse externe utilisé pour situer un débat."
        },
        {
          "label": "Hypothèse / scénario",
          "rank": "niveau 4",
          "description": "Projection, lecture conditionnelle, estimation ou risque à surveiller."
        },
        {
          "label": "Contexte l0g",
          "rank": "niveau 5",
          "description": "Lien interne vers méthode, glossaire, données, preuve, statut ou historique l0g."
        }
      ],
      "proofDepthLevels": [
        {
          "id": "mention",
          "label": "Mention non probante",
          "meaning": "Signal historique faible : une autorité est nommée sans relation affirmation-source. Ce niveau ne vaut pas preuve article.",
          "status": "automatique"
        },
        {
          "id": "reference",
          "label": "Référence",
          "meaning": "Un document, dataset ou organisme identifiable est cité dans le texte.",
          "status": "automatique"
        },
        {
          "id": "linked-source",
          "label": "Source liée",
          "meaning": "Le document ou dataset est accessible par URL vérifiable.",
          "status": "automatique"
        },
        {
          "id": "direct-proof",
          "label": "Preuve directe",
          "meaning": "La source soutient précisément une affirmation donnée, avec relation claim → source.",
          "status": "semi-structuré"
        },
        {
          "id": "reproduction",
          "label": "Reproduction",
          "meaning": "La donnée, le calcul ou la transformation peut être reproduit par le lecteur.",
          "status": "objectif"
        }
      ],
      "precisionGuard": {
        "title": "Illusion de précision",
        "summary": "Les scores numériques et les badges donnent une impression de rigueur. Cette impression doit toujours être soutenue par des éléments vérifiables.",
        "requirements": [
          "données complètes",
          "calcul reproductible",
          "couverture",
          "fraîcheur",
          "incertitude",
          "performance historique"
        ],
        "warning": "Sinon, la mise en forme peut devenir plus précise que la connaissance sous-jacente."
      },
      "correctionPolicy": {
        "title": "Politique de correction",
        "summary": "Une correction est publiée quand elle change la lecture d’un fait, d’une source, d’un calcul, d’une limite ou d’une conclusion. Les micro-corrections typographiques restent dans Git.",
        "correctionTypes": [
          {
            "label": "Correction factuelle",
            "description": "Erreur de chiffre, date, attribution, citation, lien ou qualification d’une source."
          },
          {
            "label": "Révision méthodologique",
            "description": "Changement de formule, seuil, classification, périmètre ou limite d’un instrument."
          },
          {
            "label": "Mise à jour éditoriale",
            "description": "Ajout de contexte, source nouvelle, changement de scénario ou clarification de conclusion."
          }
        ],
        "revisionRules": [
          "Chaque article expose sa date de publication et, si elle existe, sa date de révision.",
          "Les changements structurants sont consignés dans le changelog éditorial.",
          "Les modifications techniques restent vérifiables dans l’historique Git public."
        ]
      }
    },
    "changelog": [
      {
        "date": "2026-08-03",
        "title": "US Macro v2 : rupture de série explicitée",
        "kind": "méthode",
        "summary": "Le passage du signal US Macro normalisé de 41 à 31 coïncide avec l’activation du calculateur v2 et ne décrit pas une détente macro en une journée. La méthode utilise désormais le vrai glissement annuel calendaire pour les séries non stationnaires, borne les composantes, calibre le score composite et remplace la série BTFP discontinue. Les points antérieurs restent legacy et ne sont pas comparables directement à la v2.",
        "links": [
          {
            "label": "méthodologie US",
            "href": "/methodologie/us-macro/"
          },
          {
            "label": "série datée",
            "href": "/series/barometre-stress-macro-us/"
          },
          {
            "label": "code source",
            "href": "https://github.com/bluetouff/macro_dashboard"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-07-18",
        "title": "Revue canonique sélective et dépendances signal-claim fermées",
        "kind": "méthode",
        "summary": "Deux claims disposant d’une source primaire datée et d’un locator exact inaugurent le registre canonique. Les 113 validations historiques restent legacy. Toute claim déclarée comme entrée, seuil ou interprétation d’un signal doit désormais être canonique sous peine d’échec du build.",
        "links": [
          {
            "label": "claims",
            "href": "/api/v1/claims.json"
          },
          {
            "label": "preuves",
            "href": "/preuves/"
          },
          {
            "label": "protocole",
            "href": "/protocole-editorial/"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-07-17",
        "title": "Claims structurants typés et sélectionnés par le risque",
        "kind": "méthode",
        "summary": "La surface limite désormais chaque article à trois claims structurants maximum et supprime le type assertion non classée. Chaque claim est classée en fait, estimation, inférence ou scénario ; ce typage heuristique reste distinct d’une revue canonique complète.",
        "links": [
          {
            "label": "claims",
            "href": "/api/v1/claims.json"
          },
          {
            "label": "politique de revue",
            "href": "/protocole-editorial/"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-07-17",
        "title": "Registre des séries de risque nommées et versionnées",
        "kind": "données",
        "summary": "Chaque jauge du tableau consolidé reçoit un identifiant stable, un nom citable, des exports JSON, NDJSON et CSV dédiés, une date de série issue de la frame Black Box et une version méthodologique. Les frames antérieures au registre restent explicitement non versionnées ; aucun backfill rétroactif n’est produit.",
        "links": [
          {
            "label": "séries",
            "href": "/series/"
          },
          {
            "label": "backtests",
            "href": "/backtests/"
          },
          {
            "label": "schéma",
            "href": "/api/v1/signals/schema.json"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-07-16",
        "title": "l0g Editorial Protocol 1.0 stable",
        "kind": "protocole",
        "summary": "Publication du noyau normatif versionné : exigences EP-001 à EP-009, schémas article et paquet de preuves, article exemple, tests de conformité, empreintes, licences et métadonnées de citation.",
        "links": [
          {
            "label": "protocole",
            "href": "/protocole-editorial/"
          },
          {
            "label": "release 1.0.0",
            "href": "https://github.com/bluetouff/l0g/tree/main/releases/l0g-editorial-protocol-1.0.0"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-06-27",
        "title": "Relations affirmation-source et historique des révisions",
        "kind": "traçabilité",
        "summary": "Les articles exposent désormais des relations affirmation-source typées, avec dates séparées quand elles sont détectables, historique de publication et politique de correction. Cette entrée décrit le premier contrat, remplacé depuis par la sélection structurante Agent Surface 1.15.",
        "links": [
          {
            "label": "protocole",
            "href": "/protocole-editorial/"
          },
          {
            "label": "catalogue",
            "href": "/api/v1/catalog.json"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-06-27",
        "title": "Réduire l’illusion de précision",
        "kind": "protocole",
        "summary": "Le protocole explicite que scores et badges doivent être soutenus par données complètes, calcul reproductible, couverture, fraîcheur, incertitude et performance historique.",
        "links": [
          {
            "label": "protocole",
            "href": "/protocole-editorial/"
          },
          {
            "label": "méthodologie",
            "href": "/methodologie/"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-06-27",
        "title": "Clarification de l’échelle 0-100 des dashboards",
        "kind": "méthode",
        "summary": "Le bandeau est désormais présenté comme un tableau consolidé de signaux de risque : les scores 0-100 sont une normalisation d’affichage par instrument, pas un indice unique ni une probabilité comparable.",
        "links": [
          {
            "label": "méthodologie",
            "href": "/methodologie/"
          },
          {
            "label": "api risk",
            "href": "/api/v1/risk.json"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-06-27",
        "title": "Échelle de profondeur de preuve",
        "kind": "traçabilité",
        "summary": "Le protocole distingue désormais relation affirmation-source, référence, source liée, preuve directe et reproduction afin de ne pas confondre présence lexicale d’une autorité et preuve d’une affirmation.",
        "links": [
          {
            "label": "protocole",
            "href": "/protocole-editorial/"
          },
          {
            "label": "catalogue",
            "href": "/api/v1/catalog.json"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-06-27",
        "title": "Badges de niveau de preuve",
        "kind": "traçabilité",
        "summary": "Les articles affichent désormais les niveaux de preuve détectés : source primaire, donnée publique, source secondaire, hypothèse ou contexte l0g.",
        "links": [
          {
            "label": "preuves",
            "href": "/preuves/"
          },
          {
            "label": "catalogue",
            "href": "/api/v1/catalog.json"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-06-27",
        "title": "Traçabilité des articles v2",
        "kind": "traçabilité",
        "summary": "Ajout d’un bloc de preuves par article : sources primaires détectées, citations internes, statistiques et liens de vérification.",
        "links": [
          {
            "label": "articles",
            "href": "/"
          },
          {
            "label": "sources primaires",
            "href": "/sources/"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-06-27",
        "title": "Pages sources primaires par institution",
        "kind": "sources",
        "summary": "Chaque grande institution suivie par l0g dispose d’une page dédiée : rôle, jeux de données, cadence, limites et lien officiel.",
        "links": [
          {
            "label": "sources",
            "href": "/sources/"
          },
          {
            "label": "sites de référence",
            "href": "/sites-reference/"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-06-27",
        "title": "Données, citations internes et surfaces sécurité",
        "kind": "données",
        "summary": "Formalisation de l’inventaire des données publiques, des citations internes, du security.txt et de la CSP déclarée côté déploiement.",
        "links": [
          {
            "label": "données",
            "href": "/donnees/"
          },
          {
            "label": "statut",
            "href": "/status/"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-06-27",
        "title": "Méthodologies dashboards v2",
        "kind": "méthode",
        "summary": "Les dashboards ont reçu des fiches fonctionnelles pour expliquer leur lecture, leurs signaux, leurs limites et leurs sources.",
        "links": [
          {
            "label": "méthodologie",
            "href": "/methodologie/"
          },
          {
            "label": "dashboards",
            "href": "/dashboards/"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      },
      {
        "date": "2026-06-27",
        "title": "Protocole éditorial public",
        "kind": "protocole",
        "summary": "Publication du protocole éditorial : chaîne source → vérification → rédaction → publication, niveaux de preuve et politique de correction.",
        "links": [
          {
            "label": "protocole",
            "href": "/protocole-editorial/"
          },
          {
            "label": "changelog éditorial",
            "href": "/changelog-editorial/"
          }
        ],
        "url": "https://l0g.fr/changelog-editorial/"
      }
    ]
  },
  "primarySources": [
    {
      "slug": "doj-justice-americaine",
      "url": "https://l0g.fr/sources/doj-justice-americaine/",
      "name": "Department of Justice et parquets fédéraux américains",
      "shortName": "DOJ",
      "category": "justice, sanctions et criminalité financière",
      "officialUrl": "https://www.justice.gov/",
      "description": "Communiqués des autorités de poursuite et documents judiciaires originaux rendus publics par le ministère américain de la Justice.",
      "datasets": [
        {
          "name": "USAO SDNY : USDT et ventes de pétrole iranien",
          "role": "Annonce du dépôt de la plainte civile concernant environ 61 millions de dollars en USDT.",
          "cadence": "Événementielle",
          "delay": "Publication du 14 septembre 2026",
          "url": "https://www.justice.gov/usao-sdny/pr/us-attorney-seeks-forfeiture-61-million-cryptocurrency-iranian-militarys-black-market"
        },
        {
          "name": "Plainte 1:26-cv-08010, document 1",
          "role": "Pièce de 25 pages : mécanisme de saisie prévu, réseau allégué, virements, soldes et dates de gel.",
          "cadence": "Document daté",
          "delay": "Dépôt du 14 septembre 2026",
          "url": "https://www.justice.gov/usao-sdny/media/1461216/dl"
        }
      ],
      "limits": [
        "Une plainte expose les allégations d’une partie et ne vaut pas jugement.",
        "Un mécanisme décrit au futur ne confirme pas à lui seul son exécution technique."
      ]
    },
    {
      "slug": "gafi-fatf",
      "url": "https://l0g.fr/sources/gafi-fatf/",
      "name": "Groupe d’action financière / Financial Action Task Force",
      "shortName": "GAFI / FATF",
      "category": "blanchiment, financement du terrorisme et actifs virtuels",
      "officialUrl": "https://www.fatf-gafi.org/",
      "description": "Rapports et orientations du GAFI sur les risques de criminalité financière et les dispositifs de prévention.",
      "datasets": [
        {
          "name": "Stablecoins and Unhosted Wallets",
          "role": "Rapport ciblé sur les stablecoins, portefeuilles autonomes et transactions entre pairs.",
          "cadence": "Rapport thématique",
          "delay": "Publication du 3 mars 2026",
          "url": "https://www.fatf-gafi.org/en/publications/Virtualassets/targeted-report-stablecoins-unhosted-wallets.html"
        }
      ],
      "limits": [
        "Les recommandations ne sont pas une loi mondiale directement applicable.",
        "Certains chiffres repris par le GAFI proviennent de prestataires : conserver leur attribution et leur méthode."
      ]
    },
    {
      "slug": "sec-edgar",
      "url": "https://l0g.fr/sources/sec-edgar/",
      "name": "SEC EDGAR",
      "shortName": "SEC",
      "category": "marchés, filings & disclosure",
      "officialUrl": "https://www.sec.gov/edgar",
      "description": "Source primaire des déclarations réglementaires américaines : 13F, Form 4, 10-K, 8-K, S-1 et documents d'émetteurs.",
      "datasets": [
        {
          "name": "13F-HR",
          "role": "Positions longues trimestrielles de gérants institutionnels.",
          "cadence": "Trimestrielle",
          "delay": "Jusqu'à 45 jours après la fin du trimestre",
          "url": "https://www.sec.gov/edgar/search/"
        },
        {
          "name": "Form 4",
          "role": "Transactions déclarées par dirigeants, administrateurs et actionnaires à plus de 10 %.",
          "cadence": "Au fil des dépôts",
          "delay": "Deux jours ouvrés en régime normal",
          "url": "https://www.sec.gov/edgar/search/"
        },
        {
          "name": "10-K / 10-Q / 8-K",
          "role": "Rapports périodiques, risques, états financiers et événements significatifs.",
          "cadence": "Selon obligations de reporting",
          "delay": "Variable selon dépôt",
          "url": "https://www.sec.gov/edgar/search/"
        },
        {
          "name": "company_tickers.json",
          "role": "Résolution CIK, nom d'émetteur et ticker.",
          "cadence": "Mise à jour SEC",
          "delay": "Variable",
          "url": "https://www.sec.gov/files/company_tickers.json"
        },
        {
          "name": "Investor.gov",
          "role": "Bulletins pédagogiques de la SEC sur les instruments financiers et leurs risques.",
          "cadence": "Selon publication",
          "delay": "Date du bulletin à vérifier",
          "url": "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-86"
        }
      ],
      "limits": [
        "Le 13F ne montre ni les shorts, ni les dérivés complexes, ni les positions non américaines hors périmètre.",
        "Les dépôts peuvent arriver en retard ou être amendés : il faut vérifier la date et le type de formulaire.",
        "Un dépôt réglementaire décrit ce qui est déclaré ; il ne donne pas toujours l'intention économique complète."
      ]
    },
    {
      "slug": "federal-reserve-fred",
      "url": "https://l0g.fr/sources/federal-reserve-fred/",
      "name": "Federal Reserve & FRED",
      "shortName": "Fed / FRED",
      "category": "macro américaine & liquidité",
      "officialUrl": "https://fred.stlouisfed.org/",
      "description": "Réserve fédérale, FRED et publications associées : taux, inflation, emploi, bilan, liquidité, conditions financières et séries macro américaines.",
      "datasets": [
        {
          "name": "FRED series",
          "role": "Catalogue macro, taux, inflation, activité, emploi et conditions financières.",
          "cadence": "Selon série",
          "delay": "Variable selon publication source",
          "url": "https://fred.stlouisfed.org/"
        },
        {
          "name": "Federal Reserve statistical releases",
          "role": "Communiqués, bilan et statistiques monétaires officielles.",
          "cadence": "Quotidienne à mensuelle",
          "delay": "Variable",
          "url": "https://www.federalreserve.gov/data.htm"
        },
        {
          "name": "Liberty Street Economics",
          "role": "Analyses de la New York Fed sur repo, money markets et stabilité financière.",
          "cadence": "Au fil des publications",
          "delay": "Éditorial",
          "url": "https://libertystreeteconomics.newyorkfed.org/"
        }
      ],
      "limits": [
        "FRED est souvent un agrégateur de sources officielles : il faut lire la source et l'unité de chaque série.",
        "Les séries macro sont révisées ; un backtest doit distinguer donnée temps réel et donnée révisée.",
        "Une donnée mensuelle peut réagir trop tard à un choc financier intrajournalier."
      ]
    },
    {
      "slug": "bis",
      "url": "https://l0g.fr/sources/bis/",
      "name": "Bank for International Settlements",
      "shortName": "BIS",
      "category": "stabilité financière globale",
      "officialUrl": "https://www.bis.org/",
      "description": "Banque des règlements internationaux : stabilité financière, banques centrales, marchés de dette, dérivés, dollar funding et finance non bancaire.",
      "datasets": [
        {
          "name": "BIS statistics",
          "role": "Statistiques bancaires internationales, dette, dérivés et paiements.",
          "cadence": "Trimestrielle à annuelle",
          "delay": "Variable",
          "url": "https://www.bis.org/statistics/index.htm"
        },
        {
          "name": "BIS Quarterly Review",
          "role": "Analyse des marchés financiers globaux et des vulnérabilités.",
          "cadence": "Trimestrielle",
          "delay": "Éditorial",
          "url": "https://www.bis.org/publ/qtrpdf.htm"
        },
        {
          "name": "Working Papers",
          "role": "Travaux de recherche sur stabilité, monnaie, crédit et infrastructures financières.",
          "cadence": "Au fil des publications",
          "delay": "Éditorial",
          "url": "https://www.bis.org/list/wpapers/index.htm"
        }
      ],
      "limits": [
        "Les statistiques BIS sont puissantes mais souvent agrégées, avec granularité limitée.",
        "Les délais de publication peuvent être longs pour lire une crise en temps réel.",
        "Une lecture BIS est structurelle : elle complète, mais ne remplace pas, la donnée de marché fraîche."
      ]
    },
    {
      "slug": "imf",
      "url": "https://l0g.fr/sources/imf/",
      "name": "International Monetary Fund",
      "shortName": "FMI",
      "category": "macro mondiale & dette",
      "officialUrl": "https://www.imf.org/en/Data",
      "description": "FMI : données macro internationales, dette, balance des paiements, réserves, stabilité financière et surveillance pays.",
      "datasets": [
        {
          "name": "IMF Data",
          "role": "Portail de séries macro et financières internationales.",
          "cadence": "Selon base",
          "delay": "Variable",
          "url": "https://www.imf.org/en/Data"
        },
        {
          "name": "Global Financial Stability Report",
          "role": "Analyse des vulnérabilités financières mondiales.",
          "cadence": "Semestrielle",
          "delay": "Éditorial",
          "url": "https://www.imf.org/en/Publications/GFSR"
        },
        {
          "name": "World Economic Outlook",
          "role": "Projections macro et scénarios pays.",
          "cadence": "Semestrielle",
          "delay": "Éditorial",
          "url": "https://www.imf.org/en/Publications/WEO"
        }
      ],
      "limits": [
        "Les données FMI peuvent être révisées et dépendre de déclarations nationales.",
        "Les projections sont des scénarios institutionnels, pas des faits observés.",
        "La comparabilité internationale exige de vérifier définitions et périmètres."
      ]
    },
    {
      "slug": "fsb-ofr",
      "url": "https://l0g.fr/sources/fsb-ofr/",
      "name": "Financial Stability Board & OFR",
      "shortName": "FSB / OFR",
      "category": "risque systémique & shadow banking",
      "officialUrl": "https://www.fsb.org/",
      "description": "FSB et Office of Financial Research : surveillance du risque systémique, finance non bancaire, interconnexions, levier et vulnérabilités.",
      "datasets": [
        {
          "name": "FSB publications",
          "role": "Rapports sur finance non bancaire, stabilité et régulation globale.",
          "cadence": "Au fil des rapports",
          "delay": "Éditorial",
          "url": "https://www.fsb.org/publications/"
        },
        {
          "name": "OFR data & monitors",
          "role": "Données et outils américains de surveillance du risque financier.",
          "cadence": "Variable",
          "delay": "Variable",
          "url": "https://www.financialresearch.gov/"
        },
        {
          "name": "Annual reports",
          "role": "Cartographie institutionnelle des vulnérabilités systémiques.",
          "cadence": "Annuelle",
          "delay": "Éditorial",
          "url": "https://www.fsb.org/work-of-the-fsb/financial-innovation-and-structural-change/non-bank-financial-intermediation/"
        }
      ],
      "limits": [
        "Les rapports sont souvent synthétiques : ils montrent le risque, rarement toutes les positions sous-jacentes.",
        "La donnée de stabilité financière arrive avec retard par rapport au marché.",
        "Le périmètre global masque parfois des fragilités locales ou sectorielles."
      ]
    },
    {
      "slug": "ecb-eurostat",
      "url": "https://l0g.fr/sources/ecb-eurostat/",
      "name": "ECB Data Portal & Eurostat",
      "shortName": "BCE / Eurostat",
      "category": "zone euro",
      "officialUrl": "https://data.ecb.europa.eu/",
      "description": "BCE et Eurostat : taux, monnaie, crédit, stress financier, inflation, activité, emploi, sentiment et indicateurs européens.",
      "datasets": [
        {
          "name": "ECB Data Portal",
          "role": "Taux, €STR, CISS, monnaie, crédit, rendements souverains et variables financières.",
          "cadence": "Selon série",
          "delay": "Variable",
          "url": "https://data.ecb.europa.eu/"
        },
        {
          "name": "Eurostat",
          "role": "HICP, production industrielle, ventes de détail, chômage, faillites et sentiment.",
          "cadence": "Mensuelle à trimestrielle",
          "delay": "Variable selon publication",
          "url": "https://ec.europa.eu/eurostat"
        },
        {
          "name": "ECB reference exchange rates",
          "role": "Taux de change de référence utilisés notamment pour USD/JPY via BCE.",
          "cadence": "Quotidienne les jours ouvrés",
          "delay": "Jour ouvré",
          "url": "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html"
        }
      ],
      "limits": [
        "Les séries réelles européennes arrivent souvent tard et sont révisées.",
        "La zone euro agrège des pays hétérogènes : un score global peut masquer des divergences.",
        "Les indicateurs financiers réagissent plus vite que les indicateurs macro officiels."
      ]
    },
    {
      "slug": "cftc",
      "url": "https://l0g.fr/sources/cftc/",
      "name": "Commodity Futures Trading Commission",
      "shortName": "CFTC",
      "category": "positionnement futures",
      "officialUrl": "https://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm",
      "description": "CFTC Commitments of Traders : positionnement déclaré sur futures, notamment devises, pétrole, gaz naturel et matières premières.",
      "datasets": [
        {
          "name": "Commitments of Traders",
          "role": "Positions agrégées par catégorie de participants sur marchés futures.",
          "cadence": "Hebdomadaire",
          "delay": "Quelques jours",
          "url": "https://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm"
        },
        {
          "name": "Historical Compressed",
          "role": "Fichiers historiques téléchargeables pour backtests et séries longues.",
          "cadence": "Hebdomadaire",
          "delay": "Quelques jours",
          "url": "https://www.cftc.gov/MarketReports/CommitmentsofTraders/HistoricalCompressed/index.htm"
        }
      ],
      "limits": [
        "Le COT couvre les marchés déclarés, pas toutes les positions OTC ou bilans bancaires.",
        "La donnée est hebdomadaire et publiée avec délai.",
        "Les catégories CFTC sont utiles mais imparfaites pour inférer l'intention économique."
      ]
    },
    {
      "slug": "dgfip-legifrance",
      "url": "https://l0g.fr/sources/dgfip-legifrance/",
      "name": "DGFiP & Légifrance",
      "shortName": "DGFiP / Légifrance",
      "category": "fiscalité & droit français",
      "officialUrl": "https://www.impots.gouv.fr/",
      "description": "DGFiP et Légifrance : services fiscaux officiels, documentation administrative, textes consolidés, Journal officiel et jurisprudence française.",
      "datasets": [
        {
          "name": "Documentation DGFiP",
          "role": "Services fiscaux officiels, guides, registres, formulaires et documentation destinée aux particuliers et aux professionnels.",
          "cadence": "Au fil des publications",
          "delay": "Variable selon le document",
          "url": "https://www.impots.gouv.fr/documentation"
        },
        {
          "name": "Légifrance",
          "role": "Codes consolidés, Journal officiel, textes réglementaires, jurisprudence et publications officielles.",
          "cadence": "Au fil des publications",
          "delay": "Publication officielle",
          "url": "https://www.legifrance.gouv.fr/"
        }
      ],
      "limits": [
        "Un guide administratif explique une procédure, mais seul le texte applicable fixe la règle de droit.",
        "Les textes consolidés évoluent : la date de version et la date d’entrée en vigueur doivent être vérifiées.",
        "Une liste administrative peut documenter un statut sans exposer les dépendances techniques, les volumes ou les liens de contrôle sous-jacents."
      ]
    },
    {
      "slug": "eia-energy",
      "url": "https://l0g.fr/sources/eia-energy/",
      "name": "U.S. Energy Information Administration",
      "shortName": "EIA",
      "category": "énergie",
      "officialUrl": "https://www.eia.gov/",
      "description": "EIA : statistiques publiques américaines sur pétrole, gaz, stocks, production, consommation, prix et perspectives énergétiques.",
      "datasets": [
        {
          "name": "Petroleum & other liquids",
          "role": "Stocks, production, consommation et prix pétrole.",
          "cadence": "Hebdomadaire à mensuelle",
          "delay": "Variable",
          "url": "https://www.eia.gov/petroleum/"
        },
        {
          "name": "Natural gas",
          "role": "Production, stockage, consommation et prix gaz naturel.",
          "cadence": "Hebdomadaire à mensuelle",
          "delay": "Variable",
          "url": "https://www.eia.gov/naturalgas/"
        },
        {
          "name": "Short-Term Energy Outlook",
          "role": "Scénarios EIA de court terme sur prix, offre et demande.",
          "cadence": "Mensuelle",
          "delay": "Éditorial",
          "url": "https://www.eia.gov/outlooks/steo/"
        }
      ],
      "limits": [
        "L'EIA couvre très bien les États-Unis ; le marché mondial exige d'autres sources en complément.",
        "Les séries physiques ont leurs propres délais et révisions.",
        "Un scénario STEO reste une projection, pas une donnée observée."
      ]
    },
    {
      "slug": "treasury-tic",
      "url": "https://l0g.fr/sources/treasury-tic/",
      "name": "U.S. Treasury TIC",
      "shortName": "TIC",
      "category": "flux internationaux & Treasuries",
      "officialUrl": "https://home.treasury.gov/data/treasury-international-capital-tic-system",
      "description": "Treasury International Capital : flux de capitaux transfrontaliers, détention étrangère de Treasuries et mouvements financiers internationaux.",
      "datasets": [
        {
          "name": "Major foreign holders",
          "role": "Détention étrangère de titres du Trésor américain par pays.",
          "cadence": "Mensuelle",
          "delay": "Variable",
          "url": "https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/slt_table5.html"
        },
        {
          "name": "TIC flows",
          "role": "Achats et ventes transfrontaliers de titres américains.",
          "cadence": "Mensuelle",
          "delay": "Variable",
          "url": "https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Pages/ticsec2.aspx"
        },
        {
          "name": "Treasury TIC system",
          "role": "Documentation officielle du système Treasury International Capital.",
          "cadence": "Documentation",
          "delay": "Selon publication Treasury",
          "url": "https://home.treasury.gov/data/treasury-international-capital-tic-system"
        }
      ],
      "limits": [
        "Les détenteurs sont souvent attribués par juridiction de garde, pas toujours par bénéficiaire final.",
        "Les données mensuelles ne montrent pas tous les arbitrages intramensuels.",
        "Les centres financiers peuvent brouiller la lecture géopolitique directe."
      ]
    },
    {
      "slug": "bls-bea",
      "url": "https://l0g.fr/sources/bls-bea/",
      "name": "BLS & BEA",
      "shortName": "BLS / BEA",
      "category": "inflation, emploi & PIB US",
      "officialUrl": "https://www.bls.gov/",
      "description": "Bureau of Labor Statistics et Bureau of Economic Analysis : inflation, emploi, salaires, productivité, PIB, revenus et comptes nationaux américains.",
      "datasets": [
        {
          "name": "BLS CPI / Employment",
          "role": "Inflation consommateurs, emploi, chômage, salaires et productivité.",
          "cadence": "Mensuelle à trimestrielle",
          "delay": "Calendrier officiel",
          "url": "https://www.bls.gov/data/"
        },
        {
          "name": "BEA NIPA / PCE / GDP",
          "role": "Comptes nationaux, PIB, PCE, revenus et consommation.",
          "cadence": "Mensuelle à trimestrielle",
          "delay": "Calendrier officiel",
          "url": "https://www.bea.gov/data"
        }
      ],
      "limits": [
        "Les données sont révisées, parfois substantiellement.",
        "Les effets de composition peuvent brouiller les lectures rapides de salaires ou inflation.",
        "Un chiffre headline doit souvent être lu avec sa méthodologie et ses composantes."
      ]
    },
    {
      "slug": "bank-of-japan-mof",
      "url": "https://l0g.fr/sources/bank-of-japan-mof/",
      "name": "Bank of Japan & Ministry of Finance Japan",
      "shortName": "BoJ / MOF",
      "category": "Japon, yen & interventions de change",
      "officialUrl": "https://www.boj.or.jp/en/",
      "description": "Banque du Japon et ministère japonais des Finances : politique monétaire, opérations de marché, statistiques du yen et interventions de change.",
      "datasets": [
        {
          "name": "BoJ monetary policy",
          "role": "Décisions, statements, minutes et outlook reports de la Banque du Japon.",
          "cadence": "Selon calendrier BoJ",
          "delay": "Publication officielle",
          "url": "https://www.boj.or.jp/en/mopo/index.htm"
        },
        {
          "name": "BoJ statistics",
          "role": "Taux, opérations, bilan, marchés monétaires et statistiques financières japonaises.",
          "cadence": "Quotidienne à mensuelle",
          "delay": "Variable selon série",
          "url": "https://www.boj.or.jp/en/statistics/index.htm"
        },
        {
          "name": "Foreign exchange intervention operations",
          "role": "Données du MOF sur interventions de change japonaises.",
          "cadence": "Mensuelle / opérationnelle selon publication",
          "delay": "Publication MOF",
          "url": "https://www.mof.go.jp/english/policy/international_policy/reference/feio/index.htm"
        }
      ],
      "limits": [
        "Le MOF décide les interventions, la BoJ les exécute comme agent : il faut distinguer les rôles.",
        "Les données d'intervention sont publiées avec délai et ne donnent pas toujours le détail intrajournalier.",
        "Un discours officiel peut viser le signal politique sans annoncer une opération effective."
      ]
    },
    {
      "slug": "treasury-fiscal-data",
      "url": "https://l0g.fr/sources/treasury-fiscal-data/",
      "name": "U.S. Treasury Fiscal Data",
      "shortName": "Treasury Fiscal Data",
      "category": "Trésor US, liquidité & dette",
      "officialUrl": "https://fiscaldata.treasury.gov/",
      "description": "Portail officiel du Trésor américain pour dette fédérale, cash balance, Daily Treasury Statement, recettes, dépenses et datasets fiscaux.",
      "datasets": [
        {
          "name": "Daily Treasury Statement",
          "role": "Cash balance, recettes, dépenses et opérations quotidiennes du Trésor.",
          "cadence": "Quotidienne jours ouvrés",
          "delay": "Publication officielle",
          "url": "https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/operating-cash-balance"
        },
        {
          "name": "Debt to the Penny",
          "role": "Dette fédérale américaine au jour le jour.",
          "cadence": "Quotidienne jours ouvrés",
          "delay": "Publication officielle",
          "url": "https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny"
        },
        {
          "name": "Treasury securities auctions",
          "role": "Calendrier, adjudications et caractéristiques des émissions du Trésor.",
          "cadence": "Selon adjudications",
          "delay": "Publication officielle",
          "url": "https://www.treasurydirect.gov/auctions/announcements-data-results/"
        }
      ],
      "limits": [
        "Le DTS est très utile mais bruité au jour le jour.",
        "La donnée fiscale ne suffit pas à elle seule pour mesurer les réserves bancaires.",
        "Les calendriers d’émission doivent être lus avec conditions de marché et politique de la Fed."
      ]
    },
    {
      "slug": "congress-govinfo-cbo",
      "url": "https://l0g.fr/sources/congress-govinfo-cbo/",
      "name": "Congress.gov, GovInfo & CBO",
      "shortName": "Congress / CBO",
      "category": "politique US, lois & budget",
      "officialUrl": "https://www.congress.gov/",
      "description": "Sources officielles américaines pour textes de loi, débats, documents fédéraux, scoring budgétaire et analyses du Congressional Budget Office.",
      "datasets": [
        {
          "name": "Congress.gov legislation",
          "role": "Textes de loi, amendements, sponsors, statuts et historique législatif.",
          "cadence": "Au fil des procédures",
          "delay": "Publication officielle",
          "url": "https://www.congress.gov/"
        },
        {
          "name": "GovInfo",
          "role": "Federal Register, Congressional Record, lois publiques et documents gouvernementaux.",
          "cadence": "Au fil des publications",
          "delay": "Publication officielle",
          "url": "https://www.govinfo.gov/"
        },
        {
          "name": "CBO cost estimates",
          "role": "Estimations budgétaires et analyses économiques des textes.",
          "cadence": "Au fil des estimations",
          "delay": "Variable",
          "url": "https://www.cbo.gov/cost-estimates"
        }
      ],
      "limits": [
        "Un texte peut changer rapidement entre versions, amendements et conférences.",
        "Le scoring CBO arrive parfois après la bataille politique.",
        "Un bill déposé ne signifie pas adoption, ni application effective."
      ]
    },
    {
      "slug": "usgs-blm-gsa",
      "url": "https://l0g.fr/sources/usgs-blm-gsa/",
      "name": "USGS, BLM & GSA",
      "shortName": "USGS / BLM",
      "category": "ressources minérales & actifs fédéraux",
      "officialUrl": "https://www.usgs.gov/centers/national-minerals-information-center",
      "description": "Sources fédérales américaines sur les minerais, la production d'hélium et les actifs de l'ancien Federal Helium System.",
      "datasets": [
        {
          "name": "Mineral Commodity Summaries, Helium",
          "role": "Estimations annuelles de production, réserves et contexte du marché de l'hélium.",
          "cadence": "Annuelle",
          "delay": "Publication l'année suivant la période estimée",
          "url": "https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-helium.pdf"
        },
        {
          "name": "Federal Helium System sale",
          "role": "Annonce officielle du BLM sur la cession du système fédéral à Messer.",
          "cadence": "Événementielle",
          "delay": "Publication officielle",
          "url": "https://www.blm.gov/press-release/blm-completes-sale-federal-helium-system"
        },
        {
          "name": "Federal Helium System assets",
          "role": "Description GSA du réservoir souterrain, de l’usine, du pipeline et des autres actifs proposés à la vente.",
          "cadence": "Événementielle",
          "delay": "Publication officielle",
          "url": "https://www.gsa.gov/about-gsa/newsroom/former-gsa-regional-news-archive/region-7-newsroom/greater-southwest-feature-stories-and-news-release/gsa-announces-sale-of-federal-helium-system-assets-06222023"
        }
      ],
      "limits": [
        "Les estimations USGS sont arrondies et peuvent être révisées ; un résidu calculé sur le total mondial n'est pas une somme exacte de pays.",
        "Les documents de cession décrivent des actifs et une transaction, pas l'inventaire commercial disponible à une date ultérieure.",
        "Une ressource géologique, un stock en réservoir et un volume livrable au client ne sont pas interchangeables."
      ]
    },
    {
      "slug": "world-bank-oecd",
      "url": "https://l0g.fr/sources/world-bank-oecd/",
      "name": "World Bank Open Data & OECD Data",
      "shortName": "World Bank / OECD",
      "category": "macro internationale & développement",
      "officialUrl": "https://data.worldbank.org/",
      "description": "Banque mondiale et OCDE : séries macro, développement, commerce, productivité, dette, revenus, énergie et comparaisons internationales.",
      "datasets": [
        {
          "name": "World Bank Open Data",
          "role": "Indicateurs macro, développement, commerce, dette et énergie par pays.",
          "cadence": "Selon indicateur",
          "delay": "Variable",
          "url": "https://data.worldbank.org/"
        },
        {
          "name": "World Development Indicators",
          "role": "Base structurée de séries pays et indicateurs de développement.",
          "cadence": "Variable",
          "delay": "Variable",
          "url": "https://databank.worldbank.org/source/world-development-indicators"
        },
        {
          "name": "Financial Intermediary Funds : TFFF",
          "role": "Présentation du TFFF et du rôle de trustee de la Banque mondiale, distinct du fonds d’investissement TFIF.",
          "cadence": "Selon mise à jour institutionnelle",
          "delay": "Date de consultation à conserver",
          "url": "https://fiftrustee.worldbank.org/en/about/unit/dfi/fiftrustee/fund-detail/tfff"
        },
        {
          "name": "OECD Data Explorer",
          "role": "Statistiques OCDE : productivité, comptes nationaux, emploi, prix, commerce et dette.",
          "cadence": "Selon série",
          "delay": "Variable",
          "url": "https://data-explorer.oecd.org/"
        }
      ],
      "limits": [
        "Les séries peuvent provenir de sources nationales avec révisions et ruptures méthodologiques.",
        "Les délais sont parfois longs pour les pays émergents.",
        "Les comparaisons internationales exigent de vérifier unité, année de base et parité de pouvoir d’achat.",
        "Une présentation de fonds décrit le dispositif et le rôle institutionnel ; elle ne garantit ni ses rendements ni ses paiements futurs."
      ]
    }
  ],
  "glossary": [
    {
      "slug": "cyclotron",
      "url": "https://l0g.fr/glossaire/cyclotron/",
      "sigle": "Cyclotron",
      "name": "Accélérateur de particules pour la production de radionucléides",
      "definition": "Accélérateur de particules chargées. En médecine nucléaire, l’irradiation d’une cible peut produire des radionucléides utilisés pour fabriquer des radiopharmaceutiques. Le médicament destiné au patient nécessite encore des étapes de préparation et de contrôle.",
      "category": "Industrie & santé",
      "guide": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
      "atlas": {
        "intuition": "La production du radionucléide constitue une étape de la chaîne du médicament.",
        "formula": null,
        "whyNow": null,
        "related": [
          "tep",
          "demi-vie",
          "cmo"
        ],
        "articles": [
          {
            "label": "GE HealthCare achète du temps",
            "href": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "AIEA, Bulletin 55-4, décembre 2014, p. 10-11",
            "href": "https://www.iaea.org/sites/default/files/bull554dec2014.pdf",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "tep",
      "url": "https://l0g.fr/glossaire/tep/",
      "sigle": "TEP",
      "name": "Tomographie par émission de positons",
      "definition": "Technique d’imagerie utilisant un traceur radioactif émetteur de positons pour observer des processus biologiques. Le scanner détecte les photons issus de leur annihilation. L’information obtenue dépend du traceur employé. L’acronyme anglais est PET.",
      "category": "Industrie & santé",
      "guide": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
      "atlas": {
        "intuition": "L’imagerie fonctionnelle dépend du traceur autant que du scanner.",
        "formula": null,
        "whyNow": null,
        "related": [
          "cyclotron",
          "demi-vie",
          "theranostique"
        ],
        "articles": [
          {
            "label": "GE HealthCare achète du temps",
            "href": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "NIH/NIBIB, Nuclear Medicine",
            "href": "https://www.nibib.nih.gov/science-education/science-topics/nuclear-medicine",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "demi-vie",
      "url": "https://l0g.fr/glossaire/demi-vie/",
      "sigle": "Demi-vie",
      "name": "Demi-vie physique radioactive",
      "definition": "Durée nécessaire pour que l’activité d’un radionucléide diminue de moitié par décroissance nucléaire. La demi-vie physique se distingue de la durée de conservation d’un médicament et ne fixe pas, à elle seule, son délai maximal de transport.",
      "category": "Industrie & santé",
      "guide": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
      "atlas": {
        "intuition": "La décroissance continue pendant la préparation et le transport.",
        "formula": "A(t) = A(0) × 2^(−t/T½), avec t et T½ dans la même unité de temps",
        "whyNow": null,
        "related": [
          "cyclotron",
          "tep"
        ],
        "articles": [
          {
            "label": "GE HealthCare achète du temps",
            "href": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "FDA, PIXCLARA, §11.2 et §16, septembre 2026",
            "href": "https://www.accessdata.fda.gov/drugsatfda_docs/label/2026/218592Orig1s000lbl.pdf",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "cmo",
      "url": "https://l0g.fr/glossaire/cmo/",
      "sigle": "CMO",
      "name": "Contract Manufacturing Organization",
      "definition": "Entreprise qui réalise des opérations de fabrication sous contrat pour un tiers. Le périmètre confié dépend du contrat. Dans le médicament, l’externalisation ne dispense pas les parties des exigences de qualité applicables.",
      "category": "Industrie & santé",
      "guide": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
      "atlas": {
        "intuition": "Une relation commerciale avec le laboratoire passe aussi par des responsabilités de production.",
        "formula": null,
        "whyNow": null,
        "related": [
          "cdmo",
          "cyclotron",
          "principe-actif"
        ],
        "articles": [
          {
            "label": "GE HealthCare achète du temps",
            "href": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
            "kind": "article"
          },
          {
            "label": "Le prix de la disponibilité des médicaments",
            "href": "https://l0g.fr/posts/penuries-medicaments-prix-disponibilite/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "FDA, Contract Manufacturing Arrangements for Drugs, novembre 2016",
            "href": "https://www.fda.gov/regulatory-information/search-fda-guidance-documents/contract-manufacturing-arrangements-drugs-quality-agreements-guidance-industry",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "cdmo",
      "url": "https://l0g.fr/glossaire/cdmo/",
      "sigle": "CDMO",
      "name": "Contract Development and Manufacturing Organization",
      "definition": "Prestataire de développement et de fabrication sous contrat. Son intervention peut réunir la mise au point ou le transfert d’un procédé et la production. Les activités confiées restent définies par le contrat ; le sigle ne constate pas l’approbation d’un médicament.",
      "category": "Industrie & santé",
      "guide": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
      "atlas": {
        "intuition": "Développer un procédé et fabriquer des lots constituent des activités distinctes.",
        "formula": null,
        "whyNow": null,
        "related": [
          "cmo",
          "theranostique",
          "principe-actif"
        ],
        "articles": [
          {
            "label": "GE HealthCare achète du temps",
            "href": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
            "kind": "article"
          },
          {
            "label": "Le prix de la disponibilité des médicaments",
            "href": "https://l0g.fr/posts/penuries-medicaments-prix-disponibilite/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "GE HealthCare, accord SOFIE, 5 octobre 2026",
            "href": "https://www.gehealthcare.com/en-us/about/newsroom/press-releases/ge-healthcare-to-acquire-sofie-biosciences-establishing-a-final-mile-footprint-for-pet-radiopharmaceutical-supply-in-the-us",
            "kind": "source"
          },
          {
            "label": "FDA, Contract Manufacturing Arrangements for Drugs, novembre 2016",
            "href": "https://www.fda.gov/regulatory-information/search-fda-guidance-documents/contract-manufacturing-arrangements-drugs-quality-agreements-guidance-industry",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "theranostique",
      "url": "https://l0g.fr/glossaire/theranostique/",
      "sigle": "Théranostique",
      "name": "Association du diagnostic et du traitement ciblé",
      "definition": "Démarche associant diagnostic et traitement ciblé. En médecine nucléaire, des molécules apparentées visant la même cible peuvent porter des radionucléides différents pour l’imagerie et la thérapie. Un traceur diagnostique ne constitue pas, à lui seul, un traitement.",
      "category": "Industrie & santé",
      "guide": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
      "atlas": {
        "intuition": "Observer une cible et la traiter demandent des produits adaptés.",
        "formula": null,
        "whyNow": null,
        "related": [
          "tep",
          "cdmo"
        ],
        "articles": [
          {
            "label": "GE HealthCare achète du temps",
            "href": "https://l0g.fr/posts/ge-healthcare-achete-du-temps/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "NIH/NIBIB, Nuclear Medicine, radiotheranostics",
            "href": "https://www.nibib.nih.gov/science-education/science-topics/nuclear-medicine",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "collateral",
      "url": "https://l0g.fr/glossaire/collateral/",
      "sigle": "Collatéral",
      "name": "Actif remis en garantie",
      "definition": "Actif mobilisé pour garantir une dette. Le prêteur peut le réaliser si l’emprunteur ne respecte pas ses obligations, selon le contrat et le droit applicable. Dans les opérations de l’Eurosystème, l’actif doit être admissible et sa valeur retenue tient compte des décotes et des autres mesures de contrôle du risque. Une garantie apporte une capacité de financement, sans créer de fonds propres.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/bce-garanties-banques-credit-novembre-2026/",
      "atlas": {
        "intuition": "La valeur d’un actif détenu et la capacité de financement qu’il procure sont deux mesures distinctes.",
        "formula": "couverture simplifiée = somme, pour chaque actif admissible, de sa valeur × (1 - sa décote exprimée en fraction), hors corrections supplémentaires",
        "whyNow": null,
        "related": [
          "decote-de-garantie",
          "ecaf",
          "repo",
          "abs",
          "ddtl"
        ],
        "articles": [
          {
            "label": "BCE : garanties bancaires et crédit en novembre 2026",
            "href": "https://l0g.fr/posts/bce-garanties-banques-credit-novembre-2026/",
            "kind": "article"
          },
          {
            "label": "GPU à crédit : le prix de la quatrième année",
            "href": "https://l0g.fr/posts/gpu-credit-prix-quatrieme-annee/",
            "detail": "Contrats, recettes au renouvellement et scénarios pédagogiques de dette.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BCE, What is collateral?",
            "href": "https://www.ecb.europa.eu/ecb-and-you/explainers/tell-me/html/collateral.en.html",
            "detail": "Actif remis en garantie et réalisation en cas de défaut.",
            "kind": "source"
          },
          {
            "label": "BCE, What are haircuts?",
            "href": "https://www.ecb.europa.eu/ecb-and-you/explainers/tell-me-more/html/haircuts.en.html",
            "detail": "Valeur retenue après décote et couverture du financement.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "decote-de-garantie",
      "url": "https://l0g.fr/glossaire/decote-de-garantie/",
      "sigle": "Décote de garantie",
      "name": "Valuation haircut",
      "definition": "Réduction appliquée à la valeur d’un actif remis en garantie pour protéger le prêteur contre une perte lors de sa réalisation. À valeur inchangée, une décote plus élevée réduit la couverture disponible et impose davantage de garanties pour couvrir la même dette. Elle se distingue du taux d’intérêt payé sur le financement et d’une perte comptable sur l’actif.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/bce-garanties-banques-credit-novembre-2026/",
      "atlas": {
        "intuition": "La décote laisse au prêteur un coussin pour réaliser la garantie après un défaut.",
        "formula": "valeur après décote = valeur avant décote × (1 - h), avec h exprimé en fraction ; hors autres abattements",
        "whyNow": null,
        "related": [
          "collateral",
          "ecaf",
          "repo",
          "abs"
        ],
        "articles": [
          {
            "label": "BCE : garanties bancaires et crédit en novembre 2026",
            "href": "https://l0g.fr/posts/bce-garanties-banques-credit-novembre-2026/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BCE, What are haircuts?",
            "href": "https://www.ecb.europa.eu/ecb-and-you/explainers/tell-me-more/html/haircuts.en.html",
            "detail": "Définition, calcul et protection du prêteur.",
            "kind": "source"
          },
          {
            "label": "Orientation ECB/2026/27",
            "href": "https://www.ecb.europa.eu/pub/pdf/legal/ecb.leg_gui_2026_27.en.pdf",
            "detail": "Article 1 et annexe : barèmes à appliquer à partir du 30 novembre 2026. Des corrections supplémentaires peuvent s’ajouter.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "ecaf",
      "url": "https://l0g.fr/glossaire/ecaf/",
      "sigle": "ECAF",
      "name": "Eurosystem Credit Assessment Framework",
      "definition": "Cadre d’évaluation du crédit de l’Eurosystème. Il définit les procédures et les systèmes acceptés pour apprécier la qualité des actifs proposés en garantie, de leurs émetteurs, débiteurs ou garants. Les évaluations sont rapprochées d’une échelle harmonisée de qualité. Les agences externes constituent une source parmi plusieurs ; satisfaire au critère de crédit ne suffit pas à remplir toutes les conditions d’admissibilité.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/bce-garanties-banques-credit-novembre-2026/",
      "atlas": {
        "intuition": "Une note sert à apprécier le risque de crédit ; l’admissibilité et la valeur en garantie demandent encore d’autres vérifications.",
        "formula": null,
        "whyNow": null,
        "related": [
          "collateral",
          "decote-de-garantie",
          "repo",
          "abs"
        ],
        "articles": [
          {
            "label": "BCE : garanties bancaires et crédit en novembre 2026",
            "href": "https://l0g.fr/posts/bce-garanties-banques-credit-novembre-2026/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BCE, Eurosystem credit assessment framework",
            "href": "https://www.ecb.europa.eu/mopo/coll/risk/ecaf/html/index.en.html",
            "detail": "Sources acceptées, échelle harmonisée de qualité et conditions particulières aux ABS.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "transmission-des-prix",
      "url": "https://l0g.fr/glossaire/transmission-des-prix/",
      "sigle": "Transmission des prix",
      "name": "Répercussion des coûts dans les prix de vente",
      "definition": "Ajustement du prix de vente après une variation d’un coût ou d’un prix en amont. Il se mesure avec un produit, une devise, un périmètre et un délai définis. Un rapport entre deux variations hebdomadaires ne suffit pas à estimer la transmission : les calendriers, les taxes et les autres coûts peuvent différer.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/reserves-petrolieres-transmission-prix-pompe/",
      "atlas": {
        "intuition": "Répercussion des coûts dans les prix de vente.",
        "formula": null,
        "whyNow": null,
        "related": [
          "spr"
        ],
        "articles": [
          {
            "label": "Réserves pétrolières : du marché au prix du plein",
            "href": "https://l0g.fr/posts/reserves-petrolieres-transmission-prix-pompe/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Banque de France, résultats publiés le 14 octobre 2021",
            "href": "https://www.banque-france.fr/fr/publications-et-statistiques/publications/quelle-transmission-des-prix-du-petrole-aux-prix-des-carburants",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "contrefactuel",
      "url": "https://l0g.fr/glossaire/contrefactuel/",
      "sigle": "Contrefactuel",
      "name": "Résultat estimé en l’absence d’une intervention",
      "definition": "Trajectoire estimée qui aurait prévalu sans une intervention, les autres conditions pertinentes étant prises en compte. Elle permet de comparer le résultat observé à un scénario sans l’opération. Elle dépend du modèle et de ses hypothèses ; une baisse observée après une annonce ne suffit pas à lui attribuer cette baisse.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/reserves-petrolieres-transmission-prix-pompe/",
      "atlas": {
        "intuition": "Résultat estimé en l’absence d’une intervention.",
        "formula": null,
        "whyNow": null,
        "related": [
          "spr"
        ],
        "articles": [
          {
            "label": "Réserves pétrolières : du marché au prix du plein",
            "href": "https://l0g.fr/posts/reserves-petrolieres-transmission-prix-pompe/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Kilian et Zhou, Dallas Fed Working Paper 1916, version du 19 décembre 2019",
            "href": "https://www.dallasfed.org/research/papers/2019/wp1916",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "van",
      "url": "https://l0g.fr/glossaire/van/",
      "sigle": "VAN",
      "name": "Valeur actuelle nette",
      "definition": "Somme des flux de trésorerie futurs actualisés, diminuée de la dépense initiale. Elle dépend du montant et du calendrier des flux ainsi que du taux d’actualisation choisi. Une VAN positive indique que les flux supposés dépassent la mise initiale en valeur actuelle ; elle ne garantit pas la réalisation des revenus.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/deficit-commercial-americain-importations-aout-2026/",
      "atlas": {
        "intuition": "Séparer la valeur des achats des revenus qu’ils doivent générer.",
        "formula": "VAN = Σ flux_t / (1 + r)^t − mise initiale",
        "whyNow": "Lire les importations en distinguant dépenses, production et financement.",
        "related": [
          "pib",
          "compte-courant"
        ],
        "articles": [
          {
            "label": "Déficit américain : suivre les importations jusqu’à l’usine",
            "href": "https://l0g.fr/posts/deficit-commercial-americain-importations-aout-2026/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [
          {
            "label": "Modèle fictif de rentabilité",
            "href": "https://l0g.fr/data/us-trade-project-model.csv",
            "kind": "dataset"
          }
        ],
        "signals": [],
        "sources": [
          {
            "label": "OpenStax / Rice University : méthode de la VAN",
            "href": "https://openstax.org/books/principles-finance-2e/pages/16-2-net-present-value-npv-method",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "bonification-d-interet",
      "url": "https://l0g.fr/glossaire/bonification-d-interet/",
      "sigle": "Bonification d’intérêt",
      "name": "Prise en charge d’une partie des intérêts par un tiers",
      "definition": "Soutien par lequel un tiers, par exemple le budget public, finance une partie des intérêts dus sur un prêt éligible. Le coût payé par l’emprunteur baisse selon l’assiette, le taux et la durée prévus ; le capital reste à rembourser. L’aide peut diminuer avec le capital restant dû et prendre fin avant le prêt.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/chine-credit-immobilier-bonification-mensualites/",
      "atlas": {
        "intuition": "Le prêteur reçoit les intérêts contractuels, partagés entre le ménage et le budget selon les conditions du dispositif.",
        "formula": "aide mensuelle illustrative = capital éligible à l’ouverture × taux annuel de bonification / 12",
        "whyNow": null,
        "related": [
          "psl",
          "ltv"
        ],
        "articles": [
          {
            "label": "Pékin prend sa part de la mensualité",
            "href": "https://l0g.fr/posts/chine-credit-immobilier-bonification-mensualites/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "MOF, PBOC et NFRA : notification du 29 septembre 2026",
            "href": "https://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2026092917051440583/index.html",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "psl",
      "url": "https://l0g.fr/glossaire/psl/",
      "sigle": "PSL",
      "name": "Pledged Supplementary Lending",
      "definition": "Facilité de financement collatéralisée de la Banque populaire de Chine destinée aux banques de développement et de politique publique. Elle fournit des ressources pour les domaines autorisés par la banque centrale. Son taux et son périmètre déterminent ce canal de financement ; une bonification budgétaire des intérêts des ménages suit un autre circuit.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/chine-credit-immobilier-bonification-mensualites/",
      "atlas": {
        "intuition": "La banque centrale finance des banques publiques spécialisées ; le crédit final dépend ensuite des opérations et des domaines éligibles.",
        "formula": null,
        "whyNow": null,
        "related": [
          "bonification-d-interet",
          "collateral"
        ],
        "articles": [
          {
            "label": "Pékin prend sa part de la mensualité",
            "href": "https://l0g.fr/posts/chine-credit-immobilier-bonification-mensualites/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "PBOC : outils monétaires du 29 septembre 2026",
            "href": "https://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2026092917474922559/index.html",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "repricing-obligataire",
      "url": "https://l0g.fr/glossaire/repricing-obligataire/",
      "sigle": "Repricing obligataire",
      "name": "Réévaluation des prix et des rendements obligataires",
      "definition": "Ajustement des prix et des rendements des obligations lorsque les conditions de financement ou les anticipations changent. Pour un titre à flux fixes, une hausse du rendement demandé réduit son prix. La réaction du prix de marché est immédiate ; la transmission aux intérêts de l’émetteur dépend des nouvelles émissions, des échéances et des clauses de taux.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/le-monde-redecouvre-le-prix-de-l-argent/",
      "atlas": {
        "intuition": "Les paiements du titre peuvent rester fixes tandis que son prix change ; la prochaine émission rencontre les nouveaux rendements.",
        "formula": null,
        "whyNow": "Les rendements longs relient les anticipations monétaires aux calendriers de refinancement et aux valorisations.",
        "related": [
          "duration",
          "prime-de-terme",
          "courbe-des-taux"
        ],
        "articles": [
          {
            "label": "Le monde redécouvre le prix de l’argent",
            "href": "https://l0g.fr/posts/le-monde-redecouvre-le-prix-de-l-argent/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BCE, courbes et actualisation",
            "href": "https://www.ecb.europa.eu/stats/financial_markets_and_interest_rates/euro_area_yield_curves/html/index.en.html",
            "detail": "Prix, flux futurs, taux spot et rendements au pair.",
            "kind": "source"
          },
          {
            "label": "Federal Reserve, modèle Kim–Wright",
            "href": "https://www.federalreserve.gov/data/three-factor-nominal-term-structure-model.htm",
            "detail": "Taux courts attendus, prime de terme et limites des estimations.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "ofz",
      "url": "https://l0g.fr/glossaire/ofz/",
      "sigle": "OFZ",
      "name": "Obligations fédérales russes",
      "definition": "Titres de dette émis par l’État fédéral russe. Ils apportent un financement contre des paiements futurs selon les clauses de chaque émission. Un coupon fixe et un coupon variable répartissent différemment le risque de taux ; une opération de repo peut procurer de la liquidité au détenteur d’un titre éligible, sous conditions et avec décote.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/budget-russe-2027-defense-dette-banques-credit/",
      "atlas": {
        "intuition": "Le Trésor reçoit des roubles à l’émission ; les conditions du titre déterminent les paiements à venir.",
        "formula": null,
        "whyNow": "Le financement domestique relie les choix budgétaires russes aux portefeuilles bancaires et aux variations de taux.",
        "related": [
          "repo",
          "duration"
        ],
        "articles": [
          {
            "label": "Budget russe 2027 : défense, dette et banques",
            "href": "https://l0g.fr/posts/budget-russe-2027-defense-dette-banques-credit/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Banque de Russie : obligations OFZ",
            "href": "https://www.cbr.ru/eng/press/event/?id=28292",
            "detail": "Terminologie des obligations fédérales, 6 février 2026.",
            "kind": "source"
          },
          {
            "label": "Banque de Russie : opérations de repo",
            "href": "https://www.cbr.ru/eng/oper_br/t_odm/repo_operations/",
            "detail": "Liquidité, titres éligibles et décotes.",
            "kind": "source"
          },
          {
            "label": "BOFIT : adjudication à taux variable",
            "href": "https://www.bofit.fi/en/monitoring/weekly/2026/vw202639_1/",
            "detail": "Financement domestique observé début septembre 2026.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "credit-carbone",
      "url": "https://l0g.fr/glossaire/credit-carbone/",
      "sigle": "Crédit carbone",
      "name": "Unité de réduction ou d’absorption de gaz à effet de serre",
      "definition": "Unité correspondant généralement à une tonne d’équivalent CO₂ de réduction ou d’absorption attribuée à un projet selon une méthode et un programme. Sa qualité dépend notamment de l’additionnalité, du scénario de référence, de la durée du stockage et de la prévention du double comptage. Son retrait dans un registre empêche sa réutilisation ; il ne diminue pas le bilan de cycle de vie du produit auquel l’acheteur l’associe.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/neutralite-carbone-credits-produit-promesse/",
      "atlas": {
        "intuition": "Le registre décrit une unité ; le projet et sa méthode déterminent le bénéfice climatique.",
        "formula": null,
        "whyNow": null,
        "related": [
          "additionnalite"
        ],
        "articles": [
          {
            "label": "Crédits carbone : le produit derrière le zéro",
            "href": "https://l0g.fr/posts/neutralite-carbone-credits-produit-promesse/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Verra : Verified Carbon Units",
            "href": "https://verra.org/programs/verified-carbon-standard/verified-carbon-units-vcus/",
            "kind": "source"
          },
          {
            "label": "ICVCM : Core Carbon Principles",
            "href": "https://icvcm.org/core-carbon-principles/",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "additionnalite",
      "url": "https://l0g.fr/glossaire/additionnalite/",
      "sigle": "Additionnalité",
      "name": "Bénéfice climatique dépendant du financement carbone",
      "definition": "Condition selon laquelle une réduction ou une absorption de gaz à effet de serre n’aurait pas eu lieu sans l’incitation créée par les recettes des crédits carbone. Elle nécessite une comparaison avec une trajectoire crédible sans ce financement. L’existence du projet et sa conformité à une méthode ne suffisent pas à établir l’ampleur du bénéfice supplémentaire.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/neutralite-carbone-credits-produit-promesse/",
      "atlas": {
        "intuition": "Une intervention peut être utile tout en ayant eu lieu sans les recettes carbone.",
        "formula": null,
        "whyNow": null,
        "related": [
          "credit-carbone"
        ],
        "articles": [
          {
            "label": "Crédits carbone : le produit derrière le zéro",
            "href": "https://l0g.fr/posts/neutralite-carbone-credits-produit-promesse/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "ICVCM : Core Carbon Principles",
            "href": "https://icvcm.org/core-carbon-principles/",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "price-walking",
      "url": "https://l0g.fr/glossaire/price-walking/",
      "sigle": "Price walking",
      "name": "Hausse tarifaire liée à l’ancienneté",
      "definition": "Pratique consistant à augmenter le prix au fil des renouvellements en fonction de la propension du client à rester ou à accepter une hausse, indépendamment de l’évolution du risque assuré ou du coût du service. En assurance, elle peut pénaliser les clients qui comparent peu. Une hausse liée au coût des sinistres relève d’un autre mécanisme.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/assurance-prix-fidelite/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "tarification-algorithmique"
        ],
        "articles": [
          {
            "label": "Assurance : quand votre fidélité entre dans le prix",
            "href": "https://l0g.fr/posts/assurance-prix-fidelite/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "EIOPA, déclaration sur la tarification différentielle, 2023",
            "href": "https://www.eiopa.europa.eu/eiopa-supervisory-statement-takes-aim-unfair-price-walking-practices-2023-03-16_en",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "tarification-algorithmique",
      "url": "https://l0g.fr/glossaire/tarification-algorithmique/",
      "sigle": "Tarification algorithmique",
      "name": "Algorithmic pricing",
      "definition": "Utilisation de règles informatiques pour recommander ou fixer un prix à partir de données, par exemple les coûts, la demande ou les prix des concurrents. Elle peut reposer sur des règles fixes ou sur un apprentissage. Elle ne suppose ni personnalisation selon le client ni entente entre vendeurs ; ses effets dépendent du marché et du fonctionnement des outils.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/prix-automatiques-concurrence-algorithmes/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Prix automatiques et concurrence",
            "href": "https://l0g.fr/posts/prix-automatiques-concurrence-algorithmes/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Autorité de la concurrence et Bundeskartellamt, Algorithms and Competition",
            "href": "https://www.autoritedelaconcurrence.fr/sites/default/files/Algorithms_and_Competition_Working-Paper.pdf",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "sieg",
      "url": "https://l0g.fr/glossaire/sieg/",
      "sigle": "SIEG",
      "name": "Service d’intérêt économique général",
      "definition": "Activité économique à laquelle une autorité publique impose des obligations de service public. Une compensation peut financer les coûts nets de ces obligations dans le cadre des règles européennes applicables. Son autorisation ne constate ni son versement ni la réalisation des engagements industriels.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/penuries-medicaments-prix-disponibilite/",
      "atlas": {
        "intuition": "Le paiement rémunère des obligations définies au-delà des unités vendues.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Le prix de la disponibilité des médicaments",
            "href": "https://l0g.fr/posts/penuries-medicaments-prix-disponibilite/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Commission européenne, aide à Sanofi, 8 septembre 2026",
            "href": "https://germany.representation.ec.europa.eu/nachrichten-und-veranstaltungen/pressemitteilungen/kommission-genehmigt-deutsche-beihilfe-von-400-mio-euro-zur-versorgungssicherheit-bei-insulin-2026-09-08_de",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "principe-actif",
      "url": "https://l0g.fr/glossaire/principe-actif/",
      "sigle": "Principe actif",
      "name": "Active pharmaceutical ingredient",
      "definition": "Substance responsable de l’effet du médicament. Elle doit encore être transformée et conditionnée pour obtenir le produit destiné au patient. Un stock de principe actif et un stock de médicaments prêts à délivrer protègent donc des étapes différentes de l’approvisionnement.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/penuries-medicaments-prix-disponibilite/",
      "atlas": {
        "intuition": "La présence de substance en amont ne garantit pas la capacité de fabrication en aval.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Le prix de la disponibilité des médicaments",
            "href": "https://l0g.fr/posts/penuries-medicaments-prix-disponibilite/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "GAO, Drug Shortages, 2025",
            "href": "https://files.gao.gov/reports/GAO-25-107110/index.html",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "reverse-yankee",
      "url": "https://l0g.fr/glossaire/reverse-yankee/",
      "sigle": "Reverse Yankee",
      "name": "Obligation américaine en devise étrangère",
      "definition": "Obligation émise par une entreprise américaine dans une devise étrangère, notamment l’euro. Son coût dépend du taux de référence, de la prime de crédit et, le cas échéant, de la couverture du change. Un coupon plus faible dans une autre monnaie ne suffit donc pas à établir une économie de financement.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/dette-ia-concurrence-etats-taux-credit/",
      "atlas": {
        "intuition": "La devise d’émission change les conditions de financement et les investisseurs accessibles ; elle ne change pas l’identité du débiteur.",
        "formula": null,
        "whyNow": null,
        "related": [
          "duration",
          "prime-de-terme"
        ],
        "articles": [
          {
            "label": "Dette IA et concurrence pour le crédit",
            "href": "https://l0g.fr/posts/dette-ia-concurrence-etats-taux-credit/",
            "detail": "Financement en euros, couverture et arbitrages des investisseurs.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BCE, Reverse Yankee bonds",
            "href": "https://www.ecb.europa.eu/press/other-publications/ire/focus/html/ecb.irebox202506_02~e5ae550b00.en.html",
            "detail": "Définition et comparaison des coûts couverts et non couverts, juin 2025.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "incidence-fiscale",
      "url": "https://l0g.fr/glossaire/incidence-fiscale/",
      "sigle": "Incidence fiscale",
      "name": "Tax incidence",
      "definition": "Répartition économique finale de la charge d’un impôt entre les agents. Elle peut différer de l’identité du redevable légal qui verse la taxe. Pour un droit de douane, les ajustements de prix et de marges peuvent répartir la charge entre fournisseurs, importateurs et clients. Cette répartition dépend des conditions du marché et doit être estimée.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/trump-5000-dollars-dividende-promesse-dette/",
      "atlas": {
        "intuition": "La personne qui verse une taxe et celles qui en supportent le coût peuvent être différentes.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Brésil : une surtaxe entre plusieurs bilans",
            "href": "https://l0g.fr/posts/bresil-prix-pression-americaine/",
            "detail": "Exemple conditionnel de cumul et répartition entre importateur, fournisseur et client.",
            "kind": "article"
          },
          {
            "label": "Droits de douane : financer le cycle",
            "href": "https://l0g.fr/posts/droits-douane-tresorerie-proces-section-301/",
            "detail": "Avance des droits, encaissement du client et portée conditionnelle des remboursements.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "19 CFR § 141.1",
            "href": "https://www.law.cornell.edu/cfr/text/19/141.1",
            "detail": "Obligation douanière de l’importateur.",
            "kind": "source"
          },
          {
            "label": "Réserve fédérale, transmission des droits de douane",
            "href": "https://www.federalreserve.gov/econres/notes/feds-notes/detecting-tariff-effects-on-consumer-prices-in-real-time-part-II-20260408.html",
            "detail": "Estimation des effets des changements tarifaires sur les prix à la consommation.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "sterilisation-monetaire",
      "url": "https://l0g.fr/glossaire/sterilisation-monetaire/",
      "sigle": "Stérilisation monétaire",
      "name": "Monetary sterilisation",
      "definition": "Opération par laquelle une banque centrale compense l’effet d’une intervention sur la liquidité bancaire. Après un achat de devises ou d’or payé en monnaie locale, elle peut retirer la liquidité créée, notamment en émettant des titres rémunérés. Les intérêts versés constituent un coût distinct du résultat de l’achat initial.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/ghana-or-cedi-goldbod-cout-devises/",
      "atlas": {
        "intuition": "Acheter des réserves et retirer la liquidité créée sont deux opérations dont les coûts doivent être distingués.",
        "formula": null,
        "whyNow": null,
        "related": [
          "activite-quasi-budgetaire"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "FMI, achats d’or de la Banque du Ghana",
            "href": "https://www.imf.org/-/media/files/publications/selected-issues-papers/2026/english/sipea2026084.pdf#page=12",
            "detail": "Paragraphes 13 et 15 : pertes du programme et coût de stérilisation des réserves.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "activite-quasi-budgetaire",
      "url": "https://l0g.fr/glossaire/activite-quasi-budgetaire/",
      "sigle": "Activité quasi budgétaire",
      "name": "Quasi-fiscal activity",
      "definition": "Intervention d’une banque centrale ou d’un organisme public qui produit des effets comparables à une dépense, une subvention ou une recette de l’État, tout en étant comptabilisée hors du budget de l’administration centrale. Transférer cette activité au budget rend son coût plus visible sans le supprimer automatiquement.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/ghana-or-cedi-goldbod-cout-devises/",
      "atlas": {
        "intuition": "Le compte qui porte une dépense publique peut changer alors que son coût pour la collectivité demeure.",
        "formula": null,
        "whyNow": null,
        "related": [
          "sterilisation-monetaire"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "FMI, Ghana, rapport-pays 26/212",
            "href": "https://www.imf.org/-/media/files/publications/cr/2026/english/1ghaea2026001.pdf#page=41",
            "detail": "Paragraphe 81 : sortie des risques quasi budgétaires du bilan de la banque centrale et prise en charge publique.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "equivalent-subvention",
      "url": "https://l0g.fr/glossaire/equivalent-subvention/",
      "sigle": "Équivalent-subvention",
      "name": "Grant equivalent",
      "definition": "Valeur monétaire de l’avantage accordé par une aide, notamment un prêt à taux favorable ou une garantie sous-tarifée. Pour un prêt, elle dépend de l’écart avec des conditions de financement comparables et de l’actualisation des flux. Elle se distingue du capital prêté, du risque couvert et de la perte finalement supportée par le prêteur.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/aides-entreprises-211-milliards-chiffre-trompeur/",
      "atlas": {
        "intuition": "Comparer le prix d’un financement public à des conditions de marché comparables permet de valoriser l’avantage accordé.",
        "formula": null,
        "whyNow": null,
        "related": [
          "depense-fiscale"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "HCSP, aides aux entreprises, juillet 2026",
            "href": "https://www.strategie-plan.gouv.fr/files/files/Publications/2026/2026-07-16%20-%20Rapport%20Aides%20aux%20entreprises/HCSP-2026-RAPPORT-AIDES-ENTREPRISES.pdf#page=29",
            "detail": "Périmètres et traitement des interventions financières en équivalent-subvention.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "depense-fiscale",
      "url": "https://l0g.fr/glossaire/depense-fiscale/",
      "sigle": "Dépense fiscale",
      "name": "Tax expenditure",
      "definition": "Disposition qui réduit les recettes fiscales par rapport à une norme de référence. Son chiffrage dépend de cette norme et des données disponibles. Le gain budgétaire d’une suppression peut différer du coût affiché, car les bénéficiaires adaptent leur comportement et les dispositifs interagissent.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/aides-entreprises-211-milliards-chiffre-trompeur/",
      "atlas": {
        "intuition": "Le coût d’une dérogation fiscale se calcule par rapport à une règle explicite et reste distinct du rendement d’une réforme.",
        "formula": null,
        "whyNow": null,
        "related": [
          "equivalent-subvention"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "PLF 2025, Voies et moyens, tome II",
            "href": "https://www2.assemblee-nationale.fr/static/17/Annexes-DL/PLF-2025/Voies_et_moyens_Tome_2_2025.pdf#page=35",
            "detail": "Norme fiscale, effets comportementaux et interactions entre mesures.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "fima",
      "url": "https://l0g.fr/glossaire/fima/",
      "sigle": "FIMA",
      "name": "Foreign and International Monetary Authorities Repo Facility",
      "definition": "Facilité de la Fed permettant aux autorités monétaires étrangères et internationales agréées d’obtenir temporairement des dollars contre leurs Treasuries conservés à la Fed de New York. La pension livrée dure une nuit ou sept jours calendaires : les dollars et intérêts doivent être remboursés pour reprendre les titres. Ce financement de réserves publiques reste distinct des emprunts privés en devises.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/bessent-yen-dette-americaine-fima-rachats/",
      "atlas": {
        "intuition": "Mobiliser des réserves obligataires procure des dollars à court terme et laisse une échéance de remboursement.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Fed, FIMA Repo Facility FAQs",
            "href": "https://www.federalreserve.gov/monetarypolicy/fima-repo-facility-faqs.htm",
            "detail": "Accès approuvé, maturités, tarification et remboursement.",
            "kind": "source"
          },
          {
            "label": "Ministère japonais des Finances, 3 août 2026",
            "href": "https://www.mof.go.jp/english/public_relations/statement/others/20260803073000.html",
            "detail": "Intention d’utiliser FIMA à l’avenir, sans tirage précis documenté.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "tfff",
      "url": "https://l0g.fr/glossaire/tfff/",
      "sigle": "TFFF",
      "name": "Tropical Forest Forever Facility",
      "definition": "Dispositif destiné à rémunérer la conservation des forêts tropicales. Son fonds d’investissement distinct, le TFIF, doit placer les capitaux et lui transférer les ressources distribuables. La charte adoptée le 22 juillet 2026 conditionne les paiements forestiers aux ressources disponibles et réserve au moins 20 % de l’allocation de chaque pays aux peuples autochtones et communautés locales.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/tfff-forets-bresil-fonds-obligations-risques/",
      "atlas": {
        "intuition": "Le capital est investi dans le TFIF ; les paiements aux pays forestiers passent par le TFFF et dépendent des ressources distribuables.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "TFFF, charte adoptée le 22 juillet 2026",
            "href": "https://tfff.earth/wp-content/uploads/2026/09/2026-07-17-TFFF-Facility-Charter.pdf",
            "detail": "Sections I et VII : ressources disponibles, allocation minimale et relation avec le TFIF.",
            "kind": "source"
          },
          {
            "label": "Banque mondiale, présentation du TFFF",
            "href": "https://fiftrustee.worldbank.org/en/about/unit/dfi/fiftrustee/fund-detail/tfff",
            "detail": "Deux entités distinctes pour investir et distribuer les revenus.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "cpi",
      "url": "https://l0g.fr/glossaire/cpi/",
      "sigle": "CPI",
      "name": "Consumer Price Index",
      "definition": "Indice des prix à la consommation américain, publié chaque mois par le BLS. Mesure la variation d'un panier fixe de biens et services des ménages urbains. Le plus suivi des marchés, mais la Fed cible le PCE. Équivalent de l'IPC français.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-cpi-inflation-us/",
      "atlas": null
    },
    {
      "slug": "ipc",
      "url": "https://l0g.fr/glossaire/ipc/",
      "sigle": "IPC",
      "name": "Indice des prix à la consommation",
      "definition": "Mesure française et européenne de l'inflation vécue par les ménages. Pendant du CPI américain.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "core-cpi",
      "url": "https://l0g.fr/glossaire/core-cpi/",
      "sigle": "Core CPI",
      "name": "Inflation sous-jacente",
      "definition": "CPI hors alimentation et énergie, les deux postes les plus volatils. Isole la tendance de fond des prix, suivie de près par la Fed et les marchés pour juger de la persistance de l'inflation.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-cpi-inflation-us/",
      "atlas": null
    },
    {
      "slug": "supercore",
      "url": "https://l0g.fr/glossaire/supercore/",
      "sigle": "Supercore",
      "name": "Services hors logement",
      "definition": "Services hors énergie et hors logement, brique d'inflation la plus liée aux salaires et la plus collante. Mise en avant par la Fed pendant le resserrement de 2022-2023. Le BLS publie l'agrégat proche « services hors loyers du logement ».",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-cpi-inflation-us/",
      "atlas": null
    },
    {
      "slug": "oer",
      "url": "https://l0g.fr/glossaire/oer/",
      "sigle": "OER",
      "name": "Loyer imputé aux propriétaires",
      "definition": "Owners' equivalent rent : loyer que les propriétaires devraient payer pour habiter leur propre logement. Plus gros poste du CPI, environ 26 %. Mesuré par équivalence locative depuis 1987, il réagit avec retard aux loyers de marché.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-cpi-inflation-us/",
      "atlas": null
    },
    {
      "slug": "cpi-w",
      "url": "https://l0g.fr/glossaire/cpi-w/",
      "sigle": "CPI-W",
      "name": "CPI for Urban Wage Earners",
      "definition": "Variante du CPI restreinte aux ménages d'ouvriers et d'employés, environ 30 % de la population. Sert de base légale à l'indexation des prestations de la Sécurité sociale (COLA).",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-cpi-inflation-us/",
      "atlas": null
    },
    {
      "slug": "c-cpi-u",
      "url": "https://l0g.fr/glossaire/c-cpi-u/",
      "sigle": "C-CPI-U",
      "name": "Chained CPI",
      "definition": "Version chaînée du CPI qui intègre les substitutions des consommateurs entre catégories. Croît un peu moins vite que le CPI classique. Publiée en provisoire puis révisée trimestriellement.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-cpi-inflation-us/",
      "atlas": null
    },
    {
      "slug": "cola",
      "url": "https://l0g.fr/glossaire/cola/",
      "sigle": "COLA",
      "name": "Cost-of-Living Adjustment",
      "definition": "Revalorisation annuelle des prestations de la Sécurité sociale américaine, indexée sur le CPI-W. Relie directement la mesure de l'inflation au revenu de dizaines de millions de retraités.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-cpi-inflation-us/",
      "atlas": null
    },
    {
      "slug": "m1",
      "url": "https://l0g.fr/glossaire/m1/",
      "sigle": "M1",
      "name": "Agrégat monétaire étroit",
      "definition": "Mesure la plus liquide de la monnaie selon la Fed : monnaie fiduciaire, dépôts à vue et, depuis mai 2020, les autres dépôts liquides dont l'épargne. Incluse dans la M2.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "m2",
      "url": "https://l0g.fr/glossaire/m2/",
      "sigle": "M2",
      "name": "Agrégat monétaire large",
      "definition": "Agrégat de la Fed (communiqué H.6) égal à la M1 plus les dépôts à terme de petit montant et les fonds monétaires de détail. Mesure le stock de monnaie et de quasi-monnaie détenu par le public non bancaire. Souvent lu comme baromètre de liquidité.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/m2-masse-monetaire-risk-on/",
      "atlas": null
    },
    {
      "slug": "mmf",
      "url": "https://l0g.fr/glossaire/mmf/",
      "sigle": "MMF",
      "name": "Money market fund",
      "definition": "Fonds monétaire : placement collectif en titres courts et liquides. Les parts de fonds monétaires de détail entrent dans la M2. Leur gonflement peut traduire un repli vers la sécurité plutôt qu'un appétit pour le risque.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-les-fonds-monetaires/",
      "atlas": null
    },
    {
      "slug": "velocite",
      "url": "https://l0g.fr/glossaire/velocite/",
      "sigle": "Vélocité",
      "name": "Vélocité de la monnaie",
      "definition": "Vitesse à laquelle une unité de monnaie change de mains, soit le revenu nominal rapporté à la masse monétaire. Si la vélocité baisse, une hausse de la M2 peut ne nourrir ni l'inflation ni les marchés.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ptf",
      "url": "https://l0g.fr/glossaire/ptf/",
      "sigle": "PTF",
      "name": "Productivité totale des facteurs",
      "definition": "Part de la croissance qui ne s'explique ni par plus de travail ni par plus de capital, mais par une meilleure efficacité (technologie, organisation). Mesure résiduelle et centrale du progrès technique. L'estimation d'Acemoglu chiffre l'apport de l'IA à au plus 0,5 à 0,66 % de PTF sur dix ans.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "paradoxe-de-solow",
      "url": "https://l0g.fr/glossaire/paradoxe-de-solow/",
      "sigle": "Paradoxe de Solow",
      "name": "Solow paradox",
      "definition": "Constat de Robert Solow en 1987, « on voit l'âge informatique partout sauf dans les statistiques de productivité » : le décalage entre des gains technologiques visibles au niveau des tâches et un effet longtemps introuvable dans la productivité agrégée. Réapparu avec l'IA générative.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "gpu",
      "url": "https://l0g.fr/glossaire/gpu/",
      "sigle": "GPU",
      "name": "Graphics Processing Unit",
      "definition": "Processeur capable d’exécuter de nombreux calculs en parallèle, utilisé notamment pour le rendu graphique et l’intelligence artificielle. Dans un service de calcul, ses performances dépendent aussi de la mémoire, des interconnexions et du logiciel ; sa capacité technique ne suffit pas à mesurer les recettes qu’il peut générer.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": {
        "intuition": "La capacité à calculer, le montant au bilan et le cash d’une location répondent à des questions différentes.",
        "formula": null,
        "whyNow": null,
        "related": [
          "ddtl",
          "dscr",
          "collateral"
        ],
        "articles": [
          {
            "label": "GPU à crédit : le prix de la quatrième année",
            "href": "https://l0g.fr/posts/gpu-credit-prix-quatrieme-annee/",
            "detail": "Contrats, recettes au renouvellement et scénarios pédagogiques de dette.",
            "kind": "article"
          },
          {
            "label": "Le collatéral qui ne peut pas sortir du bâtiment",
            "href": "https://l0g.fr/posts/gpu-collateral-ce-que-le-preteur-recupere/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Nvidia, CUDA Programming Guide",
            "href": "https://docs.nvidia.com/cuda/cuda-programming-guide/01-introduction/programming-model.html",
            "detail": "Modèle d’exécution parallèle et organisation des calculs.",
            "kind": "source"
          },
          {
            "label": "AWS, instances EC2 P4",
            "href": "https://aws.amazon.com/ec2/instance-types/p4/",
            "detail": "Service combinant GPU A100, mémoire, interconnexions et stockage ; les recettes d’un parc exigent un suivi distinct.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "euv",
      "url": "https://l0g.fr/glossaire/euv/",
      "sigle": "EUV",
      "name": "Extreme ultraviolet lithography",
      "definition": "Lithographie à ultraviolets extrêmes, utilisée pour imprimer les couches les plus complexes des puces avancées avec une lumière de 13,5 nm. Goulet industriel majeur car elle combine optique, vide, métrologie, logiciels et chaîne de fournisseurs spécialisée.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "fonderie",
      "url": "https://l0g.fr/glossaire/fonderie/",
      "sigle": "Fonderie",
      "name": "Dedicated IC foundry",
      "definition": "Fabricant contractuel de semi-conducteurs qui produit les puces conçues par d'autres. Une fonderie avancée vend de la capacité qualifiée, du rendement industriel et une feuille de route de noeuds, pas seulement des wafers.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "hbm",
      "url": "https://l0g.fr/glossaire/hbm/",
      "sigle": "HBM",
      "name": "High Bandwidth Memory",
      "definition": "Mémoire DRAM empilée à très large bande passante, placée près d'un accélérateur pour nourrir le calcul en données. Dans l'IA, elle transforme la mémoire en goulet de packaging et d'approvisionnement.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "packaging-avance",
      "url": "https://l0g.fr/glossaire/packaging-avance/",
      "sigle": "Packaging avancé",
      "name": "Advanced packaging",
      "definition": "Ensemble des techniques d'assemblage qui rapprochent plusieurs puces, mémoires et interconnexions dans un même module. Il devient critique quand la performance dépend autant du déplacement des données que du calcul brut.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "fabless",
      "url": "https://l0g.fr/glossaire/fabless/",
      "sigle": "Fabless",
      "name": "Concepteur sans usine",
      "definition": "Modèle d'entreprise qui conçoit des puces mais confie leur fabrication à une fonderie. Il sépare la propriété intellectuelle et le logiciel de la charge industrielle des fabs.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "prime-de-terme",
      "url": "https://l0g.fr/glossaire/prime-de-terme/",
      "sigle": "Prime de terme",
      "name": "Term premium",
      "definition": "Écart entre le rendement d'une obligation longue et celui attendu d'une succession de placements courts sur le même horizon. Cette rémunération du risque de taux est estimée par des modèles, notamment ACM et Kim–Wright, dont les résultats peuvent différer et être révisés. Elle peut être négative si l'obligation offre une protection recherchée. La pente de la courbe ne la mesure pas directement.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
      "atlas": {
        "intuition": "Un modèle sépare le rendement long entre trajectoire attendue des taux courts et rémunération du risque de duration. Cette séparation est estimée, donc incertaine.",
        "formula": "rendement long ≈ moyenne des taux courts anticipés + prime de terme",
        "whyNow": "Quand l'offre de dette longue augmente, que le QT réduit l'acheteur public et que la demande étrangère se déplace, une baisse attendue des taux courts peut coexister avec une remontée du rendement long.",
        "related": [
          "duration",
          "move",
          "adjudication",
          "bid-to-cover",
          "primary-dealer",
          "courbe-des-taux",
          "dominance-fiscale",
          "repo",
          "basis-trade",
          "tic",
          "tga",
          "cbo"
        ],
        "articles": [
          {
            "label": "Le monde redécouvre le prix de l’argent",
            "href": "https://l0g.fr/posts/le-monde-redecouvre-le-prix-de-l-argent/",
            "kind": "article"
          },
          {
            "label": "Une hausse de la Fed peut-elle faire baisser les taux longs ?",
            "href": "https://l0g.fr/posts/fed-hausses-taux-longs-prime-terme/",
            "detail": "Anticipations, prime de terme et rachats du Trésor.",
            "kind": "article"
          },
          {
            "label": "Le réveil de la prime de terme",
            "href": "https://l0g.fr/posts/dette-americaine-le-reveil-de-la-prime-de-terme/",
            "detail": "Décomposition du taux long et régime de dette US.",
            "kind": "article"
          },
          {
            "label": "Basis trade sur Treasuries",
            "href": "https://l0g.fr/posts/basis-trade-treasuries-levier/",
            "detail": "Levier, repo et fragilité du marché obligataire.",
            "kind": "article"
          },
          {
            "label": "Repo et collatéral",
            "href": "https://l0g.fr/posts/repo-collateral-fabrique-liquidite/",
            "detail": "Chaînes de financement qui transmettent un choc de taux.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché des Treasuries",
            "href": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
            "detail": "Courbe, adjudications, détenteurs et prime de terme.",
            "kind": "guide"
          },
          {
            "label": "Lire les données TIC",
            "href": "https://l0g.fr/guides/lire-les-donnees-tic/",
            "detail": "Détentions étrangères et biais de conservation.",
            "kind": "guide"
          },
          {
            "label": "Liquidité Trésor, TGA, RRP",
            "href": "https://l0g.fr/guides/liquidite-tresor-dts-tga-rrp/",
            "detail": "Canaux de réserves et cash du Trésor.",
            "kind": "guide"
          },
          {
            "label": "Lire les prévisions du CBO",
            "href": "https://l0g.fr/guides/lire-les-previsions-du-cbo/",
            "detail": "Trajectoire budgétaire et charge d’intérêt.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot public des signaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des observations de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du risque et fraîcheur des sources.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames hashées pour rejouer un état point-in-time.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Federal Reserve, modèle Kim–Wright",
            "href": "https://www.federalreserve.gov/data/three-factor-nominal-term-structure-model.htm",
            "detail": "Méthode, limites et révisions des estimations de prime de terme.",
            "kind": "source"
          },
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux, bilan Fed, séries FRED et modèle ACM de la Fed de New York.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "Dette, cash du Trésor, DTS et adjudications.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury TIC",
            "href": "https://l0g.fr/sources/treasury-tic/",
            "detail": "Détentions et flux transfrontaliers de Treasuries.",
            "kind": "source"
          },
          {
            "label": "Congress.gov, GovInfo & CBO",
            "href": "https://l0g.fr/sources/congress-govinfo-cbo/",
            "detail": "Projections budgétaires, textes et estimations.",
            "kind": "source"
          },
          {
            "label": "Bank for International Settlements",
            "href": "https://l0g.fr/sources/bis/",
            "detail": "Dette globale, banques et fragilités de marché.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "duration",
      "url": "https://l0g.fr/glossaire/duration/",
      "sigle": "Duration",
      "name": "Sensibilité aux taux",
      "definition": "Mesure de la sensibilité du prix d'une obligation à une variation de taux. Plus la duration est élevée, plus une hausse de rendement détruit de valeur de marché. Elle transforme une tension sur les taux longs en risque de bilan pour les porteurs de dette longue.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
      "atlas": {
        "intuition": "La duration transforme un mouvement de taux en perte ou gain de prix. Elle dit quelle quantité de risque de taux dort dans un portefeuille.",
        "formula": "variation approximative du prix ≈ -duration × variation du rendement",
        "whyNow": "Dans un régime de dette élevée, la duration concentre le risque : banques, assureurs, fonds de pension et stratégies repo peuvent vendre en même temps si les taux longs cassent leur scénario.",
        "related": [
          "prime-de-terme",
          "move",
          "courbe-des-taux",
          "repo",
          "basis-trade",
          "ldi"
        ],
        "articles": [
          {
            "label": "Le monde redécouvre le prix de l’argent",
            "href": "https://l0g.fr/posts/le-monde-redecouvre-le-prix-de-l-argent/",
            "kind": "article"
          },
          {
            "label": "Le réveil de la prime de terme",
            "href": "https://l0g.fr/posts/dette-americaine-le-reveil-de-la-prime-de-terme/",
            "detail": "Décomposition du taux long et régime de dette US.",
            "kind": "article"
          },
          {
            "label": "Basis trade sur Treasuries",
            "href": "https://l0g.fr/posts/basis-trade-treasuries-levier/",
            "detail": "Levier, repo et fragilité du marché obligataire.",
            "kind": "article"
          },
          {
            "label": "Repo et collatéral",
            "href": "https://l0g.fr/posts/repo-collateral-fabrique-liquidite/",
            "detail": "Chaînes de financement qui transmettent un choc de taux.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché des Treasuries",
            "href": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
            "detail": "Courbe, adjudications, détenteurs et prime de terme.",
            "kind": "guide"
          },
          {
            "label": "Lire les données TIC",
            "href": "https://l0g.fr/guides/lire-les-donnees-tic/",
            "detail": "Détentions étrangères et biais de conservation.",
            "kind": "guide"
          },
          {
            "label": "Liquidité Trésor, TGA, RRP",
            "href": "https://l0g.fr/guides/liquidite-tresor-dts-tga-rrp/",
            "detail": "Canaux de réserves et cash du Trésor.",
            "kind": "guide"
          },
          {
            "label": "Lire les prévisions du CBO",
            "href": "https://l0g.fr/guides/lire-les-previsions-du-cbo/",
            "detail": "Trajectoire budgétaire et charge d’intérêt.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot public des signaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des observations de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du risque et fraîcheur des sources.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames hashées pour rejouer un état point-in-time.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux, bilan Fed, séries FRED et modèle ACM de la Fed de New York.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "Dette, cash du Trésor, DTS et adjudications.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury TIC",
            "href": "https://l0g.fr/sources/treasury-tic/",
            "detail": "Détentions et flux transfrontaliers de Treasuries.",
            "kind": "source"
          },
          {
            "label": "Congress.gov, GovInfo & CBO",
            "href": "https://l0g.fr/sources/congress-govinfo-cbo/",
            "detail": "Projections budgétaires, textes et estimations.",
            "kind": "source"
          },
          {
            "label": "Bank for International Settlements",
            "href": "https://l0g.fr/sources/bis/",
            "detail": "Dette globale, banques et fragilités de marché.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "treasury-buyback",
      "url": "https://l0g.fr/glossaire/treasury-buyback/",
      "sigle": "Treasury buyback",
      "name": "Rachat de dette par le Trésor américain",
      "definition": "Opération par laquelle le Trésor rachète sur le marché secondaire des titres déjà émis. Un rachat de soutien à la liquidité vise surtout d’anciennes souches moins négociées ; un rachat de gestion de trésorerie sert à lisser l’encaisse et les émissions. Le titre racheté est retiré, mais la dette nette ne baisse pas automatiquement puisque le décaissement doit être financé. Ce n’est pas un QE de la Réserve fédérale.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/bessent-put-treasury-buybacks-taux-longs/",
      "atlas": null
    },
    {
      "slug": "rmp",
      "url": "https://l0g.fr/glossaire/rmp/",
      "sigle": "RMP",
      "name": "Reserve management purchases",
      "definition": "Achats de titres courts par une banque centrale pour fournir les réserves nécessaires au règlement interbancaire et piloter les taux au jour le jour. À la Fed, ces achats sont dimensionnés selon la demande de réserves et ne visent pas à réduire les taux longs : ils se distinguent donc du QE.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/defaut-souverain-qui-paie-vraiment/",
      "atlas": null
    },
    {
      "slug": "off-the-run",
      "url": "https://l0g.fr/glossaire/off-the-run/",
      "sigle": "Off-the-run",
      "name": "Ancienne souche de Treasury",
      "definition": "Titre du Trésor qui n’est plus l’émission la plus récente de sa maturité. Il reste une dette fédérale de même nature, mais se négocie généralement moins que le titre on-the-run, avec davantage de dispersion et parfois une petite décote de liquidité.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/bessent-put-treasury-buybacks-taux-longs/",
      "atlas": null
    },
    {
      "slug": "adjudication",
      "url": "https://l0g.fr/glossaire/adjudication/",
      "sigle": "Adjudication",
      "name": "Treasury auction",
      "definition": "Vente aux enchères par laquelle le Trésor américain émet sa dette. Enchère à prix unique : les soumissionnaires proposent des rendements et tous les gagnants paient le rendement qui solde l'émission. Sa lecture repose sur le bid-to-cover, le tail et la part des primary dealers.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
      "atlas": {
        "intuition": "L'adjudication révèle la demande marginale pour la dette émise aujourd'hui, pas la demande théorique pour les Treasuries.",
        "formula": "demande visible = bid-to-cover + tail + part des primary dealers",
        "whyNow": "Le calendrier de refinancement devient un signal de risque quand les volumes à émettre augmentent et que l'acheteur marginal exige plus de rendement.",
        "related": [
          "bid-to-cover",
          "primary-dealer",
          "prime-de-terme",
          "duration",
          "courbe-des-taux"
        ],
        "articles": [
          {
            "label": "Le réveil de la prime de terme",
            "href": "https://l0g.fr/posts/dette-americaine-le-reveil-de-la-prime-de-terme/",
            "detail": "Décomposition du taux long et régime de dette US.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché des Treasuries",
            "href": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
            "detail": "Courbe, adjudications, détenteurs et prime de terme.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des observations de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du risque et fraîcheur des sources.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames hashées pour rejouer un état point-in-time.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "Dette, cash du Trésor, DTS et adjudications.",
            "kind": "source"
          },
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux, bilan Fed, séries FRED et modèle ACM de la Fed de New York.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "bid-to-cover",
      "url": "https://l0g.fr/glossaire/bid-to-cover/",
      "sigle": "Bid-to-cover",
      "name": "Ratio de couverture",
      "definition": "Rapport entre le total des offres reçues à une adjudication et le montant vendu. Signal de volume de la demande : au-dessus de 2, l'appétit est jugé solide ; en dessous, faible.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
      "atlas": {
        "intuition": "Le bid-to-cover mesure le coussin de demandes autour d'une émission, mais il ne suffit pas sans lire le tail et la répartition entre dealers, directs et indirects.",
        "formula": null,
        "whyNow": "Un ratio faible au mauvais moment peut signaler que la demande finale laisse plus de papier aux intermédiaires.",
        "related": [
          "adjudication",
          "primary-dealer",
          "prime-de-terme",
          "move"
        ],
        "articles": [],
        "guides": [
          {
            "label": "Lire le marché des Treasuries",
            "href": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
            "detail": "Courbe, adjudications, détenteurs et prime de terme.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des observations de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "Dette, cash du Trésor, DTS et adjudications.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "tail",
      "url": "https://l0g.fr/glossaire/tail/",
      "sigle": "Tail",
      "name": "Queue d'adjudication",
      "definition": "Écart entre le rendement qui solde une adjudication et le rendement anticipé juste avant sur le marché « When Issued ». Un tail positif signale que le Trésor a dû concéder un rendement plus élevé que prévu pour écouler son papier, donc une demande plus molle qu'espéré. Quelques dixièmes de point de base suffisent à alerter les marchés.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
      "atlas": null
    },
    {
      "slug": "when-issued",
      "url": "https://l0g.fr/glossaire/when-issued/",
      "sigle": "When Issued",
      "name": "Marché « quand émis »",
      "definition": "Marché à terme informel où une obligation du Trésor se négocie entre son annonce et son émission effective. Son rendement sert de référence pour juger le résultat de l'enchère : l'écart avec le taux adjugé donne le tail.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
      "atlas": null
    },
    {
      "slug": "soumissionnaires-indirects",
      "url": "https://l0g.fr/glossaire/soumissionnaires-indirects/",
      "sigle": "Soumissionnaires indirects",
      "name": "Indirect bidders",
      "definition": "Catégorie d'acheteurs à une adjudication du Trésor passant par un intermédiaire, utilisée comme approximation de la demande étrangère : banques centrales, fonds souverains et institutions internationales. Une part indirecte élevée rassure sur l'appétit des investisseurs hors États-Unis.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
      "atlas": null
    },
    {
      "slug": "primary-dealer",
      "url": "https://l0g.fr/glossaire/primary-dealer/",
      "sigle": "Primary dealer",
      "name": "Teneur de marché primaire",
      "definition": "Banque désignée par la Réserve fédérale de New York, tenue de participer à chaque adjudication du Trésor et de tenir le marché secondaire. Une vingtaine au total. Un dealer takedown élevé, la part revenant aux dealers, signale une demande finale faible.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
      "atlas": {
        "intuition": "Les primary dealers absorbent l'offre quand la demande finale manque. Leur part dans une adjudication aide à lire la qualité de la demande.",
        "formula": null,
        "whyNow": "Dans un marché plus gros et plus volatil, l'intermédiation obligataire devient elle-même une variable de risque.",
        "related": [
          "adjudication",
          "bid-to-cover",
          "repo",
          "basis-trade",
          "move"
        ],
        "articles": [],
        "guides": [
          {
            "label": "Lire le marché des Treasuries",
            "href": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
            "detail": "Courbe, adjudications, détenteurs et prime de terme.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des observations de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux, bilan Fed, séries FRED et modèle ACM de la Fed de New York.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "Dette, cash du Trésor, DTS et adjudications.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "courbe-des-taux",
      "url": "https://l0g.fr/glossaire/courbe-des-taux/",
      "sigle": "Courbe des taux",
      "name": "Yield curve",
      "definition": "Ensemble des rendements des titres d'État selon leur maturité. Normalement croissante ; son inversion, taux courts au-dessus des taux longs, a précédé chacune des huit dernières récessions américaines. Sa pente informe autant que son niveau.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
      "atlas": {
        "intuition": "La courbe sépare niveau des taux, pente et forme. Elle relie politique monétaire, croissance attendue et rémunération du temps.",
        "formula": "pente 10 ans - 2 ans = rendement 10 ans - rendement 2 ans",
        "whyNow": "Une courbe qui se repentifie peut signaler un retour du risque de duration plutôt qu'une simple détente monétaire.",
        "related": [
          "prime-de-terme",
          "duration",
          "move",
          "qt",
          "ffr"
        ],
        "articles": [
          {
            "label": "Le réveil de la prime de terme",
            "href": "https://l0g.fr/posts/dette-americaine-le-reveil-de-la-prime-de-terme/",
            "detail": "Décomposition du taux long et régime de dette US.",
            "kind": "article"
          },
          {
            "label": "Warsh, bilan Fed et QT",
            "href": "https://l0g.fr/posts/warsh-bilan-qt/",
            "detail": "Bilan de la Fed, QT et conditions de taux.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché des Treasuries",
            "href": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
            "detail": "Courbe, adjudications, détenteurs et prime de terme.",
            "kind": "guide"
          },
          {
            "label": "Lire le H.4.1 de la Fed",
            "href": "https://l0g.fr/guides/lire-h41-bilan-fed/",
            "detail": "Bilan de la Fed et réserves bancaires.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot public des signaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des observations de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du risque et fraîcheur des sources.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames hashées pour rejouer un état point-in-time.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux, bilan Fed, séries FRED et modèle ACM de la Fed de New York.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "Dette, cash du Trésor, DTS et adjudications.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "cbo",
      "url": "https://l0g.fr/glossaire/cbo/",
      "sigle": "CBO",
      "name": "Congressional Budget Office",
      "definition": "Agence budgétaire indépendante et non partisane du Congrès américain, créée en 1974. Elle ne recommande aucune politique mais en chiffre les conséquences. Ses projections servent de référence commune, sous l'hypothèse du droit en vigueur.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-les-previsions-du-cbo/",
      "atlas": {
        "intuition": "Le CBO donne le scénario budgétaire de référence qui permet de séparer bruit politique et trajectoire de dette.",
        "formula": null,
        "whyNow": "Ses projections servent à lire la vulnérabilité structurelle, surtout quand les intérêts deviennent une part visible du déficit.",
        "related": [
          "baseline-budgetaire",
          "deficit-primaire",
          "dominance-fiscale",
          "prime-de-terme"
        ],
        "articles": [
          {
            "label": "Le réveil de la prime de terme",
            "href": "https://l0g.fr/posts/dette-americaine-le-reveil-de-la-prime-de-terme/",
            "detail": "Décomposition du taux long et régime de dette US.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire les prévisions du CBO",
            "href": "https://l0g.fr/guides/lire-les-previsions-du-cbo/",
            "detail": "Trajectoire budgétaire et charge d’intérêt.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du risque et fraîcheur des sources.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Congress.gov, GovInfo & CBO",
            "href": "https://l0g.fr/sources/congress-govinfo-cbo/",
            "detail": "Projections budgétaires, textes et estimations.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "baseline-budgetaire",
      "url": "https://l0g.fr/glossaire/baseline-budgetaire/",
      "sigle": "Baseline budgétaire",
      "name": "Budget baseline",
      "definition": "Projection du CBO des recettes, dépenses et déficits sur dix ans sous l'hypothèse que le droit en vigueur ne change pas. Repère, et non prévision : ses conventions (dispositions expirantes supposées expirer, dépenses discrétionnaires indexées) produisent des effets contre-intuitifs.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-les-previsions-du-cbo/",
      "atlas": null
    },
    {
      "slug": "deficit-primaire",
      "url": "https://l0g.fr/glossaire/deficit-primaire/",
      "sigle": "Déficit primaire",
      "name": "Primary deficit",
      "definition": "Déficit budgétaire hors charge d'intérêt de la dette. Il distingue la dépense courante en excès du coût de la dette passée : un déficit tiré par les intérêts signale un problème de stock, un déficit primaire un problème de politique budgétaire courante.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-les-previsions-du-cbo/",
      "atlas": null
    },
    {
      "slug": "dominance-fiscale",
      "url": "https://l0g.fr/glossaire/dominance-fiscale/",
      "sigle": "Dominance fiscale",
      "name": "Fiscal dominance",
      "definition": "Situation où le poids de la dette publique contraint la politique monétaire : la banque centrale hésite à monter ou à maintenir des taux élevés de peur de rendre la dette insoutenable, laissant l'inflation en éroder la valeur. L'inverse d'une banque centrale libre de ses choix.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": {
        "intuition": "La dominance fiscale apparaît quand le coût politique et budgétaire de la dette réduit la liberté de la banque centrale.",
        "formula": null,
        "whyNow": "Le signal devient plus pertinent quand charge d'intérêt, déficit primaire et refinancement montent en même temps.",
        "related": [
          "prime-de-terme",
          "cbo",
          "deficit-primaire",
          "baseline-budgetaire",
          "ffr"
        ],
        "articles": [
          {
            "label": "Le réveil de la prime de terme",
            "href": "https://l0g.fr/posts/dette-americaine-le-reveil-de-la-prime-de-terme/",
            "detail": "Décomposition du taux long et régime de dette US.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire les prévisions du CBO",
            "href": "https://l0g.fr/guides/lire-les-previsions-du-cbo/",
            "detail": "Trajectoire budgétaire et charge d’intérêt.",
            "kind": "guide"
          },
          {
            "label": "Lire le marché des Treasuries",
            "href": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
            "detail": "Courbe, adjudications, détenteurs et prime de terme.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des observations de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du risque et fraîcheur des sources.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames hashées pour rejouer un état point-in-time.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Congress.gov, GovInfo & CBO",
            "href": "https://l0g.fr/sources/congress-govinfo-cbo/",
            "detail": "Projections budgétaires, textes et estimations.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "Dette, cash du Trésor, DTS et adjudications.",
            "kind": "source"
          },
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux, bilan Fed, séries FRED et modèle ACM de la Fed de New York.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "defaut-souverain",
      "url": "https://l0g.fr/glossaire/defaut-souverain/",
      "sigle": "Défaut souverain",
      "name": "Sovereign default",
      "definition": "Situation dans laquelle un État ne paie pas sa dette selon les conditions promises, ou impose un échange qui réduit matériellement la créance. Le défaut peut viser une échéance, une catégorie de titres ou une devise sans englober toute la dette publique.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/defaut-souverain-qui-paie-vraiment/",
      "atlas": null
    },
    {
      "slug": "restructuration-souveraine",
      "url": "https://l0g.fr/glossaire/restructuration-souveraine/",
      "sigle": "Restructuration souveraine",
      "name": "Sovereign debt restructuring",
      "definition": "Modification négociée ou imposée des conditions d'une dette publique : baisse du principal, coupon réduit, maturité allongée, période de grâce ou combinaison de ces leviers. Elle peut intervenir avant ou après un défaut formel.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/defaut-souverain-qui-paie-vraiment/",
      "atlas": null
    },
    {
      "slug": "decote-souveraine",
      "url": "https://l0g.fr/glossaire/decote-souveraine/",
      "sigle": "Décote souveraine",
      "name": "Sovereign haircut",
      "definition": "Perte économique subie par le créancier lors d'une restructuration de dette publique, calculée en comparant la valeur de l'ancienne créance aux paiements attendus sur la nouvelle. Elle ne se confond pas avec le haircut de collatéral appliqué dans un repo.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/defaut-souverain-qui-paie-vraiment/",
      "atlas": null
    },
    {
      "slug": "cac",
      "url": "https://l0g.fr/glossaire/cac/",
      "sigle": "CAC",
      "name": "Clause d'action collective",
      "definition": "Clause d'une obligation souveraine permettant à une majorité qualifiée de créanciers d'accepter une restructuration qui s'impose ensuite à tous les porteurs concernés. Elle réduit le pouvoir de blocage des créanciers minoritaires sans créer un tribunal international des faillites.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/defaut-souverain-qui-paie-vraiment/",
      "atlas": null
    },
    {
      "slug": "move",
      "url": "https://l0g.fr/glossaire/move/",
      "sigle": "MOVE",
      "name": "Merrill Lynch Option Volatility Estimate",
      "definition": "Indice de la volatilité implicite du marché des obligations d'État américaines, l'équivalent obligataire du VIX actions. Exprimé en points de base ; sous 80, marché calme, au-dessus de 120, tension. Un MOVE élevé signale du stress sur les taux et sert d'approximation de la prime de terme.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-la-volatilite-vix-move/",
      "atlas": {
        "intuition": "Le MOVE mesure le prix de l'incertitude sur les taux. Il sert de détecteur de turbulence obligataire, surtout quand adjudications, duration et financement repo se tendent ensemble.",
        "formula": null,
        "whyNow": "Un MOVE élevé renchérit la couverture, complique le market making et peut rendre les stratégies de portage moins stables.",
        "related": [
          "prime-de-terme",
          "duration",
          "adjudication",
          "repo",
          "basis-trade"
        ],
        "articles": [
          {
            "label": "Le réveil de la prime de terme",
            "href": "https://l0g.fr/posts/dette-americaine-le-reveil-de-la-prime-de-terme/",
            "detail": "Décomposition du taux long et régime de dette US.",
            "kind": "article"
          },
          {
            "label": "Basis trade sur Treasuries",
            "href": "https://l0g.fr/posts/basis-trade-treasuries-levier/",
            "detail": "Levier, repo et fragilité du marché obligataire.",
            "kind": "article"
          },
          {
            "label": "Repo et collatéral",
            "href": "https://l0g.fr/posts/repo-collateral-fabrique-liquidite/",
            "detail": "Chaînes de financement qui transmettent un choc de taux.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché des Treasuries",
            "href": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
            "detail": "Courbe, adjudications, détenteurs et prime de terme.",
            "kind": "guide"
          },
          {
            "label": "Lire les données TIC",
            "href": "https://l0g.fr/guides/lire-les-donnees-tic/",
            "detail": "Détentions étrangères et biais de conservation.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot public des signaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des observations de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du risque et fraîcheur des sources.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames hashées pour rejouer un état point-in-time.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux, bilan Fed, séries FRED et modèle ACM de la Fed de New York.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "Dette, cash du Trésor, DTS et adjudications.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "vix",
      "url": "https://l0g.fr/glossaire/vix/",
      "sigle": "VIX",
      "name": "CBOE Volatility Index",
      "definition": "Indice de la volatilité implicite attendue du S&P 500 sur 30 jours, calculé par le Cboe à partir des options, exprimé en pourcentage annualisé. Surnommé « indice de la peur » : il bondit dans les chutes de marché. Moyenne de long terme autour de 19-20 ; sous 15, complaisance ; au-delà de 30, tension.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-la-volatilite-vix-move/",
      "atlas": null
    },
    {
      "slug": "vvix",
      "url": "https://l0g.fr/glossaire/vvix/",
      "sigle": "VVIX",
      "name": "Volatilité de la volatilité",
      "definition": "Indice mesurant la volatilité implicite des options sur le VIX lui-même. Un VVIX élevé alors que le VIX est bas révèle une nervosité tapie sous la surface, des investisseurs qui se couvrent contre un retournement soudain.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-la-volatilite-vix-move/",
      "atlas": null
    },
    {
      "slug": "pib",
      "url": "https://l0g.fr/glossaire/pib/",
      "sigle": "PIB",
      "name": "Produit intérieur brut",
      "definition": "Valeur des biens et services finaux produits sur un territoire pendant une période. Le calcul par les dépenses additionne consommation, investissement et dépenses publiques, puis les exportations et retranche les importations déjà comprises dans ces achats. Une hausse des importations ne suffit donc pas à mesurer son effet total sur la production.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/deficit-commercial-americain-importations-aout-2026/",
      "atlas": {
        "intuition": "Distinguer la dépense locale de la fabrication étrangère.",
        "formula": "PIB = C + I + G + X − M",
        "whyNow": "Lire les importations en distinguant dépenses, production et financement.",
        "related": [
          "compte-courant",
          "van"
        ],
        "articles": [
          {
            "label": "Déficit américain : suivre les importations jusqu’à l’usine",
            "href": "https://l0g.fr/posts/deficit-commercial-americain-importations-aout-2026/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BEA : NIPA, chapitre 8",
            "href": "https://www.bea.gov/resources/methodologies/nipa-handbook/pdf/chapter-08.pdf",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "demande-privee-interieure",
      "url": "https://l0g.fr/glossaire/demande-privee-interieure/",
      "sigle": "Demande privée intérieure",
      "name": "Real final sales to private domestic purchasers",
      "definition": "Agrégat du BEA égal aux dépenses de consommation plus l'investissement privé fixe, après correction des prix. Il exclut les variations de stocks, les dépenses publiques et le solde commercial. Moins volatil que le PIB agrégé, il aide à isoler le moteur domestique privé sans mesurer sa répartition entre ménages.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/pib-americain-demande-privee-t2-2026/",
      "atlas": null
    },
    {
      "slug": "involution",
      "url": "https://l0g.fr/glossaire/involution/",
      "sigle": "Involution",
      "name": "Neijuan, la concurrence auto-destructrice",
      "definition": "Terme chinois (neijuan) désignant la concurrence excessive où la surcapacité force chaque producteur à baisser ses prix pour écouler des volumes, détruisant les marges de tous sans éliminer personne. Ennemi officiel de la politique économique chinoise depuis 2025 : loi sur les prix interdisant la vente à perte, plans de réduction de capacité pour dix industries. Tant que la capacité survit, le trop-plein se déverse à l'export.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "lgfv",
      "url": "https://l0g.fr/glossaire/lgfv/",
      "sigle": "LGFV",
      "name": "Local Government Financing Vehicle",
      "definition": "Véhicule de financement des collectivités locales chinoises : société ad hoc qui emprunte en gageant des terrains publics et se rembourse grâce aux cessions foncières. Pilier du financement local pendant deux décennies, fragilisé par l'effondrement immobilier qui a tari les recettes foncières. Sa dette, en partie hors bilan, est estimée entre 14 800 et 58 000 milliards de yuans selon les sources.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "trois-lignes-rouges",
      "url": "https://l0g.fr/glossaire/trois-lignes-rouges/",
      "sigle": "Trois lignes rouges",
      "name": "Three red lines",
      "definition": "Dispositif prudentiel imposé par Pékin en 2020 pour brider l'endettement des promoteurs immobiliers, via trois ratios financiers plafonnés (dette sur actifs, dette nette sur fonds propres, trésorerie sur dette à court terme). Déclencheur assumé du dégonflement de la bulle et de la vague de défauts qui a suivi.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "bce",
      "url": "https://l0g.fr/glossaire/bce/",
      "sigle": "BCE",
      "name": "Banque centrale européenne",
      "definition": "Institution qui conduit la politique monétaire de la zone euro : fixation des taux directeurs, contrôle de l'inflation.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "atlas": null
    },
    {
      "slug": "psp",
      "url": "https://l0g.fr/glossaire/psp/",
      "sigle": "PSP",
      "name": "Prestataire de services de paiement",
      "definition": "Acteur réglementé qui fournit des services de paiement, par exemple une banque, un établissement de paiement ou un établissement de monnaie électronique. Dans le projet d'euro numérique, les PSP distribueraient la monnaie, identifieraient les clients, géreraient les comptes et interfaces et assureraient l'assistance de premier niveau.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "eurosysteme",
      "url": "https://l0g.fr/glossaire/eurosysteme/",
      "sigle": "Eurosystème",
      "name": "Eurosystem",
      "definition": "Ensemble formé par la BCE et les banques centrales nationales des pays de la zone euro. C'est lui, et non la seule BCE, qui porte les portefeuilles de titres et exécute la politique monétaire ; ses comptes consolidés paraissent chaque semaine.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "atlas": null
    },
    {
      "slug": "cle-de-capital",
      "url": "https://l0g.fr/glossaire/cle-de-capital/",
      "sigle": "Clé de capital",
      "name": "Capital key",
      "definition": "Quote-part de chaque banque centrale nationale dans le capital de la BCE, calculée sur la population et le PIB du pays (environ 26 % pour l'Allemagne, 20 % pour la France). Elle répartit les achats d'actifs, les risques et les revenus au sein de l'Eurosystème.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "atlas": null
    },
    {
      "slug": "target2",
      "url": "https://l0g.fr/glossaire/target2/",
      "sigle": "Target2",
      "name": "Système de paiement T2 de la zone euro",
      "definition": "Système de règlement brut en temps réel des paiements de gros montant de la zone euro. Les soldes Target2, créances et dettes des banques centrales nationales envers la BCE, cumulent les flux transfrontières : plus de 1 000 milliards d'euros de créance pour la Bundesbank. Un thermomètre de flux, pas un prêt caché.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "atlas": null
    },
    {
      "slug": "app",
      "url": "https://l0g.fr/glossaire/app/",
      "sigle": "APP",
      "name": "Asset Purchase Programme",
      "definition": "Programme d'achats d'actifs de l'Eurosystème lancé en 2014-2015, principal véhicule du QE européen d'avant-pandémie. En extinction passive depuis 2023 : les titres arrivant à échéance ne sont plus réinvestis.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "atlas": null
    },
    {
      "slug": "pspp",
      "url": "https://l0g.fr/glossaire/pspp/",
      "sigle": "PSPP",
      "name": "Public Sector Purchase Programme",
      "definition": "Volet de l'APP consacré aux titres publics achetés sur le marché secondaire par la BCE et les banques centrales nationales. Sa répartition s'appuie sur la clé de capital et son architecture ne transforme pas les obligations nationales en dette fédérale commune.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/defaut-souverain-qui-paie-vraiment/",
      "atlas": null
    },
    {
      "slug": "pepp",
      "url": "https://l0g.fr/glossaire/pepp/",
      "sigle": "PEPP",
      "name": "Pandemic Emergency Purchase Programme",
      "definition": "Programme d'achats d'urgence lancé en mars 2020 face à la pandémie, doté d'une flexibilité inédite entre pays. Ses réinvestissements ont cessé fin 2024, et son extinction passive nourrit le resserrement quantitatif européen.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "atlas": null
    },
    {
      "slug": "reserves-obligatoires",
      "url": "https://l0g.fr/glossaire/reserves-obligatoires/",
      "sigle": "Réserves obligatoires",
      "name": "Minimum reserve requirements",
      "definition": "Montant moyen que les banques de la zone euro doivent conserver auprès de leur banque centrale nationale sur une période de maintenance. L'exigence correspond à 1 % de certains dépôts et engagements courts en août 2026, avec une rémunération fixée à 0 % depuis septembre 2023. À distinguer d'un ratio de capital ou de liquidité prudentiel.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "atlas": null
    },
    {
      "slug": "liquidite-excedentaire",
      "url": "https://l0g.fr/glossaire/liquidite-excedentaire/",
      "sigle": "Liquidité excédentaire",
      "name": "Excess liquidity",
      "definition": "Cash déposé par les banques auprès de l'Eurosystème au-delà des réserves obligatoires. Son abondance colle les taux courts au plancher de la facilité de dépôt ; sa décrue au fil du QT dira quand la liquidité redevient rare. Pic à 4 748 milliards d'euros fin 2022.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "atlas": null
    },
    {
      "slug": "estr",
      "url": "https://l0g.fr/glossaire/estr/",
      "sigle": "ESTR",
      "name": "€STR, euro short-term rate",
      "definition": "Taux au jour le jour de référence de la zone euro, publié par la BCE à partir des transactions réelles du marché monétaire. Pendant européen du SOFR américain, il se colle à la facilité de dépôt tant que la liquidité excédentaire reste abondante.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "atlas": null
    },
    {
      "slug": "effets-de-second-tour",
      "url": "https://l0g.fr/glossaire/effets-de-second-tour/",
      "sigle": "Effets de second tour",
      "name": "Second-round effects",
      "definition": "Contagion d'un choc de prix initial, typiquement l'énergie, aux salaires et aux prix intérieurs, transformant une poussée temporaire en inflation durable. Prévenir ces effets est l'argument classique des banques centrales pour resserrer face à un choc d'offre importé : celui de Trichet en 2011 comme celui de la BCE en 2026.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "smp",
      "url": "https://l0g.fr/glossaire/smp/",
      "sigle": "SMP",
      "name": "Securities Markets Programme",
      "definition": "Programme d'achats de dette souveraine lancé par la BCE en 2010 et réactivé en urgence à l'été 2011 face à l'envolée des spreads italien et espagnol. Ancêtre de l'OMT puis du TPI : stérilisé, discrétionnaire et sans conditionnalité claire, il a montré les limites d'un filet improvisé.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ngeu",
      "url": "https://l0g.fr/glossaire/ngeu/",
      "sigle": "NGEU",
      "name": "NextGenerationEU",
      "definition": "Plan de relance post-pandémie financé par un emprunt commun de l'UE pouvant atteindre 806,9 milliards d'euros en prix courants. Premier saut d'échelle de la dette commune européenne, remboursable de 2028 à 2058 par le budget de l'Union, sans apparaître dans la dette d'aucun État membre.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-la-dette-souveraine-europeenne/",
      "atlas": null
    },
    {
      "slug": "safe",
      "url": "https://l0g.fr/glossaire/safe/",
      "sigle": "SAFE",
      "name": "Security Action for Europe",
      "definition": "Instrument européen de 150 milliards d'euros de prêts défense adopté en mai 2025 : la Commission emprunte sur les marchés et re-prête aux États pour des achats d'armement conjoints. Premiers engagements début 2026, la Pologne en tête des allocations.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "siu",
      "url": "https://l0g.fr/glossaire/siu/",
      "sigle": "SIU",
      "name": "Savings and Investments Union",
      "definition": "Union de l'épargne et de l'investissement, stratégie présentée par la Commission le 19 mars 2025. Successeur rebaptisé de l'union des marchés de capitaux (UMC, 2015-2025), elle vise à orienter les quelque 10 000 milliards d'euros de dépôts des ménages vers le financement de la défense, de la transition et des entreprises, via titrisation, comptes d'épargne-investissement, réforme des retraites et supervision plus intégrée.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "umc",
      "url": "https://l0g.fr/glossaire/umc/",
      "sigle": "UMC",
      "name": "Union des marchés de capitaux",
      "definition": "Chantier lancé en 2015 pour bâtir un marché unique du capital dans l'UE et réduire la dépendance au crédit bancaire. Deux plans d'action (2015, 2020) plus tard, la fragmentation nationale a résisté ; le projet a été relancé et rebaptisé Savings and Investments Union en 2025. Voir SIU.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ressources-propres",
      "url": "https://l0g.fr/glossaire/ressources-propres/",
      "sigle": "Ressources propres",
      "name": "Own resources",
      "definition": "Recettes du budget européen : droits de douane, quote-part de TVA et surtout contributions nationales assises sur le revenu national brut. Les « nouvelles ressources propres » censées rembourser NGEU (carbone aux frontières, ETS, contribution des entreprises) exigent l'unanimité et n'ont toujours pas été adoptées.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cfp",
      "url": "https://l0g.fr/glossaire/cfp/",
      "sigle": "CFP",
      "name": "Cadre financier pluriannuel (MFF)",
      "definition": "Budget de long terme de l'UE, négocié pour sept ans à l'unanimité. La proposition 2028-2034 avoisine 2 000 milliards d'euros courants, dont 168 milliards réservés au remboursement de la dette NGEU : le premier cadre à porter la facture de l'emprunt commun.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "headroom",
      "url": "https://l0g.fr/glossaire/headroom/",
      "sigle": "Headroom",
      "name": "Marge de manœuvre budgétaire",
      "definition": "Écart entre le plafond de ressources que les États membres se sont engagés à fournir à l'UE si nécessaire et les dépenses effectives du budget. Cette marge sert de garantie aux emprunts de l'Union, dont le prêt de 90 milliards d'euros à l'Ukraine : un engagement conditionnel, hors du bilan de chaque État.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ratio-combine",
      "url": "https://l0g.fr/glossaire/ratio-combine/",
      "sigle": "Ratio combiné",
      "name": "Rentabilité technique de l’assurance",
      "definition": "Rapport des charges de sinistres et des frais aux primes, exprimé en pourcentage. En dessous de 100 %, l’activité dégage un excédent technique ; au-dessus, les charges dépassent les primes. Il exclut le résultat financier et ne mesure pas la solvabilité. Toute comparaison doit préciser la période, la branche et le traitement de la réassurance.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/assurance-resiliation-sinistre-non-responsable-selection-risques/",
      "atlas": {
        "intuition": "Comparer le coût des sinistres et de la gestion aux primes permet de lire la rentabilité de la couverture avant les placements.",
        "formula": "Ratio combiné = (charges de sinistres + frais) / primes × 100",
        "whyNow": null,
        "related": [
          "reassurance"
        ],
        "articles": [
          {
            "label": "Assurance auto : le tri des clients",
            "href": "https://l0g.fr/posts/assurance-resiliation-sinistre-non-responsable-selection-risques/",
            "detail": "Coûts, réassurance et sélection des assurés en France.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "ACPR, situation des assureurs fin 2025",
            "href": "https://acpr.banque-france.fr/system/files/2026-06/20260630_AS181_assureurs_S2_2025.pdf",
            "detail": "Page 22 : définition du ratio combiné ; page 12 : périmètre net de réassurance.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "cat-nat",
      "url": "https://l0g.fr/glossaire/cat-nat/",
      "sigle": "Cat Nat",
      "name": "Régime d’indemnisation des catastrophes naturelles",
      "definition": "Régime légal français qui étend les contrats de dommages aux biens à certains effets d'une catastrophe naturelle reconnue par arrêté. Son financement repose sur une surprime nationale. Les assureurs peuvent céder une partie du risque à CCR, dont la couverture bénéficie de la garantie de l'État.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/climat-etat-reassureur-cat-nat/",
      "atlas": null
    },
    {
      "slug": "reassurance",
      "url": "https://l0g.fr/glossaire/reassurance/",
      "sigle": "Réassurance",
      "name": "Assurance de l’assureur",
      "definition": "Contrat par lequel un assureur transfère tout ou partie de risques à un réassureur contre une prime. Les garanties et limites déterminent les pertes prises en charge. L’assureur initial conserve ses obligations envers ses assurés, y compris si le réassureur ne paie pas.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/climat-etat-reassureur-cat-nat/",
      "atlas": {
        "intuition": "L’assureur partage une partie des pertes avec un réassureur, tout en conservant ses obligations envers ses assurés.",
        "formula": null,
        "whyNow": null,
        "related": [
          "ratio-combine"
        ],
        "articles": [
          {
            "label": "Aon et Blackstone : qui fixe le prix du risque ?",
            "href": "https://l0g.fr/posts/aon-blackstone-cortina-prix-risque-reassurance/",
            "detail": "Participation aux traités, remises, cumul des pertes et continuité des capacités.",
            "kind": "article"
          },
          {
            "label": "Quand le climat transforme l’État en réassureur",
            "href": "https://l0g.fr/posts/climat-etat-reassureur-cat-nat/",
            "detail": "Le cadre distinct du régime français Cat Nat et de sa garantie publique.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "NAIC : Reinsurance",
            "href": "https://content.naic.org/insurance-topics/reinsurance",
            "detail": "Définition, transfert des risques et cadre contractuel de la réassurance.",
            "kind": "source"
          },
          {
            "label": "AXIS Syndicate 1686, comptes 2025",
            "href": "https://assets.lloyds.com/media-651c0e64-c1d0-4f97-90f7-883c69fe2ef2/6b43f9f4-37b2-45b8-9ab1-87515c4b67d6/1686_Accounts_2025Q4_20260220_150810.html",
            "detail": "Note 21 : responsabilité conservée lorsque les réassureurs ne paient pas.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "ipch",
      "url": "https://l0g.fr/glossaire/ipch/",
      "sigle": "IPCH",
      "name": "Indice des prix à la consommation harmonisé",
      "definition": "Mesure d'inflation harmonisée entre États membres de l'UE (HICP en anglais), calculée selon une méthodologie commune par Eurostat. C'est l'indice que la BCE cible pour sa stabilité des prix à 2 %.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "rtgs",
      "url": "https://l0g.fr/glossaire/rtgs/",
      "sigle": "RTGS",
      "name": "Real-time gross settlement",
      "definition": "Système de règlement brut en temps réel : chaque virement de gros montant est réglé individuellement et immédiatement en monnaie de banque centrale, sans compensation nette. Colonne vertébrale des paiements interbancaires (TARGET en zone euro, BOK-Wire+ en Corée).",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-bilan-bce-target2/",
      "atlas": null
    },
    {
      "slug": "unicite-de-la-monnaie",
      "url": "https://l0g.fr/glossaire/unicite-de-la-monnaie/",
      "sigle": "Unicité de la monnaie",
      "name": "Singleness of money",
      "definition": "Principe selon lequel toutes les formes de monnaie s'échangent au pair : un euro en dépôt bancaire vaut un euro en billet ou en monnaie de banque centrale, quel que soit son support. Ancrée par la monnaie de banque centrale, sa préservation est l'enjeu central de la tokenisation des dépôts.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "boj",
      "url": "https://l0g.fr/glossaire/boj/",
      "sigle": "BoJ",
      "name": "Bank of Japan",
      "definition": "Banque centrale du Japon. Fixe la politique monétaire japonaise, pilote les achats ou ventes d'actifs et peut agir comme agent opérationnel lors d'interventions de change décidées par le ministère des Finances.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": {
        "intuition": "La BoJ fixe le prix de départ du carry en yen et influence la tolérance mondiale au financement bon marché.",
        "formula": null,
        "whyNow": "Un changement de ton de la BoJ peut transformer une position de portage rentable en risque de change et de liquidité.",
        "related": [
          "yen-carry",
          "mof",
          "cot",
          "ffr",
          "move",
          "bce"
        ],
        "articles": [
          {
            "label": "Dollar-yen : le risque de débouclage",
            "href": "https://l0g.fr/posts/dollar-yen-intervention-risque-carry-2026/",
            "detail": "USD/JPY, BoJ, intervention et liquidation du carry.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le carry trade",
            "href": "https://l0g.fr/guides/lire-le-carry-trade/",
            "detail": "Mécanique du portage, effet de levier et risque de débouclage.",
            "kind": "guide"
          },
          {
            "label": "Lire le COT de la CFTC",
            "href": "https://l0g.fr/guides/lire-cot-cftc/",
            "detail": "Positionnement futures, catégories de traders et limites.",
            "kind": "guide"
          },
          {
            "label": "Lire le dot plot et le SEP",
            "href": "https://l0g.fr/guides/lire-le-dot-plot-sep/",
            "detail": "Trajectoire de taux dollar et différentiel de rendement.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot public du Yen Carry Monitor.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des signaux.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.csv",
            "href": "https://l0g.fr/api/v1/signals/history.csv",
            "detail": "Historique tabulaire pour backtests.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff des signaux, sources et modèles.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Yen Carry Monitor",
            "href": "https://l0g.fr/methodologie/yen-carry/",
            "detail": "Positionnement, FX, volatilité et risque de débouclage.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des changements de niveau.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Mouvements récents du risque cross-asset.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Bank of Japan & Ministry of Finance Japan",
            "href": "https://l0g.fr/sources/bank-of-japan-mof/",
            "detail": "Politique monétaire japonaise, statistiques BoJ et interventions FX.",
            "kind": "source"
          },
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux dollar, Fed funds et conditions de liquidité.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "mof",
      "url": "https://l0g.fr/glossaire/mof/",
      "sigle": "MoF",
      "name": "Ministry of Finance Japan",
      "definition": "Ministère japonais des Finances. Autorité responsable de la politique de change et des décisions d'intervention sur le yen.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": {
        "intuition": "Le MoF décide des interventions de change japonaises. Il ne change pas toujours le régime, mais il peut changer le rythme du débouclage.",
        "formula": null,
        "whyNow": "Quand USD/JPY teste des zones politiquement sensibles, le risque d’intervention devient une variable de marché.",
        "related": [
          "yen-carry",
          "boj",
          "cot",
          "future",
          "open-interest"
        ],
        "articles": [
          {
            "label": "Dollar-yen : le risque de débouclage",
            "href": "https://l0g.fr/posts/dollar-yen-intervention-risque-carry-2026/",
            "detail": "USD/JPY, BoJ, intervention et liquidation du carry.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le carry trade",
            "href": "https://l0g.fr/guides/lire-le-carry-trade/",
            "detail": "Mécanique du portage, effet de levier et risque de débouclage.",
            "kind": "guide"
          },
          {
            "label": "Lire le COT de la CFTC",
            "href": "https://l0g.fr/guides/lire-cot-cftc/",
            "detail": "Positionnement futures, catégories de traders et limites.",
            "kind": "guide"
          },
          {
            "label": "Lire le dot plot et le SEP",
            "href": "https://l0g.fr/guides/lire-le-dot-plot-sep/",
            "detail": "Trajectoire de taux dollar et différentiel de rendement.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot public du Yen Carry Monitor.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des signaux.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.csv",
            "href": "https://l0g.fr/api/v1/signals/history.csv",
            "detail": "Historique tabulaire pour backtests.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff des signaux, sources et modèles.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Yen Carry Monitor",
            "href": "https://l0g.fr/methodologie/yen-carry/",
            "detail": "Positionnement, FX, volatilité et risque de débouclage.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des changements de niveau.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Mouvements récents du risque cross-asset.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Bank of Japan & Ministry of Finance Japan",
            "href": "https://l0g.fr/sources/bank-of-japan-mof/",
            "detail": "Politique monétaire japonaise, statistiques BoJ et interventions FX.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "intervention-de-change",
      "url": "https://l0g.fr/glossaire/intervention-de-change/",
      "sigle": "Intervention de change",
      "name": "FX intervention",
      "definition": "Achat ou vente de devises par une autorité publique pour peser sur le cours de sa monnaie. Au Japon, la décision revient au ministère des Finances, la BoJ exécute. Efficace pour casser une dynamique spéculative à court terme, rarement pour inverser une tendance portée par un écart de taux d'intérêt. Une intervention coordonnée entre plusieurs banques centrales a bien plus de poids qu'une action unilatérale.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-dollar-dxy-cross-currency-basis/",
      "atlas": null
    },
    {
      "slug": "jgb",
      "url": "https://l0g.fr/glossaire/jgb/",
      "sigle": "JGB",
      "name": "Japanese Government Bond",
      "definition": "Obligation d'État japonaise. Rapporté au PIB, le stock de dette souveraine le plus lourd du monde développé. Longtemps maintenu à des rendements proches de zéro par la BoJ, encore premier détenteur avec une part tout juste repassée sous les 50 % du marché début 2026. La remontée de ses taux longs rogne l'avantage du yen carry et peut rapatrier l'épargne japonaise placée à l'étranger.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ycc",
      "url": "https://l0g.fr/glossaire/ycc/",
      "sigle": "YCC",
      "name": "Yield Curve Control",
      "definition": "Politique dans laquelle une banque centrale annonce une cible ou une bande de rendement sur une maturité et achète la quantité de titres nécessaire pour la défendre. À distinguer du QE, qui fixe plutôt un montant d'achats. La BoJ l'a appliquée au JGB à dix ans de 2016 à mars 2024 ; la Fed n'en applique pas en août 2026.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/defaut-souverain-qui-paie-vraiment/",
      "atlas": null
    },
    {
      "slug": "gpif",
      "url": "https://l0g.fr/glossaire/gpif/",
      "sigle": "GPIF",
      "name": "Government Pension Investment Fund",
      "definition": "Fonds public de pension japonais, l'un des plus gros investisseurs institutionnels du monde avec environ 293 000 milliards de yens d'actifs fin 2025, répartis à parts proches entre actions et obligations, domestiques et étrangères. Son allocation fait de lui un acheteur marginal capable de peser sur le marché des JGB ; toute incitation publique à charger de l'actif domestique relève de la répression financière.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "honebuto",
      "url": "https://l0g.fr/glossaire/honebuto/",
      "sigle": "Honebuto",
      "name": "Grandes lignes de la politique économique et budgétaire",
      "definition": "Littéralement « gros os » (骨太), nom usuel des orientations annuelles fixées par le cabinet japonais, qui cadrent budget et priorités économiques. L'édition 2026 a déclenché un « choc Honebuto » en abandonnant les cibles de consolidation et en renvoyant à la clause obligeant la BoJ à soutenir l'agenda de croissance du gouvernement, sans citer la clause d'indépendance.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "repression-financiere",
      "url": "https://l0g.fr/glossaire/repression-financiere/",
      "sigle": "Répression financière",
      "name": "Financial repression",
      "definition": "Ensemble de mesures par lesquelles un État capte l'épargne domestique à un rendement inférieur à l'inflation pour financer sa dette à bon compte : plafonds de taux, contraintes réglementaires sur les banques, assureurs et fonds de pension, incitations à détenir de la dette souveraine. Mécanisme historique de réduction du poids de la dette, alternatif au défaut ou à l'austérité.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "fmi",
      "url": "https://l0g.fr/glossaire/fmi/",
      "sigle": "FMI",
      "name": "Fonds monétaire international",
      "definition": "Institution multilatérale qui surveille le système monétaire mondial et prête aux États en difficulté de balance des paiements.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "dts-fmi",
      "url": "https://l0g.fr/glossaire/dts-fmi/",
      "sigle": "DTS (FMI)",
      "name": "Droits de tirage spéciaux",
      "definition": "Unité de compte et actif de réserve du FMI, valorisé sur un panier de cinq monnaies (dollar, euro, renminbi, yen, livre sterling), autour de 1,36 dollar mi-2026. Les prêts du Fonds et les quotes-parts sont libellés en DTS ; chaque membre reçoit des allocations proportionnelles à sa quote-part, qu'il peut convertir en devises.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "quote-part-fmi",
      "url": "https://l0g.fr/glossaire/quote-part-fmi/",
      "sigle": "Quote-part FMI",
      "name": "IMF quota",
      "definition": "Contribution de chaque membre au capital du FMI, exprimée en DTS. Elle détermine les droits de vote, les allocations de DTS et les limites d'accès aux financements : au-delà du plafond normal d'accès cumulé (600 % de quote-part), un programme relève de la procédure d'accès exceptionnel. L'encours argentin dépasse 1 300 % de sa quote-part en 2026.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "gra",
      "url": "https://l0g.fr/glossaire/gra/",
      "sigle": "GRA",
      "name": "General Resources Account",
      "definition": "Compte des ressources générales : le guichet non concessionnel du FMI, qui porte les stand-by et les accords élargis (EFF), par opposition aux fiducies concessionnelles comme le PRGT. C'est sur cet encours que se mesure la concentration du portefeuille : l'Argentine en représente près de la moitié mi-2026.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "surcommissions-fmi",
      "url": "https://l0g.fr/glossaire/surcommissions-fmi/",
      "sigle": "Surcommissions FMI",
      "name": "IMF surcharges",
      "definition": "Commissions additionnelles facturées par le FMI sur les encours élevés (au-delà d'un seuil en pourcentage de quote-part) ou anciens, en plus du taux de charge de base. Réformées à la baisse fin 2024, elles restent une source majeure de revenus du Fonds, et l'Argentine en est le premier contributeur.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "bis",
      "url": "https://l0g.fr/glossaire/bis/",
      "sigle": "BIS",
      "name": "Bank for International Settlements",
      "definition": "Banque des règlements internationaux, à Bâle. La « banque centrale des banques centrales », référence pour les statistiques bancaires et de dette mondiales.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "adb",
      "url": "https://l0g.fr/glossaire/adb/",
      "sigle": "ADB",
      "name": "Asian Development Bank",
      "definition": "Banque asiatique de développement, à Manille. Référence pour les prévisions de croissance et d'inflation de la région Asie-Pacifique.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "oat",
      "url": "https://l0g.fr/glossaire/oat/",
      "sigle": "OAT",
      "name": "Obligation assimilable du Trésor",
      "definition": "Titre de dette émis par l'État français à moyen et long terme. Son taux sert de référence au coût d'emprunt de la France.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-la-dette-souveraine-europeenne/",
      "atlas": null
    },
    {
      "slug": "oati",
      "url": "https://l0g.fr/glossaire/oati/",
      "sigle": "OATi",
      "name": "OAT indexée sur l’inflation française",
      "definition": "Obligation de l'État français dont le principal est revalorisé selon l'indice français des prix à la consommation hors tabac. Le coupon s'applique à ce principal indexé. À distinguer de l'OAT€i, liée à l'inflation harmonisée de la zone euro hors tabac.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/ce-que-votre-livret-a-finance-vraiment/",
      "atlas": null
    },
    {
      "slug": "livret-a",
      "url": "https://l0g.fr/glossaire/livret-a/",
      "sigle": "Livret A",
      "name": "Livret d’épargne réglementé",
      "definition": "Dépôt bancaire liquide, défiscalisé et garanti par l'État, dont le taux et le plafond sont réglementés. Une partie de la collecte est centralisée au Fonds d'épargne ; le solde reste dans les banques sous obligations d'emploi. Le titulaire ne possède pas directement les prêts ou les obligations financés.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/ce-que-votre-livret-a-finance-vraiment/",
      "atlas": null
    },
    {
      "slug": "fonds-d-epargne",
      "url": "https://l0g.fr/glossaire/fonds-d-epargne/",
      "sigle": "Fonds d’épargne",
      "name": "Fonds d’épargne de la Caisse des Dépôts",
      "definition": "Bilan géré par la Caisse des Dépôts qui reçoit une partie du Livret A, du LDDS et du LEP. Il transforme ces dépôts en prêts de long terme et conserve un portefeuille financier destiné au rendement, à la couverture des risques et à la liquidité.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/ce-que-votre-livret-a-finance-vraiment/",
      "atlas": null
    },
    {
      "slug": "centralisation",
      "url": "https://l0g.fr/glossaire/centralisation/",
      "sigle": "Centralisation",
      "name": "Centralisation de l’épargne réglementée",
      "definition": "Transfert d'une fraction des dépôts Livret A, LDDS et LEP collectés par les banques vers le Fonds d'épargne. Le taux diffère selon les produits et peut être ajusté par des règles destinées à préserver la couverture des prêts et la liquidité du système.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/ce-que-votre-livret-a-finance-vraiment/",
      "atlas": null
    },
    {
      "slug": "gilt",
      "url": "https://l0g.fr/glossaire/gilt/",
      "sigle": "Gilt",
      "name": "Obligation souveraine britannique",
      "definition": "Titre de dette émis par le Trésor britannique. Marché central pour le financement du Royaume-Uni, les fonds de pension, les assureurs et les stratégies de taux financées en repo.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-la-dette-souveraine-europeenne/",
      "atlas": null
    },
    {
      "slug": "bund",
      "url": "https://l0g.fr/glossaire/bund/",
      "sigle": "Bund",
      "name": "Obligation fédérale allemande",
      "definition": "Titre de dette de l'État fédéral allemand, référence de la zone euro : son rendement sert de taux sans risque de fait, et tous les spreads souverains européens se mesurent contre lui. La réforme du frein à la dette de 2025 a fortement gonflé son offre.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-la-dette-souveraine-europeenne/",
      "atlas": null
    },
    {
      "slug": "btp",
      "url": "https://l0g.fr/glossaire/btp/",
      "sigle": "BTP",
      "name": "Buono del Tesoro Poliennale",
      "definition": "Obligation à moyen et long terme de l'État italien. Deuxième plus gros stock de dette négociable de la zone euro, longtemps symbole du risque périphérique ; son spread contre le Bund est retombé à un plus-bas de quinze ans en 2026.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-la-dette-souveraine-europeenne/",
      "atlas": null
    },
    {
      "slug": "tpi",
      "url": "https://l0g.fr/glossaire/tpi/",
      "sigle": "TPI",
      "name": "Instrument de protection de la transmission",
      "definition": "Instrument de la BCE annoncé en juillet 2022 pour acheter des titres sur le marché secondaire face à des tensions injustifiées qui menacent la transmission monétaire. Le Conseil des gouverneurs apprécie notamment les politiques budgétaires et la soutenabilité de la dette. Une procédure de déficit excessif n’exclut pas à elle seule un pays qui prend les mesures correctrices effectives requises. L’activation reste discrétionnaire.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-la-dette-souveraine-europeenne/",
      "atlas": {
        "intuition": "Un soutien monétaire potentiel dépend de critères économiques et budgétaires ainsi que de la décision du Conseil des gouverneurs.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "LFI, RN : dette, fiscalité et risques de marché",
            "href": "https://l0g.fr/posts/lfi-rn-risque-politique-marches-dette-fiscalite/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BCE, Transmission Protection Instrument, 21 juillet 2022",
            "href": "https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220721~973e6e7273.en.html",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "risque-de-redenomination",
      "url": "https://l0g.fr/glossaire/risque-de-redenomination/",
      "sigle": "Risque de redénomination",
      "name": "Redenomination risk",
      "definition": "Risque qu'un État quitte la zone euro et rembourse sa dette dans une nouvelle monnaie dévaluée. À distinguer de la prime de risque budgétaire ordinaire : il se signale par un découplage brutal des spreads et une fuite vers le Bund, pas par une hausse coordonnée des taux européens.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-la-dette-souveraine-europeenne/",
      "atlas": null
    },
    {
      "slug": "frein-a-la-dette",
      "url": "https://l0g.fr/glossaire/frein-a-la-dette/",
      "sigle": "Frein à la dette",
      "name": "Schuldenbremse",
      "definition": "Règle constitutionnelle allemande limitant le déficit structurel fédéral à 0,35 % du PIB. Réformée le 21 mars 2025 pour exempter les dépenses de défense au-delà de 1 % du PIB et loger 500 milliards d'euros d'infrastructures dans un fonds spécial, ouvrant une ère d'émission massive de Bund.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-la-dette-souveraine-europeenne/",
      "atlas": null
    },
    {
      "slug": "insee",
      "url": "https://l0g.fr/glossaire/insee/",
      "sigle": "INSEE",
      "name": "Institut national de la statistique et des études économiques",
      "definition": "Producteur officiel des statistiques économiques et démographiques françaises (inflation, croissance, emploi).",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "eia",
      "url": "https://l0g.fr/glossaire/eia/",
      "sigle": "EIA",
      "name": "Energy Information Administration",
      "definition": "Agence statistique du département américain de l'Énergie. Référence pour les données pétrole, gaz et énergie.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "iea",
      "url": "https://l0g.fr/glossaire/iea/",
      "sigle": "IEA",
      "name": "International Energy Agency",
      "definition": "Agence internationale de l'énergie, basée à Paris. Analyses et projections sur les marchés énergétiques mondiaux. Coordonne les libérations de stocks d'urgence de ses membres, comme les 400 millions de barils de mars 2026, la plus grande de son histoire.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "regle-des-90-jours",
      "url": "https://l0g.fr/glossaire/regle-des-90-jours/",
      "sigle": "Règle des 90 jours",
      "name": "Obligation de stocks IEA",
      "definition": "Engagement de chaque pays membre de l'Agence internationale de l'énergie de détenir des stocks pétroliers d'urgence équivalant à au moins 90 jours de ses importations nettes. Un pays exportateur net, comme les États-Unis depuis la fin des années 2010, respecte la règle même avec une réserve stratégique basse, ce qui change le sens de son coussin.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "fomc",
      "url": "https://l0g.fr/glossaire/fomc/",
      "sigle": "FOMC",
      "name": "Federal Open Market Committee",
      "definition": "Comité de politique monétaire de la Fed, qui fixe les taux directeurs. Se réunit huit fois par an, dont quatre réunions accompagnées de projections.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-dot-plot-sep/",
      "atlas": null
    },
    {
      "slug": "sep",
      "url": "https://l0g.fr/glossaire/sep/",
      "sigle": "SEP",
      "name": "Summary of Economic Projections",
      "definition": "Projections trimestrielles des membres du FOMC (croissance, chômage, inflation, taux), publiées en mars, juin, septembre et décembre. Inclut le fameux dot plot, le nuage de points où chaque membre situe le taux qu'il juge approprié.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-dot-plot-sep/",
      "atlas": null
    },
    {
      "slug": "dot-plot",
      "url": "https://l0g.fr/glossaire/dot-plot/",
      "sigle": "Dot plot",
      "name": "Nuage de points",
      "definition": "Graphique du SEP où chaque point situe le taux directeur qu'un participant du FOMC juge approprié pour chaque fin d'année et à long terme. Avis individuels, anonymes et non engageants : ni un plan, ni une prévision du résultat le plus probable.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-dot-plot-sep/",
      "atlas": null
    },
    {
      "slug": "r",
      "url": "https://l0g.fr/glossaire/r/",
      "sigle": "r*",
      "name": "Taux neutre",
      "definition": "Taux directeur ni accommodant ni restrictif, vers lequel la politique convergerait à long terme sous une économie à l'équilibre. Approché par le point de long terme du dot plot ; comparé au taux courant, il mesure le caractère restrictif de la politique.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-dot-plot-sep/",
      "atlas": null
    },
    {
      "slug": "tendance-centrale",
      "url": "https://l0g.fr/glossaire/tendance-centrale/",
      "sigle": "Tendance centrale",
      "name": "Central tendency",
      "definition": "Lecture intermédiaire du SEP entre la médiane et la fourchette : elle exclut les trois projections les plus hautes et les trois plus basses. Mesure la dispersion des avis au sein du FOMC, donc le degré d'accord du comité.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-dot-plot-sep/",
      "atlas": null
    },
    {
      "slug": "ffr",
      "url": "https://l0g.fr/glossaire/ffr/",
      "sigle": "FFR",
      "name": "Federal Funds Rate",
      "definition": "Taux directeur de la Fed : fourchette cible pour le taux au jour le jour entre banques. Principal levier de la politique monétaire américaine.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "nfp",
      "url": "https://l0g.fr/glossaire/nfp/",
      "sigle": "NFP",
      "name": "Nonfarm Payrolls",
      "definition": "Emplois salariés non agricoles créés ou détruits sur le mois aux États-Unis, issus de l'enquête entreprises du BLS. La donnée macro la plus suivie des marchés, mais assortie d'un intervalle de confiance large (environ plus ou moins 122 000) et de fortes révisions.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-rapport-emploi-nfp/",
      "atlas": null
    },
    {
      "slug": "u6",
      "url": "https://l0g.fr/glossaire/u6/",
      "sigle": "U6",
      "name": "Sous-emploi large",
      "definition": "Mesure large du chômage du BLS : ajoute au taux officiel (U3) les travailleurs découragés et ceux contraints au temps partiel. L'écart entre U6 et U3 dit la qualité du marché du travail, pas seulement son volume.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-rapport-emploi-nfp/",
      "atlas": null
    },
    {
      "slug": "taux-de-participation",
      "url": "https://l0g.fr/glossaire/taux-de-participation/",
      "sigle": "Taux de participation",
      "name": "Labor force participation rate",
      "definition": "Part de la population active dans la population en âge de travailler. Un taux de chômage qui baisse parce que des personnes découragées quittent la population active n'est pas un signe de santé : le chômage se lit toujours avec la participation.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-rapport-emploi-nfp/",
      "atlas": null
    },
    {
      "slug": "modele-birth-death",
      "url": "https://l0g.fr/glossaire/modele-birth-death/",
      "sigle": "Modèle birth-death",
      "name": "Birth-death model",
      "definition": "Ajustement statistique du BLS qui estime les emplois créés ou détruits par les entreprises naissant ou disparaissant sans figurer encore dans l'échantillon de l'enquête entreprises.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-rapport-emploi-nfp/",
      "atlas": null
    },
    {
      "slug": "revision-de-reference",
      "url": "https://l0g.fr/glossaire/revision-de-reference/",
      "sigle": "Révision de référence",
      "name": "Benchmark revision",
      "definition": "Recalage annuel de l'enquête entreprises du BLS sur les registres quasi exhaustifs de l'assurance chômage. Mesure approchée de l'erreur totale : la révision préliminaire de mars 2025 a retranché 911 000 emplois.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-rapport-emploi-nfp/",
      "atlas": null
    },
    {
      "slug": "jolts",
      "url": "https://l0g.fr/glossaire/jolts/",
      "sigle": "JOLTS",
      "name": "Job Openings and Labor Turnover Survey",
      "definition": "Enquête mensuelle du BLS sur les flux du marché du travail américain : postes vacants, embauches, démissions et licenciements. Complément du NFP, qui n'en donne que le solde net. Retarde d'un mois sur le rapport emploi.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-rapport-jolts/",
      "atlas": null
    },
    {
      "slug": "taux-de-demission",
      "url": "https://l0g.fr/glossaire/taux-de-demission/",
      "sigle": "Taux de démission",
      "name": "Quits rate",
      "definition": "Démissions volontaires rapportées à l'emploi total, dans le JOLTS. Baromètre de la confiance des salariés : on ne quitte son poste que si l'on est confiant d'en retrouver un meilleur. Retombé à 2,0 % en 2026, sous sa norme d'avant-pandémie.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-rapport-jolts/",
      "atlas": null
    },
    {
      "slug": "ratio-postes-vacants-chomeurs",
      "url": "https://l0g.fr/glossaire/ratio-postes-vacants-chomeurs/",
      "sigle": "Ratio postes vacants / chômeurs",
      "name": "Vacancy-to-unemployed ratio",
      "definition": "Nombre de postes vacants divisé par le nombre de chômeurs. Jauge de tension du marché du travail privilégiée par la Fed : près de 2,0 lors de la surchauffe de 2022, retombé autour de 0,95 en 2026, sous sa norme d'avant-pandémie (~1,2).",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-rapport-jolts/",
      "atlas": null
    },
    {
      "slug": "courbe-de-beveridge",
      "url": "https://l0g.fr/glossaire/courbe-de-beveridge/",
      "sigle": "Courbe de Beveridge",
      "name": "Beveridge curve",
      "definition": "Relation inverse entre le taux de postes vacants et le taux de chômage. Sa lecture dit si l'économie évacue une surchauffe sans casse (glissement le long de la courbe) ou approche du point où tout refroidissement supplémentaire détruit des emplois plutôt que des postes vacants.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-rapport-jolts/",
      "atlas": null
    },
    {
      "slug": "qe",
      "url": "https://l0g.fr/glossaire/qe/",
      "sigle": "QE",
      "name": "Quantitative Easing",
      "definition": "Assouplissement quantitatif : achats massifs d'obligations par la banque centrale pour injecter des liquidités et peser sur les taux longs.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "h-4-1",
      "url": "https://l0g.fr/glossaire/h-4-1/",
      "sigle": "H.4.1",
      "name": "Factors Affecting Reserve Balances",
      "definition": "Relevé statistique hebdomadaire de la Réserve fédérale détaillant son bilan : titres détenus, prises en pension, prêts et lignes de swap à l'actif ; monnaie en circulation, compte du Trésor, prises en pension inverse et réserves bancaires au passif. Publié le jeudi à 16 h 30 heure de New York.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "reserves-bancaires",
      "url": "https://l0g.fr/glossaire/reserves-bancaires/",
      "sigle": "Réserves bancaires",
      "name": "Dépôts des institutions de dépôt à la Fed",
      "definition": "Dépôts que les banques détiennent à la Réserve fédérale, liquidité ultime de règlement. Dans le bilan de la Fed, elles sont un résidu : l'actif de la banque centrale moins la monnaie en circulation, le compte du Trésor et les prises en pension inverse.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "seigneuriage",
      "url": "https://l0g.fr/glossaire/seigneuriage/",
      "sigle": "Seigneuriage",
      "name": "Revenu de l’émission monétaire",
      "definition": "Revenu tiré de l’émission de monnaie. Pour les billets d’une banque centrale, il correspond au revenu des actifs détenus en contrepartie, diminué des coûts de production, de distribution et de gestion des billets. Son montant dépend des actifs et du cadre comptable ; il se distingue de la valeur faciale des billets et des gains ou pertes d’un portefeuille de QE.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/londres-sortie-qe-tresor-billets/",
      "atlas": {
        "intuition": "Les billets ne versent pas d’intérêt à leur détenteur, tandis que les actifs détenus en contrepartie procurent des revenus. Produire et gérer ces billets a aussi un coût.",
        "formula": null,
        "whyNow": null,
        "related": [
          "repo",
          "duration"
        ],
        "articles": [
          {
            "label": "Londres réécrit la sortie du QE",
            "href": "https://l0g.fr/posts/londres-sortie-qe-tresor-billets/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Banque d’Angleterre : adossement des billets et seigneuriage",
            "href": "https://www.bankofengland.co.uk/bank-insights/2026/the-promise-to-pay-what-backs-banknotes",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "qt",
      "url": "https://l0g.fr/glossaire/qt/",
      "sigle": "QT",
      "name": "Quantitative Tightening",
      "definition": "Resserrement quantitatif, l'inverse du QE : la banque centrale laisse filer ou vend ses obligations, retirant des liquidités du système et tendant les taux longs.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "liquidite-nette",
      "url": "https://l0g.fr/glossaire/liquidite-nette/",
      "sigle": "Liquidité nette",
      "name": "Net liquidity",
      "definition": "Indicateur suivi par les marchés : bilan de la Réserve fédérale diminué du compte du Trésor (TGA) et des prises en pension inversées (RRP). Proxy de la liquidité disponible, utile en tendance mais trompeur aux retournements.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/liquidite-tresor-dts-tga-rrp/",
      "atlas": null
    },
    {
      "slug": "tga",
      "url": "https://l0g.fr/glossaire/tga/",
      "sigle": "TGA",
      "name": "Treasury General Account",
      "definition": "Compte courant de l'État fédéral américain à la Réserve fédérale. Quand il gonfle (émissions de dette), il draine les réserves bancaires ; quand il baisse (dépenses), il en réinjecte.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": {
        "intuition": "Le TGA déplace les réserves bancaires sans changer mécaniquement le bilan de la Fed.",
        "formula": "liquidité nette suivie par les marchés ≈ bilan Fed - TGA - RRP",
        "whyNow": "Après une phase d'émission ou de reconstitution du cash du Trésor, le TGA peut drainer les réserves au moment où le marché absorbe déjà plus de dette.",
        "related": [
          "dts",
          "rrp",
          "liquidite-nette",
          "repo",
          "prime-de-terme"
        ],
        "articles": [
          {
            "label": "Repo et collatéral",
            "href": "https://l0g.fr/posts/repo-collateral-fabrique-liquidite/",
            "detail": "Chaînes de financement qui transmettent un choc de taux.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Liquidité Trésor, TGA, RRP",
            "href": "https://l0g.fr/guides/liquidite-tresor-dts-tga-rrp/",
            "detail": "Canaux de réserves et cash du Trésor.",
            "kind": "guide"
          },
          {
            "label": "Lire le marché des Treasuries",
            "href": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
            "detail": "Courbe, adjudications, détenteurs et prime de terme.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot public des signaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des observations de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du risque et fraîcheur des sources.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames hashées pour rejouer un état point-in-time.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "Dette, cash du Trésor, DTS et adjudications.",
            "kind": "source"
          },
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux, bilan Fed, séries FRED et modèle ACM de la Fed de New York.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "rrp",
      "url": "https://l0g.fr/glossaire/rrp/",
      "sigle": "RRP",
      "name": "Reverse Repo (ON RRP)",
      "definition": "Facilité de prises en pension inversées au jour le jour de la Fed, où les fonds monétaires placent leur cash. Longtemps amortisseur de liquidité, tombée près de zéro en 2025.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "dts",
      "url": "https://l0g.fr/glossaire/dts/",
      "sigle": "DTS",
      "name": "Daily Treasury Statement",
      "definition": "Relevé quotidien du Trésor américain (Bureau of the Fiscal Service) détaillant encaissements, décaissements et solde de trésorerie. Source primaire pour suivre le TGA au jour le jour.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "rehypothecation",
      "url": "https://l0g.fr/glossaire/rehypothecation/",
      "sigle": "Réhypothécation",
      "name": "Réutilisation du collatéral",
      "definition": "Droit, pour celui qui reçoit un titre en garantie, de le redonner lui-même en garantie d'un autre engagement. Un même titre garantit alors plusieurs créances superposées, formant des chaînes de collatéral. Crée de la liquidité, mais aussi du levier caché et un risque de blocage en cascade.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "velocite-du-collateral",
      "url": "https://l0g.fr/glossaire/velocite-du-collateral/",
      "sigle": "Vélocité du collatéral",
      "name": "Velocity of collateral",
      "definition": "Rapport entre le volume total de collatéral reçu par les intermédiaires et le collatéral d'origine. Mesure de l'intensité de la réutilisation, sur le modèle de la vitesse de circulation de la monnaie. Estimée autour de 3 avant 2008, en baisse après Lehman, puis en rebond. Concept proposé par Manmohan Singh (FMI).",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "repo",
      "url": "https://l0g.fr/glossaire/repo/",
      "sigle": "Repo",
      "name": "Pension livrée (repurchase agreement)",
      "definition": "Vente d'un titre assortie d'un engagement de rachat selon les conditions convenues. Économiquement, elle fournit un financement garanti par le titre. L'échéance peut être le lendemain, plus lointaine ou ouverte ; le taux du repo et la décote de garantie sont deux paramètres distincts.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": {
        "intuition": "Le repo dit comment la dette publique se finance au jour le jour quand elle devient collatéral.",
        "formula": "cash aujourd’hui contre titre, puis rachat selon l’échéance et le prix convenus",
        "whyNow": "Le repo relie Treasuries, hedge funds, banques et fonds monétaires. Une tension de collatéral peut transformer un mouvement de taux en problème de liquidité.",
        "related": [
          "basis-trade",
          "haircut-repo",
          "srf",
          "rrp",
          "duration",
          "move"
        ],
        "articles": [
          {
            "label": "Basis trade sur Treasuries",
            "href": "https://l0g.fr/posts/basis-trade-treasuries-levier/",
            "detail": "Levier, repo et fragilité du marché obligataire.",
            "kind": "article"
          },
          {
            "label": "Repo et collatéral",
            "href": "https://l0g.fr/posts/repo-collateral-fabrique-liquidite/",
            "detail": "Chaînes de financement qui transmettent un choc de taux.",
            "kind": "article"
          },
          {
            "label": "Gilts, repo et levier",
            "href": "https://l0g.fr/posts/gilts-repo-levier-banque-angleterre/",
            "detail": "Transmission d’un choc de taux via le financement.",
            "kind": "article"
          },
          {
            "label": "Budget russe 2027 : défense, dette et banques",
            "href": "https://l0g.fr/posts/budget-russe-2027-defense-dette-banques-credit/",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché des Treasuries",
            "href": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
            "detail": "Courbe, adjudications, détenteurs et prime de terme.",
            "kind": "guide"
          },
          {
            "label": "Liquidité Trésor, TGA, RRP",
            "href": "https://l0g.fr/guides/liquidite-tresor-dts-tga-rrp/",
            "detail": "Canaux de réserves et cash du Trésor.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot public des signaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des observations de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du risque et fraîcheur des sources.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames hashées pour rejouer un état point-in-time.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux, bilan Fed, séries FRED et modèle ACM de la Fed de New York.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "Dette, cash du Trésor, DTS et adjudications.",
            "kind": "source"
          },
          {
            "label": "Bank for International Settlements",
            "href": "https://l0g.fr/sources/bis/",
            "detail": "Dette globale, banques et fragilités de marché.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "slar",
      "url": "https://l0g.fr/glossaire/slar/",
      "sigle": "SLAR",
      "name": "Short-Term Liquid Assets Ratio",
      "definition": "Ratio de liquidité construit par des chercheurs de la Réserve fédérale à partir des formulaires N-PORT : cash et équivalents, T-bills de 90 jours ou moins, repos américains de 90 jours ou moins et STIV américains, rapportés aux actifs nets d'un fonds. Outil de mesure, pas minimum réglementaire.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "stiv",
      "url": "https://l0g.fr/glossaire/stiv/",
      "sigle": "STIV",
      "name": "Short-Term Investment Vehicle",
      "definition": "Catégorie du formulaire N-PORT regroupant notamment fonds monétaires, pools de liquidité et autres véhicules de gestion de trésorerie. Un STIV place du cash à court terme, mais reste une créance ou une part de véhicule à convertir avant de disposer de cash bancaire.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "haircut-repo",
      "url": "https://l0g.fr/glossaire/haircut-repo/",
      "sigle": "Haircut repo",
      "name": "Décote de collatéral en repo",
      "definition": "Marge de sécurité appliquée à un actif donné en garantie dans une opération de repo. Un haircut faible augmente le levier possible ; un haircut qui monte force l'emprunteur à apporter du cash ou à réduire sa position.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "t-bill",
      "url": "https://l0g.fr/glossaire/t-bill/",
      "sigle": "T-bill",
      "name": "Treasury bill (bon du Trésor court)",
      "definition": "Titre de dette de l'État américain à échéance d'un an ou moins, émis à escompte et sans coupon. Réputé sans risque et très liquide, c'est l'actif de réserve central des stablecoins de paiement sous le GENIUS Act.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/qui-applique-le-genius-act/",
      "atlas": null
    },
    {
      "slug": "2a-7",
      "url": "https://l0g.fr/glossaire/2a-7/",
      "sigle": "2a-7",
      "name": "Rule 2a-7",
      "definition": "Règle de la SEC qui encadre les fonds monétaires américains : qualité de crédit élevée, maturité moyenne pondérée plafonnée à 60 jours, coussins d'actifs liquides (au moins 25 % à un jour et 50 % à une semaine depuis 2023) et diversification. C'est elle qui permet à un fonds de viser une valeur liquidative stable à 1 dollar.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-les-fonds-monetaires/",
      "atlas": null
    },
    {
      "slug": "fonds-prime",
      "url": "https://l0g.fr/glossaire/fonds-prime/",
      "sigle": "Fonds prime",
      "name": "Prime money market fund",
      "definition": "Fonds monétaire qui investit aussi en dette privée courte, billets de trésorerie et certificats de dépôt, en plus de la dette d'État. Plus rémunérateur qu'un fonds gouvernemental, mais plus risqué : ce sont les fonds prime qui ont rompu le pair en 2008 et subi les ruées de mars 2020.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-les-fonds-monetaires/",
      "atlas": null
    },
    {
      "slug": "billet-de-tresorerie",
      "url": "https://l0g.fr/glossaire/billet-de-tresorerie/",
      "sigle": "Billet de trésorerie",
      "name": "Commercial paper",
      "definition": "Titre de dette à court terme émis par une entreprise ou une banque pour financer ses besoins courants. Actif de prédilection des fonds monétaires prime, mais dont le marché se gèle en cas de stress, comme après la faillite de Lehman en 2008.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-les-fonds-monetaires/",
      "atlas": null
    },
    {
      "slug": "break-the-buck",
      "url": "https://l0g.fr/glossaire/break-the-buck/",
      "sigle": "Break the buck",
      "name": "Rompre le pair",
      "definition": "Situation où la valeur liquidative d'un fonds monétaire tombe sous 1 dollar, précisément sous 0,995, révélant une perte sur ses actifs. Rare mais redoutée, elle déclenche une ruée des porteurs, chacun voulant sortir au pair avant les autres. Le Reserve Primary Fund l'a fait en 2008, à 0,97 dollar.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-les-fonds-monetaires/",
      "atlas": null
    },
    {
      "slug": "srf",
      "url": "https://l0g.fr/glossaire/srf/",
      "sigle": "SRF",
      "name": "Standing Repo Facility / Standing Repo Program",
      "definition": "Facilité permanente de la Fed permettant aux contreparties éligibles d'emprunter du cash contre Treasuries et MBS d'agence. Agit comme plafond sur les taux courts. Plafond agrégé supprimé et passage en allotissement intégral le 10 décembre 2025.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "iorb",
      "url": "https://l0g.fr/glossaire/iorb/",
      "sigle": "IORB",
      "name": "Interest On Reserve Balances",
      "definition": "Taux auquel la Fed rémunère les réserves que les banques détiennent chez elle. Outil central de pilotage des taux courts dans le régime de réserves abondantes : les banques n'ont guère intérêt à prêter en dessous.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "effr",
      "url": "https://l0g.fr/glossaire/effr/",
      "sigle": "EFFR",
      "name": "Effective Federal Funds Rate",
      "definition": "Taux effectif moyen des prêts en blanc au jour le jour entre banques américaines. Cible opérationnelle de la politique monétaire, encadrée par l'IORB, le RRP et le SRP.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "fonds-souverain",
      "url": "https://l0g.fr/glossaire/fonds-souverain/",
      "sigle": "Fonds souverain",
      "name": "Sovereign wealth fund (SWF)",
      "definition": "Fonds d'investissement détenu par un État, alimenté le plus souvent par des rentes de matières premières ou des excédents extérieurs. Ceux du Golfe (PIF, ADIA, QIA, KIA) gèrent entre 4 000 et 6 000 milliards de dollars et financent massivement dette et tech occidentales : leur allocation est devenue une variable macro à part entière, sensible aux besoins de résilience domestique de leurs États.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "embi",
      "url": "https://l0g.fr/glossaire/embi/",
      "sigle": "EMBI",
      "name": "Emerging Markets Bond Index",
      "definition": "Indice de référence de J.P. Morgan pour la dette souveraine émergente en dollars. Son spread contre les Treasuries mesure le risque perçu de l'ensemble de la classe d'actifs : autour de 235 points de base mi-2026, près de ses plus bas pluriannuels, un niveau qui agrège exportateurs gagnants et importateurs sous pression.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "peche-originel",
      "url": "https://l0g.fr/glossaire/peche-originel/",
      "sigle": "Péché originel",
      "name": "Original sin",
      "definition": "Incapacité historique des émergents à emprunter à l'étranger dans leur propre monnaie, les condamnant à une dette en dollars dont le service explose quand le billet vert s'apprécie. Atténué depuis vingt ans par l'essor des marchés en monnaie locale, il persiste via environ 4 300 milliards de dollars de crédit dollar aux économies émergentes recensés par la BIS.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cofer",
      "url": "https://l0g.fr/glossaire/cofer/",
      "sigle": "COFER",
      "name": "Currency Composition of Official Foreign Exchange Reserves",
      "definition": "Base trimestrielle du FMI mesurant la composition en devises des réserves de change mondiales, hors or. Le dollar y pèse encore autour de 58 pour cent en 2025, contre près de 70 pour cent en 2000. À distinguer de la part de l'or, mesurée sur les réserves totales.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "dedollarisation",
      "url": "https://l0g.fr/glossaire/dedollarisation/",
      "sigle": "Dédollarisation",
      "name": "Diversification hors du dollar",
      "definition": "Réduction progressive de la part du dollar dans les réserves, les échanges et les financements, au profit d'autres devises et de l'or. Mouvement graduel et partiel, accéléré par la crainte des sanctions depuis 2022, plus qu'un abandon brutal du billet vert.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "effet-de-valorisation",
      "url": "https://l0g.fr/glossaire/effet-de-valorisation/",
      "sigle": "Effet de valorisation",
      "name": "Valuation effect",
      "definition": "Variation de la valeur d'un portefeuille due aux mouvements de prix et de change, et non à des achats ou ventes. Piège central du COFER et des réserves : la part du dollar ou de l'or peut bouger fortement sans qu'aucune banque centrale n'ait rééquilibré. Distinguer valorisation et flux réels est la clé de lecture de la dédollarisation.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "compte-courant",
      "url": "https://l0g.fr/glossaire/compte-courant/",
      "sigle": "Compte courant",
      "name": "Current account",
      "definition": "Solde des échanges de biens et services, des revenus primaires et des transferts courants avec l’étranger. Il correspond à l’écart entre épargne nationale et investissement. Un déficit peut être financé par des engagements envers des non-résidents ou une réduction d’actifs extérieurs ; il ne décrit à lui seul ni une dette précise ni son échéance.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/deficit-commercial-americain-importations-aout-2026/",
      "atlas": {
        "intuition": "Relier les échanges au financement extérieur en gardant les périmètres distincts.",
        "formula": "Compte courant = épargne nationale − investissement",
        "whyNow": "Lire les importations en distinguant dépenses, production et financement.",
        "related": [
          "pib",
          "van"
        ],
        "articles": [
          {
            "label": "Déficit américain : suivre les importations jusqu’à l’usine",
            "href": "https://l0g.fr/posts/deficit-commercial-americain-importations-aout-2026/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "FMI : Current Account Deficits",
            "href": "https://www.imf.org/en/publications/fandd/issues/series/back-to-basics/current-account-deficits",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "position-exterieure-nette",
      "url": "https://l0g.fr/glossaire/position-exterieure-nette/",
      "sigle": "Position extérieure nette",
      "name": "Net international investment position (NIIP)",
      "definition": "Différence entre les actifs financiers détenus à l'étranger par les résidents d'un pays et les actifs de ce pays détenus par l'étranger. Négative de plus de 21 000 milliards de dollars pour les États-Unis en 2026, elle mesure l'endettement net d'une économie vis-à-vis du monde.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "privilege-exorbitant",
      "url": "https://l0g.fr/glossaire/privilege-exorbitant/",
      "sigle": "Privilège exorbitant",
      "name": "Exorbitant privilege",
      "definition": "Capacité des États-Unis à s'endetter dans leur propre monnaie et à gagner davantage sur leurs actifs étrangers qu'ils ne paient sur leur dette, grâce au statut de réserve du dollar. Avantage historique qui s'érode à mesure que la position extérieure nette se dégrade et que le service de la dette monte.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "debasement-trade",
      "url": "https://l0g.fr/glossaire/debasement-trade/",
      "sigle": "Debasement trade",
      "name": "Pari sur la dévalorisation",
      "definition": "Stratégie consistant à fuir la monnaie fiduciaire et la dette souveraine vers des actifs à offre limitée, or, argent et bitcoin, en réponse à des déficits durables et à la crainte d'une érosion de la valeur de la monnaie. À distinguer du signal structurel de diversification des réserves : le pari tactique peut se retourner brutalement quand les taux réels remontent, alors que la dédollarisation des banques centrales se poursuit à son propre rythme.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "immunite-souveraine",
      "url": "https://l0g.fr/glossaire/immunite-souveraine/",
      "sigle": "Immunité souveraine",
      "name": "Sovereign immunity",
      "definition": "Principe de droit international coutumier qui protège les biens d'un État, en particulier les réserves de sa banque centrale, contre les mesures d'exécution d'un autre État. Au cœur du débat sur les avoirs russes immobilisés : l'immobilisation est jugée compatible avec ce principe par les institutions européennes, la confiscation du principal beaucoup plus contestée.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "tic",
      "url": "https://l0g.fr/glossaire/tic/",
      "sigle": "TIC",
      "name": "Treasury International Capital",
      "definition": "Système de relevés du Trésor américain mesurant les détentions et flux transfrontaliers de titres américains. Source de référence sur les détenteurs étrangers de Treasuries, mais sur une base de conservation qui attribue les titres au pays du dépositaire, pas au détenteur final.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-les-donnees-tic/",
      "atlas": null
    },
    {
      "slug": "hs",
      "url": "https://l0g.fr/glossaire/hs/",
      "sigle": "HS",
      "name": "Système harmonisé (Harmonized System)",
      "definition": "Nomenclature internationale des marchandises administrée par l'Organisation mondiale des douanes. Ses six premiers chiffres servent de base commune aux statistiques et tarifs douaniers. Un code HS classe une marchandise, mais ne prouve ni sa qualité, ni sa composition précise, ni son usage final.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/posts/dechets-aluminium-europe-exportations-recyclage/",
      "atlas": null
    },
    {
      "slug": "mfh",
      "url": "https://l0g.fr/glossaire/mfh/",
      "sigle": "MFH",
      "name": "Major Foreign Holders",
      "definition": "Table mensuelle du TIC classant les pays par stock de Treasuries détenus. Japon, Royaume-Uni et Chine en tête fin 2025, mais gonflée par les centres de garde (Belgique, Luxembourg, Caïmans, Irlande).",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-les-donnees-tic/",
      "atlas": null
    },
    {
      "slug": "biais-de-conservation",
      "url": "https://l0g.fr/glossaire/biais-de-conservation/",
      "sigle": "Biais de conservation",
      "name": "Custodial bias",
      "definition": "Limite majeure des données TIC : un titre est attribué au pays où il est conservé, non à celui de son propriétaire réel. Gonfle les places de garde et masque les vrais détenteurs ; l'enquête annuelle de référence le corrige en partie.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-les-donnees-tic/",
      "atlas": null
    },
    {
      "slug": "eurodollar",
      "url": "https://l0g.fr/glossaire/eurodollar/",
      "sigle": "Eurodollar",
      "name": "Dollar offshore",
      "definition": "Dollar détenu ou prêté hors du système bancaire américain, sans lien avec la monnaie euro. Couche internationale du dollar, née dans les années 1950-1960, largement hors du champ direct de la Fed. Le crédit dollar aux non-banques hors US atteignait 14 300 milliards de dollars fin 2025.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cip",
      "url": "https://l0g.fr/glossaire/cip/",
      "sigle": "CIP",
      "name": "Covered Interest Parity (parité couverte des taux)",
      "definition": "Relation d'arbitrage selon laquelle emprunter une devise directement ou la fabriquer via un swap de change doit revenir au même après couverture du risque de change. Son écart résiduel est le cross-currency basis ; les contraintes de bilan et la demande structurelle de dollars peuvent empêcher l'arbitrage de le refermer.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-dollar-dxy-cross-currency-basis/",
      "atlas": null
    },
    {
      "slug": "cross-currency-basis",
      "url": "https://l0g.fr/glossaire/cross-currency-basis/",
      "sigle": "Cross-currency basis",
      "name": "Base cross-devises",
      "definition": "Écart résiduel quand la parité couverte des taux ne tient pas : prime payée pour obtenir des dollars en synthétique via un swap de change. Thermomètre du stress de financement en dollar, négatif et persistant depuis 2008, qui se creuse aux dates de bilan et en crise.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-dollar-dxy-cross-currency-basis/",
      "atlas": null
    },
    {
      "slug": "dxy",
      "url": "https://l0g.fr/glossaire/dxy/",
      "sigle": "DXY",
      "name": "U.S. Dollar Index",
      "definition": "Indice du dollar contre un panier de six devises, dominé par l'euro (près de 58 %) et sans le yuan ni le peso. Panier inchangé depuis 1999, base 1973 = 100. Thermomètre commode mais biaisé : pour le dollar contre le monde réel, l'indice large pondéré par les échanges de la Fed est plus fidèle.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-dollar-dxy-cross-currency-basis/",
      "atlas": null
    },
    {
      "slug": "ligne-de-swap",
      "url": "https://l0g.fr/glossaire/ligne-de-swap/",
      "sigle": "Ligne de swap",
      "name": "Central bank liquidity swap",
      "definition": "Accord par lequel la Fed prête des dollars à des banques centrales étrangères (BCE, BoJ, BoE…), qui les reprêtent à leurs banques. Filet de sécurité du financement dollar offshore, activé massivement en 2008 et en mars 2020. Visible à l'actif du bilan de la Fed.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-dollar-dxy-cross-currency-basis/",
      "atlas": null
    },
    {
      "slug": "swap-de-change",
      "url": "https://l0g.fr/glossaire/swap-de-change/",
      "sigle": "Swap de change",
      "name": "FX swap",
      "definition": "Échange de devises au comptant assorti de l'opération inverse à terme. Économiquement proche d'un repo, avec une devise comme collatéral, mais enregistré hors bilan. Source d'une dette dollar « manquante » estimée par la BIS à des dizaines de milliers de milliards.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "sofr",
      "url": "https://l0g.fr/glossaire/sofr/",
      "sigle": "SOFR",
      "name": "Secured Overnight Financing Rate",
      "definition": "Taux de référence des financements garantis au jour le jour aux États-Unis, adossé aux pensions sur Treasuries. Thermomètre des tensions sur le marché du financement.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "pce",
      "url": "https://l0g.fr/glossaire/pce/",
      "sigle": "PCE",
      "name": "Personal Consumption Expenditures",
      "definition": "Indice des prix des dépenses de consommation calculé par le BEA, mesure d'inflation préférée de la Fed pour sa cible de 2 %. Plus large que le CPI et chaîné (formule de Fisher), il pèse la santé environ deux fois plus et le logement deux fois moins, et court en moyenne 0,4 point en dessous du CPI.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-pce-inflation-fed/",
      "atlas": null
    },
    {
      "slug": "core-pce",
      "url": "https://l0g.fr/glossaire/core-pce/",
      "sigle": "Core PCE",
      "name": "PCE hors alimentation et énergie",
      "definition": "Indice PCE privé des postes alimentation et énergie, les plus volatils. Mesure de la tendance de fond que la Fed suit en pratique pour juger de la persistance de l'inflation, même si sa cible de 2 % porte sur le PCE total.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-pce-inflation-fed/",
      "atlas": null
    },
    {
      "slug": "trimmed-mean-pce",
      "url": "https://l0g.fr/glossaire/trimmed-mean-pce/",
      "sigle": "Trimmed mean PCE",
      "name": "Moyenne tronquée du PCE",
      "definition": "Mesure robuste calculée par la Fed de Dallas, qui écarte chaque mois les composantes aux variations les plus extrêmes, en haut comme en bas de la distribution, plutôt que de retirer toujours l'alimentation et l'énergie. Capte mieux la tendance durable qu'un poste isolé pourrait fausser.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-pce-inflation-fed/",
      "atlas": null
    },
    {
      "slug": "pce-market-based",
      "url": "https://l0g.fr/glossaire/pce-market-based/",
      "sigle": "PCE market-based",
      "name": "PCE fondé sur les prix de marché",
      "definition": "Sous-ensemble du PCE qui écarte les composantes aux prix imputés (services financiers estimés par les marges, loyers fictifs) pour ne garder que des prix réellement transactés. Lecture plus « propre » suivie par la Fed, moins sujette aux artefacts de mesure.",
      "category": "Macro & banques centrales",
      "guide": "https://l0g.fr/guides/lire-le-pce-inflation-fed/",
      "atlas": null
    },
    {
      "slug": "btfp",
      "url": "https://l0g.fr/glossaire/btfp/",
      "sigle": "BTFP",
      "name": "Bank Term Funding Program",
      "definition": "Facilité d'urgence créée par la Fed le 12 mars 2023 après la chute de SVB, prêtant à un an contre Treasuries et MBS d'agence valorisés au pair plutôt qu'à leur valeur de marché, donc en neutralisant les pertes latentes. Pic supérieur à 165 milliards de dollars ; fermée aux nouveaux prêts le 11 mars 2024, intégralement remboursée un an plus tard.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "guichet-de-l-escompte",
      "url": "https://l0g.fr/glossaire/guichet-de-l-escompte/",
      "sigle": "Guichet de l'escompte",
      "name": "Discount window",
      "definition": "Facilité permanente par laquelle la Fed prête du cash aux banques contre un large éventail de collatéral. Outil de prêteur en dernier ressort, sous-utilisé à cause d'un stigmate persistant : y recourir est perçu comme un signe de faiblesse. Au cœur du débat 2026 sur la réforme de la liquidité.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "pertes-latentes",
      "url": "https://l0g.fr/glossaire/pertes-latentes/",
      "sigle": "Pertes latentes",
      "name": "Unrealized losses",
      "definition": "Moins-values sur titres détenus (Treasuries, MBS) non encore matérialisées par une vente. Quand les taux montent, la valeur de marché des obligations baisse : ces pertes restent au bilan tant que les titres ne sont pas cédés. Leur révélation forcée a précipité la chute de SVB en 2023.",
      "category": "Macro & banques centrales",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "rsu",
      "url": "https://l0g.fr/glossaire/rsu/",
      "sigle": "RSU",
      "name": "Restricted stock unit",
      "definition": "Droit à recevoir une action après satisfaction des conditions d’acquisition prévues par le plan, par exemple une durée de service ou un objectif de performance. L’attribution d’une unité ne signifie pas que l’action est déjà détenue. Le calendrier d’acquisition, la livraison effective et les cessions ultérieures doivent être vérifiés séparément.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/trump-jr-drones-unusual-machines-draganfly-politique-industrielle/",
      "atlas": {
        "intuition": "Une rémunération promise en actions et les titres effectivement détenus correspondent à des étapes différentes.",
        "formula": null,
        "whyNow": null,
        "related": [
          "warrant",
          "remuneration-en-actions"
        ],
        "articles": [
          {
            "label": "Trump Jr., drones et politique industrielle",
            "href": "https://l0g.fr/posts/trump-jr-drones-unusual-machines-draganfly-politique-industrielle/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "SEC, glossary: Restricted Stock",
            "href": "https://www.sec.gov/resources-small-businesses/glossary",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "warrant",
      "url": "https://l0g.fr/glossaire/warrant/",
      "sigle": "Warrant",
      "name": "Bon de souscription d’action",
      "definition": "Titre donnant le droit d’obtenir une action selon un prix d’exercice, une durée et les autres conditions fixées par le contrat. L’action sous-jacente à un warrant non exercé doit être distinguée d’une action déjà détenue. L’exercice peut entraîner une émission de titres et une dilution ; enregistrer leur revente ne constate ni l’exercice du bon ni la vente effective.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/trump-jr-drones-unusual-machines-draganfly-politique-industrielle/",
      "atlas": {
        "intuition": "Le bon donne accès à une action selon ses conditions ; son enregistrement ne constate pas son exercice.",
        "formula": null,
        "whyNow": null,
        "related": [
          "rsu",
          "remuneration-en-actions"
        ],
        "articles": [
          {
            "label": "Trump Jr., drones et politique industrielle",
            "href": "https://l0g.fr/posts/trump-jr-drones-unusual-machines-draganfly-politique-industrielle/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Unusual Machines / SEC, prospectus du 5 décembre 2024",
            "href": "https://www.sec.gov/Archives/edgar/data/1956955/000168316824008527/umac_s1a1.htm",
            "detail": "Modalités des warrants et distinction entre titres enregistrés et opérations effectivement réalisées.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "rpo",
      "url": "https://l0g.fr/glossaire/rpo/",
      "sigle": "RPO",
      "name": "Obligations de performance restantes",
      "definition": "Valeur des prestations contractées avec des clients qui restent à reconnaître en chiffre d’affaires. Le périmètre et le calendrier de reconnaissance dépendent des contrats et des règles comptables. Cet indicateur ne correspond ni à une trésorerie disponible ni à un bénéfice acquis.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/quand-le-credit-commence-a-trier-l-ia/",
      "atlas": {
        "intuition": "Le contrat engage une prestation future ; l’encaissement et la reconnaissance du revenu suivent leur propre calendrier.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Quand le crédit commence à trier l’IA",
            "href": "https://l0g.fr/posts/quand-le-credit-commence-a-trier-l-ia/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Oracle, SEC, Form 10-Q au 31 août 2026, note 1",
            "href": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526389274/orcl-20260831.htm",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "rachat-d-actions",
      "url": "https://l0g.fr/glossaire/rachat-d-actions/",
      "sigle": "Rachat d’actions",
      "name": "Share buyback",
      "definition": "Opération par laquelle une entreprise rachète ses propres titres. Les achats peuvent réduire le nombre d’actions en circulation ou compenser des émissions, notamment pour des plans salariés. Le montant dépensé, le volume racheté et la variation nette des actions mesurent des effets différents. Le prix payé et les autres usages de la trésorerie comptent pour apprécier la création de valeur.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/rachats-actions-anti-dilution-microsoft-airbus/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "actions-propres",
          "remuneration-en-actions"
        ],
        "articles": [
          {
            "label": "Rachats d’actions et dilution",
            "href": "https://l0g.fr/posts/rachats-actions-anti-dilution-microsoft-airbus/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Microsoft / SEC, note 15, capitaux propres",
            "href": "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/R25.htm",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "actions-propres",
      "url": "https://l0g.fr/glossaire/actions-propres/",
      "sigle": "Actions propres",
      "name": "Treasury shares",
      "definition": "Titres de son propre capital détenus par une entreprise. Ils sont exclus du nombre d’actions en circulation pendant leur détention, sans être nécessairement annulés : ils peuvent être transférés ultérieurement. IAS 32 les porte en déduction des capitaux propres, et non comme un actif financier.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/rachats-actions-anti-dilution-microsoft-airbus/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "rachat-d-actions",
          "remuneration-en-actions"
        ],
        "articles": [
          {
            "label": "Rachats d’actions et dilution",
            "href": "https://l0g.fr/posts/rachats-actions-anti-dilution-microsoft-airbus/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "AASB 132 / IAS 32, paragraphes 33 et AG36",
            "href": "https://standards.aasb.gov.au/aasb-132-dec-2021",
            "kind": "source"
          },
          {
            "label": "Microsoft / SEC, note 2, bénéfice par action",
            "href": "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/R12.htm",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "remuneration-en-actions",
      "url": "https://l0g.fr/glossaire/remuneration-en-actions/",
      "sigle": "Rémunération en actions",
      "name": "Stock-based compensation",
      "definition": "Rémunération réglée ou fondée sur des titres de l’entreprise, dont les conditions d’acquisition des droits et d’évaluation dépendent du plan. Pour les attributions réglées en actions, la charge comptable et le décaissement éventuel de rachats sont distincts. Une charge non monétaire peut s’accompagner d’une dilution ou de trésorerie dépensée pour la compenser.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/rachats-actions-anti-dilution-microsoft-airbus/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "rachat-d-actions",
          "actions-propres"
        ],
        "articles": [
          {
            "label": "Rachats d’actions et dilution",
            "href": "https://l0g.fr/posts/rachats-actions-anti-dilution-microsoft-airbus/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Microsoft / SEC, note 17, plans salariés",
            "href": "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/R27.htm",
            "kind": "source"
          },
          {
            "label": "IFRS 2 Share-based Payment",
            "href": "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-2-share-based-payment/",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "indice-a-decrement",
      "url": "https://l0g.fr/glossaire/indice-a-decrement/",
      "sigle": "Indice à décrément",
      "name": "Decrement index",
      "definition": "Indice intégrant les dividendes réinvestis puis une déduction prédéfinie, exprimée en points ou en pourcentage selon sa méthode. Un montant fixe en points représente une proportion croissante lorsque le niveau de l’indice baisse. Dans un produit structuré, ce niveau peut déterminer les gains et la protection conditionnelle du capital. Le décrément ne constitue pas une commission directement débitée de l’épargne.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/produits-structures-indices-decrement-risque-epargne/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Indices à décrément et remboursement des produits structurés",
            "href": "https://l0g.fr/posts/produits-structures-indices-decrement-risque-epargne/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "AMF-ACPR, note explicative sur les produits structurés, juin 2026",
            "href": "https://acpr.banque-france.fr/system/files/2026-06/20260622_Note_ACPR-AMF_Produits%20structur%C3%A9s.pdf",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "dscr",
      "url": "https://l0g.fr/glossaire/dscr/",
      "sigle": "DSCR",
      "name": "Ratio de couverture du service de la dette",
      "definition": "Rapport entre la trésorerie disponible pour la dette et les intérêts et remboursements de principal exigibles sur la même période. Sous 1, ces flux ne couvrent pas les paiements dus. Le calcul exact dépend du contrat ; ce ratio ne mesure ni la valeur du collatéral ni la solvabilité à lui seul.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/crux-ai-google-blackstone-banques-puces-collateral/",
      "atlas": {
        "intuition": null,
        "formula": "DSCR = trésorerie disponible pour la dette / service de la dette sur la même période",
        "whyNow": null,
        "related": [
          "step-in-rights",
          "ltv",
          "gpu",
          "ddtl"
        ],
        "articles": [
          {
            "label": "Crux AI : les puces en garantie",
            "href": "https://l0g.fr/posts/crux-ai-google-blackstone-banques-puces-collateral/",
            "kind": "article"
          },
          {
            "label": "Quand le crédit commence à trier l’IA",
            "href": "https://l0g.fr/posts/quand-le-credit-commence-a-trier-l-ia/",
            "kind": "article"
          },
          {
            "label": "GPU à crédit : le prix de la quatrième année",
            "href": "https://l0g.fr/posts/gpu-credit-prix-quatrieme-annee/",
            "detail": "Contrats, recettes au renouvellement et scénarios pédagogiques de dette.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BERD, guide d’évaluation des PPP (hébergé par la Banque mondiale)",
            "href": "https://ppp.worldbank.org/sites/default/files/2024-07/VOLUME2-web.pdf",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "step-in-rights",
      "url": "https://l0g.fr/glossaire/step-in-rights/",
      "sigle": "Step-in rights",
      "name": "Droits de substitution des prêteurs",
      "definition": "Droits contractuels permettant aux prêteurs, sous certaines conditions, d’intervenir dans un projet en difficulté ou de faire remplacer son exploitant. Ils peuvent préserver des contrats essentiels à l’activité. Leur portée et leur opposabilité dépendent du droit applicable et des accords signés ; un nantissement de matériel ne les crée pas automatiquement.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/crux-ai-google-blackstone-banques-puces-collateral/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "dscr",
          "take-or-pay"
        ],
        "articles": [
          {
            "label": "Crux AI : les puces en garantie",
            "href": "https://l0g.fr/posts/crux-ai-google-blackstone-banques-puces-collateral/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Banque mondiale, protection des prêteurs",
            "href": "https://ppp.worldbank.org/lender-protections-and-government-support-ppps",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "risque-de-sequence",
      "url": "https://l0g.fr/glossaire/risque-de-sequence/",
      "sigle": "Risque de séquence",
      "name": "Ordre des rendements et retraits du portefeuille",
      "definition": "Risque lié au calendrier des rendements lorsqu’un portefeuille finance des retraits. Des pertes en début de décaissement peuvent imposer la vente de davantage de parts et réduire le capital qui bénéficiera d’une reprise. Deux séries ayant le même rendement composé peuvent alors financer des revenus différents. L’effet dépend de la règle de retrait et des autres ressources disponibles.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/retraite-risque-sequence-rendements/",
      "atlas": {
        "intuition": "L’ordre des rendements compte dès que des retraits changent le montant qui reste investi.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Retraite : le piège du rendement moyen",
            "href": "https://l0g.fr/posts/retraite-risque-sequence-rendements/",
            "detail": "Exemples fictifs et simulateur de décaissement.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Society of Actuaries, 2023",
            "href": "https://www.soa.org/globalassets/assets/files/resources/research-report/2023/ret-income-strat-de.pdf#page=73",
            "detail": "Section A.2 : risques de marché et de séquence.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "unite-de-compte",
      "url": "https://l0g.fr/glossaire/unite-de-compte/",
      "sigle": "Unité de compte",
      "name": "Support d’investissement d’un contrat d’assurance-vie",
      "definition": "Mode d’expression d’un engagement d’assurance dont la valeur en euros suit celle d’un support financier ou immobilier. L’assureur s’engage sur un nombre d’unités ; le risque de variation de leur valeur revient à l’assuré, sous réserve de garanties particulières du contrat. Le calendrier de paiement du rachat et la liquidité du fonds sous-jacent sont deux questions distinctes.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-assurance-vie-banques-contagion/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "scpi",
          "niveau-3-ifrs-9"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "ABE Infoservice",
            "href": "https://www.abe-infoservice.fr/fr/assurance/assurance-vie/que-faut-il-savoir-avant-de-souscrire-beneficier-dun-conseil-adapte-comprendre-et-comparer-les",
            "detail": "Engagement en unités de compte et risque de perte en capital.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "niveau-3-ifrs-9",
      "url": "https://l0g.fr/glossaire/niveau-3-ifrs-9/",
      "sigle": "Niveau 3 IFRS 9",
      "name": "Actif financier déprécié pour risque de crédit",
      "definition": "Catégorie d’actifs financiers pour lesquels une dépréciation liée au risque de crédit est constatée. La part d’un portefeuille classée en niveau 3 mesure l’encours concerné ; elle ne donne pas le montant définitivement perdu. Les provisions, les garanties et les recouvrements doivent être examinés séparément.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-assurance-vie-banques-contagion/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "cet1",
          "unite-de-compte"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "ACPR, Analyses et synthèses n°184",
            "href": "https://acpr.banque-france.fr/system/files/2026-07/20260724_AS184_financement_immobilier_commercial_2025.pdf",
            "detail": "Pages 16 et 25 : actifs de niveau 3, provisionnement et classification IFRS 9.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "levier-aifm",
      "url": "https://l0g.fr/glossaire/levier-aifm/",
      "sigle": "Levier AIFM",
      "name": "Exposition rapportée à la valeur nette du fonds",
      "definition": "Mesure de l’exposition d’un fonds d’investissement alternatif rapportée à sa valeur nette d’inventaire. Les méthodes brute et de l’engagement comportent des retraitements propres : il faut identifier la méthode et le périmètre publiés. Une baisse de la valeur nette peut augmenter le ratio sans nouvel emprunt. Un dépassement du plafond du fonds doit être distingué d’une échéance bancaire impayée.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-dette-cessions-refinancement/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "scpi",
          "rdae"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "La Française REM, LF Grand Paris Patrimoine, rapport annuel 2025",
            "href": "https://doc.la-francaise.com/documents/rapport-annuel-lf-grand-paris-patrimoine-2025",
            "detail": "Page 16 et note 1 : exposition, valeur nette et méthode brute. Définition publiée par le gestionnaire.",
            "kind": "source"
          },
          {
            "label": "LF Grand Paris Patrimoine, note d’information de juin 2026",
            "href": "https://www.moniwan.fr/documents/note-information-et-statuts-lf-grand-paris-patrimoine",
            "detail": "Section 3.2, p. 9 du PDF : limite et prise en compte des sociétés contrôlées.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "rdae",
      "url": "https://l0g.fr/glossaire/rdae/",
      "sigle": "RDAE",
      "name": "Ratio de dettes et autres engagements",
      "definition": "Indicateur professionnel des SCPI rapportant les dettes et les autres engagements payables à terme à la valeur de réalisation augmentée de ces mêmes obligations. Sa lecture demande le périmètre retenu, notamment les participations, et la date des valeurs utilisées. Il diffère d’un ratio calculé sur les coûts d’acquisition et ne constitue pas, à lui seul, un test de crédit bancaire.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-dette-cessions-refinancement/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "scpi",
          "levier-aifm"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "La Française REM, LF Grand Paris Patrimoine, rapport annuel 2025",
            "href": "https://doc.la-francaise.com/documents/rapport-annuel-lf-grand-paris-patrimoine-2025",
            "detail": "Page 16 : formule ASPIM et distinction avec la base de coût d’acquisition.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "scpi",
      "url": "https://l0g.fr/glossaire/scpi/",
      "sigle": "SCPI",
      "name": "Société civile de placement immobilier",
      "definition": "Placement collectif non coté permettant de détenir des parts d’un patrimoine immobilier locatif géré par une société de gestion. Les revenus, le capital et la possibilité de revendre rapidement ne sont pas garantis. Pour les parts détenues en direct, les conditions de sortie dépendent notamment du fonctionnement à capital variable ou du marché secondaire organisé.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-retraits-parts-attente-liquidite-registres/",
      "atlas": {
        "intuition": "Le versement de revenus et la possibilité de revendre ses parts sont deux dimensions distinctes du placement.",
        "formula": null,
        "whyNow": null,
        "related": [
          "valeur-de-realisation",
          "valeur-de-reconstitution"
        ],
        "articles": [
          {
            "label": "SCPI : le prix de la sortie",
            "href": "https://l0g.fr/posts/scpi-prix-revente-decote-marche-secondaire/",
            "detail": "Prix exécutés, frais, volumes et références patrimoniales.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "AMF, investir dans une SCPI",
            "href": "https://www.amf-france.org/fr/espace-epargnants/comprendre-les-produits-financiers/placements-collectifs/scpi-un-autre-moyen-dinvestir-dans-limmobilier",
            "detail": "Placement immobilier non coté et risque de liquidité.",
            "kind": "source"
          },
          {
            "label": "AMF, retrait et ordre de vente",
            "href": "https://www.amf-france.org/fr/le-mediateur/journal-de-bord-du-mediateur/dossiers-du-mois/scpi-contrairement-aux-ordres-de-vente-des-parts-les-demandes-de-retrait-sont-sans-duree-de-validite",
            "detail": "Détention directe, durée des demandes et suspension de la variabilité du capital.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "tof",
      "url": "https://l0g.fr/glossaire/tof/",
      "sigle": "TOF",
      "name": "Taux d’occupation financier",
      "definition": "Indicateur des SCPI rapportant les loyers facturés et certaines valeurs locatives conventionnelles au revenu locatif potentiel. Il inclut notamment les locaux sous franchise, ceux mis à disposition d’un futur locataire et certaines vacances ou restructurations prévues par la méthode ASPIM. Pondéré par les loyers, il ne mesure ni la part physique des surfaces occupées ni les sommes encaissées.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-bureaux-vacance-franchises-loyers-travaux/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "scpi",
          "franchise-de-loyer"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "ASPIM, méthode de calcul des données financières, octobre 2025",
            "href": "https://www.pierrepapier.fr/wp-content/uploads/2025/10/2025_10_Modalites-de-calcul-et-de-publication.pdf",
            "detail": "Pages 2–4, définition du TOF. Document original sur le miroir public PierrePapier.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "franchise-de-loyer",
      "url": "https://l0g.fr/glossaire/franchise-de-loyer/",
      "sigle": "Franchise de loyer",
      "name": "Période de loyer gratuit prévue au bail",
      "definition": "Concession contractuelle pendant laquelle aucun loyer n’est exigible selon les modalités du bail. Elle peut accompagner l’installation d’un locataire et retarder les recettes alors que les locaux sont déjà occupés. Elle se distingue d’un impayé et réduit le revenu moyen sur la durée du bail. Les autres charges dépendent du contrat.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-bureaux-vacance-franchises-loyers-travaux/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "tof",
          "loyer-facial"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "ImmoStat, définitions des indicateurs",
            "href": "https://www.immostat.com/infos-marches/",
            "detail": "Mesures d’accompagnement : franchises, travaux, loyers progressifs et accès anticipé.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "loyer-facial",
      "url": "https://l0g.fr/glossaire/loyer-facial/",
      "sigle": "Loyer facial",
      "name": "Loyer inscrit au contrat avant concessions",
      "definition": "Montant de loyer prévu au bail avant prise en compte des avantages négociés, comme une franchise ou une participation du bailleur aux aménagements. Le rapporter aux encaissements demande de connaître ces concessions, la durée ferme, la vacance préalable et les autres coûts. Il ne constitue pas à lui seul un revenu net immobilier.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-bureaux-vacance-franchises-loyers-travaux/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "franchise-de-loyer",
          "scpi"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "ImmoStat, définitions des indicateurs",
            "href": "https://www.immostat.com/infos-marches/",
            "detail": "Taux d’accompagnement rapporté au loyer facial cumulé de la durée ferme.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "taux-de-distribution",
      "url": "https://l0g.fr/glossaire/taux-de-distribution/",
      "sigle": "Taux de distribution",
      "name": "Indicateur de revenu des SCPI",
      "definition": "Dividende annuel brut par part, incluant les distributions exceptionnelles et la fiscalité payée pour l’associé selon la convention ASPIM, rapporté au prix de référence. À capital variable, ce prix est celui de souscription au 1er janvier de l’année ; à capital fixe, le prix acquéreur moyen pondéré de l’année précédente. Ce ratio exclut la variation du capital et ne représente pas le revenu net après toute fiscalité personnelle.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-rendement-dividendes-reserves-revenus/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "scpi",
          "report-a-nouveau"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BNP Paribas AM, taux de distribution et PGA",
            "href": "https://reim.bnpparibas-am.com/fr-fr/faq/scpi-vos-questions/indicateurs-de-performance/quappelle-t-le-taux-de-distribution-quelle",
            "detail": "Définitions professionnelles du taux de distribution et de la performance globale annuelle.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "report-a-nouveau",
      "url": "https://l0g.fr/glossaire/report-a-nouveau/",
      "sigle": "Report à nouveau",
      "name": "Résultats conservés et reportés aux exercices suivants",
      "definition": "Dans le contexte d’une SCPI, bénéfices d’exercices antérieurs conservés pour soutenir, au besoin, les distributions futures. Le report à nouveau est un poste de capitaux propres. Il faut suivre son origine et ses mouvements, y compris un éventuel prélèvement sur les primes d’émission. Son montant ne garantit pas l’existence d’une trésorerie libre équivalente.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-rendement-dividendes-reserves-revenus/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "scpi",
          "taux-de-distribution"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Praemia REIM, Primopierre, rapport annuel 2025",
            "href": "https://www.praemiareim.fr/documents/14836074/14836290/Primopierre%2BRapport%2BAnnuel%2B2025.pdf/32234cef-d9b6-60b3-9ad5-08bfa8420b37",
            "detail": "Pages 46, 72 et 77 : constitution du report à nouveau, affectation proposée et définition.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "valeur-de-realisation",
      "url": "https://l0g.fr/glossaire/valeur-de-realisation/",
      "sigle": "Valeur de réalisation",
      "name": "Actif net estimé d’une SCPI",
      "definition": "Somme de la valeur vénale estimée des immeubles et de la valeur nette des autres actifs de la SCPI, après prise en compte du passif. Elle fournit une référence patrimoniale à une date donnée. Elle ne garantit ni un prix de revente ni un délai de sortie pour les parts.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-prix-revente-decote-marche-secondaire/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "scpi",
          "valeur-de-reconstitution"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "HSBC REIM, note Élysées Pierre",
            "href": "https://www.reim.hsbc.fr/-/media/files/attachments/reim/bibliotheque-de-documents/ep-documentation-reglementaire/note-information-elysees-pierre",
            "detail": "Page 9 : définitions des valeurs de réalisation et de reconstitution.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "valeur-de-reconstitution",
      "url": "https://l0g.fr/glossaire/valeur-de-reconstitution/",
      "sigle": "Valeur de reconstitution",
      "name": "Coût théorique de reconstitution d’une SCPI",
      "definition": "Valeur de réalisation augmentée des frais nécessaires pour reconstituer le patrimoine de la SCPI, notamment les frais d’acquisition et la commission de souscription. Elle sert de référence au prix de souscription. Elle ne constitue pas un plancher pour les transactions sur les parts existantes.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/scpi-prix-revente-decote-marche-secondaire/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "scpi",
          "valeur-de-realisation"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "HSBC REIM, note Élysées Pierre",
            "href": "https://www.reim.hsbc.fr/-/media/files/attachments/reim/bibliotheque-de-documents/ep-documentation-reglementaire/note-information-elysees-pierre",
            "detail": "Page 9 : frais de reconstitution et lien avec le prix de souscription.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "lifo",
      "url": "https://l0g.fr/glossaire/lifo/",
      "sigle": "LIFO",
      "name": "Dernier entré, premier sorti",
      "definition": "Méthode de valorisation des stocks qui affecte en priorité les coûts des achats les plus récents au coût des ventes. Elle décrit un ordre comptable, sans imposer l’ordre physique des sorties d’entrepôt. L’écart avec une autre méthode de valorisation ne constitue pas une réserve de trésorerie.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/tungstene-stocks-tresorerie-kennametal/",
      "atlas": {
        "intuition": "Le coût enregistré dans le résultat et le paiement d’un stock de remplacement suivent des calendriers différents.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Kennametal, 10-K 2026",
            "href": "https://www.sec.gov/Archives/edgar/data/55242/000162828026056143/kmt-20260630.htm",
            "detail": "Notes 2 et 7 : méthodes de valorisation et rapprochement entre coût courant et stocks au bilan.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "bfr",
      "url": "https://l0g.fr/glossaire/bfr/",
      "sigle": "BFR",
      "name": "Besoin en fonds de roulement",
      "definition": "Trésorerie immobilisée par le cycle d'exploitation : stocks et créances clients, diminués des dettes fournisseurs et autres ressources d'exploitation. Une activité rentable peut manquer de liquidités si elle paie ses achats longtemps avant d'encaisser ses ventes.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/cacao-ghana-financement-tresorerie/",
      "atlas": null
    },
    {
      "slug": "arrieres-de-paiement",
      "url": "https://l0g.fr/glossaire/arrieres-de-paiement/",
      "sigle": "Arriérés de paiement",
      "name": "Obligations échues et impayées",
      "definition": "Sommes dues dont la date de paiement applicable est dépassée. Pour une commande publique, il faut distinguer la livraison, la validation de la facture, son échéance et son règlement. Une créance en attente de validation ne peut pas être assimilée automatiquement à un arriéré reconnu.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/senegal-arrieres-etat-entreprises-creancieres/",
      "atlas": {
        "intuition": "Un fournisseur a livré et la date de règlement est passée : sa trésorerie finance désormais le retard de son client.",
        "formula": null,
        "whyNow": null,
        "related": [
          "bfr",
          "affacturage"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Flynn et Pessoa, FMI, 2014",
            "href": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/tnm/2014/_tnm1403.pdf",
            "detail": "Définition des obligations échues et stratégie de règlement.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "scf",
      "url": "https://l0g.fr/glossaire/scf/",
      "sigle": "SCF",
      "name": "Supply chain finance, financement des fournisseurs",
      "definition": "Mécanisme par lequel un financeur paie un fournisseur avant l’échéance convenue avec l’acheteur, puis reçoit le paiement de cet acheteur. L’analyse porte sur l’obligation commerciale, les droits transférés et le calendrier des flux. Une avance sur une vente encore espérée ajoute le risque que cette vente ne se réalise pas.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/greensill-assurance-creances-futures-risque/",
      "atlas": {
        "intuition": "Le financeur avance l’argent au fournisseur ; l’acheteur règle ensuite une obligation commerciale identifiée.",
        "formula": null,
        "whyNow": null,
        "related": [
          "affacturage",
          "bfr"
        ],
        "articles": [
          {
            "label": "Greensill : l’argent prêté avant la facture",
            "href": "https://l0g.fr/posts/greensill-assurance-creances-futures-risque/",
            "detail": "Créances futures, assurance et disponibilité des fonds.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Banque d’Angleterre, 6 mai 2021",
            "href": "https://committees.parliament.uk/publications/5759/documents/66073/default/",
            "detail": "Page 3 : mécanisme du financement des fournisseurs et financement de Greensill.",
            "kind": "source"
          },
          {
            "label": "IASB, 25 mai 2023",
            "href": "https://www.ifrs.org/news-and-events/news/2023/05/iasb-increases-transparency-of-companies-supplier-finance/",
            "detail": "Information comptable sur les montants, échéances et risques de liquidité.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "affacturage",
      "url": "https://l0g.fr/glossaire/affacturage/",
      "sigle": "Affacturage",
      "name": "Financement et gestion de créances clients",
      "definition": "Contrat par lequel une entreprise confie ses créances clients à un établissement spécialisé, qui peut les financer et en gérer le recouvrement contre rémunération. Le montant avancé, les frais et la prise en charge du risque de non-paiement dépendent du contrat.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/senegal-arrieres-etat-entreprises-creancieres/",
      "atlas": {
        "intuition": "Mobiliser une facture avant son règlement procure une avance dont le coût et les garanties restent contractuels.",
        "formula": null,
        "whyNow": null,
        "related": [
          "bfr",
          "arrieres-de-paiement",
          "scf"
        ],
        "articles": [
          {
            "label": "Greensill : l’argent prêté avant la facture",
            "href": "https://l0g.fr/posts/greensill-assurance-creances-futures-risque/",
            "detail": "Créances futures et conditions de l’assurance.",
            "kind": "article"
          },
          {
            "label": "Radiant World : les créances contestées",
            "href": "https://l0g.fr/posts/radiant-world-factures-contestees-financement/",
            "detail": "Existence de la créance, solde encore dû et droits du financeur.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "International Trade Administration",
            "href": "https://www.trade.gov/report/trade-finance-guide",
            "detail": "Chapitre Export Factoring : achat de créances à court terme et répartition contractuelle des risques.",
            "kind": "source"
          },
          {
            "label": "BCEAO / COFEB",
            "href": "https://cofeb.bceao.int/actualite/webinaires-conjoints-bceao-afreximbank-fci-sur-le-theme-affacturage-et-financement-des",
            "detail": "Présentation institutionnelle de l’affacturage.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "trade-finance",
      "url": "https://l0g.fr/glossaire/trade-finance/",
      "sigle": "Trade finance",
      "name": "Financement du commerce international",
      "definition": "Ensemble des crédits, engagements bancaires et garanties qui permettent de financer l'intervalle entre l'achat, le transport et l'encaissement d'une marchandise. Le contrat détermine qui avance les fonds, quels documents déclenchent le paiement et quels actifs ou recettes garantissent le prêteur.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/les-banquiers-du-baril-1-financement-cargaison-petrole/",
      "atlas": null
    },
    {
      "slug": "lc",
      "url": "https://l0g.fr/glossaire/lc/",
      "sigle": "LC",
      "name": "Lettre de crédit documentaire",
      "definition": "Engagement conditionnel d'une banque à payer un vendeur si les documents prévus sont présentés conformément aux termes convenus. Son émission et le décaissement sont deux étapes distinctes ; une lettre de crédit standby sert généralement de garantie de paiement en cas de défaillance.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/les-banquiers-du-baril-1-financement-cargaison-petrole/",
      "atlas": {
        "intuition": "La banque promet un paiement sous conditions ; l’émission de la garantie et son appel sont deux étapes distinctes.",
        "formula": null,
        "whyNow": null,
        "related": [
          "spr"
        ],
        "articles": [
          {
            "label": "Réserves pétrolières : les garanties de l’acheteur",
            "href": "https://l0g.fr/posts/reserves-petrolieres-ventes-echanges-attribution/",
            "detail": "Clause de vente historique de 2019, distincte des échanges de 2026.",
            "kind": "article"
          },
          {
            "label": "Financer une cargaison de pétrole",
            "href": "https://l0g.fr/posts/les-banquiers-du-baril-1-financement-cargaison-petrole/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "DOE, clauses de vente en vigueur au 1er mars 2019, C.21",
            "href": "https://www.energy.gov/sites/default/files/2025-06/Appendix%20A%20to%20Part%20625_%20Title%2010%20%28in%20effect%20on%203-01-2019%29.pdf",
            "detail": "Lettre de crédit standby initiale de 100 % de la valeur du contrat. Ne fixe pas les conditions des échanges de 2026.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "connaissement",
      "url": "https://l0g.fr/glossaire/connaissement/",
      "sigle": "Connaissement",
      "name": "Bill of lading",
      "definition": "Document de transport émis lors du chargement. Selon sa forme et le droit applicable, il atteste la réception de la marchandise, contient ou constate le contrat de transport et permet de faire valoir des droits à la livraison. Il ne se réduit ni à un reçu ni, dans tous les cas, à un titre de propriété.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/les-banquiers-du-baril-1-financement-cargaison-petrole/",
      "atlas": null
    },
    {
      "slug": "mro",
      "url": "https://l0g.fr/glossaire/mro/",
      "sigle": "MRO",
      "name": "Maintenance, repair and overhaul",
      "definition": "Maintenance, réparation et révision : ensemble des opérations qui maintiennent ou remettent en état un avion, un moteur ou un composant. Un délai MRO comprend l’attente d’un créneau, l’accès aux pièces, l’intervention et la remise en service ; ce n’est ni un prix de location ni un indicateur de bénéfice.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/moteurs-avion-penurie-maintenance-location/",
      "atlas": null
    },
    {
      "slug": "gmv",
      "url": "https://l0g.fr/glossaire/gmv/",
      "sigle": "GMV",
      "name": "Gross Merchandise Volume",
      "definition": "Valeur totale des transactions passées par une plateforme pendant une période donnée. Le GMV mesure un flux d'achats, pas le chiffre d'affaires, le bénéfice ou l'encours de crédit restant dû. Son périmètre varie selon les entreprises : produits inclus, géographies et traitement des remboursements peuvent différer.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/golden-age-buy-now-pay-later/",
      "atlas": null
    },
    {
      "slug": "dpe",
      "url": "https://l0g.fr/glossaire/dpe/",
      "sigle": "DPE",
      "name": "Diagnostic de performance énergétique",
      "definition": "Document français qui classe un logement de A à G selon sa performance énergétique et climatique. Il informe l'acheteur ou le locataire, mais ne mesure ni sa facture réelle ni sa solvabilité. Pour le crédit, il peut éclairer les besoins de travaux, les dépenses théoriques, les règles de location et la valeur de la garantie, sans déterminer seul l'accès au prêt.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/dpe-entre-bilan-banques/",
      "atlas": null
    },
    {
      "slug": "message-d-ordre",
      "url": "https://l0g.fr/glossaire/message-d-ordre/",
      "sigle": "Message d’ordre",
      "name": "Order message",
      "definition": "Instruction électronique envoyée à une plateforme pour créer, modifier, annuler ou exécuter un ordre. Un message d'ordre n'est donc pas nécessairement une transaction : un même ordre peut produire plusieurs messages avant une éventuelle exécution.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/jpmorgan-marche-hors-radar-surveillance-ordres/",
      "atlas": null
    },
    {
      "slug": "spoofing",
      "url": "https://l0g.fr/glossaire/spoofing/",
      "sigle": "Spoofing",
      "name": "Ordre trompeur destiné à être annulé",
      "definition": "Pratique consistant à placer une offre d'achat ou de vente avec l'intention de l'annuler avant exécution afin de donner une fausse impression d'offre ou de demande. Une annulation rapide ne suffit pas à prouver un spoofing : l'intention préalable et l'ensemble de la séquence doivent être établis.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/jpmorgan-marche-hors-radar-surveillance-ordres/",
      "atlas": null
    },
    {
      "slug": "acces-sponsorise",
      "url": "https://l0g.fr/glossaire/acces-sponsorise/",
      "sigle": "Accès sponsorisé",
      "name": "Sponsored access",
      "definition": "Accès à une plateforme obtenu par un client ou un intermédiaire grâce à l'identité de marché d'un membre. L'ordre reste économiquement celui du client. Les contrôles avant transaction, la compensation et la surveillance peuvent relever d'acteurs différents selon le marché, le contrat et la règle applicable.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/jpmorgan-boite-noire-controle-marches/",
      "atlas": null
    },
    {
      "slug": "surveillance-des-marches",
      "url": "https://l0g.fr/glossaire/surveillance-des-marches/",
      "sigle": "Surveillance des marchés",
      "name": "Trade surveillance",
      "definition": "Chaîne de contrôle qui collecte les ordres, modifications, annulations et transactions, vérifie l'exhaustivité des données, recherche des comportements suspects puis soumet les alertes à une analyse humaine. Un outil d'alerte ne peut pas détecter les messages qui ne lui sont jamais transmis.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/jpmorgan-boite-noire-controle-marches/",
      "atlas": null
    },
    {
      "slug": "verrouillage-de-la-clientele",
      "url": "https://l0g.fr/glossaire/verrouillage-de-la-clientele/",
      "sigle": "Verrouillage de la clientèle",
      "name": "Customer foreclosure",
      "definition": "Risque qu'une entreprise verticalement intégrée réduise les débouchés de concurrents situés en amont en orientant les achats de son activité aval vers ses propres fournisseurs. La perte d'une commande ne suffit pas à caractériser une atteinte à la concurrence : l'analyse porte aussi sur les débouchés alternatifs, les coûts et les effets pour les clients.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/les-banquiers-du-baril-5-vitol-raffineries-terminaux-engen/",
      "atlas": null
    },
    {
      "slug": "credit-prive",
      "url": "https://l0g.fr/glossaire/credit-prive/",
      "sigle": "Crédit privé",
      "name": "Private credit",
      "definition": "Prêts accordés directement par des gérants non bancaires à des entreprises, sans cotation ni marché secondaire actif. Marché illiquide, peu réglementé et valorisé au modèle, de l'ordre de 1 300 milliards de dollars aux États-Unis.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/analyser-credit-prive/",
      "atlas": {
        "intuition": "Le crédit privé remplace un prix de marché continu par une valorisation de modèle, des fenêtres de rachat et une information souvent retardée.",
        "formula": "risque visible ≈ défauts observés + décote de NAV + rachats plafonnés + levier du fonds",
        "whyNow": "La montée des défauts, les rachats semi-liquides plafonnés et l’écart entre BDC cotées et fonds privés rendent la liquidité aussi importante que le rendement affiché.",
        "related": [
          "bdc",
          "interval-fund",
          "nav",
          "nav-loan",
          "pik",
          "pcdr",
          "pmr",
          "lme",
          "lbo",
          "ndfi",
          "nbfi",
          "form-pf"
        ],
        "articles": [
          {
            "label": "Crédit privé : un actif, deux prix",
            "href": "https://l0g.fr/posts/credit-prive-un-actif-deux-prix/",
            "detail": "Découverte de prix, BDC cotées et fonds non cotés.",
            "kind": "article"
          },
          {
            "label": "Crédit privé, défaut et gating",
            "href": "https://l0g.fr/posts/credit-prive-juin-2026-defaut-record-gating/",
            "detail": "Défauts, rachats plafonnés et vigilance des régulateurs.",
            "kind": "article"
          },
          {
            "label": "Contagion silencieuse du crédit privé",
            "href": "https://l0g.fr/posts/la-contagion-silencieuse-credit-prive/",
            "detail": "Passerelles banques, assureurs, BDC, crypto et stablecoins.",
            "kind": "article"
          },
          {
            "label": "Fonds semi-liquides et gating",
            "href": "https://l0g.fr/posts/private-credit-semi-liquide-gating-hlend-2026/",
            "detail": "Mécanique des fenêtres de rachat et risque retail.",
            "kind": "article"
          },
          {
            "label": "Zombie funds et valorisations privées",
            "href": "https://l0g.fr/posts/zombie-funds-valorisations-privees/",
            "detail": "Marks privés, sorties difficiles et illusion de stabilité.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Analyser le crédit privé",
            "href": "https://l0g.fr/guides/analyser-credit-prive/",
            "detail": "Valorisation, liquidité, levier, clauses et points de rupture.",
            "kind": "guide"
          },
          {
            "label": "Lire un 10-K",
            "href": "https://l0g.fr/guides/lire-le-10-k-sec/",
            "detail": "Risque de crédit, dette, échéances et facteurs de risque.",
            "kind": "guide"
          },
          {
            "label": "Analyser les 13F",
            "href": "https://l0g.fr/guides/analyser-13f-sec/",
            "detail": "Expositions publiques des gérants institutionnels.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar incluant le bucket private_leverage.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff des sources, signaux, modèles et articles sur 1, 7 et 30 jours.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Graphe articles, claims, références, hôtes et sources.",
            "kind": "dataset"
          },
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine avec atlas du glossaire.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Levier privé, crédit global, stress de marché et dette publique.",
            "kind": "methodology"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Mouvements récents des signaux, sources et claims.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames point-in-time hashées pour rejouer un état publié.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Filings de BDC, 10-K, 10-Q, 8-K et déclarations institutionnelles.",
            "kind": "source"
          },
          {
            "label": "Bank for International Settlements",
            "href": "https://l0g.fr/sources/bis/",
            "detail": "Crédit global, NBFI et vulnérabilités de marché.",
            "kind": "source"
          },
          {
            "label": "Financial Stability Board & OFR",
            "href": "https://l0g.fr/sources/fsb-ofr/",
            "detail": "Intermédiation non bancaire, stabilité financière et monitors.",
            "kind": "source"
          },
          {
            "label": "International Monetary Fund",
            "href": "https://l0g.fr/sources/imf/",
            "detail": "Global Financial Stability Report et stress de financement.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "bdc",
      "url": "https://l0g.fr/glossaire/bdc/",
      "sigle": "BDC",
      "name": "Business Development Company",
      "definition": "Société américaine de financement qui investit en dette et en capital dans des entreprises généralement petites ou moyennes. Une BDC peut être cotée ou non cotée. Sa liquidité, son levier et les conditions de rachat dépendent de sa structure.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/credit-prive-logiciels-ia-revenus-dette/",
      "atlas": {
        "intuition": "Une BDC cotée donne un prix de marché à son portefeuille. Une BDC non cotée peut offrir des rachats périodiques plafonnés ; les deux formes exposent l’investisseur à des conditions de sortie différentes.",
        "formula": "BDC cotée : prime ou décote = prix de marché / NAV par action - 1",
        "whyNow": "Pour lire une exposition au logiciel, il faut distinguer valeur comptable des prêts, prix de l’action et possibilités de retrait.",
        "related": [
          "credit-prive",
          "nav",
          "pik",
          "pcdr",
          "lbo",
          "ndfi"
        ],
        "articles": [
          {
            "label": "Crédit privé : la dette du logiciel face à l’IA",
            "href": "https://l0g.fr/posts/credit-prive-logiciels-ia-revenus-dette/",
            "detail": "Expositions BRI, comptes OTF et scénarios pédagogiques.",
            "kind": "article"
          },
          {
            "label": "Crédit privé : un actif, deux prix",
            "href": "https://l0g.fr/posts/credit-prive-un-actif-deux-prix/",
            "detail": "Découverte de prix, BDC cotées et fonds non cotés.",
            "kind": "article"
          },
          {
            "label": "Crédit privé, défaut et gating",
            "href": "https://l0g.fr/posts/credit-prive-juin-2026-defaut-record-gating/",
            "detail": "Défauts, rachats plafonnés et vigilance des régulateurs.",
            "kind": "article"
          },
          {
            "label": "Zombie funds et valorisations privées",
            "href": "https://l0g.fr/posts/zombie-funds-valorisations-privees/",
            "detail": "Marks privés, sorties difficiles et illusion de stabilité.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Analyser le crédit privé",
            "href": "https://l0g.fr/guides/analyser-credit-prive/",
            "detail": "Valorisation, liquidité, levier, clauses et points de rupture.",
            "kind": "guide"
          },
          {
            "label": "Lire un 10-K",
            "href": "https://l0g.fr/guides/lire-le-10-k-sec/",
            "detail": "Risque de crédit, dette, échéances et facteurs de risque.",
            "kind": "guide"
          },
          {
            "label": "Analyser les 13F",
            "href": "https://l0g.fr/guides/analyser-13f-sec/",
            "detail": "Expositions publiques des gérants institutionnels.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar incluant le bucket private_leverage.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff des sources, signaux, modèles et articles sur 1, 7 et 30 jours.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Graphe articles, claims, références, hôtes et sources.",
            "kind": "dataset"
          },
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine avec atlas du glossaire.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Levier privé, crédit global, stress de marché et dette publique.",
            "kind": "methodology"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Mouvements récents des signaux, sources et claims.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames point-in-time hashées pour rejouer un état publié.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "SEC : les BDC cotées",
            "href": "https://www.investor.gov/introduction-investing/investing-basics/investment-products/closed-end-funds/publicly-traded-business-development-companies-bdcs",
            "detail": "Nature des véhicules et différences de structure.",
            "kind": "source"
          },
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Filings de BDC, 10-K, 10-Q, 8-K et déclarations institutionnelles.",
            "kind": "source"
          },
          {
            "label": "Financial Stability Board & OFR",
            "href": "https://l0g.fr/sources/fsb-ofr/",
            "detail": "Intermédiation non bancaire, stabilité financière et monitors.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "interval-fund",
      "url": "https://l0g.fr/glossaire/interval-fund/",
      "sigle": "Interval fund",
      "name": "Fonds à intervalle",
      "definition": "Fonds semi-liquide qui n'autorise les rachats que par fenêtres périodiques et plafonnées. Tout en détenant des actifs illiquides, d'où un risque de gating en cas d'afflux de sorties.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": {
        "intuition": "Le fonds à intervalle promet une liquidité périodique sur des actifs qui, eux, ne se vendent pas forcément au même rythme.",
        "formula": "liquidité offerte < liquidité demandée = gating ou file d’attente",
        "whyNow": "Les demandes de rachat rendent visible le décalage entre liquidité commerciale et liquidité économique du portefeuille.",
        "related": [
          "credit-prive",
          "nav",
          "nav-loan",
          "lp",
          "pik",
          "ndfi"
        ],
        "articles": [
          {
            "label": "Crédit privé, défaut et gating",
            "href": "https://l0g.fr/posts/credit-prive-juin-2026-defaut-record-gating/",
            "detail": "Défauts, rachats plafonnés et vigilance des régulateurs.",
            "kind": "article"
          },
          {
            "label": "Fonds semi-liquides et gating",
            "href": "https://l0g.fr/posts/private-credit-semi-liquide-gating-hlend-2026/",
            "detail": "Mécanique des fenêtres de rachat et risque retail.",
            "kind": "article"
          },
          {
            "label": "Zombie funds et valorisations privées",
            "href": "https://l0g.fr/posts/zombie-funds-valorisations-privees/",
            "detail": "Marks privés, sorties difficiles et illusion de stabilité.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Analyser le crédit privé",
            "href": "https://l0g.fr/guides/analyser-credit-prive/",
            "detail": "Valorisation, liquidité, levier, clauses et points de rupture.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff des sources, signaux, modèles et articles sur 1, 7 et 30 jours.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Graphe articles, claims, références, hôtes et sources.",
            "kind": "dataset"
          },
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine avec atlas du glossaire.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Levier privé, crédit global, stress de marché et dette publique.",
            "kind": "methodology"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Mouvements récents des signaux, sources et claims.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames point-in-time hashées pour rejouer un état publié.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Filings de BDC, 10-K, 10-Q, 8-K et déclarations institutionnelles.",
            "kind": "source"
          },
          {
            "label": "Financial Stability Board & OFR",
            "href": "https://l0g.fr/sources/fsb-ofr/",
            "detail": "Intermédiation non bancaire, stabilité financière et monitors.",
            "kind": "source"
          },
          {
            "label": "International Monetary Fund",
            "href": "https://l0g.fr/sources/imf/",
            "detail": "Global Financial Stability Report et stress de financement.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "nav",
      "url": "https://l0g.fr/glossaire/nav/",
      "sigle": "NAV",
      "name": "Net Asset Value",
      "definition": "Valeur nette d'inventaire : valeur des actifs d'un fonds moins ses dettes. Pour les fonds privés, elle est estimée et non cotée, d'où des questions d'opacité.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": {
        "intuition": "La NAV privée est moins une photo de marché qu’une estimation administrée. Son utilité dépend de la qualité des marks et de la fréquence des révisions.",
        "formula": "NAV = valeur estimée des actifs - dettes du fonds",
        "whyNow": "L’écart entre prix cotés, rachats au pair et marks internes devient un signal de confiance dans la valorisation.",
        "related": [
          "credit-prive",
          "bdc",
          "interval-fund",
          "nav-loan",
          "pik",
          "pmr"
        ],
        "articles": [
          {
            "label": "Crédit privé : un actif, deux prix",
            "href": "https://l0g.fr/posts/credit-prive-un-actif-deux-prix/",
            "detail": "Découverte de prix, BDC cotées et fonds non cotés.",
            "kind": "article"
          },
          {
            "label": "Fonds semi-liquides et gating",
            "href": "https://l0g.fr/posts/private-credit-semi-liquide-gating-hlend-2026/",
            "detail": "Mécanique des fenêtres de rachat et risque retail.",
            "kind": "article"
          },
          {
            "label": "Zombie funds et valorisations privées",
            "href": "https://l0g.fr/posts/zombie-funds-valorisations-privees/",
            "detail": "Marks privés, sorties difficiles et illusion de stabilité.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Analyser le crédit privé",
            "href": "https://l0g.fr/guides/analyser-credit-prive/",
            "detail": "Valorisation, liquidité, levier, clauses et points de rupture.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar incluant le bucket private_leverage.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff des sources, signaux, modèles et articles sur 1, 7 et 30 jours.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Graphe articles, claims, références, hôtes et sources.",
            "kind": "dataset"
          },
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine avec atlas du glossaire.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Levier privé, crédit global, stress de marché et dette publique.",
            "kind": "methodology"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Mouvements récents des signaux, sources et claims.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames point-in-time hashées pour rejouer un état publié.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Filings de BDC, 10-K, 10-Q, 8-K et déclarations institutionnelles.",
            "kind": "source"
          },
          {
            "label": "Financial Stability Board & OFR",
            "href": "https://l0g.fr/sources/fsb-ofr/",
            "detail": "Intermédiation non bancaire, stabilité financière et monitors.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "ltv",
      "url": "https://l0g.fr/glossaire/ltv/",
      "sigle": "LTV",
      "name": "Loan-to-value, ratio prêt-valeur",
      "definition": "Rapport entre la dette garantie et la valeur courante du collatéral. Une hausse du collatéral réduit le LTV sans remboursement ; une baisse le relève. Pour un prêt sur or remboursable in fine, la RBI inclut dans la dette le montant total payable à l'échéance, intérêts compris.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/quand-or-monte-dette-aussi/",
      "atlas": null
    },
    {
      "slug": "nav-loan",
      "url": "https://l0g.fr/glossaire/nav-loan/",
      "sigle": "NAV loan",
      "name": "Prêt sur valeur liquidative",
      "definition": "Emprunt contracté par un fonds contre la valeur liquidative de l'ensemble de son portefeuille, souvent pour financer investissements complémentaires ou distributions. Levier ajouté au niveau du fonds, par-dessus la dette des entreprises détenues, peu visible pour les investisseurs finaux. Quotité typique de 5 à 25 % de la NAV, collatéral croisé sur tout le portefeuille.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": {
        "intuition": "Le NAV loan ajoute une dette au niveau du fonds, au-dessus des emprunteurs eux-mêmes.",
        "formula": "levier total = dette des sociétés + dette portée par le fonds",
        "whyNow": "Quand les sorties augmentent, financer distributions ou rachats par NAV loan peut masquer temporairement la pression de liquidité.",
        "related": [
          "credit-prive",
          "nav",
          "interval-fund",
          "lp",
          "lbo",
          "spv"
        ],
        "articles": [
          {
            "label": "Contagion silencieuse du crédit privé",
            "href": "https://l0g.fr/posts/la-contagion-silencieuse-credit-prive/",
            "detail": "Passerelles banques, assureurs, BDC, crypto et stablecoins.",
            "kind": "article"
          },
          {
            "label": "Zombie funds et valorisations privées",
            "href": "https://l0g.fr/posts/zombie-funds-valorisations-privees/",
            "detail": "Marks privés, sorties difficiles et illusion de stabilité.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Analyser le crédit privé",
            "href": "https://l0g.fr/guides/analyser-credit-prive/",
            "detail": "Valorisation, liquidité, levier, clauses et points de rupture.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar incluant le bucket private_leverage.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff des sources, signaux, modèles et articles sur 1, 7 et 30 jours.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Graphe articles, claims, références, hôtes et sources.",
            "kind": "dataset"
          },
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine avec atlas du glossaire.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Levier privé, crédit global, stress de marché et dette publique.",
            "kind": "methodology"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Mouvements récents des signaux, sources et claims.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames point-in-time hashées pour rejouer un état publié.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Filings de BDC, 10-K, 10-Q, 8-K et déclarations institutionnelles.",
            "kind": "source"
          },
          {
            "label": "Financial Stability Board & OFR",
            "href": "https://l0g.fr/sources/fsb-ofr/",
            "detail": "Intermédiation non bancaire, stabilité financière et monitors.",
            "kind": "source"
          },
          {
            "label": "International Monetary Fund",
            "href": "https://l0g.fr/sources/imf/",
            "detail": "Global Financial Stability Report et stress de financement.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "ligne-de-souscription",
      "url": "https://l0g.fr/glossaire/ligne-de-souscription/",
      "sigle": "Ligne de souscription",
      "name": "Subscription line",
      "definition": "Crédit-relais consenti à un fonds en début de vie, garanti par les engagements non appelés de ses investisseurs (LP), pour financer les acquisitions avant les appels de capital. À l'inverse du NAV loan, qui arrive en fin de vie du fonds et se gage sur la valeur du portefeuille déjà investi.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "dpi",
      "url": "https://l0g.fr/glossaire/dpi/",
      "sigle": "DPI",
      "name": "Distributions to Paid-In",
      "definition": "Rapport entre le capital effectivement rendu aux investisseurs d'un fonds et le capital versé par eux. Mesure de performance « cash », insensible aux valorisations au modèle, devenue le critère dominant des investisseurs institutionnels pendant la sécheresse des sorties de 2023-2026. Un DPI gonflé par un emprunt n'est pas une performance, c'est une avance.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "rated-feeder-note",
      "url": "https://l0g.fr/glossaire/rated-feeder-note/",
      "sigle": "Rated feeder note",
      "name": "Note de fonds nourricier notée",
      "definition": "Titre de dette émis par un véhicule nourricier investi dans un fonds privé, assorti d'une notation, le plus souvent privée. Permet à un assureur de loger une exposition de type fonds en la traitant comme une obligation notée, avec une charge en capital réduite. Structure au cœur de l'examen engagé par la NAIC.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "reassurance-adossee-a-l-actif",
      "url": "https://l0g.fr/glossaire/reassurance-adossee-a-l-actif/",
      "sigle": "Réassurance adossée à l’actif",
      "name": "Asset-intensive reinsurance",
      "definition": "Cession de réserves d'assurance-vie ou de rentes à un réassureur, souvent affilié au même groupe et installé offshore, aux Bermudes en particulier. Le réassureur reprend les engagements et réinvestit les actifs, fréquemment en crédit privé et en produits structurés, sous un régime prudentiel plus souple que celui du régulateur d'origine.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "naic",
      "url": "https://l0g.fr/glossaire/naic/",
      "sigle": "NAIC",
      "name": "National Association of Insurance Commissioners",
      "definition": "Association des régulateurs d'assurance des États américains, qui harmonise les règles prudentielles du secteur. Son bureau des valeurs mobilières (SVO) fixe le traitement en capital des actifs détenus par les assureurs ; ses réformes de 2026 lui permettent d'outrepasser des notations jugées trop favorables.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "aua",
      "url": "https://l0g.fr/glossaire/aua/",
      "sigle": "AUA",
      "name": "Assets under administration : actifs administrés",
      "definition": "Valeur des actifs de clients couverts par des services d’administration, de gestion fiduciaire ou de conservation, selon le périmètre déclaré. L’AUA ne mesure ni les dépôts reçus par la banque ni ses fonds propres. La comparaison avec un encours sous gestion exige de vérifier les services inclus, la date et les règles de valorisation.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/crypto-banques-occ-icba-agrements-trust-depots/",
      "atlas": {
        "intuition": "La taille des actifs confiés à un établissement renseigne sur ses services aux clients ; elle ne donne pas le montant de son capital disponible pour absorber une perte.",
        "formula": "Périmètre OCC au 30 septembre 2025 : 6 800 Md$ d’actifs administrés = 5 200 Md$ de comptes fiduciaires + 1 600 Md$ de conservation et safekeeping ; chiffres arrondis.",
        "whyNow": "Dans la décision Paxos, ce total concerne les national trust banks non assurées supervisées par l’OCC et l’ensemble des actifs de ce périmètre. Il ne représente ni des dépôts ni un total d’actifs crypto.",
        "related": [
          "national-trust-bank",
          "cet1"
        ],
        "articles": [
          {
            "label": "Crypto et l’enjeu du mot banque",
            "href": "https://l0g.fr/posts/crypto-banques-occ-icba-agrements-trust-depots/",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire la solidité d’une banque",
            "href": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
            "detail": "Distinguer les actifs des clients et les ressources propres de la banque.",
            "kind": "guide"
          }
        ],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "OCC, autorisation Paxos CA1358",
            "href": "https://www.occ.gov/topics/charters-and-licensing/interpretations-and-actions/2026/ca1358.pdf",
            "detail": "Lettre du 12 décembre 2025, page 3, note 7 : périmètre et date de l’AUA.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "aum",
      "url": "https://l0g.fr/glossaire/aum/",
      "sigle": "AUM",
      "name": "Assets Under Management",
      "definition": "Encours sous gestion : montant total des actifs gérés par un fonds ou une société de gestion.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "perimetre-de-consolidation",
      "url": "https://l0g.fr/glossaire/perimetre-de-consolidation/",
      "sigle": "Périmètre de consolidation",
      "name": "Consolidation perimeter",
      "definition": "Frontière comptable dans laquelle une maison mère additionne ligne par ligne les actifs, passifs, produits et charges des entités qu'elle contrôle. Une société déconsolidée ne disparaît pas : les participations, engagements et transactions peuvent rester publiés comme investissements ou opérations avec des parties liées.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "partie-liee",
      "url": "https://l0g.fr/glossaire/partie-liee/",
      "sigle": "Partie liée",
      "name": "Related party",
      "definition": "Personne ou entité reliée à une entreprise par le contrôle, une influence notable, des dirigeants communs ou d'autres liens définis par les normes comptables. Une transaction avec une partie liée n'est pas irrégulière par nature, mais elle exige une information et une gouvernance adaptées au risque de conflit d'intérêts.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "niveau-1",
      "url": "https://l0g.fr/glossaire/niveau-1/",
      "sigle": "Niveau 1",
      "name": "Level 1 fair value",
      "definition": "Catégorie IFRS de juste valeur fondée sur des prix cotés, non ajustés, sur un marché actif pour des actifs ou passifs identiques. C'est le niveau qui dépend le moins d'un modèle de valorisation.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "niveau-2",
      "url": "https://l0g.fr/glossaire/niveau-2/",
      "sigle": "Niveau 2",
      "name": "Level 2 fair value",
      "definition": "Catégorie IFRS de juste valeur utilisant des données observables autres qu'un prix coté direct pour l'actif identique, par exemple des taux, spreads, courbes ou prix d'instruments comparables.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "niveau-3",
      "url": "https://l0g.fr/glossaire/niveau-3/",
      "sigle": "Niveau 3",
      "name": "Level 3 fair value",
      "definition": "Catégorie IFRS de juste valeur dans laquelle des données non observables significatives entrent dans le modèle. Elle signale davantage d'incertitude et de jugement dans l'estimation, pas nécessairement une perte ou un actif dégradé.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "pik",
      "url": "https://l0g.fr/glossaire/pik/",
      "sigle": "PIK",
      "name": "Payment In Kind",
      "definition": "Rémunération en nature : des intérêts s’ajoutent à une dette ou des dividendes sont versés en titres, sans paiement immédiat en espèces. Le PIK peut être prévu dès l’origine du contrat ; sa présence seule ne démontre pas une difficulté financière.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/credit-prive-logiciels-ia-revenus-dette/",
      "atlas": {
        "intuition": "Les intérêts PIK augmentent la créance au lieu de fournir du cash immédiatement. Les dividendes PIK sont une autre forme de rémunération en titres.",
        "formula": "Sans autre mouvement : dette future = dette initiale + intérêts capitalisés",
        "whyNow": "Il faut distinguer un PIK contractuel d’origine d’un report négocié sous contrainte et vérifier la capacité à régler le montant final.",
        "related": [
          "credit-prive",
          "pcdr",
          "pmr",
          "lme",
          "lbo",
          "ebitda"
        ],
        "articles": [
          {
            "label": "Crédit privé : la dette du logiciel face à l’IA",
            "href": "https://l0g.fr/posts/credit-prive-logiciels-ia-revenus-dette/",
            "detail": "Calcul des revenus PIK d’OTF et distinction entre revenu et encaissement.",
            "kind": "article"
          },
          {
            "label": "Crédit privé, défaut et gating",
            "href": "https://l0g.fr/posts/credit-prive-juin-2026-defaut-record-gating/",
            "detail": "Défauts, rachats plafonnés et vigilance des régulateurs.",
            "kind": "article"
          },
          {
            "label": "Contagion silencieuse du crédit privé",
            "href": "https://l0g.fr/posts/la-contagion-silencieuse-credit-prive/",
            "detail": "Passerelles banques, assureurs, BDC, crypto et stablecoins.",
            "kind": "article"
          },
          {
            "label": "Zombie funds et valorisations privées",
            "href": "https://l0g.fr/posts/zombie-funds-valorisations-privees/",
            "detail": "Marks privés, sorties difficiles et illusion de stabilité.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Analyser le crédit privé",
            "href": "https://l0g.fr/guides/analyser-credit-prive/",
            "detail": "Valorisation, liquidité, levier, clauses et points de rupture.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar incluant le bucket private_leverage.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff des sources, signaux, modèles et articles sur 1, 7 et 30 jours.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Graphe articles, claims, références, hôtes et sources.",
            "kind": "dataset"
          },
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine avec atlas du glossaire.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Levier privé, crédit global, stress de marché et dette publique.",
            "kind": "methodology"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Mouvements récents des signaux, sources et claims.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames point-in-time hashées pour rejouer un état publié.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "BRI : bulletin 128",
            "href": "https://www.bis.org/publications/bulletin-128-ai-disruption-private-credit-exposure-software-firms-bdcs.pdf",
            "detail": "Définition du PIK, note 7.",
            "kind": "source"
          },
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Filings de BDC, 10-K, 10-Q, 8-K et déclarations institutionnelles.",
            "kind": "source"
          },
          {
            "label": "Bank for International Settlements",
            "href": "https://l0g.fr/sources/bis/",
            "detail": "Crédit global, NBFI et vulnérabilités de marché.",
            "kind": "source"
          },
          {
            "label": "Financial Stability Board & OFR",
            "href": "https://l0g.fr/sources/fsb-ofr/",
            "detail": "Intermédiation non bancaire, stabilité financière et monitors.",
            "kind": "source"
          },
          {
            "label": "International Monetary Fund",
            "href": "https://l0g.fr/sources/imf/",
            "detail": "Global Financial Stability Report et stress de financement.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "lp",
      "url": "https://l0g.fr/glossaire/lp/",
      "sigle": "LP",
      "name": "Limited Partner",
      "definition": "Investisseur commanditaire d'un fonds (assureur, fonds de pension, family office) qui apporte le capital sans gérer.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "etf",
      "url": "https://l0g.fr/glossaire/etf/",
      "sigle": "ETF",
      "name": "Exchange-Traded Fund",
      "definition": "Fonds indiciel coté en bourse, qui réplique un indice ou un panier d'actifs et se négocie comme une action.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "per",
      "url": "https://l0g.fr/glossaire/per/",
      "sigle": "PER",
      "name": "Price-Earnings Ratio",
      "definition": "Rapport entre le cours d'une action ou d'un indice et son bénéfice par action. Mesure combien les investisseurs paient pour un euro de bénéfice courant. Élevé, il traduit soit de fortes attentes de croissance, soit une survalorisation.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "derating",
      "url": "https://l0g.fr/glossaire/derating/",
      "sigle": "Derating",
      "name": "Compression de multiple",
      "definition": "Baisse du multiple de valorisation (PER, notamment) qu'un marché accepte de payer pour un même flux de bénéfices : le cours baisse ou stagne alors que les profits tiennent, voire montent. Inverse du re-rating. Un derating peut dégonfler un excès de valorisation sans krach, mais il peut aussi signaler que le marché doute de la durabilité des bénéfices sur lesquels le multiple est calculé.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "sox",
      "url": "https://l0g.fr/glossaire/sox/",
      "sigle": "SOX",
      "name": "Philadelphia Semiconductor Index",
      "definition": "Indice de référence des semi-conducteurs, une trentaine de valeurs cotées aux États-Unis (Nvidia, TSMC via ADR, Micron, AMD, Intel...). Baromètre du cycle mondial des puces et, depuis 2023, du pari boursier sur l'IA. Entré en marché baissier le 17 juillet 2026, à plus de 20 % sous son record de fin juin, après un rallye de 105 % entre mars et juin.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cape",
      "url": "https://l0g.fr/glossaire/cape/",
      "sigle": "CAPE",
      "name": "Cyclically Adjusted Price-to-Earnings",
      "definition": "Ratio de valorisation popularisé par Robert Shiller, qui rapporte le prix à la moyenne des bénéfices sur dix ans corrigés de l'inflation, pour lisser le cycle. Utile pour comparer les valorisations dans le temps : un CAPE très élevé annonce un rendement futur médiocre à long terme, sans donner de calendrier. Sommets historiques : 32,6 en 1929, 44,2 en 2000.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "yen-carry",
      "url": "https://l0g.fr/glossaire/yen-carry/",
      "sigle": "Yen carry",
      "name": "Yen carry trade",
      "definition": "Stratégie qui consiste à emprunter en yen, devise historiquement peu rémunérée, pour acheter des actifs ou devises offrant un rendement supérieur. Fonctionne tant que le yen reste faible et que la volatilité demeure contenue.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-le-carry-trade/",
      "atlas": {
        "intuition": "Le yen carry finance des actifs risqués avec une devise à faible coût. Le risque n’est pas le niveau du yen, mais la vitesse du débouclage.",
        "formula": "carry brut ≈ rendement actif acheté - coût de financement en yen - coût de couverture",
        "whyNow": "BoJ plus restrictive, menace d’intervention et volatilité FX peuvent forcer des positions à se refermer ensemble.",
        "related": [
          "yen-carry",
          "boj",
          "mof",
          "cot",
          "future",
          "open-interest",
          "cftc",
          "ffr",
          "bce",
          "move"
        ],
        "articles": [
          {
            "label": "Dollar-yen : le risque de débouclage",
            "href": "https://l0g.fr/posts/dollar-yen-intervention-risque-carry-2026/",
            "detail": "USD/JPY, BoJ, intervention et liquidation du carry.",
            "kind": "article"
          },
          {
            "label": "Warsh, bilan Fed et QT",
            "href": "https://l0g.fr/posts/warsh-bilan-qt/",
            "detail": "Taux dollar, liquidité et conditions de portage global.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le carry trade",
            "href": "https://l0g.fr/guides/lire-le-carry-trade/",
            "detail": "Mécanique du portage, effet de levier et risque de débouclage.",
            "kind": "guide"
          },
          {
            "label": "Lire le COT de la CFTC",
            "href": "https://l0g.fr/guides/lire-cot-cftc/",
            "detail": "Positionnement futures, catégories de traders et limites.",
            "kind": "guide"
          },
          {
            "label": "Lire le dot plot et le SEP",
            "href": "https://l0g.fr/guides/lire-le-dot-plot-sep/",
            "detail": "Trajectoire de taux dollar et différentiel de rendement.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot public du Yen Carry Monitor.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des signaux.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.csv",
            "href": "https://l0g.fr/api/v1/signals/history.csv",
            "detail": "Historique tabulaire pour backtests.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff des signaux, sources et modèles.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Yen Carry Monitor",
            "href": "https://l0g.fr/methodologie/yen-carry/",
            "detail": "Positionnement, FX, volatilité et risque de débouclage.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des changements de niveau.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Mouvements récents du risque cross-asset.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Bank of Japan & Ministry of Finance Japan",
            "href": "https://l0g.fr/sources/bank-of-japan-mof/",
            "detail": "Politique monétaire japonaise, statistiques BoJ et interventions FX.",
            "kind": "source"
          },
          {
            "label": "Commodity Futures Trading Commission",
            "href": "https://l0g.fr/sources/cftc/",
            "detail": "Positionnement yen et futures via COT.",
            "kind": "source"
          },
          {
            "label": "ECB Data Portal & Eurostat",
            "href": "https://l0g.fr/sources/ecb-eurostat/",
            "detail": "Taux de change de référence et contexte FX européen.",
            "kind": "source"
          },
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux dollar, Fed funds et conditions de liquidité.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "carry-trade",
      "url": "https://l0g.fr/glossaire/carry-trade/",
      "sigle": "Carry trade",
      "name": "Portage",
      "definition": "Stratégie qui emprunte dans une devise à bas rendement pour placer dans un actif mieux rémunéré et empocher l'écart. Elle revient à vendre implicitement de la volatilité : un revenu régulier tant que le calme règne, une perte brutale quand le change se retourne. Le yen carry en est le cas le plus connu.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-le-carry-trade/",
      "atlas": null
    },
    {
      "slug": "devise-de-financement",
      "url": "https://l0g.fr/glossaire/devise-de-financement/",
      "sigle": "Devise de financement",
      "name": "Funding currency",
      "definition": "Monnaie empruntée pour financer un portage, choisie pour son faible taux d'intérêt et sa stabilité : historiquement le yen et le franc suisse, le dollar durant les années de taux zéro. Sa remontée soudaine, en taux ou en change, est le principal déclencheur d'un débouclage.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-le-carry-trade/",
      "atlas": null
    },
    {
      "slug": "lme-metals",
      "url": "https://l0g.fr/glossaire/lme-metals/",
      "sigle": "LME metals",
      "name": "London Metal Exchange",
      "definition": "Bourse londonienne des métaux industriels. Son contrat cuivre sert de référence mondiale pour le prix physique et financier du cuivre.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "icsg",
      "url": "https://l0g.fr/glossaire/icsg/",
      "sigle": "ICSG",
      "name": "International Copper Study Group",
      "definition": "Organisation intergouvernementale qui publie les statistiques mondiales de production, d'usage, de stocks et de prix du cuivre.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "sx-ew",
      "url": "https://l0g.fr/glossaire/sx-ew/",
      "sigle": "SX-EW",
      "name": "Solvent Extraction Electrowinning",
      "definition": "Procédé hydrométallurgique d'extraction du cuivre : le minerai est lixivié, souvent avec de l'acide sulfurique, puis le métal est récupéré par électrolyse.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "hpal",
      "url": "https://l0g.fr/glossaire/hpal/",
      "sigle": "HPAL",
      "name": "High Pressure Acid Leaching",
      "definition": "Lixiviation acide sous haute pression : traitement de certains minerais oxydés de nickel à l’acide sulfurique, sous haute température et pression, pour récupérer les métaux en solution. Le traitement produit ensuite un intermédiaire à raffiner. La disponibilité de l’acide et les caractéristiques du minerai conditionnent le fonctionnement de l’installation.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/soufre-crise-golfe-engrais-nickel/",
      "atlas": {
        "intuition": "La disponibilité du minerai et celle du réactif conditionnent ensemble la production.",
        "formula": null,
        "whyNow": null,
        "related": [
          "mhp"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Sumitomo Metal Mining, HPAL",
            "href": "https://www.smm.co.jp/en/glossary/",
            "detail": "Lixiviation des minerais oxydés à l’acide sulfurique sous haute pression et température.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "mhp",
      "url": "https://l0g.fr/glossaire/mhp/",
      "sigle": "MHP",
      "name": "Mixed Hydroxide Precipitate",
      "definition": "Précipité d’hydroxydes contenant notamment du nickel et du cobalt, obtenu dans certaines chaînes hydrométallurgiques. Cet intermédiaire peut être raffiné pour produire des matériaux destinés aux batteries. Son tonnage doit être distingué du poids de nickel contenu et de celui du nickel pur.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/soufre-crise-golfe-engrais-nickel/",
      "atlas": {
        "intuition": "Une tonne de produit intermédiaire contient plusieurs composants ; elle ne vaut pas une tonne de nickel pur.",
        "formula": null,
        "whyNow": null,
        "related": [
          "hpal"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Halmahera Persada Lygend, produits",
            "href": "https://hpalnickel.com/about/komoditi",
            "detail": "MHP comme produit intermédiaire de la voie HPAL, en amont des sulfates de nickel et de cobalt.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "cfr",
      "url": "https://l0g.fr/glossaire/cfr/",
      "sigle": "CFR",
      "name": "Cost and Freight",
      "definition": "Incoterm maritime dans lequel le vendeur paie le transport jusqu’au port de destination désigné. Le risque est transféré à l’acheteur lors de la mise à bord au port d’expédition. Le vendeur n’a pas d’obligation d’assurance au titre du CFR. Un prix CFR ne couvre pas automatiquement les coûts d’acheminement jusqu’à l’usine.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/soufre-crise-golfe-engrais-nickel/",
      "atlas": {
        "intuition": "Le vendeur paie le fret jusqu’au port convenu, tandis que le risque est transféré dès la mise à bord.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "ICC Academy, CFR et CIF",
            "href": "https://academy.iccwbo.org/incoterms/article/incoterms-2020-cfr-or-cif/",
            "detail": "Répartition du fret, des risques et de l’assurance dans les Incoterms 2020.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "c1",
      "url": "https://l0g.fr/glossaire/c1/",
      "sigle": "C1",
      "name": "Cash cost C1",
      "definition": "Indicateur de coût opérationnel utilisé dans l’industrie minière, généralement exprimé par unité de métal et net de crédits de coproduits. Il faut vérifier la définition publiée, les postes inclus et le dénominateur. Chez Kamoa-Kakula, le C1 est une mesure non IFRS par livre de cuivre payable produite ; il ne représente pas le coût complet de l’investissement.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/soufre-crise-golfe-engrais-nickel/",
      "atlas": {
        "intuition": "Un crédit de coproduit peut réduire le coût publié ; son périmètre doit être lu avant toute comparaison.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Ivanhoe Mines, résultats T2 2026",
            "href": "https://www.ivanhoemines.com/news-stories/news-release/ivanhoe-mines-issues-2026-second-quarter-financial-results-overview-of-operations-and-exploration-activities/",
            "detail": "Tableau C1 par livre de cuivre payable produite et définition de cette mesure non IFRS.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "lbma",
      "url": "https://l0g.fr/glossaire/lbma/",
      "sigle": "LBMA",
      "name": "London Bullion Market Association",
      "definition": "Association qui coordonne le marché de gré à gré de l'or et de l'argent à Londres, cœur du marché physique mondial (livraison « loco London »). Le LBMA Gold Price, fixé deux fois par jour par enchère électronique administrée par ICE, est la référence mondiale du cours de l'or.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-le-marche-de-l-or/",
      "atlas": null
    },
    {
      "slug": "comex",
      "url": "https://l0g.fr/glossaire/comex/",
      "sigle": "Comex",
      "name": "Commodity Exchange (New York)",
      "definition": "Bourse à terme new-yorkaise où se traitent les contrats sur l'or et les métaux. N'ancre pas le physique mais l'amplifie : ses positions à effet de levier dépassent de loin l'or livrable, et son prix transmet les anticipations.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-le-marche-de-l-or/",
      "atlas": null
    },
    {
      "slug": "london-metal-exchange",
      "url": "https://l0g.fr/glossaire/london-metal-exchange/",
      "sigle": "London Metal Exchange",
      "name": "LME (métaux)",
      "definition": "Bourse des métaux de base de Londres, référence mondiale du prix du cuivre, de l'aluminium et des autres métaux industriels. Elle cote un prix comptant et un prix à trois mois, et gère un réseau d'entrepôts dont les stocks servent de baromètre de tension physique. À ne pas confondre avec l'autre sigle LME, la gestion de passif.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-le-marche-du-cuivre/",
      "atlas": null
    },
    {
      "slug": "dr-copper",
      "url": "https://l0g.fr/glossaire/dr-copper/",
      "sigle": "Dr Copper",
      "name": "Docteur Cuivre",
      "definition": "Surnom du cuivre, le métal réputé doté d'un doctorat en économie, car son prix suit de près la santé de l'industrie mondiale. Présent partout, du bâtiment à l'électronique, il anticipe souvent les cycles. Le signal est aujourd'hui brouillé par la demande d'électrification et les flux liés aux tarifs douaniers.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-le-marche-du-cuivre/",
      "atlas": null
    },
    {
      "slug": "tc-rc",
      "url": "https://l0g.fr/glossaire/tc-rc/",
      "sigle": "TC/RC",
      "name": "Treatment and refining charges",
      "definition": "Frais que les fonderies facturent aux mines pour transformer le concentré de cuivre en métal raffiné. Quand ils s'effondrent, voire deviennent négatifs comme en 2025-2026, c'est le signe d'une pénurie de concentré et d'une surcapacité de fonderies, un indicateur avancé de tension sur l'offre.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-le-marche-du-cuivre/",
      "atlas": null
    },
    {
      "slug": "section-232",
      "url": "https://l0g.fr/glossaire/section-232/",
      "sigle": "Section 232",
      "name": "Section 232 (Trade Expansion Act)",
      "definition": "Disposition du droit commercial américain autorisant des tarifs sur des importations jugées menaçantes pour la sécurité nationale. Invoquée pour l'acier, l'aluminium, puis le cuivre : le tarif cuivre a écarté le prix new-yorkais (COMEX) du prix mondial (LME) en 2025-2026.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-le-marche-du-cuivre/",
      "atlas": null
    },
    {
      "slug": "efp",
      "url": "https://l0g.fr/glossaire/efp/",
      "sigle": "EFP",
      "name": "Exchange for Physical",
      "definition": "Opération permettant de convertir une position à terme sur le Comex en or physique « loco London », et inversement. L'écart de prix EFP reste normalement étroit ; il s'élargit brutalement en cas de forte demande de métal réel, signalant une dislocation entre papier et physique.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-le-marche-de-l-or/",
      "atlas": null
    },
    {
      "slug": "taux-de-pret-de-l-or",
      "url": "https://l0g.fr/glossaire/taux-de-pret-de-l-or/",
      "sigle": "Taux de prêt de l'or",
      "name": "Gold lease rate",
      "definition": "Rendement implicite tiré du prêt d'or physique. Quand le métal se raréfie, ce taux grimpe, tirant les cours à terme sous le comptant et asséchant la liquidité disponible à la livraison.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-le-marche-de-l-or/",
      "atlas": null
    },
    {
      "slug": "financement-circulaire",
      "url": "https://l0g.fr/glossaire/financement-circulaire/",
      "sigle": "Financement circulaire",
      "name": "Circular financing",
      "definition": "Arrangement où un petit groupe d'acteurs interconnectés s'investissent et se facturent mutuellement, si bien que le capital injecté revient en chiffre d'affaires. Peut donner l'apparence d'une demande organique. Au cœur du débat sur les valorisations de l'IA en 2025-2026.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "vendor-financing",
      "url": "https://l0g.fr/glossaire/vendor-financing/",
      "sigle": "Vendor financing",
      "name": "Financement fournisseur",
      "definition": "Pratique par laquelle un fournisseur finance ses propres clients (prêts, prises de participation, garanties d'achat) pour soutenir la demande de ses produits. Légitime en soi, elle peut masquer la fragilité de la demande réelle, comme lors de la bulle télécoms des années 1990.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "run-rate",
      "url": "https://l0g.fr/glossaire/run-rate/",
      "sigle": "Run rate",
      "name": "Rythme annualisé de revenus",
      "definition": "Extrapolation sur un an du revenu observé pendant une période récente. Un revenu mensuel multiplié par douze donne un rythme annualisé, sous l’hypothèse qu’il se maintient. Le résultat dépend du périmètre, des remises et de la période retenue ; il ne mesure ni le chiffre d’affaires déjà réalisé sur l’année ni les achats futurs garantis par contrat.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/anthropic-ipo-calcul-valorisation-risque-macro/",
      "atlas": {
        "intuition": "Projeter une cadence récente aide à situer une activité en croissance, à condition de préciser la période et le périmètre.",
        "formula": "Exemple : run rate annuel = revenu mensuel × 12, si le rythme se maintient",
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Anthropic : les revenus face aux engagements de calcul",
            "href": "https://l0g.fr/posts/anthropic-ipo-calcul-valorisation-risque-macro/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Anthropic, série H du 28 mai 2026",
            "href": "https://www.anthropic.com/news/series-h",
            "detail": "Exemple d’usage déclaré du run-rate revenue ; annonce de l’entreprise.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "ipo",
      "url": "https://l0g.fr/glossaire/ipo/",
      "sigle": "IPO",
      "name": "Initial Public Offering",
      "definition": "Introduction en bourse : première mise sur le marché des actions d'une société auprès du public.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ndfi",
      "url": "https://l0g.fr/glossaire/ndfi/",
      "sigle": "NDFI",
      "name": "Non-Depository Financial Institution",
      "definition": "Institution financière non bancaire (fonds de crédit privé, capital-investissement, assureurs), sans dépôts. Au cœur du « shadow banking » car peu régulée comme les banques. Les grandes banques n'y sont souvent pas exposées en direct, mais par les crédits qu'elles leur consentent, ce qui reconnecte le système bancaire au crédit de l'ombre. Poste de risque en forte croissance dans les bilans.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "nbfi",
      "url": "https://l0g.fr/glossaire/nbfi/",
      "sigle": "NBFI",
      "name": "Non-Bank Financial Intermediation",
      "definition": "Intermédiation financière non bancaire : crédit ou transformation d'épargne hors des banques de dépôt, notamment via fonds monétaires, hedge funds, assureurs, crédit privé et véhicules de titrisation. Terme de surveillance privilégié par le Conseil de stabilité financière pour ce périmètre souvent appelé shadow banking.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "fct",
      "url": "https://l0g.fr/glossaire/fct/",
      "sigle": "FCT",
      "name": "Fonds commun de titrisation",
      "definition": "Véhicule français sans personnalité morale qui acquiert des créances ou d'autres actifs et finance leur détention par l'émission de parts, de titres de créance ou par d'autres ressources. Une société de gestion le représente et un dépositaire conserve ses actifs. Un FCT peut être divisé en compartiments juridiquement ségrégés.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "rmbs",
      "url": "https://l0g.fr/glossaire/rmbs/",
      "sigle": "RMBS",
      "name": "Residential Mortgage-Backed Securities",
      "definition": "Titres adossés à un portefeuille de prêts immobiliers résidentiels. Les mensualités des emprunteurs alimentent les paiements aux investisseurs selon une cascade contractuelle. Il faut distinguer la propriété des créances, leur financement, leur gestion et la couche qui absorbe les premières pertes.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "servicing",
      "url": "https://l0g.fr/glossaire/servicing/",
      "sigle": "Servicing",
      "name": "Gestion de créances",
      "definition": "Administration opérationnelle d'un portefeuille de prêts pour le compte de son détenteur : prélèvement des mensualités, tenue des dossiers, relation avec l'emprunteur, traitement des impayés et recouvrement. Le servicer peut rester la banque visible du client alors que la créance appartient à un fonds ou à un véhicule de titrisation.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "arbitrage-reglementaire",
      "url": "https://l0g.fr/glossaire/arbitrage-reglementaire/",
      "sigle": "Arbitrage réglementaire",
      "name": "Regulatory arbitrage",
      "definition": "Déplacement d'une activité vers le compartiment le moins régulé du système financier, pour échapper aux contraintes de fonds propres ou de transparence. Moteur de la croissance du non-bancaire depuis le durcissement des règles bancaires après 2008 : le risque ne disparaît pas, il change d'adresse.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "subprime",
      "url": "https://l0g.fr/glossaire/subprime/",
      "sigle": "Subprime",
      "name": "Crédit à risque",
      "definition": "Crédit accordé à un emprunteur à faible score de solvabilité, rémunéré par un taux plus élevé pour compenser le risque de défaut. Au cœur de la crise de 2008 côté immobilier, le terme désigne aujourd'hui surtout le crédit auto et les cartes des ménages les plus fragiles, dont les impayés servent de baromètre avancé du stress du bas de la distribution.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "negative-equity",
      "url": "https://l0g.fr/glossaire/negative-equity/",
      "sigle": "Negative equity",
      "name": "Valeur nette négative",
      "definition": "Situation dans laquelle le capital restant dû sur un actif dépasse sa valeur de marché. Pour une automobile, elle apparaît par exemple lorsqu'un véhicule vaut 20 000 dollars alors que 25 000 dollars restent à rembourser. L'écart devient une contrainte de trésorerie si le véhicule est vendu ou remplacé avant l'extinction du prêt.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "bnpl",
      "url": "https://l0g.fr/glossaire/bnpl/",
      "sigle": "BNPL",
      "name": "Buy now, pay later",
      "definition": "Paiement fractionné « acheter maintenant, payer plus tard », souvent en quatre échéances sans intérêt affiché. Crédit à la consommation peu déclaré aux bureaux de crédit, d'où le surnom de dette fantôme : il échappe en partie aux statistiques d'endettement des ménages tout en pesant sur leur trésorerie.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "economie-en-k",
      "url": "https://l0g.fr/glossaire/economie-en-k/",
      "sigle": "Économie en K",
      "name": "K-shaped economy",
      "definition": "Configuration où les trajectoires économiques divergent selon le revenu : le haut de la distribution prospère et soutient la consommation pendant que le bas décroche sous l'effet de l'inflation et du coût du crédit. Rend la moyenne agrégée trompeuse, car elle masque deux réalités opposées.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "aima",
      "url": "https://l0g.fr/glossaire/aima/",
      "sigle": "AIMA",
      "name": "Alternative Investment Management Association",
      "definition": "Association professionnelle mondiale des gérants d'actifs alternatifs (hedge funds, crédit privé).",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ia-de-frontiere",
      "url": "https://l0g.fr/glossaire/ia-de-frontiere/",
      "sigle": "IA de frontière",
      "name": "Frontier AI",
      "definition": "Expression qui désigne les modèles d’intelligence artificielle parmi les plus avancés en capacités. Dans un débat sur la sécurité, le périmètre dépend des capacités et des risques examinés. Il faut donc préciser les critères retenus par une politique ou un texte réglementaire, ainsi que leur date.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/freiner-frontiere-ia-capital-politique/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "modele-a-poids-ouverts"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Dario Amodei, We Must Pace the Frontier",
            "href": "https://darioamodei.com/post/we-must-pace-the-frontier",
            "detail": "Proposition personnelle de coordination des laboratoires développant les capacités les plus avancées, 12 septembre 2026.",
            "kind": "source"
          },
          {
            "label": "OpenAI, The AI policy window is open",
            "href": "https://openai.com/index/ai-policy-window/",
            "detail": "Proposition de règles proportionnées aux capacités et aux risques, distinctes du mode de distribution des poids, 9 septembre 2026.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "modele-a-poids-ouverts",
      "url": "https://l0g.fr/glossaire/modele-a-poids-ouverts/",
      "sigle": "Modèle à poids ouverts",
      "name": "Open-weight model",
      "definition": "Modèle d’intelligence artificielle dont les poids, les paramètres appris pendant l’entraînement, sont mis à disposition pour permettre à des tiers de l’exécuter ou de l’adapter. Les usages autorisés dépendent de la licence. L’ouverture des poids décrit un mode de distribution et ne détermine pas, à elle seule, le niveau de capacité du modèle.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/freiner-frontiere-ia-capital-politique/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "ia-de-frontiere"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "OpenAI, The AI policy window is open",
            "href": "https://openai.com/index/ai-policy-window/",
            "detail": "Distinction entre capacités de frontière et modèles à poids ouverts, notamment pour le déploiement local, 9 septembre 2026.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "hyperscaler",
      "url": "https://l0g.fr/glossaire/hyperscaler/",
      "sigle": "Hyperscaler",
      "name": "Géant du cloud",
      "definition": "Très grand opérateur d'infrastructure informatique en nuage, comme Microsoft, Google, Amazon ou Oracle, qui construit et exploite des centres de données à grande échelle. Au cœur du boom d'investissement dans l'IA.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "capex",
      "url": "https://l0g.fr/glossaire/capex/",
      "sigle": "Capex",
      "name": "Dépenses d'investissement",
      "definition": "Capital expenditures : dépenses engagées pour acquérir ou construire des actifs durables, centres de données, serveurs, équipements. Le boom de l'IA se mesure d'abord à l'explosion de ces dépenses.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "semi-conducteur",
      "url": "https://l0g.fr/glossaire/semi-conducteur/",
      "sigle": "Semi-conducteur",
      "name": "Semiconductor",
      "definition": "Composant électronique gravé dans un matériau conducteur contrôlé, le plus souvent du silicium. Il sert de brique de base aux processeurs, mémoires, capteurs, équipements industriels, véhicules, télécoms et systèmes de défense.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "eda",
      "url": "https://l0g.fr/glossaire/eda/",
      "sigle": "EDA",
      "name": "Electronic Design Automation",
      "definition": "Logiciels de conception assistée des circuits intégrés. Ils permettent de dessiner, simuler, vérifier et préparer une puce avant fabrication, et constituent une couche stratégique souvent moins visible que les usines.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cds",
      "url": "https://l0g.fr/glossaire/cds/",
      "sigle": "CDS",
      "name": "Credit default swap",
      "definition": "Contrat d'assurance contre le défaut d'un émetteur de dette. Sa prime, exprimée en points de base, mesure le risque de crédit perçu : elle monte quand le marché juge le défaut plus probable.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "base-cds-obligataire",
      "url": "https://l0g.fr/glossaire/base-cds-obligataire/",
      "sigle": "Base CDS-obligataire",
      "name": "CDS-bond basis",
      "definition": "Écart entre la prime du CDS et le spread de crédit de l'obligation du même émetteur. Une base négative (CDS moins cher que l'obligation) signale des frictions de financement ou d'arbitrage ; sa dérive prévient parfois avant le prix au comptant. Outil de lecture croisée du risque souverain ou d'entreprise.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "spread-de-credit",
      "url": "https://l0g.fr/glossaire/spread-de-credit/",
      "sigle": "Spread de crédit",
      "name": "Credit spread",
      "definition": "Écart de rendement entre une obligation d'entreprise et une obligation d'État de même maturité. Prix du risque de crédit : il s'écarte quand le marché exige davantage pour prêter à un émetteur privé, se resserre quand l'appétit pour le risque revient.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-les-spreads-de-credit/",
      "atlas": null
    },
    {
      "slug": "oas",
      "url": "https://l0g.fr/glossaire/oas/",
      "sigle": "OAS",
      "name": "Option-Adjusted Spread",
      "definition": "Écart de rendement d'une obligation par rapport à la courbe des Treasuries, corrigé de la valeur des options incorporées au titre (clause de remboursement anticipé). Mesure de référence du spread de crédit, comparable d'un titre à l'autre. Les indices ICE BofA sont la source la plus suivie.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-les-spreads-de-credit/",
      "atlas": null
    },
    {
      "slug": "investment-grade",
      "url": "https://l0g.fr/glossaire/investment-grade/",
      "sigle": "Investment grade",
      "name": "Catégorie investissement",
      "definition": "Catégorie de notes attribuées à un émetteur ou à une dette dont le risque de défaut est jugé relativement faible. Dans l’échelle illustrée par la SEC, elle commence à BBB−. Les symboles dépendent de l’agence. Une note reste une appréciation révisable : elle ne garantit ni remboursement ni valeur de revente et ne révèle pas le seuil prévu dans un contrat particulier.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/openai-note-credit-garantie-nvidia-ipo/",
      "atlas": {
        "intuition": "La note classe un risque de crédit ; le contrat détermine les conséquences attachées à cette note.",
        "formula": null,
        "whyNow": null,
        "related": [
          "vrg"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "SEC, Investor.gov",
            "href": "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated-8",
            "detail": "Échelles, périmètre et limites des notes de crédit.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "high-yield",
      "url": "https://l0g.fr/glossaire/high-yield/",
      "sigle": "High yield",
      "name": "Haut rendement",
      "definition": "Dette d'émetteurs notés sous BBB- (BB, B, CCC et moins), dite à haut rendement ou spéculative. Rémunère un risque de défaut plus élevé ; son spread est l'un des baromètres les plus suivis du stress de crédit.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cdx",
      "url": "https://l0g.fr/glossaire/cdx/",
      "sigle": "CDX",
      "name": "Indice de CDS",
      "definition": "Indice regroupant un panier de credit default swaps (CDX.NA.IG pour l'investment grade, CDX.NA.HY pour le high yield). Instrument synthétique et liquide, il se négocie en continu et bouge souvent plus vite que le marché comptant des obligations.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "nrsro",
      "url": "https://l0g.fr/glossaire/nrsro/",
      "sigle": "NRSRO",
      "name": "Nationally Recognized Statistical Rating Organization",
      "definition": "Agence de notation agréée par la SEC pour que ses notes servent à des fins réglementaires. S&P, Moody's et Fitch, les trois principales, concentrent environ 95 % du marché mondial. Leur modèle dominant, l'émetteur-payeur, où l'entité notée paie sa propre note, porte un conflit d'intérêts structurel.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-une-notation-de-credit/",
      "atlas": null
    },
    {
      "slug": "matrice-de-transition",
      "url": "https://l0g.fr/glossaire/matrice-de-transition/",
      "sigle": "Matrice de transition",
      "name": "Rating transition matrix",
      "definition": "Tableau qui donne, pour chaque note de départ, la probabilité de migrer vers une autre note (hausse, baisse ou défaut) sur un horizon donné, en général un an. Outil central de la gestion du risque de crédit, calibré sur l'historique des notations.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-une-notation-de-credit/",
      "atlas": null
    },
    {
      "slug": "ratio-de-detresse",
      "url": "https://l0g.fr/glossaire/ratio-de-detresse/",
      "sigle": "Ratio de détresse",
      "name": "Distress ratio",
      "definition": "Part des obligations à haut rendement dont le spread dépasse 1 000 points de base. Mesure la taille du segment déjà en difficulté ; sa montée précède généralement les vagues de défaut.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "risque-de-reinvestissement",
      "url": "https://l0g.fr/glossaire/risque-de-reinvestissement/",
      "sigle": "Risque de réinvestissement",
      "name": "Reinvestment risk",
      "definition": "Risque de replacer le capital remboursé ou les revenus encaissés à des conditions moins rémunératrices. Un remboursement anticipé peut raccourcir la durée d’un prêt attractif ; le revenu futur dépend alors du délai de placement, du nouveau taux, des frais et du risque accepté.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/credit-prive-emprunteurs-refinancement-revenus/",
      "atlas": {
        "intuition": "Récupérer son capital donne de la liquidité, puis oblige à choisir un nouveau placement. Le taux du prêt remboursé cesse de produire un revenu.",
        "formula": "revenu sur la période = intérêts avant remboursement + revenu du capital replacé + prime éventuelle",
        "whyNow": "Le refinancement de prêts privés à une marge plus faible rend ce mécanisme visible, même à taux de référence inchangé.",
        "related": [
          "credit-prive",
          "bdc"
        ],
        "articles": [
          {
            "label": "Crédit privé : les emprunteurs qui peuvent partir",
            "href": "https://l0g.fr/posts/credit-prive-emprunteurs-refinancement-revenus/",
            "detail": "Mercer, revenus récurrents et emploi du capital remboursé.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BlackRock Credit Strategies Fund, prospectus 2024",
            "href": "https://www.sec.gov/Archives/edgar/data/1752019/000119312524242920/d815713d424b3.htm",
            "detail": "Rubriques Prepayment Risk et Reinvestment Risk, pages 13 et 88.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "fsb",
      "url": "https://l0g.fr/glossaire/fsb/",
      "sigle": "FSB",
      "name": "Financial Stability Board",
      "definition": "Conseil de stabilité financière, qui coordonne au niveau international la surveillance des risques systémiques.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "pcdr",
      "url": "https://l0g.fr/glossaire/pcdr/",
      "sigle": "PCDR",
      "name": "Private Credit Default Rate",
      "definition": "Indice de Fitch mesurant le taux de défaut sur environ 1 200 emprunteurs du middle market dans le crédit privé. Mesure élargie du défaut, plus complète que le seul défaut de paiement.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": {
        "intuition": "Le PCDR suit le défaut privé sur un univers de middle market, donc un stress moins visible que le high yield coté.",
        "formula": null,
        "whyNow": "Il sert de capteur direct quand les restructurations privées progressent sans toujours passer par un défaut public classique.",
        "related": [
          "credit-prive",
          "pmr",
          "pik",
          "lme",
          "lbo",
          "cds"
        ],
        "articles": [
          {
            "label": "Crédit privé, défaut et gating",
            "href": "https://l0g.fr/posts/credit-prive-juin-2026-defaut-record-gating/",
            "detail": "Défauts, rachats plafonnés et vigilance des régulateurs.",
            "kind": "article"
          },
          {
            "label": "Contagion silencieuse du crédit privé",
            "href": "https://l0g.fr/posts/la-contagion-silencieuse-credit-prive/",
            "detail": "Passerelles banques, assureurs, BDC, crypto et stablecoins.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Analyser le crédit privé",
            "href": "https://l0g.fr/guides/analyser-credit-prive/",
            "detail": "Valorisation, liquidité, levier, clauses et points de rupture.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar incluant le bucket private_leverage.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff des sources, signaux, modèles et articles sur 1, 7 et 30 jours.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Graphe articles, claims, références, hôtes et sources.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Levier privé, crédit global, stress de marché et dette publique.",
            "kind": "methodology"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Mouvements récents des signaux, sources et claims.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames point-in-time hashées pour rejouer un état publié.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Financial Stability Board & OFR",
            "href": "https://l0g.fr/sources/fsb-ofr/",
            "detail": "Intermédiation non bancaire, stabilité financière et monitors.",
            "kind": "source"
          },
          {
            "label": "International Monetary Fund",
            "href": "https://l0g.fr/sources/imf/",
            "detail": "Global Financial Stability Report et stress de financement.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "pmr",
      "url": "https://l0g.fr/glossaire/pmr/",
      "sigle": "PMR",
      "name": "Privately Monitored Rating",
      "definition": "Composante de l'univers Fitch portant sur les plus gros emprunteurs sous LBO notés en privé. Son taux de défaut est structurellement plus élevé que l'indice large PCDR.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "lme",
      "url": "https://l0g.fr/glossaire/lme/",
      "sigle": "LME",
      "name": "Liability Management Exercise",
      "definition": "Gestion de passif hors tribunal (échange de dette, extension de maturité, rachat sous le pair) qui permet d'éviter ou de repousser un défaut formel. Devenue le mode dominant de traitement de la détresse : en 2025-2026, ces restructurations forment l'essentiel de l'activité de défaut, masquant un stress que le taux de défaut classique sous-estime.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-les-clo-et-prets-a-effet-de-levier/",
      "atlas": null
    },
    {
      "slug": "cash-sweep",
      "url": "https://l0g.fr/glossaire/cash-sweep/",
      "sigle": "Cash sweep",
      "name": "Affectation accélérée de trésorerie",
      "definition": "Clause contractuelle qui dirige tout ou partie d'un excédent de trésorerie ou de recettes défini vers un remboursement anticipé de la dette. Elle réduit plus vite l'encours lorsque les conditions prévues sont réunies, sans signifier que toutes les recettes reviennent au créancier : le périmètre, les seuils et le taux d'affectation dépendent du contrat.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/les-banquiers-du-baril-3-tchad-glencore-dette-petrole/",
      "atlas": null
    },
    {
      "slug": "lbo",
      "url": "https://l0g.fr/glossaire/lbo/",
      "sigle": "LBO",
      "name": "Leveraged Buyout",
      "definition": "Rachat d'entreprise financé majoritairement par de la dette, remboursée par les flux de trésorerie de la cible.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "clo",
      "url": "https://l0g.fr/glossaire/clo/",
      "sigle": "CLO",
      "name": "Collateralized Loan Obligation",
      "definition": "Véhicule de titrisation qui regroupe des centaines de prêts à effet de levier et émet des tranches de risque échelonné, de la plus sûre (AAA) à la plus risquée (equity). Premier acheteur du marché des prêts à effet de levier, activement géré. À ne pas confondre avec le CDO adossé aux crédits subprime de 2008.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-les-clo-et-prets-a-effet-de-levier/",
      "atlas": null
    },
    {
      "slug": "cfo",
      "url": "https://l0g.fr/glossaire/cfo/",
      "sigle": "CFO",
      "name": "Collateralised Fund Obligation",
      "definition": "Véhicule qui finance des parts de fonds, détenues directement ou indirectement, en émettant de la dette et des capitaux propres. Les distributions alimentent les paiements selon un ordre contractuel. La subordination répartit les pertes ; les réserves et facilités de liquidité répondent au décalage des flux. Ici, CFO désigne le montage financier, et non le directeur financier d’une entreprise.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/private-equity-cfo-obligations-assureurs/",
      "atlas": {
        "intuition": "Une créance peut être protégée contre les premières pertes tout en dépendant de distributions irrégulières.",
        "formula": null,
        "whyNow": null,
        "related": [
          "credit-prive",
          "nav-loan"
        ],
        "articles": [
          {
            "label": "Private equity : les obligations pour les assureurs",
            "href": "https://l0g.fr/posts/private-equity-cfo-obligations-assureurs/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Mayer Brown, mécanismes des CFO",
            "href": "https://www.mayerbrown.com/en/insights/publications/2023/08/collateralized-fund-obligations-a-growing-cdo-clo-and-fund-finance-liquidity-solution",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "pret-a-effet-de-levier",
      "url": "https://l0g.fr/glossaire/pret-a-effet-de-levier/",
      "sigle": "Prêt à effet de levier",
      "name": "Leveraged loan",
      "definition": "Prêt bancaire syndiqué consenti à une entreprise déjà endettée, sous la catégorie investissement, à taux variable indexé sur le SOFR. Sert à financer rachats (LBO), acquisitions et refinancements. Senior et garanti, mais de plus en plus dépourvu de clauses de protection (cov-lite).",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-les-clo-et-prets-a-effet-de-levier/",
      "atlas": null
    },
    {
      "slug": "cov-lite",
      "url": "https://l0g.fr/glossaire/cov-lite/",
      "sigle": "Cov-lite",
      "name": "Covenant-lite",
      "definition": "Prêt émis avec peu ou pas de clauses de sauvegarde (covenants) obligeant l'emprunteur à respecter des ratios financiers. Devenu la norme du marché des prêts à effet de levier, il retarde le constat de défaut mais réduit le recouvrement des créanciers.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-les-clo-et-prets-a-effet-de-levier/",
      "atlas": null
    },
    {
      "slug": "tranche",
      "url": "https://l0g.fr/glossaire/tranche/",
      "sigle": "Tranche",
      "name": "Tranche de titrisation",
      "definition": "Groupe de titres partageant un rang de paiement dans un financement structuré. Les tranches senior passent avant les tranches subordonnées, sous réserve des autres créances prioritaires du contrat. La position résiduelle absorbe les premières pertes et reçoit le solde disponible. Le rang senior ne garantit aucune note précise ni aucun rendement.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-les-clo-et-prets-a-effet-de-levier/",
      "atlas": null
    },
    {
      "slug": "pml",
      "url": "https://l0g.fr/glossaire/pml/",
      "sigle": "PML",
      "name": "Probable Maximum Loss",
      "definition": "Perte maximale probable : estimation de la plus grande perte qu'un événement grave mais jugé plausible pourrait causer selon un scénario, un périmètre et un modèle donnés. Elle peut servir à dimensionner un plafond d'assurance industrielle. Elle ne correspond ni à la valeur totale de l'actif, ni à la pire perte physiquement imaginable, et dépend fortement des hypothèses de corrélation et de compartimentage.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/data-center-meta-trop-gros-assurance-sopaipilla/",
      "atlas": null
    },
    {
      "slug": "titrisation",
      "url": "https://l0g.fr/glossaire/titrisation/",
      "sigle": "Titrisation",
      "name": "Securitization",
      "definition": "Technique consistant à regrouper des créances (prêts, obligations) dans un véhicule dédié qui émet des titres adossés à ces actifs, répartis en tranches de risque. Au cœur des CLO comme des CDO subprime, pour le meilleur et pour le pire.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-les-clo-et-prets-a-effet-de-levier/",
      "atlas": null
    },
    {
      "slug": "escrow",
      "url": "https://l0g.fr/glossaire/escrow/",
      "sigle": "Escrow",
      "name": "Compte de provision hypothécaire",
      "definition": "Aux États-Unis, compte géré par le servicer d'un prêt immobilier pour prélever chaque mois une provision destinée notamment à l'assurance habitation et aux impôts fonciers. La mensualité totale peut donc monter quand la prime d'assurance est révisée, même si le taux et le capital du prêt restent inchangés.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/facture-assurance-risque-credit-immobilier-americain/",
      "atlas": null
    },
    {
      "slug": "abs",
      "url": "https://l0g.fr/glossaire/abs/",
      "sigle": "ABS",
      "name": "Asset-Backed Security",
      "definition": "Titre dont les paiements dépendent principalement des flux d’un panier de créances : prêts immobiliers, prêts automobiles, crédit à la consommation ou autres créances selon la structure. Une titrisation finance ce panier par des titres dont les tranches ont des priorités de paiement et d’absorption des pertes différentes. Le transfert du risque dépend du montage et des tranches conservées ou cédées ; conserver un ABS et le remettre en garantie ne suffit pas à transférer ce risque à un investisseur externe.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/bce-garanties-banques-credit-novembre-2026/",
      "atlas": {
        "intuition": "Financer un panier de créances et céder son risque sont deux opérations à examiner séparément.",
        "formula": null,
        "whyNow": null,
        "related": [
          "collateral",
          "decote-de-garantie",
          "ecaf",
          "repo"
        ],
        "articles": [
          {
            "label": "BCE : garanties bancaires et crédit en novembre 2026",
            "href": "https://l0g.fr/posts/bce-garanties-banques-credit-novembre-2026/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BCE, Tracing European structured finance counterparty networks",
            "href": "https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op199.en.pdf#page=8",
            "detail": "Occasional Paper 199, encadré 1, p. 7 : flux, tranches et créances immobilières ou autres.",
            "kind": "source"
          },
          {
            "label": "Supervision BCE, Securitisations: meeting significant risk transfer criteria",
            "href": "https://www.bankingsupervision.europa.eu/press/supervisory-newsletters/newsletter/2022/html/ssm.nl220518_4.en.html",
            "detail": "Tranches conservées, risque restant et conditions de transfert significatif du risque.",
            "kind": "source"
          },
          {
            "label": "Orientation ECB/2026/27",
            "href": "https://www.ecb.europa.eu/pub/pdf/legal/ecb.leg_gui_2026_27.en.pdf",
            "detail": "Article 1, point 3 : ABS retenus et durée moyenne de la tranche senior ; tableaux 2a et 3b.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "abf",
      "url": "https://l0g.fr/glossaire/abf/",
      "sigle": "ABF",
      "name": "Asset-Based Finance",
      "definition": "Finance adossée aux actifs : financement de portefeuilles de créances (conso, équipement, redevances) via la titrisation, aussi appelée specialty finance ou crédit privé structuré. Compartiment en forte croissance du crédit privé, où des gérants comme Apollo ou KKR originent, structurent et détiennent la dette, souvent adossée aux primes de rentes des assureurs qu'ils contrôlent.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "financement-d-entrepot",
      "url": "https://l0g.fr/glossaire/financement-d-entrepot/",
      "sigle": "Financement d'entrepôt",
      "name": "Warehouse financing",
      "definition": "Ligne ou structure temporaire qui finance un stock de prêts ou de créances avant leur vente ou leur titrisation. Si la sortie tarde, la durée et le coût de portage augmentent ; une baisse du collatéral peut aussi imposer davantage de capital ou réduire le montant avancé.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "rehaussement-de-credit",
      "url": "https://l0g.fr/glossaire/rehaussement-de-credit/",
      "sigle": "Rehaussement de crédit",
      "name": "Credit enhancement",
      "definition": "Ensemble des protections qui permettent aux tranches senior d'une titrisation d'atteindre la note AAA : subordination, surdimensionnement, excess spread et compte de réserve. Mesure combien de pertes le pool peut absorber avant que les investisseurs seniors ne soient touchés. Lire un ABS, c'est d'abord lire l'épaisseur de ce coussin.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-les-clo-et-prets-a-effet-de-levier/",
      "atlas": null
    },
    {
      "slug": "surdimensionnement",
      "url": "https://l0g.fr/glossaire/surdimensionnement/",
      "sigle": "Surdimensionnement",
      "name": "Overcollateralization",
      "definition": "Excédent de la valeur du pool de créances sur le montant des titres émis : le collatéral vaut plus que la dette qu'il garantit, et cet écart absorbe les premières pertes avant les tranches. Forme clé de rehaussement de crédit, il se réduit à mesure que les défauts s'accumulent.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "excess-spread",
      "url": "https://l0g.fr/glossaire/excess-spread/",
      "sigle": "Excess spread",
      "name": "Excess spread",
      "definition": "Écart entre les intérêts encaissés sur les créances du pool et les intérêts versés aux porteurs de titres. Cet excédent absorbe les pertes courantes et alimente le compte de réserve. Premier coussin consommé en cas de dégradation, il s'amincit quand le coût de financement monte.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "srt",
      "url": "https://l0g.fr/glossaire/srt/",
      "sigle": "SRT",
      "name": "Significant / Synthetic Risk Transfer",
      "definition": "Transfert synthétique de risque : une banque garde ses prêts à son bilan mais achète une protection contre leur défaut, le plus souvent sur la tranche de première perte, auprès d'investisseurs non bancaires. Elle transfère ainsi le risque réglementaire et libère du capital sans céder les prêts. Marché en forte croissance, sous surveillance des régulateurs pour son opacité et sa circularité.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cln",
      "url": "https://l0g.fr/glossaire/cln/",
      "sigle": "CLN",
      "name": "Credit-linked note",
      "definition": "Titre indexé sur le risque de crédit d'un portefeuille : l'investisseur verse un capital d'avance et l'encaisse à l'échéance, diminué des pertes du portefeuille de référence. Instrument privilégié des transferts synthétiques de risque (SRT), reconnu éligible au capital réglementaire par la Fed en 2023, ce qui a ouvert le marché américain.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "fhlb",
      "url": "https://l0g.fr/glossaire/fhlb/",
      "sigle": "FHLB",
      "name": "Federal Home Loan Bank",
      "definition": "Réseau de onze banques publiques américaines (GSE) créé en 1932 pour financer le logement. Elles prêtent à leurs membres (banques, assureurs, coopératives) des avances garanties, à taux bas grâce à la garantie implicite de l'État. Devenu un guichet de liquidité de gros discret, très utilisé par les assureurs, et critiqué pour son éloignement de sa mission de logement.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "gse",
      "url": "https://l0g.fr/glossaire/gse/",
      "sigle": "GSE",
      "name": "Government-Sponsored Enterprise",
      "definition": "Entreprise privée à charte publique bénéficiant d'une garantie implicite de l'État fédéral, qui abaisse son coût de financement. Fannie Mae, Freddie Mac et le système FHLB en sont les principaux exemples. La garantie n'est pas votée mais anticipée par le marché, ce qui transfère un risque au contribuable sans ligne budgétaire correspondante.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "conservatorship",
      "url": "https://l0g.fr/glossaire/conservatorship/",
      "sigle": "Conservatorship",
      "name": "Tutelle fédérale",
      "definition": "Régime de gestion sous contrôle public institué par la loi HERA de 2008. La FHFA exerce les pouvoirs de la direction, du conseil et des actionnaires de Fannie Mae et Freddie Mac depuis le 6 septembre 2008, tout en laissant les deux entreprises fonctionner comme des sociétés commerciales. Présentée à l'origine comme transitoire, la tutelle dure depuis dix-huit ans.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/privatisation-fannie-freddie-garantie-non-ecrite/",
      "atlas": null
    },
    {
      "slug": "spspa",
      "url": "https://l0g.fr/glossaire/spspa/",
      "sigle": "SPSPA",
      "name": "Senior Preferred Stock Purchase Agreement",
      "definition": "Accord signé le 7 septembre 2008 entre le Trésor américain et chacune des deux GSE. Le Trésor s'engage à combler leur situation nette négative en échange d'actions préférentielles de rang senior et de bons de souscription sur 79,9 % du capital ordinaire. Il ne garantit pas les MBS émis : il garantit la solvabilité de l'émetteur, ce qui n'est pas le même engagement juridique.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/privatisation-fannie-freddie-garantie-non-ecrite/",
      "atlas": null
    },
    {
      "slug": "net-worth-sweep",
      "url": "https://l0g.fr/glossaire/net-worth-sweep/",
      "sigle": "Net worth sweep",
      "name": "Prélèvement de la valeur nette",
      "definition": "Troisième amendement aux SPSPA, signé le 17 août 2012 : le dividende dû au Trésor cesse d'être un taux fixe sur la préférence de liquidation et devient la totalité de la valeur nette excédant une réserve. Il a mis fin à l'emprunt circulaire des GSE mais les a empêchées d'accumuler du capital jusqu'aux lettres d'accord de 2017, 2019 et 2021.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/privatisation-fannie-freddie-garantie-non-ecrite/",
      "atlas": null
    },
    {
      "slug": "ercf",
      "url": "https://l0g.fr/glossaire/ercf/",
      "sigle": "ERCF",
      "name": "Enterprise Regulatory Capital Framework",
      "definition": "Cadre prudentiel de la FHFA finalisé en décembre 2020 pour Fannie Mae et Freddie Mac, calqué sur la logique bancaire : exigences pondérées par le risque, ratio de levier et coussins. Il n'est pas contraignant tant que dure la tutelle, mais il définit le seuil de capital à atteindre avant toute sortie.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/privatisation-fannie-freddie-garantie-non-ecrite/",
      "atlas": null
    },
    {
      "slug": "mbs-d-agence",
      "url": "https://l0g.fr/glossaire/mbs-d-agence/",
      "sigle": "MBS d'agence",
      "name": "Agency mortgage-backed security",
      "definition": "Titre adossé à des prêts immobiliers américains et garanti par Fannie Mae, Freddie Mac ou Ginnie Mae. Encours d'environ 9 500 milliards de dollars fin 2025. Seuls les titres Ginnie Mae bénéficient d'une garantie fédérale explicite ; les deux autres reposent sur une garantie implicite que le droit dément et que les prix intègrent.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/privatisation-fannie-freddie-garantie-non-ecrite/",
      "atlas": null
    },
    {
      "slug": "ginnie-mae",
      "url": "https://l0g.fr/glossaire/ginnie-mae/",
      "sigle": "Ginnie Mae",
      "name": "Government National Mortgage Association",
      "definition": "Agence fédérale rattachée au département du Logement, seule à apporter une garantie explicite et de pleine foi des États-Unis sur les MBS qu'elle assure. Elle sert de point de comparaison naturel pour mesurer ce que vaut la garantie implicite de Fannie Mae et Freddie Mac.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "g-fee",
      "url": "https://l0g.fr/glossaire/g-fee/",
      "sigle": "G-fee",
      "name": "Commission de garantie",
      "definition": "Prix facturé par une GSE pour garantir un prêt titrisé, exprimé en points de base annuels. Moyenne de 65,2 pb en 2024 sur l'unifamilial selon la FHFA. Le CBO estime que les GSE la facturent 6 à 10 pb sous son prix de marché, écart qui constitue la subvention publique mesurable du dispositif.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/privatisation-fannie-freddie-garantie-non-ecrite/",
      "atlas": null
    },
    {
      "slug": "super-lien",
      "url": "https://l0g.fr/glossaire/super-lien/",
      "sigle": "Super-lien",
      "name": "Super-lien FHLB",
      "definition": "Priorité légale, instaurée par le Competitive Equality Banking Act de 1987, qui place les créances des Federal Home Loan Banks sur le collatéral d'un membre en faillite avant tous les autres créanciers, y compris la FDIC. Combinée au surdimensionnement du collatéral, elle rend les pertes des FHLB quasi nulles et reporte le coût des faillites bancaires sur le fonds de garantie des dépôts.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "htm",
      "url": "https://l0g.fr/glossaire/htm/",
      "sigle": "HTM",
      "name": "Held-to-maturity",
      "definition": "Catégorie comptable des titres qu'une banque déclare vouloir conserver jusqu'à l'échéance : ils sont inscrits au coût amorti, sans être réévalués au prix de marché. Les moins-values latentes n'y apparaissent nulle part, tant que les titres ne sont pas vendus. Commode en période de hausse des taux, l'artifice a masqué les pertes de SVB jusqu'à la ruée qui a forcé leur vente.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "afs",
      "url": "https://l0g.fr/glossaire/afs/",
      "sigle": "AFS",
      "name": "Available-for-sale",
      "definition": "Catégorie comptable des titres disponibles à la vente : ils sont réévalués au prix de marché, les moins-values latentes passant par les capitaux propres (AOCI) sans affecter le résultat. Plus transparente que le HTM, mais neutralisée pour la plupart des banques par le filtre AOCI qui exclut ces pertes du capital réglementaire.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "baas",
      "url": "https://l0g.fr/glossaire/baas/",
      "sigle": "BaaS",
      "name": "Banking-as-a-Service",
      "definition": "Modèle dans lequel une entreprise non bancaire distribue une interface et des services financiers en s'appuyant sur une banque agréée, parfois par l'intermédiaire d'un prestataire technique. La banque reste responsable de ses obligations réglementaires ; la circulation et l'attribution des fonds peuvent dépendre de registres tenus par plusieurs acteurs.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "compte-fbo",
      "url": "https://l0g.fr/glossaire/compte-fbo/",
      "sigle": "Compte FBO",
      "name": "For-Benefit-Of account",
      "definition": "Compte de dépôt ouvert par un dépositaire « pour le bénéfice de » clients finaux. Les fonds de plusieurs bénéficiaires peuvent y être regroupés ; des registres détaillés doivent alors permettre d'identifier chaque propriétaire et son solde. La qualité et l'accès à ces écritures sont essentiels lors d'une défaillance d'un intermédiaire.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "assurance-pass-through",
      "url": "https://l0g.fr/glossaire/assurance-pass-through/",
      "sigle": "Assurance pass-through",
      "name": "Pass-through deposit insurance",
      "definition": "Mécanisme permettant à la garantie des dépôts de traiter les bénéficiaires d'un compte groupé comme s'ils détenaient directement leurs fonds auprès de la banque assurée, sous réserve que la relation de garde et leurs droits soient établis par les registres. Il intervient si la banque fait faillite, pas pour couvrir la faillite, la fraude ou le vol chez un intermédiaire non bancaire.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cre",
      "url": "https://l0g.fr/glossaire/cre/",
      "sigle": "CRE",
      "name": "Commercial Real Estate",
      "definition": "Immobilier commercial : bureaux, commerces, entrepôts, logements collectifs de rapport, hôtels. Financé par de la dette à échéance courte qu'il faut refinancer régulièrement. Aux États-Unis, un poste de risque concentré dans les banques régionales et frappé par le télétravail sur le segment des bureaux.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cmbs",
      "url": "https://l0g.fr/glossaire/cmbs/",
      "sigle": "CMBS",
      "name": "Commercial Mortgage-Backed Securities",
      "definition": "Titres adossés à un panier de prêts immobiliers commerciaux, cousins des RMBS résidentiels. Leur taux de défaut, en particulier sur les bureaux, et leur passage en « special servicing » (gestion des créances en difficulté) sont des baromètres suivis du stress de l'immobilier commercial.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "extend-and-pretend",
      "url": "https://l0g.fr/glossaire/extend-and-pretend/",
      "sigle": "Extend and pretend",
      "name": "Extension et déni",
      "definition": "Pratique consistant, pour un prêteur, à prolonger l'échéance d'un prêt en difficulté plutôt qu'à constater la perte. Répandue dans l'immobilier commercial et le crédit à effet de levier, elle gagne du temps et lisse les pertes, mais masque le stress réel et retarde le nettoyage.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "mur-de-maturites",
      "url": "https://l0g.fr/glossaire/mur-de-maturites/",
      "sigle": "Mur de maturités",
      "name": "Maturity wall",
      "definition": "Concentration, sur une période courte, d'un grand volume de dette arrivant à échéance et devant être refinancée. Dangereux quand ce refinancement se fait à des taux bien plus élevés qu'à l'origine, comme pour l'immobilier commercial américain en 2026-2027.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cdo",
      "url": "https://l0g.fr/glossaire/cdo/",
      "sigle": "CDO",
      "name": "Collateralized Debt Obligation",
      "definition": "Ancêtre et cousin du CLO, mais adossé à des crédits hypothécaires, souvent subprime, dans les années 2000. Son effondrement en 2008, aggravé par des tranches re-titrisées et corrélées, en a fait un symbole de la crise. Le CLO, adossé à des prêts d'entreprise diversifiés, a mieux résisté.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/guides/lire-les-clo-et-prets-a-effet-de-levier/",
      "atlas": null
    },
    {
      "slug": "spv",
      "url": "https://l0g.fr/glossaire/spv/",
      "sigle": "SPV",
      "name": "Special Purpose Vehicle",
      "definition": "Véhicule ad hoc créé pour isoler un actif ou un financement. Sert par exemple à acheter du matériel puis à le louer, en gardant la dette hors du bilan de l'utilisateur.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "vrg",
      "url": "https://l0g.fr/glossaire/vrg/",
      "sigle": "VRG",
      "name": "Valeur résiduelle garantie",
      "definition": "Protection contractuelle fondée sur une valeur minimale convenue pour un actif ou un bail. Le garant, qui peut être le locataire ou un tiers, couvre un écart défini après application des conditions et des récupérations prévues. Le bénéficiaire, le déclencheur, le plafond et les possibilités de sortie dépendent du contrat. La garantie ne suffit pas, à elle seule, à déterminer le traitement comptable du financement.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/openai-note-credit-garantie-nvidia-ipo/",
      "atlas": {
        "intuition": "Un plafond de garantie indique une limite contractuelle. Le paiement éventuel dépend du déclencheur, des recours et de la valeur récupérée.",
        "formula": null,
        "whyNow": null,
        "related": [
          "investment-grade"
        ],
        "articles": [
          {
            "label": "Quand le crédit commence à trier l’IA",
            "href": "https://l0g.fr/posts/quand-le-credit-commence-a-trier-l-ia/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Nvidia, SEC, annexe 10.1",
            "href": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda2027q2ex101.htm",
            "detail": "Exemple de garantie fournie par un tiers : définitions, recours et extinction, sections 1, 12 et 13.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "rate-base",
      "url": "https://l0g.fr/glossaire/rate-base/",
      "sigle": "Rate base",
      "name": "Base d'actifs régulée",
      "definition": "Valeur des actifs d'une utility sur laquelle le régulateur l'autorise à percevoir un rendement. Lorsqu'une ligne, une sous-station ou une centrale entre dans cette base, son amortissement et le rendement autorisé sont récupérés dans les tarifs. Le traitement d'un ouvrage construit pour une charge qui ne vient pas détermine donc si le coût reste au client, aux actionnaires ou aux autres abonnés.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": {
        "intuition": "La base d'actifs régulée transforme un investissement autorisé en revenus tarifaires : amortissement et rendement sont récupérés auprès des clients selon la décision du régulateur.",
        "formula": "besoin de revenu = charges d'exploitation + amortissement + taxes + taux de rendement × base d'actifs",
        "whyNow": "Le boom des data centers oblige les commissions à décider si les ouvrages construits pour une grande charge absente restent à la charge du demandeur ou entrent dans les tarifs collectifs.",
        "related": [
          "actif-echoue",
          "take-or-pay",
          "capex",
          "hyperscaler",
          "spv"
        ],
        "articles": [
          {
            "label": "Le kilowatt fantôme",
            "href": "https://l0g.fr/posts/kilowatt-fantome-reseau-data-center/",
            "detail": "Tarifs data centers, coût du réseau et risque de transfert vers les abonnés.",
            "kind": "article"
          },
          {
            "label": "La dette derrière l'IA",
            "href": "https://l0g.fr/posts/la-dette-derriere-l-ia-spv-obligations-credit-prive/",
            "detail": "Dette, SPV et financement des infrastructures de calcul.",
            "kind": "article"
          },
          {
            "label": "La valeur résiduelle garantie",
            "href": "https://l0g.fr/posts/valeur-residuelle-garantie-credit-infrastructure-ia/",
            "detail": "Dépréciation des actifs d'IA et transfert du risque au garant.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Relations entre les articles, leurs claims et leurs sources.",
            "kind": "dataset"
          },
          {
            "label": "claims.json",
            "href": "https://l0g.fr/api/v1/claims.json",
            "detail": "Claims extraites du corpus avec leurs références.",
            "kind": "dataset"
          }
        ],
        "signals": [],
        "sources": [
          {
            "label": "Federal Energy Regulatory Commission",
            "href": "https://www.ferc.gov/",
            "detail": "Tarifs de transport, grandes charges et accords de récupération des coûts.",
            "kind": "source"
          },
          {
            "label": "U.S. Department of Energy",
            "href": "https://www.energy.gov/policy/articles/electricity-rate-designs-large-loads-evolving-practices-and-opportunities",
            "detail": "Conception tarifaire, partage des risques et actifs échoués.",
            "kind": "source"
          },
          {
            "label": "Virginia State Corporation Commission",
            "href": "https://www.scc.virginia.gov/media/sccvirginiagov-home/about-the-scc/fact-sheets/scc-data-center-initiatives-02-2026.pdf",
            "detail": "Tarif GS-5, engagement minimal et collatéral.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "actif-echoue",
      "url": "https://l0g.fr/glossaire/actif-echoue/",
      "sigle": "Actif échoué",
      "name": "Stranded asset",
      "definition": "Actif construit ou financé dont l'usage ou les revenus deviennent insuffisants avant le remboursement complet. Pour un data center abandonné, il peut s'agir d'une ligne ou d'une sous-station difficile à réaffecter. L'actif ne disparaît pas : le contrat et la décision du régulateur déterminent qui absorbe le coût non récupéré.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": {
        "intuition": "Un actif échoué est une dépense encore à rembourser, mais privée trop tôt de l'usage ou des revenus qui devaient la financer.",
        "formula": "coût échoué = coût non amorti - valeur réaffectable - garanties récupérées",
        "whyNow": "Une charge de data center retardée, dupliquée ou annulée peut laisser une ligne ou une sous-station sous-utilisée avant son remboursement.",
        "related": [
          "rate-base",
          "take-or-pay",
          "capex",
          "hyperscaler",
          "vrg"
        ],
        "articles": [
          {
            "label": "Le kilowatt fantôme",
            "href": "https://l0g.fr/posts/kilowatt-fantome-reseau-data-center/",
            "detail": "Tarifs data centers, coût du réseau et risque de transfert vers les abonnés.",
            "kind": "article"
          },
          {
            "label": "La dette derrière l'IA",
            "href": "https://l0g.fr/posts/la-dette-derriere-l-ia-spv-obligations-credit-prive/",
            "detail": "Dette, SPV et financement des infrastructures de calcul.",
            "kind": "article"
          },
          {
            "label": "La valeur résiduelle garantie",
            "href": "https://l0g.fr/posts/valeur-residuelle-garantie-credit-infrastructure-ia/",
            "detail": "Dépréciation des actifs d'IA et transfert du risque au garant.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Relations entre les articles, leurs claims et leurs sources.",
            "kind": "dataset"
          },
          {
            "label": "claims.json",
            "href": "https://l0g.fr/api/v1/claims.json",
            "detail": "Claims extraites du corpus avec leurs références.",
            "kind": "dataset"
          }
        ],
        "signals": [],
        "sources": [
          {
            "label": "Federal Energy Regulatory Commission",
            "href": "https://www.ferc.gov/",
            "detail": "Tarifs de transport, grandes charges et accords de récupération des coûts.",
            "kind": "source"
          },
          {
            "label": "U.S. Department of Energy",
            "href": "https://www.energy.gov/policy/articles/electricity-rate-designs-large-loads-evolving-practices-and-opportunities",
            "detail": "Conception tarifaire, partage des risques et actifs échoués.",
            "kind": "source"
          },
          {
            "label": "Virginia State Corporation Commission",
            "href": "https://www.scc.virginia.gov/media/sccvirginiagov-home/about-the-scc/fact-sheets/scc-data-center-initiatives-02-2026.pdf",
            "detail": "Tarif GS-5, engagement minimal et collatéral.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "take-or-pay",
      "url": "https://l0g.fr/glossaire/take-or-pay/",
      "sigle": "Take-or-pay",
      "name": "Engagement minimal de paiement",
      "definition": "Clause prévoyant le paiement d’une quantité ou d’une capacité minimale réservée, même lorsque le client l’utilise moins. Le minimum, les exceptions et les conditions de service dépendent du contrat. Elle réduit l’exposition du fournisseur au volume consommé, en laissant subsister le risque de défaut du client et les obligations d’exécution.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": {
        "intuition": "Le take-or-pay facture la réservation, pas seulement l'usage. Il transforme le risque de volume du réseau en obligation de crédit du client.",
        "formula": null,
        "whyNow": "Les nouveaux tarifs pour grandes charges emploient des paiements minimaux, des durées longues et du collatéral pour filtrer les demandes spéculatives.",
        "related": [
          "rate-base",
          "actif-echoue",
          "hyperscaler",
          "spv",
          "vrg",
          "dscr",
          "ddtl"
        ],
        "articles": [
          {
            "label": "Le kilowatt fantôme",
            "href": "https://l0g.fr/posts/kilowatt-fantome-reseau-data-center/",
            "detail": "Tarifs data centers, coût du réseau et risque de transfert vers les abonnés.",
            "kind": "article"
          },
          {
            "label": "La dette derrière l'IA",
            "href": "https://l0g.fr/posts/la-dette-derriere-l-ia-spv-obligations-credit-prive/",
            "detail": "Dette, SPV et financement des infrastructures de calcul.",
            "kind": "article"
          },
          {
            "label": "La valeur résiduelle garantie",
            "href": "https://l0g.fr/posts/valeur-residuelle-garantie-credit-infrastructure-ia/",
            "detail": "Dépréciation des actifs d'IA et transfert du risque au garant.",
            "kind": "article"
          },
          {
            "label": "GPU à crédit : le prix de la quatrième année",
            "href": "https://l0g.fr/posts/gpu-credit-prix-quatrieme-annee/",
            "detail": "Contrats, recettes au renouvellement et scénarios pédagogiques de dette.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Relations entre les articles, leurs claims et leurs sources.",
            "kind": "dataset"
          },
          {
            "label": "claims.json",
            "href": "https://l0g.fr/api/v1/claims.json",
            "detail": "Claims extraites du corpus avec leurs références.",
            "kind": "dataset"
          }
        ],
        "signals": [],
        "sources": [
          {
            "label": "Federal Energy Regulatory Commission",
            "href": "https://www.ferc.gov/",
            "detail": "Tarifs de transport, grandes charges et accords de récupération des coûts.",
            "kind": "source"
          },
          {
            "label": "U.S. Department of Energy",
            "href": "https://www.energy.gov/policy/articles/electricity-rate-designs-large-loads-evolving-practices-and-opportunities",
            "detail": "Conception tarifaire, partage des risques et actifs échoués.",
            "kind": "source"
          },
          {
            "label": "Virginia State Corporation Commission",
            "href": "https://www.scc.virginia.gov/media/sccvirginiagov-home/about-the-scc/fact-sheets/scc-data-center-initiatives-02-2026.pdf",
            "detail": "Tarif GS-5, engagement minimal et collatéral.",
            "kind": "source"
          },
          {
            "label": "Morningstar DBRS, Lambda Compute I",
            "href": "https://dbrs.morningstar.com/research/490455/morningstar-dbrs-assigns-credit-ratings-of-a-low-to-lambda-compute-i-llc",
            "detail": "Analyse du 2 octobre 2026 : engagements de capacité take-or-pay, risques de contrepartie et de service. Opinion de crédit attribuée.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "neocloud",
      "url": "https://l0g.fr/glossaire/neocloud/",
      "sigle": "Neocloud",
      "name": "Neocloud (GPU cloud)",
      "definition": "Opérateur de cloud spécialisé dans la location de puissance de calcul GPU pour l'IA, comme CoreWeave. Finance l'achat de puces Nvidia par de la dette adossée au matériel et à des contrats clients, en pariant sur une valeur résiduelle et un taux d'utilisation élevés.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ddtl",
      "url": "https://l0g.fr/glossaire/ddtl/",
      "sigle": "DDTL",
      "name": "Delayed draw term loan",
      "definition": "Prêt à terme dont les fonds peuvent être tirés ultérieurement, en une ou plusieurs fois pendant une période prévue, sous les conditions du contrat. Le plafond engagé et la somme effectivement empruntée sont distincts. Le calendrier de tirage, les frais, la maturité et les sûretés dépendent de chaque opération.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/gpu-collateral-ce-que-le-preteur-recupere/",
      "atlas": {
        "intuition": "L’autorisation de tirer des fonds organise le financement ; elle n’établit pas le montant déjà dû ni le cash futur pour le rembourser.",
        "formula": null,
        "whyNow": "La DDTL 5.5 de CoreWeave, documentée en août 2026, finance des serveurs et infrastructures sous conditions. Elle illustre comment contrats clients, période de tirage et échéances de dette peuvent suivre des calendriers distincts.",
        "related": [
          "dscr",
          "take-or-pay",
          "collateral",
          "gpu"
        ],
        "articles": [
          {
            "label": "Le collatéral qui ne peut pas sortir du bâtiment",
            "href": "https://l0g.fr/posts/gpu-collateral-ce-que-le-preteur-recupere/",
            "kind": "article"
          },
          {
            "label": "GPU à crédit : le prix de la quatrième année",
            "href": "https://l0g.fr/posts/gpu-credit-prix-quatrieme-annee/",
            "detail": "Contrats, recettes au renouvellement et scénarios pédagogiques de dette.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "CoreWeave / SEC, 8-K du 7 août 2026",
            "href": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/crwv-20260807.htm",
            "detail": "Disponibilité des tirages et maturité de la DDTL 5.5 ; engagement distinct de l’encours tiré.",
            "kind": "source"
          },
          {
            "label": "CoreWeave / SEC, contrat DDTL 5.5",
            "href": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/ex101creditagreement.htm",
            "detail": "Conditions de tirage, amortissement, remboursement anticipé et sûretés ; certaines annexes sont expurgées.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "loan-to-cost",
      "url": "https://l0g.fr/glossaire/loan-to-cost/",
      "sigle": "Loan-to-cost",
      "name": "Avance rapportée au coût",
      "definition": "Part du coût de construction ou d'acquisition d'un actif financée par la dette, à distinguer du loan-to-value qui rapporte la dette à une valeur de marché. Sur les facilités adossées à de l'infrastructure de calcul, l'avance atteint 90 % du coût en phase d'installation, ce qui laisse une marge d'erreur étroite si la valeur de revente s'écarte du coût.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/gpu-collateral-ce-que-le-preteur-recupere/",
      "atlas": null
    },
    {
      "slug": "valeur-residuelle",
      "url": "https://l0g.fr/glossaire/valeur-residuelle/",
      "sigle": "Valeur résiduelle",
      "name": "Residual value",
      "definition": "Valeur estimée d'un actif à la fin d'un financement ou d'une location. Dans un leasing automobile, elle sert à calculer la part de décote comprise dans les loyers : à prix d'achat identique, une valeur résiduelle plus faible augmente cette composante. Elle reste une estimation distincte du prix de rachat contractuel et du prix réellement obtenu à la revente.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/leasing-auto-prix-revente-mensualite/",
      "atlas": null
    },
    {
      "slug": "ucc-article-9",
      "url": "https://l0g.fr/glossaire/ucc-article-9/",
      "sigle": "UCC Article 9",
      "name": "Uniform Commercial Code, article 9",
      "definition": "Droit américain des sûretés sur biens meubles. Il régit la constitution, l'opposabilité et la réalisation d'un gage : les sections 9-609 et 9-610 autorisent le créancier à reprendre et céder le bien après défaut, la section 9-626 lui impose une cession commercialement raisonnable, exigence qui devient contentieuse quand le bien n'a pas de marché secondaire liquide.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/gpu-collateral-ce-que-le-preteur-recupere/",
      "atlas": null
    },
    {
      "slug": "ebitda",
      "url": "https://l0g.fr/glossaire/ebitda/",
      "sigle": "EBITDA",
      "name": "Earnings Before Interest, Taxes, Depreciation and Amortization",
      "definition": "Résultat avant intérêts, impôts, dépréciations et amortissements. Un EBITDA ajusté ajoute ou retranche d’autres éléments dont la définition doit être vérifiée. Cet indicateur ne mesure pas la trésorerie disponible ni les dépenses d’investissement.",
      "category": "Crédit privé & marchés",
      "guide": "https://l0g.fr/posts/paramount-warner-ellison-trump-fcc-medias/",
      "atlas": {
        "intuition": "Examiner les ajustements avant de rapporter la dette au résultat.",
        "formula": "EBITDA = résultat net + intérêts + impôts + dépréciations et amortissements",
        "whyNow": null,
        "related": [
          "lbo"
        ],
        "articles": [
          {
            "label": "Paramount–Warner : capitaux, dette et contrôle éditorial",
            "href": "https://l0g.fr/posts/paramount-warner-ellison-trump-fcc-medias/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "SEC, Non-GAAP Financial Measures, §103",
            "href": "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "dct",
      "url": "https://l0g.fr/glossaire/dct/",
      "sigle": "DCT",
      "name": "Dépositaire central de titres (CSD)",
      "definition": "Infrastructure où les titres financiers sont inscrits, conservés et livrés contre paiement. Registre de dernier niveau du marché : quand une obligation change de main, c'est dans les livres du DCT que la propriété bascule. Euroclear Bank et Clearstream en sont les exemples européens les plus connus.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "icsd",
      "url": "https://l0g.fr/glossaire/icsd/",
      "sigle": "ICSD",
      "name": "Dépositaire central international",
      "definition": "DCT spécialisé dans les titres internationaux, eurobonds en tête, et le règlement transfrontière. Deux acteurs dominent : Euroclear (Bruxelles, créé en 1968) et Clearstream (Luxembourg, ex-Cedel, 1970). Points de passage obligés du marché obligataire mondial, et à ce titre infrastructures systémiques.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "compte-omnibus",
      "url": "https://l0g.fr/glossaire/compte-omnibus/",
      "sigle": "Compte omnibus",
      "name": "Omnibus account",
      "definition": "Compte sur lequel un intermédiaire regroupe les titres de tous ses clients, sans que l'échelon supérieur de la chaîne de conservation ne voie les bénéficiaires finaux. Réduit massivement les coûts de conservation et permet le netting, au prix d'une opacité structurelle : le dépositaire central ignore, par construction, qui possède réellement quoi.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "csdr",
      "url": "https://l0g.fr/glossaire/csdr/",
      "sigle": "CSDR",
      "name": "Central Securities Depositories Regulation",
      "definition": "Règlement (UE) 909/2014 encadrant les dépositaires centraux de titres européens : agrément, exigences prudentielles, discipline de règlement. C'est le socle réglementaire d'Euroclear et de Clearstream, complété par la supervision des banques centrales nationales.",
      "category": "Crédit privé & marchés",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "btc",
      "url": "https://l0g.fr/glossaire/btc/",
      "sigle": "BTC",
      "name": "Bitcoin",
      "definition": "Première cryptomonnaie, décentralisée, à offre plafonnée à 21 millions d'unités. Distincte de l'écosystème DeFi par sa conception.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "eth",
      "url": "https://l0g.fr/glossaire/eth/",
      "sigle": "ETH",
      "name": "Ether",
      "definition": "Cryptomonnaie native de la blockchain Ethereum, qui sert à payer les transactions et fait tourner les contrats intelligents.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "on-chain",
      "url": "https://l0g.fr/glossaire/on-chain/",
      "sigle": "On-chain",
      "name": "Donnée on-chain",
      "definition": "Données inscrites publiquement sur une blockchain : transactions, soldes, dates. Registre permanent et en temps réel, lisible par tous, mais qui exige des heuristiques d'étiquetage pour passer de l'adresse à l'acteur.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "atlas": null
    },
    {
      "slug": "utxo",
      "url": "https://l0g.fr/glossaire/utxo/",
      "sigle": "UTXO",
      "name": "Unspent Transaction Output",
      "definition": "Sortie de transaction non dépensée : modèle comptable de Bitcoin où un solde est la somme de fragments reçus et non encore redépensés. Permet de dater chaque pièce à son dernier mouvement. Ethereum utilise un modèle de comptes.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "atlas": null
    },
    {
      "slug": "adresses-actives",
      "url": "https://l0g.fr/glossaire/adresses-actives/",
      "sigle": "Adresses actives",
      "name": "Active addresses",
      "definition": "Nombre d'adresses ayant émis ou reçu une transaction sur une période. Approche l'usage d'un réseau, sans être un compteur d'utilisateurs : une personne peut détenir des centaines d'adresses, une plateforme en regroupe des millions.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "atlas": null
    },
    {
      "slug": "capitalisation-realisee",
      "url": "https://l0g.fr/glossaire/capitalisation-realisee/",
      "sigle": "Capitalisation réalisée",
      "name": "Realized cap",
      "definition": "Valorisation de chaque pièce au prix de son dernier mouvement on-chain, et non au prix du jour. Divisée par l'offre, elle donne le prix réalisé, lu comme le coût de revient moyen des détenteurs.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "atlas": null
    },
    {
      "slug": "mvrv",
      "url": "https://l0g.fr/glossaire/mvrv/",
      "sigle": "MVRV",
      "name": "Market Value to Realized Value",
      "definition": "Rapport entre la capitalisation de marché et la capitalisation réalisée. Mesure le profit ou la perte latente moyenne des détenteurs : au-dessus de 3,5, euphorie historique ; sous 1, capitulation. Introduit par Mahmudov et Puell en 2018.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "atlas": null
    },
    {
      "slug": "sopr",
      "url": "https://l0g.fr/glossaire/sopr/",
      "sigle": "SOPR",
      "name": "Spent Output Profit Ratio",
      "definition": "Indique si les pièces déplacées un jour donné le sont en gain (au-dessus de 1) ou en perte (en dessous). La version ajustée ignore les pièces dépensées en moins d'une heure. Thermomètre du sentiment des vendeurs.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "atlas": null
    },
    {
      "slug": "nvt",
      "url": "https://l0g.fr/glossaire/nvt/",
      "sigle": "NVT",
      "name": "Network Value to Transactions",
      "definition": "Capitalisation rapportée au volume de transfert on-chain en dollars, à la manière d'un multiple de valorisation pour une blockchain. À comparer à l'historique du même réseau, jamais d'un actif à l'autre.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "atlas": null
    },
    {
      "slug": "exchange-reserve",
      "url": "https://l0g.fr/glossaire/exchange-reserve/",
      "sigle": "Exchange reserve",
      "name": "Réserve d'exchange",
      "definition": "Stock de cryptoactifs détenu sur les adresses des plateformes d'échange. Sa baisse traduit historiquement une mise en auto-conservation, signal devenu ambigu depuis que la conservation d'ETF est classée dans les mêmes adresses.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "atlas": null
    },
    {
      "slug": "offre-illiquide",
      "url": "https://l0g.fr/glossaire/offre-illiquide/",
      "sigle": "Offre illiquide",
      "name": "Illiquid supply",
      "definition": "Part de l'offre détenue dans des portefeuilles qui dépensent peu ou pas, proche de 70 % du bitcoin en circulation début 2026. Indicateur de conviction de détention longue, à croiser avec les réserves d'exchange.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "atlas": null
    },
    {
      "slug": "dat",
      "url": "https://l0g.fr/glossaire/dat/",
      "sigle": "DAT",
      "name": "Digital Asset Treasury",
      "definition": "Société à trésorerie numérique, dont le bilan est majoritairement constitué de cryptoactifs financés par émission de titres. Strategy (ex-MicroStrategy) en est l'archétype ; le modèle dépend de la prime sur l'actif net.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "mnav",
      "url": "https://l0g.fr/glossaire/mnav/",
      "sigle": "mNAV",
      "name": "Market net asset value",
      "definition": "Rapport entre la capitalisation d'une société à trésorerie numérique et la valeur de marché de ses cryptoactifs. Au-dessus de 1, émettre des actions est relutif ; sous 1, le financement par actions devient dilutif et le modèle se grippe.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "btc-yield",
      "url": "https://l0g.fr/glossaire/btc-yield/",
      "sigle": "BTC Yield",
      "name": "Rendement en bitcoin",
      "definition": "Métrique propre à Strategy : variation du nombre de bitcoins par action diluée sur une période. Mesure la relution de la stratégie d'accumulation, sans être un rendement au sens classique.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ccip",
      "url": "https://l0g.fr/glossaire/ccip/",
      "sigle": "CCIP",
      "name": "Cross-Chain Interoperability Protocol",
      "definition": "Protocole de communication entre blockchains de Chainlink. Il transporte des messages dont les attestations sont vérifiées à destination ; les contrats de tokens réalisent ensuite les opérations prévues, comme la création ou la libération des unités. Les contrôles, la finalité et les droits sur l’actif dépendent de la configuration et du montage juridique.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ccip-2-0-actifs-regles-crypto-finance/",
      "atlas": {
        "intuition": "Chaque chaîne tient son propre registre. Un transfert exige de vérifier le message de départ avant de modifier le registre d’arrivée.",
        "formula": null,
        "whyNow": null,
        "related": [
          "tokenisation-des-actifs",
          "smart-contract"
        ],
        "articles": [
          {
            "label": "CCIP 2.0 : faire circuler les actifs avec leurs règles",
            "href": "https://l0g.fr/posts/ccip-2-0-actifs-regles-crypto-finance/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Chainlink, architecture de CCIP",
            "href": "https://docs.chain.link/ccip/concepts/architecture/overview",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "ethereum",
      "url": "https://l0g.fr/glossaire/ethereum/",
      "sigle": "Ethereum",
      "name": "Couche de règlement programmable",
      "definition": "Blockchain publique programmable qui exécute des contrats intelligents et sert de couche de règlement pour ETH, stablecoins, rollups, DeFi et actifs tokenisés.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "evm",
      "url": "https://l0g.fr/glossaire/evm/",
      "sigle": "EVM",
      "name": "Ethereum Virtual Machine",
      "definition": "Machine virtuelle d'Ethereum qui exécute le code des smart contracts. Son importance vient de son effet standard : outils, wallets, audits et applications peuvent se réutiliser sur de nombreux réseaux compatibles.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "smart-contract",
      "url": "https://l0g.fr/glossaire/smart-contract/",
      "sigle": "Smart contract",
      "name": "Contrat intelligent",
      "definition": "Programme déployé sur une blockchain, capable de détenir des actifs et d'exécuter des règles de transfert ou de calcul. Utile pour automatiser le règlement, mais exposé au risque de bug, d'oracle et de gouvernance.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "tokenisation-des-actifs",
      "url": "https://l0g.fr/glossaire/tokenisation-des-actifs/",
      "sigle": "Tokenisation des actifs",
      "name": "Asset tokenisation",
      "definition": "Représentation numérique d’un actif ou d’un droit sur un registre programmable. Le token peut représenter le titre lui-même, un certificat émis par un tiers ou un autre droit contractuel. La technologie facilite certains transferts et règlements ; les droits, les garanties et la liquidité dépendent de l’instrument et de son organisation juridique.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/actions-tokenisees-xstocks-vaults-chaine-credit/",
      "atlas": {
        "intuition": "Un token peut circuler rapidement tout en restant dépendant d’un émetteur, d’un conservateur et de conditions de remboursement.",
        "formula": null,
        "whyNow": null,
        "related": [
          "smart-contract",
          "stablecoin"
        ],
        "articles": [
          {
            "label": "Actions tokenisées : derrière les 2 %, une chaîne de crédit",
            "href": "https://l0g.fr/posts/actions-tokenisees-xstocks-vaults-chaine-credit/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "BRI, système monétaire et financier de nouvelle génération",
            "href": "https://www.bis.org/publications/aer-2025/next-generation-monetary-financial-system",
            "kind": "source"
          },
          {
            "label": "ESMA, qualification des cryptoactifs en instruments financiers",
            "href": "https://www.esma.europa.eu/sites/default/files/2025-03/ESMA75453128700-1323_Guidelines_on_the_conditions_and_criteria_for_the_qualification_of_CAs_as_FIs.pdf",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "rollup",
      "url": "https://l0g.fr/glossaire/rollup/",
      "sigle": "Rollup",
      "name": "Couche 2 ancrée sur Ethereum",
      "definition": "Réseau qui exécute des transactions hors de la L1 puis publie vers Ethereum les données, preuves ou engagements nécessaires à la vérification. Réduit les coûts mais ajoute des risques de séquenceur, de preuve et de mise à jour.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "l2",
      "url": "https://l0g.fr/glossaire/l2/",
      "sigle": "L2",
      "name": "Layer 2",
      "definition": "Couche d'exécution construite au-dessus d'Ethereum. Elle sert à augmenter le débit et réduire les frais, pendant que la L1 conserve le rôle de règlement et de disponibilité de données.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "blob",
      "url": "https://l0g.fr/glossaire/blob/",
      "sigle": "Blob",
      "name": "Donnée temporaire pour rollups",
      "definition": "Paquet de données introduit par EIP-4844. Les blobs rendent les données des rollups moins coûteuses que le calldata classique, car elles servent à la disponibilité sans être conservées indéfiniment par l'exécution.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "eip-4844",
      "url": "https://l0g.fr/glossaire/eip-4844/",
      "sigle": "EIP-4844",
      "name": "Proto-danksharding",
      "definition": "Amélioration activée avec Dencun qui ajoute les transactions à blobs. Elle donne aux rollups un couloir de données moins cher et prépare l'architecture de sharding de données.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "data-availability",
      "url": "https://l0g.fr/glossaire/data-availability/",
      "sigle": "Data availability",
      "name": "Disponibilité de données",
      "definition": "Garantie que les données nécessaires pour vérifier ou reconstruire l'état d'un rollup sont accessibles. Sans disponibilité de données, une preuve ou un engagement peut devenir impossible à contester utilement.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "sequenceur",
      "url": "https://l0g.fr/glossaire/sequenceur/",
      "sigle": "Séquenceur",
      "name": "Rollup sequencer",
      "definition": "Acteur qui ordonne les transactions d'un rollup avant publication vers Ethereum. Un séquenceur centralisé améliore souvent l'expérience utilisateur, mais crée un point de contrôle et de censure potentiel.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "account-abstraction",
      "url": "https://l0g.fr/glossaire/account-abstraction/",
      "sigle": "Account abstraction",
      "name": "Comptes programmables",
      "definition": "Famille de mécanismes qui donnent aux wallets des règles de validation plus souples : récupération, permissions, paiement du gas par un tiers, batch de transactions et politiques de signature.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "pbs",
      "url": "https://l0g.fr/glossaire/pbs/",
      "sigle": "PBS",
      "name": "Proposer-builder separation",
      "definition": "Séparation entre l'acteur qui propose un bloc et celui qui le construit. Vise à gérer la spécialisation du marché des blocs et à limiter certains risques de MEV et de censure.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "mev",
      "url": "https://l0g.fr/glossaire/mev/",
      "sigle": "MEV",
      "name": "Maximal Extractable Value",
      "definition": "Valeur extractible par le choix, l'ordre ou l'inclusion des transactions dans un bloc. Transforme la construction des blocs en microstructure de marché et peut créer front-running, sandwich attacks ou priorités opaques.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/ethereum-tradfi-infrastructure-finance/",
      "atlas": null
    },
    {
      "slug": "stablecoin",
      "url": "https://l0g.fr/glossaire/stablecoin/",
      "sigle": "Stablecoin",
      "name": "Jeton à valeur de référence",
      "definition": "Cryptoactif conçu pour conserver une valeur stable par rapport à une référence, souvent une monnaie. La stabilité visée dépend de son mécanisme, de ses réserves éventuelles et des droits de remboursement. Un cours au pair et un remboursement accessible à tout détenteur ne sont pas garantis par le seul nom de stablecoin.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/stablecoins-genius-act/",
      "atlas": {
        "intuition": "Un stablecoin est une promesse de parité. Le risque se loge dans la réserve, le droit au remboursement, les intermédiaires et les usages géopolitiques.",
        "formula": "parité durable = actifs liquides + droit au rachat + supervision + confiance opérationnelle",
        "whyNow": "Les stablecoins deviennent une plomberie dollar parallèle : réserve en T-bills, paiements cross-border, sanctions, DeFi et régulation américaine se croisent.",
        "related": [
          "stablecoin",
          "usdt",
          "usdc",
          "rlusd",
          "genius",
          "ppsi",
          "t-bill",
          "occ",
          "fincen",
          "bsa",
          "mica",
          "art",
          "emt",
          "wlfi"
        ],
        "articles": [
          {
            "label": "USD1 : qui reçoit les intérêts des réserves ?",
            "href": "https://l0g.fr/posts/usd1-trump-taux-interets-reserves-beneficiaires/",
            "detail": "Droits du porteur, revenus de BitGo et intérêts économiques déclarés de la famille Trump.",
            "kind": "article"
          },
          {
            "label": "Stablecoin : du token au dollar disponible",
            "href": "https://l0g.fr/posts/stablecoin-reserves-delai-remboursement-dollar/",
            "detail": "Réserves, frais, délai de remboursement et droits selon le guichet.",
            "kind": "article"
          },
          {
            "label": "Pétrole iranien et USDT",
            "href": "https://l0g.fr/posts/petrole-iranien-usdt-tether-saisie/",
            "detail": "Gel, saisie et pouvoirs conservés par Tether.",
            "kind": "article"
          },
          {
            "label": "RealT en liquidation",
            "href": "https://l0g.fr/posts/realt-en-liquidation-le-token-qui-ne-possedait-pas-la-maison/",
            "detail": "RWA immobilier, titre off-chain et promesse on-chain.",
            "kind": "article"
          },
          {
            "label": "USDT sur Tron et contournement OFAC",
            "href": "https://l0g.fr/posts/iran-peages-ormuz-usdt-tron-ofac/",
            "detail": "Stablecoins, sanctions et paiements géopolitiques.",
            "kind": "article"
          },
          {
            "label": "Hyperliquid et la tradfi on-chain",
            "href": "https://l0g.fr/posts/hyperliquid-bourse-onchain-tradfi/",
            "detail": "Perpétuels, DEX et passerelles vers actifs traditionnels.",
            "kind": "article"
          },
          {
            "label": "Strategy et le pari bitcoin",
            "href": "https://l0g.fr/posts/strategy-pari-bitcoin-saylor/",
            "detail": "Trésorerie numérique, mNAV et financement par marché.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Stablecoins et GENIUS Act",
            "href": "https://l0g.fr/guides/stablecoins-genius-act/",
            "detail": "Réserves, émetteurs agréés, audits et supervision.",
            "kind": "guide"
          },
          {
            "label": "Qui applique le GENIUS Act",
            "href": "https://l0g.fr/guides/qui-applique-le-genius-act/",
            "detail": "OCC, FinCEN, OFAC, États et architecture d’application.",
            "kind": "guide"
          },
          {
            "label": "Lire la donnée on-chain",
            "href": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
            "detail": "Adresses, réserves, flux et limites d’interprétation.",
            "kind": "guide"
          },
          {
            "label": "MiCA sigle par sigle",
            "href": "https://l0g.fr/guides/mica-sigle-par-sigle/",
            "detail": "ART, EMT, CASP et supervision européenne.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine des articles, guides, sources et atlas.",
            "kind": "dataset"
          },
          {
            "label": "claims.json",
            "href": "https://l0g.fr/api/v1/claims.json",
            "detail": "Claims sourcées et datées quand détectable.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Relations articles, claims, références et sources.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Changements récents du corpus et des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Claims, sources et articles reliés à la régulation crypto.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "État publié du risque et des sources à une date donnée.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Congress.gov, GovInfo & CBO",
            "href": "https://l0g.fr/sources/congress-govinfo-cbo/",
            "detail": "Textes législatifs, dont GENIUS Act et policy crypto US.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "T-bills et dette courte servant de réserve aux stablecoins.",
            "kind": "source"
          },
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Déclarations d’émetteurs cotés et sociétés exposées aux cryptoactifs.",
            "kind": "source"
          },
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux courts, liquidité dollar et actifs sans risque.",
            "kind": "source"
          },
          {
            "label": "Fed : projet du 29 septembre 2026",
            "href": "https://www.govinfo.gov/content/pkg/FR-2026-09-29/pdf/2026-19860.pdf",
            "detail": "Réserve, capacité de mobilisation et remboursement, §§247.11–247.12.",
            "kind": "source"
          },
          {
            "label": "GAFI : stablecoins et portefeuilles autonomes",
            "href": "https://www.fatf-gafi.org/en/publications/Virtualassets/targeted-report-stablecoins-unhosted-wallets.html",
            "detail": "Risques et contrôles proportionnés, rapport du 3 mars 2026.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "wlfi",
      "url": "https://l0g.fr/glossaire/wlfi/",
      "sigle": "WLFI",
      "name": "World Liberty Financial",
      "definition": "Plateforme crypto liée à la famille Trump, émettrice du stablecoin USD1 et du jeton de gouvernance WLFI. Une entité du président en détient une large part et capte une fraction majeure du produit des ventes de jetons.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "memecoin",
      "url": "https://l0g.fr/glossaire/memecoin/",
      "sigle": "Memecoin",
      "name": "Jeton mème",
      "definition": "Crypto-actif sans utilité sous-jacente claire, dont la valeur repose sur la notoriété, le sentiment social ou une figure publique. Le jeton à l'effigie de Donald Trump en est l'exemple le plus médiatisé.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "usdt",
      "url": "https://l0g.fr/glossaire/usdt/",
      "sigle": "USDT",
      "name": "Tether",
      "definition": "Stablecoin émis par Tether qui vise un dollar américain par jeton. Le remboursement direct auprès de Tether est soumis à des conditions d’éligibilité, de vérification et de montant. L’émetteur conserve des pouvoirs de gel, y compris sur des jetons détenus dans un portefeuille personnel.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/petrole-iranien-usdt-tether-saisie/",
      "atlas": {
        "intuition": "Détenir les clés d’un portefeuille USDT laisse subsister les règles du jeton et les pouvoirs de son émetteur.",
        "formula": null,
        "whyNow": "La plainte américaine du 14 septembre 2026 sur des fonds présumés liés au pétrole iranien décrit une saisie par destruction et remplacement des jetons.",
        "related": [
          "stablecoin",
          "t-bill",
          "usdc",
          "rlusd",
          "ofac",
          "fincen",
          "bsa",
          "cips"
        ],
        "articles": [
          {
            "label": "Stablecoin : du token au dollar disponible",
            "href": "https://l0g.fr/posts/stablecoin-reserves-delai-remboursement-dollar/",
            "detail": "Réserves, frais, délai de remboursement et droits selon le guichet.",
            "kind": "article"
          },
          {
            "label": "Pétrole iranien et USDT",
            "href": "https://l0g.fr/posts/petrole-iranien-usdt-tether-saisie/",
            "detail": "Gel, saisie et pouvoirs conservés par Tether.",
            "kind": "article"
          },
          {
            "label": "USDT sur Tron et contournement OFAC",
            "href": "https://l0g.fr/posts/iran-peages-ormuz-usdt-tron-ofac/",
            "detail": "Stablecoins, sanctions et paiements géopolitiques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Stablecoins et GENIUS Act",
            "href": "https://l0g.fr/guides/stablecoins-genius-act/",
            "detail": "Réserves, émetteurs agréés, audits et supervision.",
            "kind": "guide"
          },
          {
            "label": "Lire la donnée on-chain",
            "href": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
            "detail": "Adresses, réserves, flux et limites d’interprétation.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine des articles, guides, sources et atlas.",
            "kind": "dataset"
          },
          {
            "label": "claims.json",
            "href": "https://l0g.fr/api/v1/claims.json",
            "detail": "Claims sourcées et datées quand détectable.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Relations articles, claims, références et sources.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Changements récents du corpus et des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Claims, sources et articles reliés à la régulation crypto.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "État publié du risque et des sources à une date donnée.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Congress.gov, GovInfo & CBO",
            "href": "https://l0g.fr/sources/congress-govinfo-cbo/",
            "detail": "Textes législatifs, dont GENIUS Act et policy crypto US.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "T-bills et dette courte servant de réserve aux stablecoins.",
            "kind": "source"
          },
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Déclarations d’émetteurs cotés et sociétés exposées aux cryptoactifs.",
            "kind": "source"
          },
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux courts, liquidité dollar et actifs sans risque.",
            "kind": "source"
          },
          {
            "label": "Tether : frais du guichet direct",
            "href": "https://tether.to/en/fees/",
            "detail": "Minimum et frais de remboursement, consultés le 30 septembre 2026.",
            "kind": "source"
          },
          {
            "label": "Tether : conditions des jetons",
            "href": "https://tether.to/en/legal/",
            "detail": "Sections 2 et 4.1 : gel, réserves et conditions du remboursement direct.",
            "kind": "source"
          },
          {
            "label": "Plainte du parquet de Manhattan",
            "href": "https://www.justice.gov/usao-sdny/media/1461216/dl",
            "detail": "14 septembre 2026, p. 3, note 1 : mécanisme de saisie prévu.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "usdc",
      "url": "https://l0g.fr/glossaire/usdc/",
      "sigle": "USDC",
      "name": "USD Coin",
      "definition": "Jeton de Circle visant un dollar par unité. Le remboursement direct dépend du cadre juridique et de la procédure applicable : compte Circle Mint admissible hors EEE, procédure Circle France pour les détenteurs de l’EEE. Détenir un USDC ne fixe pas à lui seul la date de réception des dollars en banque.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": {
        "intuition": "Le détenteur doit identifier l’entité et la procédure par lesquelles ses USDC peuvent devenir des dollars sur son compte bancaire.",
        "formula": null,
        "whyNow": "La politique Circle France révisée en septembre 2026 précise le parcours de remboursement et les circonstances de stress.",
        "related": [
          "stablecoin",
          "genius",
          "ppsi",
          "t-bill",
          "emt",
          "mica",
          "occ"
        ],
        "articles": [
          {
            "label": "Stablecoin : du token au dollar disponible",
            "href": "https://l0g.fr/posts/stablecoin-reserves-delai-remboursement-dollar/",
            "detail": "Réserves, frais, délai de remboursement et droits selon le guichet.",
            "kind": "article"
          },
          {
            "label": "Hyperliquid et la tradfi on-chain",
            "href": "https://l0g.fr/posts/hyperliquid-bourse-onchain-tradfi/",
            "detail": "Perpétuels, DEX et passerelles vers actifs traditionnels.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Stablecoins et GENIUS Act",
            "href": "https://l0g.fr/guides/stablecoins-genius-act/",
            "detail": "Réserves, émetteurs agréés, audits et supervision.",
            "kind": "guide"
          },
          {
            "label": "MiCA sigle par sigle",
            "href": "https://l0g.fr/guides/mica-sigle-par-sigle/",
            "detail": "ART, EMT, CASP et supervision européenne.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine des articles, guides, sources et atlas.",
            "kind": "dataset"
          },
          {
            "label": "claims.json",
            "href": "https://l0g.fr/api/v1/claims.json",
            "detail": "Claims sourcées et datées quand détectable.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Relations articles, claims, références et sources.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Changements récents du corpus et des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Claims, sources et articles reliés à la régulation crypto.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "État publié du risque et des sources à une date donnée.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Congress.gov, GovInfo & CBO",
            "href": "https://l0g.fr/sources/congress-govinfo-cbo/",
            "detail": "Textes législatifs, dont GENIUS Act et policy crypto US.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "T-bills et dette courte servant de réserve aux stablecoins.",
            "kind": "source"
          },
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Déclarations d’émetteurs cotés et sociétés exposées aux cryptoactifs.",
            "kind": "source"
          },
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux courts, liquidité dollar et actifs sans risque.",
            "kind": "source"
          },
          {
            "label": "Circle : USDC Terms hors EEE",
            "href": "https://www.circle.com/legal/usdc-terms",
            "kind": "source"
          },
          {
            "label": "Circle France : remboursement MiCA",
            "href": "https://www.circle.com/legal/mica-redemption-policy",
            "detail": "Révision du 15 septembre 2026, notamment §§1 et 4.2.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "depin",
      "url": "https://l0g.fr/glossaire/depin/",
      "sigle": "DePIN",
      "name": "Decentralized Physical Infrastructure Network",
      "definition": "Réseau qui rémunère en jetons des particuliers mettant à disposition une infrastructure physique, GPU, stockage, capteurs, sans opérateur central. Appliqué à l'IA, il agrège des cartes graphiques inutilisées pour louer du calcul moins cher que les hyperscalers, au prix d'une fiabilité et d'une offre dépendantes du cours du jeton.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "zkml",
      "url": "https://l0g.fr/glossaire/zkml/",
      "sigle": "zkML",
      "name": "Zero-Knowledge Machine Learning",
      "definition": "Usage des preuves à divulgation nulle de connaissance pour certifier qu'un modèle d'IA a bien produit un résultat donné, sans révéler ni le modèle ni les données. Piste pour vérifier une IA « boîte noire », encore bridée par un coût de preuve élevé.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "agent-autonome",
      "url": "https://l0g.fr/glossaire/agent-autonome/",
      "sigle": "Agent autonome",
      "name": "AI agent",
      "definition": "Programme d'intelligence artificielle capable de poursuivre un objectif, d'appeler des outils et d'enchaîner des actions sous une autorisation donnée. L'autonomie ne signifie pas nécessairement paiement ni absence totale de validation humaine ; le niveau de délégation doit être précisé.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "x402",
      "url": "https://l0g.fr/glossaire/x402/",
      "sigle": "x402",
      "name": "Protocole de paiement HTTP x402",
      "definition": "Protocole ouvert qui utilise la réponse HTTP 402 « Payment Required » pour négocier et prouver un paiement dans le cycle requête-réponse. Un client reçoit les conditions de paiement, règle via un réseau pris en charge puis rejoue sa requête avec la preuve, sans imposer de compte marchand ou de clé d'API propre à chaque service.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "commerce-agentique",
      "url": "https://l0g.fr/glossaire/commerce-agentique/",
      "sigle": "Commerce agentique",
      "name": "Agentic commerce",
      "definition": "Parcours commercial où un agent d'IA intervient dans la recherche, le classement, le panier ou le paiement au nom d'un utilisateur. Le terme couvre des degrés très différents, de la recommandation à l'achat autonome sous mandat ; il faut donc préciser la présence humaine, les limites et la preuve d'autorisation.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "preuve-d-humanite",
      "url": "https://l0g.fr/glossaire/preuve-d-humanite/",
      "sigle": "Preuve d'humanité",
      "name": "Proof of personhood",
      "definition": "Mécanisme visant à prouver qu'un acteur en ligne est un humain réel et unique, ni un bot ni une multitude de faux comptes. Enjeu croissant face aux agents IA et aux deepfakes ; les approches crypto combinent biométrie (World ID) et divulgation sélective par preuve à divulgation nulle.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "rlusd",
      "url": "https://l0g.fr/glossaire/rlusd/",
      "sigle": "RLUSD",
      "name": "Ripple USD",
      "definition": "Stablecoin dollar émis par Ripple, plus récent, adossé à des liquidités et bons du Trésor.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "tvl",
      "url": "https://l0g.fr/glossaire/tvl/",
      "sigle": "TVL",
      "name": "Total Value Locked",
      "definition": "Valeur totale verrouillée dans un protocole DeFi : somme des actifs déposés dans ses contrats, valorisée en dollars (référence : DefiLlama). Mesure d'adoption, mais sensible au prix des jetons et au double comptage.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
      "atlas": null
    },
    {
      "slug": "dao",
      "url": "https://l0g.fr/glossaire/dao/",
      "sigle": "DAO",
      "name": "Decentralized Autonomous Organization",
      "definition": "Organisation autonome décentralisée : structure gouvernée par des votes on-chain plutôt que par une hiérarchie classique.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "rwa",
      "url": "https://l0g.fr/glossaire/rwa/",
      "sigle": "RWA",
      "name": "Real World Assets",
      "definition": "Actifs du monde réel (obligations, immobilier) tokenisés sur une blockchain pour être échangés on-chain.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": {
        "intuition": "Un RWA ne rend pas l’actif réel magique : il ajoute une couche tokenisée à une chaîne juridique, comptable et opérationnelle déjà fragile.",
        "formula": "valeur du token = droit on-chain + titre off-chain + exécution juridique",
        "whyNow": "La tokenisation progresse plus vite que la preuve juridique et opérationnelle, surtout quand le rendement stablecoin attire le capital.",
        "related": [
          "rwa",
          "immobilier-tokenise",
          "stablecoin",
          "tvl",
          "defi",
          "dao",
          "grand-livre-unifie",
          "reglement-atomique",
          "wcbdc",
          "cbdc"
        ],
        "articles": [
          {
            "label": "RealT en liquidation",
            "href": "https://l0g.fr/posts/realt-en-liquidation-le-token-qui-ne-possedait-pas-la-maison/",
            "detail": "RWA immobilier, titre off-chain et promesse on-chain.",
            "kind": "article"
          },
          {
            "label": "Hyperliquid et la tradfi on-chain",
            "href": "https://l0g.fr/posts/hyperliquid-bourse-onchain-tradfi/",
            "detail": "Perpétuels, DEX et passerelles vers actifs traditionnels.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire la donnée on-chain",
            "href": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
            "detail": "Adresses, réserves, flux et limites d’interprétation.",
            "kind": "guide"
          },
          {
            "label": "MiCA sigle par sigle",
            "href": "https://l0g.fr/guides/mica-sigle-par-sigle/",
            "detail": "ART, EMT, CASP et supervision européenne.",
            "kind": "guide"
          },
          {
            "label": "Stablecoins et GENIUS Act",
            "href": "https://l0g.fr/guides/stablecoins-genius-act/",
            "detail": "Réserves, émetteurs agréés, audits et supervision.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine des articles, guides, sources et atlas.",
            "kind": "dataset"
          },
          {
            "label": "claims.json",
            "href": "https://l0g.fr/api/v1/claims.json",
            "detail": "Claims sourcées et datées quand détectable.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Relations articles, claims, références et sources.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Changements récents du corpus et des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Claims, sources et articles reliés à la régulation crypto.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "État publié du risque et des sources à une date donnée.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Congress.gov, GovInfo & CBO",
            "href": "https://l0g.fr/sources/congress-govinfo-cbo/",
            "detail": "Textes législatifs, dont GENIUS Act et policy crypto US.",
            "kind": "source"
          },
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Déclarations d’émetteurs cotés et sociétés exposées aux cryptoactifs.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "immobilier-tokenise",
      "url": "https://l0g.fr/glossaire/immobilier-tokenise/",
      "sigle": "Immobilier tokenisé",
      "name": "Tokenized real estate",
      "definition": "Fractionnement d'un bien immobilier en jetons échangeables on-chain, chaque bien logé dans une société dédiée (souvent une LLC) dont les parts sont tokenisées, le loyer étant reversé en stablecoin. Sa faille propre : le jeton ne vaut que si le titre de propriété off-chain (acte, registre foncier, fiscalité) suit réellement, ce que la liquidation de RealT en 2026 a mis en lumière. Reste marginal (moins de 100 M$ on-chain) face aux créances financières tokenisées.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": {
        "intuition": "Le token immobilier ne vaut que si la propriété, les flux de loyers et les droits du porteur suivent hors chaîne.",
        "formula": "risque RWA = token liquide + actif illiquide + droit local",
        "whyNow": "Les incidents de propriété et de liquidation montrent que le registre blockchain ne remplace pas les titres fonciers ni la gouvernance juridique.",
        "related": [
          "rwa",
          "stablecoin",
          "tvl",
          "dao",
          "spv",
          "reglement-atomique"
        ],
        "articles": [
          {
            "label": "RealT en liquidation",
            "href": "https://l0g.fr/posts/realt-en-liquidation-le-token-qui-ne-possedait-pas-la-maison/",
            "detail": "RWA immobilier, titre off-chain et promesse on-chain.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire la donnée on-chain",
            "href": "https://l0g.fr/guides/lire-la-donnee-on-chain/",
            "detail": "Adresses, réserves, flux et limites d’interprétation.",
            "kind": "guide"
          },
          {
            "label": "Stablecoins et GENIUS Act",
            "href": "https://l0g.fr/guides/stablecoins-genius-act/",
            "detail": "Réserves, émetteurs agréés, audits et supervision.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine des articles, guides, sources et atlas.",
            "kind": "dataset"
          },
          {
            "label": "claims.json",
            "href": "https://l0g.fr/api/v1/claims.json",
            "detail": "Claims sourcées et datées quand détectable.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Relations articles, claims, références et sources.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Changements récents du corpus et des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Claims, sources et articles reliés à la régulation crypto.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "État publié du risque et des sources à une date donnée.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Déclarations d’émetteurs cotés et sociétés exposées aux cryptoactifs.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "defi",
      "url": "https://l0g.fr/glossaire/defi/",
      "sigle": "DeFi",
      "name": "Finance décentralisée",
      "definition": "Services d’échange, de prêt ou de financement exécutés par des contrats sur une blockchain. Des interfaces commerciales, des droits d’administration et une gouvernance peuvent intervenir dans leur accès et leurs paramètres. L’absence de garde des clés ne décrit donc pas, à elle seule, toute l’organisation du service.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/defi-intermediaires-acces-mica/",
      "atlas": {
        "intuition": "Suivre séparément l’interface, les fonds et les pouvoirs sur les contrats.",
        "formula": null,
        "whyNow": "L’examen des interfaces DeFi demande de distinguer les frais, la liquidité et le contrôle des règles.",
        "related": [
          "mica",
          "smart-contract",
          "facteur-de-sante"
        ],
        "articles": [
          {
            "label": "Qui tient la porte d’entrée de la DeFi ?",
            "href": "https://l0g.fr/posts/defi-intermediaires-acces-mica/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "ESMA : service d’accès à la DeFi, proposition du 30 septembre 2026",
            "href": "https://www.esma.europa.eu/sites/default/files/2026-09/ESMA75-113276571-1721_Response_to_the_EC_consultation_MiCA_regulation_review.pdf",
            "kind": "source"
          },
          {
            "label": "Ethereum : smart contracts",
            "href": "https://ethereum.org/developers/docs/smart-contracts/",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "facteur-de-sante",
      "url": "https://l0g.fr/glossaire/facteur-de-sante/",
      "sigle": "Facteur de santé",
      "name": "Health factor",
      "definition": "Dans le mécanisme Aave, ratio entre la valeur des garanties pondérée par leur seuil de liquidation et la valeur de la dette. Sous 1, la position devient liquidable. Il évolue avec les prix et les encours ; les paramètres et les modalités d’exécution dépendent du déploiement.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/defi-intermediaires-acces-mica/",
      "atlas": {
        "intuition": "Une baisse de garantie peut déclencher une liquidation même si l’interface reste accessible.",
        "formula": "HF = valeur des garanties pondérée par les seuils de liquidation / valeur de la dette.",
        "whyNow": "L’examen des interfaces DeFi demande de distinguer les frais, la liquidité et le contrôle des règles.",
        "related": [
          "defi",
          "smart-contract",
          "timelock"
        ],
        "articles": [
          {
            "label": "Qui tient la porte d’entrée de la DeFi ?",
            "href": "https://l0g.fr/posts/defi-intermediaires-acces-mica/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Aave : Health Factor & Liquidations",
            "href": "https://aave.com/help/borrowing/liquidations",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "timelock",
      "url": "https://l0g.fr/glossaire/timelock/",
      "sigle": "Timelock",
      "name": "Délai d’exécution d’une opération",
      "definition": "Mécanisme imposant un délai entre la programmation et l’exécution d’une opération sur un contrat. Il peut laisser du temps pour examiner une modification. Son effet dépend des rôles autorisés, des opérations couvertes et de la configuration ; il ne garantit ni l’absence d’autres pouvoirs ni une sortie liquide.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/defi-intermediaires-acces-mica/",
      "atlas": {
        "intuition": "Un délai rend un changement observable avant son exécution, selon les droits réellement configurés.",
        "formula": null,
        "whyNow": "L’examen des interfaces DeFi demande de distinguer les frais, la liquidité et le contrôle des règles.",
        "related": [
          "defi",
          "smart-contract"
        ],
        "articles": [
          {
            "label": "Qui tient la porte d’entrée de la DeFi ?",
            "href": "https://l0g.fr/posts/defi-intermediaires-acces-mica/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "OpenZeppelin : access control et opérations différées",
            "href": "https://docs.openzeppelin.com/contracts/5.x/access-control",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "dex",
      "url": "https://l0g.fr/glossaire/dex/",
      "sigle": "DEX",
      "name": "Bourse décentralisée",
      "definition": "Plateforme d'échange de cryptoactifs fonctionnant sur une blockchain, sans intermédiaire central détenant les fonds. Hyperliquid en est un cas particulier, avec un carnet d'ordres entièrement on-chain.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "perp",
      "url": "https://l0g.fr/glossaire/perp/",
      "sigle": "Perp",
      "name": "Contrat perpétuel",
      "definition": "Contrat à terme crypto sans date d'échéance, maintenu proche du prix au comptant par un taux de financement périodique. Produit phare des bourses de dérivés crypto comme Hyperliquid.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "buyback-de-token",
      "url": "https://l0g.fr/glossaire/buyback-de-token/",
      "sigle": "Buyback de token",
      "name": "Rachat de token",
      "definition": "Rachat par un protocole de son propre jeton sur le marché, financé par ses revenus, à la manière d'une entreprise rachetant ses actions. Chez Hyperliquid, près de 97 % des frais alimentent ces rachats.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "mica",
      "url": "https://l0g.fr/glossaire/mica/",
      "sigle": "MiCA",
      "name": "Markets in Crypto-Assets",
      "definition": "Règlement (UE) 2023/1114, cadre unifié de l'Union pour les crypto-actifs non couverts par la réglementation financière existante. Un agrément national ouvre un passeport vers les 27 États membres.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/mica-sigle-par-sigle/",
      "atlas": null
    },
    {
      "slug": "casp",
      "url": "https://l0g.fr/glossaire/casp/",
      "sigle": "CASP",
      "name": "Crypto-Asset Service Provider",
      "definition": "Prestataire de services sur crypto-actifs (échange, conservation, exécution) soumis à agrément sous MiCA.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "art",
      "url": "https://l0g.fr/glossaire/art/",
      "sigle": "ART",
      "name": "Asset-Referenced Token",
      "definition": "Stablecoin adossé à un panier d'actifs (devises, matières premières, crypto), par opposition à l'EMT adossé à une seule monnaie.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "emt",
      "url": "https://l0g.fr/glossaire/emt/",
      "sigle": "EMT",
      "name": "E-Money Token",
      "definition": "Stablecoin indexé 1:1 sur une seule monnaie fiduciaire (EURC, USDC), régime le plus strict sous MiCA.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "esma",
      "url": "https://l0g.fr/glossaire/esma/",
      "sigle": "ESMA",
      "name": "European Securities and Markets Authority",
      "definition": "Autorité européenne des marchés financiers. Elle élabore des normes, favorise la convergence entre superviseurs nationaux, centralise des données et supervise directement certaines infrastructures et catégories d'acteurs. Elle ne supervise pas directement l'ensemble des fonds européens.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "esrb",
      "url": "https://l0g.fr/glossaire/esrb/",
      "sigle": "ESRB",
      "name": "European Systemic Risk Board",
      "definition": "Comité européen du risque systémique. Réunit banques centrales et superviseurs pour identifier les vulnérabilités transfrontalières, publier alertes et recommandations et coordonner l'analyse macroprudentielle, sans assurer la surveillance quotidienne des fonds.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "aifmd",
      "url": "https://l0g.fr/glossaire/aifmd/",
      "sigle": "AIFMD",
      "name": "Alternative Investment Fund Managers Directive",
      "definition": "Directive européenne encadrant les gestionnaires de fonds alternatifs, dont hedge funds, private equity, immobilier et crédit privé. Elle impose agrément, reporting, gestion du risque et règles de levier, appliqués principalement par les autorités nationales.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ucits",
      "url": "https://l0g.fr/glossaire/ucits/",
      "sigle": "UCITS",
      "name": "Undertakings for Collective Investment in Transferable Securities",
      "definition": "Cadre européen des organismes de placement collectif en valeurs mobilières destinés notamment au grand public. Il harmonise diversification, liquidité, information et passeport, tandis que l'agrément et la supervision courante restent nationaux.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "eba",
      "url": "https://l0g.fr/glossaire/eba/",
      "sigle": "EBA",
      "name": "European Banking Authority",
      "definition": "Autorité bancaire européenne : supervise directement les émetteurs de stablecoins jugés significatifs sous MiCA et fixe les normes prudentielles de réserves et de fonds propres.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "nca",
      "url": "https://l0g.fr/glossaire/nca/",
      "sigle": "NCA",
      "name": "National Competent Authority",
      "definition": "Autorité nationale compétente chargée d'agréer et de superviser les acteurs relevant d'un cadre européen donné. Selon le secteur et le pays, il peut s'agir d'un régulateur de marché, d'une banque centrale ou d'une autre autorité spécialisée.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "mcp",
      "url": "https://l0g.fr/glossaire/mcp/",
      "sigle": "MCP",
      "name": "Model Context Protocol",
      "definition": "Standard ouvert d'Anthropic (novembre 2024, JSON-RPC 2.0) reliant une IA à des outils et données externes. Confié à la Linux Foundation (AAIF) en décembre 2025. Adopté par OpenAI, Google et Microsoft.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "a2a",
      "url": "https://l0g.fr/glossaire/a2a/",
      "sigle": "A2A",
      "name": "Agent2Agent",
      "definition": "Protocole ouvert lancé par Google en avril 2025 permettant à des agents IA de fournisseurs différents de se découvrir, s'authentifier et se déléguer des tâches. Confié à la Linux Foundation en juin 2025.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ap2",
      "url": "https://l0g.fr/glossaire/ap2/",
      "sigle": "AP2",
      "name": "Agentic Payment Protocol",
      "definition": "Protocole ouvert lancé par Google pour sécuriser les paiements exécutés par des agents. Sa version 0.2 distingue un mandat de checkout et un mandat de paiement, des parcours avec ou sans présence humaine et une interface de consentement non agentique. AP2 prouve l'autorisation et l'intégrité des éléments signés ; le choix des offres et le protocole commercial restent hors de son périmètre.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "acp",
      "url": "https://l0g.fr/glossaire/acp/",
      "sigle": "ACP",
      "name": "Agentic Commerce Protocol",
      "definition": "Protocole co-développé par OpenAI et Stripe (septembre 2025), socle du Instant Checkout de ChatGPT pour des achats initiés par un agent.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cbdc",
      "url": "https://l0g.fr/glossaire/cbdc/",
      "sigle": "CBDC",
      "name": "Central Bank Digital Currency",
      "definition": "Monnaie numérique de banque centrale. L'euro numérique de la BCE en est l'exemple européen, visant une première émission potentielle en 2029.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "wcbdc",
      "url": "https://l0g.fr/glossaire/wcbdc/",
      "sigle": "wCBDC",
      "name": "Wholesale CBDC",
      "definition": "Monnaie numérique de banque centrale de gros, réservée au règlement interbancaire et aux infrastructures de marché, par opposition à la CBDC de détail destinée au public. Sert d'actif de règlement sur les plateformes tokenisées, comme dans le Projet Hangang.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "euro-numerique",
      "url": "https://l0g.fr/glossaire/euro-numerique/",
      "sigle": "Euro numérique",
      "name": "Digital euro",
      "definition": "Projet de CBDC de détail de la BCE : monnaie de banque centrale pour le grand public, distribuée via les banques, non rémunérée, sans détention par les entreprises, et bornée par un plafond de détention. Conçue comme ancre monétaire face aux stablecoins et aux réseaux de paiement étrangers. Position du Parlement adoptée en 2026, trilogues ouverts à l'été 2026, pilote visé au second semestre 2027, première émission possible en 2029.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "pseudonymisation",
      "url": "https://l0g.fr/glossaire/pseudonymisation/",
      "sigle": "Pseudonymisation",
      "name": "Pseudonymisation",
      "definition": "Traitement qui remplace ou sépare l'identité directe tout en conservant une information supplémentaire permettant de réattribuer les données. À la différence de données réellement anonymisées, les données pseudonymisées restent des données personnelles au sens du RGPD.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-une-cbdc-euro-numerique-parametre-par-parametre/",
      "atlas": null
    },
    {
      "slug": "tokenisation",
      "url": "https://l0g.fr/glossaire/tokenisation/",
      "sigle": "Tokenisation",
      "name": "Tokenization",
      "definition": "Remplacement d'une donnée par un jeton substitutif utilisable dans un contexte précis. La donnée sous-jacente reste accessible à un acteur autorisé grâce à une table de correspondance, dont la protection détermine la confidentialité du dispositif.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/lire-une-cbdc-euro-numerique-parametre-par-parametre/",
      "atlas": null
    },
    {
      "slug": "attestation",
      "url": "https://l0g.fr/glossaire/attestation/",
      "sigle": "Attestation",
      "name": "Preuve cryptographique d’intégrité",
      "definition": "Preuve signée permettant à un service distant d'évaluer l'intégrité d'une application, l'état de son environnement ou la protection d'une clé. Elle ne démontre ni la sécurité totale du terminal ni l'identité de son propriétaire ; sa fiabilité dépend aussi de la racine de confiance, des règles de validation et du recours prévu en cas de faux refus.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/posts/votre-identite-dans-un-telephone-7-une-identite-souveraine-sur-un-telephone-americain/",
      "atlas": null
    },
    {
      "slug": "plafond-de-detention",
      "url": "https://l0g.fr/glossaire/plafond-de-detention/",
      "sigle": "Plafond de détention",
      "name": "Holding limit",
      "definition": "Montant maximal d'euro numérique qu'un particulier peut conserver, envisagé par la BCE entre 500 et 3 000 euros. Verrou anti-désintermédiation : il limite le volume de dépôts bancaires susceptibles de migrer vers la monnaie de banque centrale. Le mécanisme de cascade (waterfall) reverse automatiquement les excédents sur le compte bancaire lié.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cours-legal",
      "url": "https://l0g.fr/glossaire/cours-legal/",
      "sigle": "Cours légal",
      "name": "Legal tender",
      "definition": "Statut juridique obligeant à accepter un moyen de paiement pour éteindre une dette. Les billets en euros l'ont ; l'euro numérique l'aurait aussi, ce qui impose son acceptation à la plupart des commerçants. Argument central pour garantir l'universalité et l'unicité de la monnaie publique face aux moyens de paiement privés.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "monnaie-programmable",
      "url": "https://l0g.fr/glossaire/monnaie-programmable/",
      "sigle": "Monnaie programmable",
      "name": "Programmable money",
      "definition": "Monnaie dont l'usage peut être conditionné par du code : restreinte à certains biens, à une échéance ou à un usage. La BCE présente au contraire l'euro numérique comme non programmable, chaque unité restant fongible et dépensable partout, précisément pour préserver son cours légal et écarter le soupçon d'une monnaie de contrôle. À distinguer des paiements programmables, qui automatisent une transaction sans contraindre la monnaie elle-même.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "grand-livre-unifie",
      "url": "https://l0g.fr/glossaire/grand-livre-unifie/",
      "sigle": "Grand livre unifié",
      "name": "Unified ledger",
      "definition": "Concept formalisé par la BIS en 2023 : une plateforme programmable unique où coexistent monnaie de banque centrale tokenisée, dépôts bancaires tokenisés et actifs tokenisés. Permet le règlement atomique tout en préservant le système monétaire à deux niveaux.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "reglement-atomique",
      "url": "https://l0g.fr/glossaire/reglement-atomique/",
      "sigle": "Règlement atomique",
      "name": "Atomic settlement",
      "definition": "Exécution indivisible d'une transaction où toutes les jambes aboutissent ou aucune. Sur un grand livre unifié, message, compensation et règlement s'effondrent en une seule étape, éliminant le risque de règlement partiel et de contrepartie.",
      "category": "Crypto & stablecoins",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ppsi",
      "url": "https://l0g.fr/glossaire/ppsi/",
      "sigle": "PPSI",
      "name": "Permitted Payment Stablecoin Issuer",
      "definition": "Statut d’émetteur de stablecoins de paiement prévu par le GENIUS Act : filiale agréée d’un établissement de dépôt assuré, émetteur fédéral qualifié ou émetteur agréé au niveau d’un État, dans les conditions de la loi. L’exclusivité d’émission aux États-Unis dépend de l’entrée en vigueur de ce régime ; une charte bancaire existante ne constitue pas à elle seule un agrément PPSI.",
      "category": "Crypto & stablecoins",
      "guide": "https://l0g.fr/guides/qui-applique-le-genius-act/",
      "atlas": {
        "intuition": "Le PPSI transforme l’émetteur de stablecoin en acteur explicitement supervisé, avec réserve, audit et obligations AML.",
        "formula": "régime PPSI prévu par GENIUS = agrément + réserve admissible + contrôles + conformité BSA",
        "whyNow": "Le statut d’émetteur agréé devient la frontière entre dollar tokenisé réglementé et émission offshore plus opaque.",
        "related": [
          "stablecoin",
          "genius",
          "occ",
          "fincen",
          "bsa",
          "t-bill",
          "usdc"
        ],
        "articles": [
          {
            "label": "RealT en liquidation",
            "href": "https://l0g.fr/posts/realt-en-liquidation-le-token-qui-ne-possedait-pas-la-maison/",
            "detail": "RWA immobilier, titre off-chain et promesse on-chain.",
            "kind": "article"
          },
          {
            "label": "USDT sur Tron et contournement OFAC",
            "href": "https://l0g.fr/posts/iran-peages-ormuz-usdt-tron-ofac/",
            "detail": "Stablecoins, sanctions et paiements géopolitiques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Stablecoins et GENIUS Act",
            "href": "https://l0g.fr/guides/stablecoins-genius-act/",
            "detail": "Réserves, émetteurs agréés, audits et supervision.",
            "kind": "guide"
          },
          {
            "label": "Qui applique le GENIUS Act",
            "href": "https://l0g.fr/guides/qui-applique-le-genius-act/",
            "detail": "OCC, FinCEN, OFAC, États et architecture d’application.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine des articles, guides, sources et atlas.",
            "kind": "dataset"
          },
          {
            "label": "claims.json",
            "href": "https://l0g.fr/api/v1/claims.json",
            "detail": "Claims sourcées et datées quand détectable.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Relations articles, claims, références et sources.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Changements récents du corpus et des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Claims, sources et articles reliés à la régulation crypto.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "État publié du risque et des sources à une date donnée.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Congress.gov, GovInfo & CBO",
            "href": "https://l0g.fr/sources/congress-govinfo-cbo/",
            "detail": "Textes législatifs, dont GENIUS Act et policy crypto US.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "T-bills et dette courte servant de réserve aux stablecoins.",
            "kind": "source"
          },
          {
            "label": "SEC EDGAR",
            "href": "https://l0g.fr/sources/sec-edgar/",
            "detail": "Déclarations d’émetteurs cotés et sociétés exposées aux cryptoactifs.",
            "kind": "source"
          },
          {
            "label": "GENIUS Act, loi promulguée",
            "href": "https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf",
            "detail": "Articles 2, 3 et 20 : statut PPSI, émission et entrée en vigueur.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "cop",
      "url": "https://l0g.fr/glossaire/cop/",
      "sigle": "COP",
      "name": "Coefficient de performance",
      "definition": "Rapport entre la chaleur utile délivrée et l’électricité consommée par une pompe à chaleur, sur un même périmètre de mesure. Un COP de 2 signifie deux unités de chaleur pour une unité d’électricité ; la chaleur supplémentaire provient d’une source extérieure. Sa valeur dépend notamment des températures, de la charge et des auxiliaires inclus dans la mesure.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/chaleur-industrielle-if26-prime-carbone-sixieme-annee/",
      "atlas": {
        "intuition": null,
        "formula": "COP = chaleur utile / électricité consommée, dans la même unité.",
        "whyNow": null,
        "related": [
          "pay-as-bid"
        ],
        "articles": [
          {
            "label": "L’usine, sa chaudière et la sixième année",
            "href": "https://l0g.fr/posts/chaleur-industrielle-if26-prime-carbone-sixieme-annee/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "AIE : chaleur industrielle",
            "href": "https://www.iea.org/commentaries/can-low-temperature-heat-in-factories-be-electrified-competitively",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "pay-as-bid",
      "url": "https://l0g.fr/glossaire/pay-as-bid/",
      "sigle": "Pay-as-bid",
      "name": "Paiement au prix offert",
      "definition": "Règle d’enchère dans laquelle chaque candidat retenu reçoit le prix de sa propre offre, sous réserve des conditions du dispositif. Le prix utilisé pour classer les candidats peut suivre un ajustement distinct : dans IF26, un bonus admissible réduit le prix de classement de 25 % sans réduire la prime demandée.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/chaleur-industrielle-if26-prime-carbone-sixieme-annee/",
      "atlas": {
        "intuition": null,
        "formula": "IF26 : prix de classement avec bonus = prix offert × 0,75 ; paiement = prix offert.",
        "whyNow": null,
        "related": [
          "cop"
        ],
        "articles": [
          {
            "label": "L’usine, sa chaudière et la sixième année",
            "href": "https://l0g.fr/posts/chaleur-industrielle-if26-prime-carbone-sixieme-annee/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Commission : conditions IF26, §§1.10 et 3.3",
            "href": "https://climate.ec.europa.eu/document/download/00753a0b-1de3-4e9c-aa47-799d811bede9_en?filename=if26_heat_auction_tc_en.pdf",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "warrant-d-entrepot",
      "url": "https://l0g.fr/glossaire/warrant-d-entrepot/",
      "sigle": "Warrant d’entrepôt",
      "name": "Warehouse warrant",
      "definition": "Titre représentatif d’un métal stocké dans un entrepôt agréé. Sur COMEX, ce document électronique permet de transférer la propriété lors de la livraison d’un contrat à terme. Le nouveau détenteur peut conserver le métal en stockage ou en demander le retrait physique, selon les règles applicables. Le transfert du titre peut laisser le métal sur place.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/cuivre-stocks-americains-cout-attente-douaniere/",
      "atlas": {
        "intuition": "La propriété du cuivre peut changer avant que le métal quitte son entrepôt.",
        "formula": null,
        "whyNow": null,
        "related": [
          "cout-de-portage"
        ],
        "articles": [],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "CME, livraison des métaux de base",
            "href": "https://www.cmegroup.com/education/courses/introduction-to-base-metals/what-is-the-base-metals-delivery-process",
            "detail": "Titre électronique, transfert et options du détenteur après livraison.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "cout-de-portage",
      "url": "https://l0g.fr/glossaire/cout-de-portage/",
      "sigle": "Coût de portage",
      "name": "Carrying cost",
      "definition": "Coût de conservation d’un actif pendant une durée donnée. Pour un stock de métal, il peut comprendre le financement, l’entreposage et l’assurance. Son calcul dépend de la quantité, de la durée, des unités et des contrats. Le coût d’opportunité des fonds propres se distingue des intérêts facturés ; les frais de sortie physique dépendent du retrait effectif.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/cuivre-stocks-americains-cout-attente-douaniere/",
      "atlas": {
        "intuition": "L’immobilisation du capital et les frais de conservation augmentent avec la durée de détention.",
        "formula": null,
        "whyNow": null,
        "related": [
          "warrant-d-entrepot"
        ],
        "articles": [
          {
            "label": "Droits de douane : financer le cycle",
            "href": "https://l0g.fr/posts/droits-douane-tresorerie-proces-section-301/",
            "detail": "Avance des droits, encaissement du client et portée conditionnelle des remboursements.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "CME, entrepôt de Glendale, septembre 2026",
            "href": "https://www.cmegroup.com/notices/market-regulation/2026/09/mkr09-03-26.html",
            "detail": "Barème d’entreposage et de sortie du cuivre ; le financement dépend du détenteur.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "adequation-electrique",
      "url": "https://l0g.fr/glossaire/adequation-electrique/",
      "sigle": "Adéquation électrique",
      "name": "Resource adequacy",
      "definition": "Capacité d’un système électrique à couvrir la demande avec la production, le stockage, les échanges et les flexibilités disponibles. Une évaluation d’adéquation mesure un risque de déficit énergétique ; elle ne démontre pas l’absence de congestion locale, de tension opérationnelle ou de coût élevé.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/modele-pompe-prix-adequation/",
      "atlas": null
    },
    {
      "slug": "lole",
      "url": "https://l0g.fr/glossaire/lole/",
      "sigle": "LOLE",
      "name": "Loss of Load Expectation",
      "definition": "Nombre attendu d’heures pendant lesquelles les ressources disponibles pourraient ne pas couvrir la demande sur la période étudiée. Il s’agit d’une espérance probabiliste, pas d’une prévision du nombre réel d’heures de coupure.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/modele-pompe-prix-adequation/",
      "atlas": null
    },
    {
      "slug": "lolp",
      "url": "https://l0g.fr/glossaire/lolp/",
      "sigle": "LOLP",
      "name": "Loss of Load Probability",
      "definition": "Probabilité qu’une situation de déficit de ressources survienne dans un pas de temps ou une période donnée, selon la convention du modèle. Elle ne mesure ni la taille du déficit ni ses conséquences physiques locales.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/modele-pompe-prix-adequation/",
      "atlas": null
    },
    {
      "slug": "eens",
      "url": "https://l0g.fr/glossaire/eens/",
      "sigle": "EENS",
      "name": "Expected Energy Not Served",
      "definition": "Quantité moyenne d’énergie que le système ne pourrait pas fournir dans l’ensemble des scénarios simulés. Une EENS nulle ou faible ne renseigne pas à elle seule sur le prix, les mesures préventives ou les fragilités locales nécessaires pour éviter le manque.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/modele-pompe-prix-adequation/",
      "atlas": null
    },
    {
      "slug": "megawatt-humide",
      "url": "https://l0g.fr/glossaire/megawatt-humide/",
      "sigle": "Mégawatt humide",
      "name": "Capacité électrique couplée à l’eau",
      "definition": "Catégorie d’analyse proposée par l0g pour une capacité dont la production, le stockage ou le refroidissement dépend d’une masse d’eau, de son niveau, de son débit ou de sa température. Ce n’est ni une statistique officielle ni une mesure directe du risque d’arrêt.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/megawatt-humide-europe-eau-electricite/",
      "atlas": null
    },
    {
      "slug": "rejet-thermique",
      "url": "https://l0g.fr/glossaire/rejet-thermique/",
      "sigle": "Rejet thermique",
      "name": "Restitution d’eau échauffée",
      "definition": "Rejet dans un fleuve, un estuaire ou la mer d’une eau dont la température a augmenté pendant le refroidissement d’une installation. La règle peut encadrer la température en aval, l’échauffement entre l’amont et l’aval, ou les deux, selon le site et la saison.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/degre-de-trop-rejets-thermiques-nucleaire/",
      "atlas": null
    },
    {
      "slug": "cce",
      "url": "https://l0g.fr/glossaire/cce/",
      "sigle": "CCE",
      "name": "Conditions climatiques exceptionnelles",
      "definition": "Second niveau permanent de limites thermiques prévu pour certains sites nucléaires français lorsque les limites ordinaires ne peuvent plus être tenues et que RTE requiert une puissance minimale pour la sûreté du système électrique. Son activation ne doit pas être confondue avec une modification temporaire décidée au cas par cas par l’ASNR au titre de l’article R. 593-40.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/degre-de-trop-rejets-thermiques-nucleaire/",
      "atlas": null
    },
    {
      "slug": "prelevement-d-eau",
      "url": "https://l0g.fr/glossaire/prelevement-d-eau/",
      "sigle": "Prélèvement d’eau",
      "name": "Water abstraction",
      "definition": "Volume retiré d’une rivière, d’un lac, d’une nappe ou de la mer pour un usage donné. Il compte l’eau captée avant son éventuel retour au milieu et ne doit donc pas être confondu avec la consommation nette.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/megawatt-humide-europe-eau-electricite/",
      "atlas": null
    },
    {
      "slug": "consommation-d-eau",
      "url": "https://l0g.fr/glossaire/consommation-d-eau/",
      "sigle": "Consommation d’eau",
      "name": "Water consumption",
      "definition": "Part de l’eau prélevée qui n’est pas immédiatement rendue au même milieu, notamment parce qu’elle s’évapore ou entre dans un produit. Une installation peut prélever beaucoup et consommer peu, ou l’inverse.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/megawatt-humide-europe-eau-electricite/",
      "atlas": null
    },
    {
      "slug": "refroidissement-en-circuit-ouvert",
      "url": "https://l0g.fr/glossaire/refroidissement-en-circuit-ouvert/",
      "sigle": "Refroidissement en circuit ouvert",
      "name": "Once-through cooling",
      "definition": "Système qui prélève de l’eau, la fait passer une fois dans un condenseur puis la restitue plus chaude. Il exige de gros volumes de prélèvement mais en consomme généralement une faible part, contrairement à une tour humide qui recycle l’eau et en évapore davantage.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/megawatt-humide-europe-eau-electricite/",
      "atlas": null
    },
    {
      "slug": "refroidissement-sec",
      "url": "https://l0g.fr/glossaire/refroidissement-sec/",
      "sigle": "Refroidissement sec",
      "name": "Dry cooling",
      "definition": "Système qui évacue la chaleur vers l’air sans circuit d’évaporation comme une tour humide. Il réduit presque entièrement l’usage d’eau de refroidissement, mais ajoute des ventilateurs, une emprise au sol et une pénalité de rendement lorsque l’air est chaud.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/prix-refroidissement-eau-electricite/",
      "atlas": null
    },
    {
      "slug": "tour-aerorefrigerante",
      "url": "https://l0g.fr/glossaire/tour-aerorefrigerante/",
      "sigle": "Tour aéroréfrigérante",
      "name": "Cooling tower",
      "definition": "Ouvrage qui évacue dans l’atmosphère la majeure partie de la chaleur d’un circuit de refroidissement, principalement par évaporation et échange avec l’air. Il réduit fortement le prélèvement instantané et l’échauffement du fleuve par rapport à un circuit ouvert, mais consomme davantage d’eau par évaporation.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/degre-de-trop-rejets-thermiques-nucleaire/",
      "atlas": null
    },
    {
      "slug": "step",
      "url": "https://l0g.fr/glossaire/step/",
      "sigle": "STEP",
      "name": "Station de transfert d’énergie par pompage",
      "definition": "Installation hydroélectrique qui pompe l’eau vers un bassin supérieur lorsque l’électricité est disponible, puis la turbine lorsque le système en a besoin. Une STEP ouverte reste reliée à un cours d’eau naturel ; une STEP fermée recycle principalement le même stock entre deux bassins.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/megawatt-humide-europe-eau-electricite/",
      "atlas": null
    },
    {
      "slug": "reserve-hydroelectrique",
      "url": "https://l0g.fr/glossaire/reserve-hydroelectrique/",
      "sigle": "Réserve hydroélectrique",
      "name": "Énergie hydraulique conservée pour la sécurité d’approvisionnement",
      "definition": "Quantité d’énergie que des exploitants doivent maintenir dans des réservoirs pendant une période définie afin qu’elle reste mobilisable en cas de tension du système électrique. Elle rémunère une disponibilité future et ne correspond pas à une production immédiate.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/barrage-choisit-ne-pas-produire/",
      "atlas": null
    },
    {
      "slug": "valeur-d-usage-de-l-eau",
      "url": "https://l0g.fr/glossaire/valeur-d-usage-de-l-eau/",
      "sigle": "Valeur d'usage de l'eau",
      "name": "Coût d’opportunité du stock hydraulique",
      "definition": "Valeur attribuée à l’eau conservée dans un réservoir pour une production ultérieure. Une centrale arbitre entre vendre maintenant et préserver ce stock selon les prix futurs attendus, les apports, la demande et les contraintes hydrauliques.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/barrage-choisit-ne-pas-produire/",
      "atlas": null
    },
    {
      "slug": "energie-de-tete",
      "url": "https://l0g.fr/glossaire/energie-de-tete/",
      "sigle": "Énergie de tête",
      "name": "Énergie du premier ouvrage de la cascade",
      "definition": "Électricité que peut produire la seule centrale directement rattachée à un réservoir selon son remplissage. Ce périmètre exclut l’énergie qui pourrait être produite ensuite par les centrales situées plus bas dans la cascade.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/barrage-choisit-ne-pas-produire/",
      "atlas": null
    },
    {
      "slug": "wti",
      "url": "https://l0g.fr/glossaire/wti/",
      "sigle": "WTI",
      "name": "West Texas Intermediate",
      "definition": "Pétrole brut de référence américain, coté à New York. Avec le Brent, l'un des deux prix de référence mondiaux.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "atlas": {
        "intuition": "Le WTI lit le marché américain du brut, avec une forte sensibilité aux stocks, au raffinage et aux contraintes de logistique intérieure.",
        "formula": "stress pétrole = prix spot + structure de courbe + stocks + positionnement",
        "whyNow": "Après un choc géopolitique, l’écart entre WTI, Brent et stocks dit si la tension est locale, mondiale ou surtout financière.",
        "related": [
          "wti",
          "brent",
          "chokepoint",
          "ttf",
          "gnl",
          "vlsfo",
          "opep",
          "opep-2",
          "spr",
          "stockage-flottant",
          "cftc",
          "cot",
          "appel-de-marge",
          "marge-initiale",
          "marge-de-variation",
          "membre-compensateur"
        ],
        "articles": [
          {
            "label": "Pétrole : le stock chinois",
            "href": "https://l0g.fr/posts/petrole-le-stock-chinois-qui-plafonne-les-prix/",
            "detail": "Réserves, prix du Brent et comportement d’achat chinois.",
            "kind": "article"
          },
          {
            "label": "Chine et importations de brut",
            "href": "https://l0g.fr/posts/chine-importations-petrole-brut-chute-2026/",
            "detail": "Flux physiques, marges et pouvoir de marché.",
            "kind": "article"
          },
          {
            "label": "Ormuz rouvre",
            "href": "https://l0g.fr/posts/accord-paix-ormuz-rouvre-scenarios/",
            "detail": "Normalisation, scénarios de prix et primes géopolitiques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          },
          {
            "label": "Commodity Futures Trading Commission",
            "href": "https://l0g.fr/sources/cftc/",
            "detail": "Positionnement futures via Commitments of Traders.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "brent",
      "url": "https://l0g.fr/glossaire/brent/",
      "sigle": "Brent",
      "name": "Brent Crude",
      "definition": "Pétrole brut de référence mondial, issu de la mer du Nord et coté à Londres. Avec le WTI, l'un des deux prix de référence du marché pétrolier.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "atlas": {
        "intuition": "Le Brent est le prix mondial marginal du brut. Il réagit plus directement aux chocs de routes maritimes, OPEP+ et demande asiatique.",
        "formula": "prime géopolitique ≈ Brent stressé - prix compatible avec stocks et demande",
        "whyNow": "La normalisation post-Ormuz et les réserves chinoises rendent le Brent utile pour séparer rareté physique et prime de risque.",
        "related": [
          "wti",
          "brent",
          "chokepoint",
          "ttf",
          "gnl",
          "vlsfo",
          "opep",
          "opep-2",
          "spr",
          "stockage-flottant",
          "cftc",
          "cot",
          "appel-de-marge",
          "marge-initiale",
          "marge-de-variation",
          "membre-compensateur"
        ],
        "articles": [
          {
            "label": "Pétrole : le stock chinois",
            "href": "https://l0g.fr/posts/petrole-le-stock-chinois-qui-plafonne-les-prix/",
            "detail": "Réserves, prix du Brent et comportement d’achat chinois.",
            "kind": "article"
          },
          {
            "label": "Chine et importations de brut",
            "href": "https://l0g.fr/posts/chine-importations-petrole-brut-chute-2026/",
            "detail": "Flux physiques, marges et pouvoir de marché.",
            "kind": "article"
          },
          {
            "label": "Ormuz rouvre",
            "href": "https://l0g.fr/posts/accord-paix-ormuz-rouvre-scenarios/",
            "detail": "Normalisation, scénarios de prix et primes géopolitiques.",
            "kind": "article"
          },
          {
            "label": "Crise d’Ormuz en Asie",
            "href": "https://l0g.fr/posts/crise-ormuz-asie-impacts-economiques/",
            "detail": "Facture énergétique, GNL et exposition asiatique.",
            "kind": "article"
          },
          {
            "label": "Chaîne d’approvisionnement et Ormuz",
            "href": "https://l0g.fr/posts/ormuz-la-chaine-d-approvisionnement-encaisse-la-facture-est-deja-la/",
            "detail": "Fret, délais et coût énergétique transmis aux biens.",
            "kind": "article"
          },
          {
            "label": "Quand le baril devient un appel de marge",
            "href": "https://l0g.fr/posts/baril-appel-de-marge-liquidite-choc-petrolier/",
            "detail": "Couvertures, trésorerie, compensation et transmission aux banques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          },
          {
            "label": "Commodity Futures Trading Commission",
            "href": "https://l0g.fr/sources/cftc/",
            "detail": "Positionnement futures via Commitments of Traders.",
            "kind": "source"
          },
          {
            "label": "World Bank Open Data & OECD Data",
            "href": "https://l0g.fr/sources/world-bank-oecd/",
            "detail": "Comparables macro et prix de matières premières.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "hsfo",
      "url": "https://l0g.fr/glossaire/hsfo/",
      "sigle": "HSFO",
      "name": "High-sulphur fuel oil",
      "definition": "Fioul lourd à haute teneur en soufre. Le sigle désigne une famille de produits dont la qualité, le lieu de livraison et la période doivent être précisés : l'USGC HSFO étudié par la CFTC en 2017 était une référence de la côte américaine du golfe du Mexique.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/les-banquiers-du-baril-4-trafigura-platts-prix-fioul/",
      "atlas": null
    },
    {
      "slug": "moc",
      "url": "https://l0g.fr/glossaire/moc/",
      "sigle": "MOC",
      "name": "Market on Close",
      "definition": "Processus d'évaluation de prix de Platts fondé sur des informations de marché publiées et testables, notamment des propositions fermes, des offres et des transactions, jusqu'à une heure de clôture définie. L'évaluation vise une valeur négociable à la clôture ; elle n'est pas une moyenne automatique de toutes les transactions.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/les-banquiers-du-baril-4-trafigura-platts-prix-fioul/",
      "atlas": null
    },
    {
      "slug": "cushing",
      "url": "https://l0g.fr/glossaire/cushing/",
      "sigle": "Cushing",
      "name": "Cushing (Oklahoma)",
      "definition": "Terminal de stockage et de raccordement de pipelines du centre des États-Unis, avec une capacité d'environ 76 millions de barils. C'est le point de livraison physique du contrat à terme WTI : le prix du WTI est, littéralement, le prix du brut à Cushing. Ses stocks hebdomadaires, publiés par l'EIA, servent de baromètre de tension du marché américain. Le niveau plancher d'exploitation, sous lequel pipelines et transferts entre cuves deviennent difficiles, est estimé autour de 20 millions de barils.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "atlas": null
    },
    {
      "slug": "contango",
      "url": "https://l0g.fr/glossaire/contango/",
      "sigle": "Contango",
      "name": "Contango (report)",
      "definition": "Configuration de la courbe à terme où le prix pour livraison lointaine est supérieur au prix comptant. Signale un marché bien approvisionné : il rémunère celui qui stocke le brut aujourd'hui pour le livrer plus tard. Inverse de la backwardation.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "atlas": null
    },
    {
      "slug": "backwardation",
      "url": "https://l0g.fr/glossaire/backwardation/",
      "sigle": "Backwardation",
      "name": "Backwardation (déport)",
      "definition": "Situation où le prix à terme est inférieur au prix comptant, pour un produit et un marché comparables. La disponibilité immédiate peut procurer un avantage industriel, par exemple maintenir une production. La courbe seule ne permet pas de conclure à une pénurie locale ni de calculer le profit d’un emprunteur de pétrole : transport, qualité, lieu, calendrier et financement restent à prendre en compte.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "atlas": {
        "intuition": "La disponibilité immédiate du pétrole peut avoir une valeur supérieure à celle d’une livraison future.",
        "formula": null,
        "whyNow": null,
        "related": [
          "contango",
          "spr"
        ],
        "articles": [
          {
            "label": "Réserves pétrolières : les contrats qui ouvrent les vannes",
            "href": "https://l0g.fr/posts/reserves-petrolieres-ventes-echanges-attribution/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "CME, contango et backwardation",
            "href": "https://www.cmegroup.com/education/courses/introduction-to-ferrous-metals/what-is-contango-and-backwardation",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "gnl",
      "url": "https://l0g.fr/glossaire/gnl/",
      "sigle": "GNL",
      "name": "Gaz naturel liquéfié",
      "definition": "Gaz refroidi à l'état liquide pour le transport par méthanier. Permet d'exporter le gaz hors gazoducs.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "gpl",
      "url": "https://l0g.fr/glossaire/gpl/",
      "sigle": "GPL",
      "name": "Gaz de pétrole liquéfié",
      "definition": "Mélange de propane et de butane liquéfié sous pression, utilisé pour le chauffage, la cuisson et certains transports. Distinct du GNL.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "chokepoint",
      "url": "https://l0g.fr/glossaire/chokepoint/",
      "sigle": "Chokepoint",
      "name": "Point de passage stratégique",
      "definition": "Passage maritime étroit par lequel transite une part majeure d'un flux mondial : Ormuz (pétrole, GNL), Malacca, Suez, Panama, Bab el-Mandeb. Sa concentration crée une grande efficacité en temps normal et une vulnérabilité aiguë en cas de blocage, faute de contournement à la hauteur.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": {
        "intuition": "Un chokepoint concentre un flux mondial dans un passage difficile à remplacer.",
        "formula": "fragilité = part du flux mondial × capacité de contournement limitée",
        "whyNow": "Ormuz a montré qu’un choc local peut devenir inflation, fret, assurance maritime et risque politique en quelques jours.",
        "related": [
          "brent",
          "wti",
          "gnl",
          "ttf",
          "vlsfo",
          "irgc",
          "mou",
          "stockage-flottant"
        ],
        "articles": [
          {
            "label": "Ormuz rouvre",
            "href": "https://l0g.fr/posts/accord-paix-ormuz-rouvre-scenarios/",
            "detail": "Normalisation, scénarios de prix et primes géopolitiques.",
            "kind": "article"
          },
          {
            "label": "Crise d’Ormuz en Asie",
            "href": "https://l0g.fr/posts/crise-ormuz-asie-impacts-economiques/",
            "detail": "Facture énergétique, GNL et exposition asiatique.",
            "kind": "article"
          },
          {
            "label": "Chaîne d’approvisionnement et Ormuz",
            "href": "https://l0g.fr/posts/ormuz-la-chaine-d-approvisionnement-encaisse-la-facture-est-deja-la/",
            "detail": "Fret, délais et coût énergétique transmis aux biens.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          },
          {
            "label": "Commodity Futures Trading Commission",
            "href": "https://l0g.fr/sources/cftc/",
            "detail": "Positionnement futures via Commitments of Traders.",
            "kind": "source"
          },
          {
            "label": "World Bank Open Data & OECD Data",
            "href": "https://l0g.fr/sources/world-bank-oecd/",
            "detail": "Comparables macro et prix de matières premières.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "ttf",
      "url": "https://l0g.fr/glossaire/ttf/",
      "sigle": "TTF",
      "name": "Title Transfer Facility",
      "definition": "Marché de gros néerlandais du gaz naturel, prix de référence du gaz en Europe, coté en euros par mégawattheure. Le GNL y fixe souvent le prix marginal, ce qui rend le TTF très sensible aux ruptures d'approvisionnement, comme lors de la crise d'Ormuz de 2026.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-du-gaz-et-du-gnl/",
      "atlas": {
        "intuition": "Le TTF capte le prix marginal du gaz européen, souvent fixé par le GNL disponible.",
        "formula": null,
        "whyNow": "Un choc sur routes maritimes ou GNL asiatique peut atteindre l’Europe par le prix marginal même sans rupture physique directe.",
        "related": [
          "gnl",
          "chokepoint",
          "brent",
          "vlsfo",
          "wfp",
          "fao"
        ],
        "articles": [
          {
            "label": "Crise d’Ormuz en Asie",
            "href": "https://l0g.fr/posts/crise-ormuz-asie-impacts-economiques/",
            "detail": "Facture énergétique, GNL et exposition asiatique.",
            "kind": "article"
          },
          {
            "label": "Chaîne d’approvisionnement et Ormuz",
            "href": "https://l0g.fr/posts/ormuz-la-chaine-d-approvisionnement-encaisse-la-facture-est-deja-la/",
            "detail": "Fret, délais et coût énergétique transmis aux biens.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          },
          {
            "label": "World Bank Open Data & OECD Data",
            "href": "https://l0g.fr/sources/world-bank-oecd/",
            "detail": "Comparables macro et prix de matières premières.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "henry-hub",
      "url": "https://l0g.fr/glossaire/henry-hub/",
      "sigle": "Henry Hub",
      "name": "Henry Hub",
      "definition": "Point de livraison physique du gaz naturel en Louisiane, référence des prix du gaz aux États-Unis et de la plupart des contrats d'export de GNL américain. Coté en dollars par MMBtu, il est structurellement le moins cher des trois grands indices mondiaux.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-du-gaz-et-du-gnl/",
      "atlas": null
    },
    {
      "slug": "jkm",
      "url": "https://l0g.fr/glossaire/jkm/",
      "sigle": "JKM",
      "name": "Japan-Korea Marker",
      "definition": "Indice de référence du GNL spot livré en Asie du Nord-Est, publié par S&P Global Platts, coté en dollars par MMBtu. Son écart avec le TTF européen commande la direction des cargaisons entre les deux bassins.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-du-gaz-et-du-gnl/",
      "atlas": null
    },
    {
      "slug": "mmbtu",
      "url": "https://l0g.fr/glossaire/mmbtu/",
      "sigle": "MMBtu",
      "name": "Million British thermal units",
      "definition": "Unité d'énergie de référence du marché gazier mondial, égale à un million de BTU, soit environ 293 kWh ou 0,293 MWh. Henry Hub et JKM se cotent en dollars par MMBtu, le TTF en euros par MWh, d'où la nécessité de convertir pour comparer les trois indices.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "vlsfo",
      "url": "https://l0g.fr/glossaire/vlsfo/",
      "sigle": "VLSFO",
      "name": "Very Low Sulphur Fuel Oil",
      "definition": "Fioul marin à très basse teneur en soufre (moins de 0,5 %) imposé aux navires depuis la norme OMI 2020. Son prix, indexé sur le pétrole, pèse directement sur le coût des soutes, donc du fret maritime.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "vlcc",
      "url": "https://l0g.fr/glossaire/vlcc/",
      "sigle": "VLCC",
      "name": "Very Large Crude Carrier",
      "definition": "Supertanker d'environ 2 millions de barils de capacité, cheval de trait des routes Golfe-Asie. Une coque récente vaut de l'ordre de 100 à 150 millions de dollars ; s'y ajoute la cargaison, souvent plus chère que le navire. Le taux de fret des VLCC entre golfe Persique et Chine (route TD3C) sert de baromètre du transport de brut.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "atlas": null
    },
    {
      "slug": "surestaries",
      "url": "https://l0g.fr/glossaire/surestaries/",
      "sigle": "Surestaries",
      "name": "Demurrage",
      "definition": "Indemnité journalière due à l'armateur quand le navire est retenu au-delà du temps de chargement ou de déchargement convenu au contrat d'affrètement (la charte-partie). En crise, elle transforme chaque jour d'attente en facture : plus de 100 000 dollars par jour et par VLCC pendant le blocage d'Ormuz de 2026. Qui la paie dépend des clauses du contrat, dont l'exonération pour fait du prince (restraint of princes).",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "war-risk",
      "url": "https://l0g.fr/glossaire/war-risk/",
      "sigle": "War risk",
      "name": "Assurance risque de guerre",
      "definition": "Surprime d'assurance maritime exigée pour traverser une zone de conflit, cotée par traversée en pourcentage de la valeur de la coque et recotée à chaque incident. Quasi symbolique en temps calme (0,15 à 0,25 % pour le Golfe avant 2026), elle a culminé vers 10 % au pic de la crise d'Ormuz avant de s'installer autour de 5 %. Elle agit comme un péage de marché : elle ne ferme pas un détroit, elle lui donne un prix.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "jwc",
      "url": "https://l0g.fr/glossaire/jwc/",
      "sigle": "JWC",
      "name": "Joint War Committee",
      "definition": "Comité du marché de Lloyd's de Londres qui tient la liste des zones maritimes à risque de guerre (Listed Areas). L'inscription d'une zone oblige les assurés à notifier leurs transits et déclenche les surprimes war risk. Sa liste et ses mises à jour servent de thermomètre du risque géopolitique perçu par ceux qui le portent financièrement.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "u3o8",
      "url": "https://l0g.fr/glossaire/u3o8/",
      "sigle": "U3O8",
      "name": "Octoxyde de triuranium (yellowcake)",
      "definition": "Forme concentrée de l'uranium issue de la mine, le « yellowcake », unité de référence du marché. Le prix de l'uranium se cote en dollars par livre d'U3O8, au comptant et surtout à long terme (contrats des exploitants de réacteurs).",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
      "atlas": {
        "intuition": "U3O8 est le point de départ marchand du cycle nucléaire, mais pas le goulot final.",
        "formula": "combustible nucléaire = mine + conversion + enrichissement + fabrication",
        "whyNow": "Le prix du minerai attire l’attention, alors que conversion et enrichissement peuvent devenir les contraintes déterminantes.",
        "related": [
          "u3o8",
          "uf6",
          "swu",
          "haleu",
          "smr",
          "hyperscaler",
          "capex",
          "eia",
          "vlsfo"
        ],
        "articles": [
          {
            "label": "Uranium : déficit et goulots cachés",
            "href": "https://l0g.fr/posts/uranium-marche-en-deficit-promesse-de-l-ia-et-goulots-caches/",
            "detail": "Mine, conversion, enrichissement, HALEU et demande IA.",
            "kind": "article"
          },
          {
            "label": "Cuivre, Ormuz et El Niño",
            "href": "https://l0g.fr/posts/cuivre-shortage-ormuz-el-nino-2026/",
            "detail": "Matières premières, énergie et contraintes d’offre.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché de l’uranium",
            "href": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
            "detail": "Du minerai au réacteur, contrats, conversion et enrichissement.",
            "kind": "guide"
          },
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Comparer marché physique liquide et marché de contrats privés.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          },
          {
            "label": "World Bank Open Data & OECD Data",
            "href": "https://l0g.fr/sources/world-bank-oecd/",
            "detail": "Comparables macro et prix de matières premières.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "uf6",
      "url": "https://l0g.fr/glossaire/uf6/",
      "sigle": "UF6",
      "name": "Hexafluorure d'uranium",
      "definition": "Composé obtenu en convertissant l'oxyde d'uranium, gazeux une fois chauffé, seule forme exploitable par les usines d'enrichissement. La conversion est une étape distincte du cycle du combustible, avec son propre marché et ses propres goulots.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
      "atlas": {
        "intuition": "UF6 est le passage obligé entre minerai et enrichissement. Sans conversion disponible, le yellowcake ne devient pas combustible.",
        "formula": null,
        "whyNow": "La conversion est un marché plus étroit que le minerai, donc plus sensible aux retards industriels et aux sanctions.",
        "related": [
          "u3o8",
          "swu",
          "haleu",
          "smr",
          "hyperscaler"
        ],
        "articles": [
          {
            "label": "Uranium : déficit et goulots cachés",
            "href": "https://l0g.fr/posts/uranium-marche-en-deficit-promesse-de-l-ia-et-goulots-caches/",
            "detail": "Mine, conversion, enrichissement, HALEU et demande IA.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché de l’uranium",
            "href": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
            "detail": "Du minerai au réacteur, contrats, conversion et enrichissement.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          },
          {
            "label": "World Bank Open Data & OECD Data",
            "href": "https://l0g.fr/sources/world-bank-oecd/",
            "detail": "Comparables macro et prix de matières premières.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "swu",
      "url": "https://l0g.fr/glossaire/swu/",
      "sigle": "SWU",
      "name": "Separative Work Unit",
      "definition": "Unité de travail de séparation, mesurant l'effort d'enrichissement nécessaire pour augmenter la teneur en uranium 235. Le marché de l'enrichissement se compte en SWU ; la Russie en concentre une large part de la capacité mondiale.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
      "atlas": {
        "intuition": "Le SWU mesure l’effort industriel qui sépare les isotopes. C’est le vrai langage du goulot d’enrichissement.",
        "formula": "besoin SWU = enrichissement cible + quantité de combustible + teneur des tails",
        "whyNow": "La concentration de capacité d’enrichissement rend le risque géopolitique plus aigu que le seul prix du minerai.",
        "related": [
          "u3o8",
          "uf6",
          "haleu",
          "smr",
          "capex"
        ],
        "articles": [
          {
            "label": "Uranium : déficit et goulots cachés",
            "href": "https://l0g.fr/posts/uranium-marche-en-deficit-promesse-de-l-ia-et-goulots-caches/",
            "detail": "Mine, conversion, enrichissement, HALEU et demande IA.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché de l’uranium",
            "href": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
            "detail": "Du minerai au réacteur, contrats, conversion et enrichissement.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          },
          {
            "label": "World Bank Open Data & OECD Data",
            "href": "https://l0g.fr/sources/world-bank-oecd/",
            "detail": "Comparables macro et prix de matières premières.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "haleu",
      "url": "https://l0g.fr/glossaire/haleu/",
      "sigle": "HALEU",
      "name": "High-Assay Low-Enriched Uranium",
      "definition": "Uranium faiblement enrichi à haute teneur, entre 5 et 20 % d'uranium 235, combustible requis par la plupart des petits réacteurs modulaires et réacteurs avancés. Longtemps fourni commercialement par la seule Russie, il constitue le principal goulot de la relance nucléaire occidentale.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
      "atlas": {
        "intuition": "HALEU est le carburant avancé qui concentre promesse nucléaire et dépendance de chaîne industrielle.",
        "formula": null,
        "whyNow": "Les petits réacteurs et projets avancés se heurtent à une offre commerciale encore trop étroite.",
        "related": [
          "swu",
          "uf6",
          "u3o8",
          "smr",
          "hyperscaler",
          "capex"
        ],
        "articles": [
          {
            "label": "Uranium : déficit et goulots cachés",
            "href": "https://l0g.fr/posts/uranium-marche-en-deficit-promesse-de-l-ia-et-goulots-caches/",
            "detail": "Mine, conversion, enrichissement, HALEU et demande IA.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché de l’uranium",
            "href": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
            "detail": "Du minerai au réacteur, contrats, conversion et enrichissement.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          },
          {
            "label": "World Bank Open Data & OECD Data",
            "href": "https://l0g.fr/sources/world-bank-oecd/",
            "detail": "Comparables macro et prix de matières premières.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "smr",
      "url": "https://l0g.fr/glossaire/smr/",
      "sigle": "SMR",
      "name": "Small Modular Reactor",
      "definition": "Petit réacteur modulaire de faible puissance, conçu pour être fabriqué en série et déployé plus vite qu'une grande centrale. Au cœur des projets d'alimentation des centres de données d'IA, mais dont les premiers exemplaires commerciaux ne sont pas attendus avant le début des années 2030.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
      "atlas": {
        "intuition": "Le SMR est une option industrielle sur l’électricité bas-carbone, mais son calendrier reste plus lent que la demande des data centers.",
        "formula": "risque SMR = délai industriel + combustible disponible + coût du capital",
        "whyNow": "La demande électrique de l’IA met le nucléaire en avant avant que les premiers déploiements commerciaux ne soient réellement disponibles.",
        "related": [
          "haleu",
          "swu",
          "uf6",
          "u3o8",
          "hyperscaler",
          "capex"
        ],
        "articles": [
          {
            "label": "Uranium : déficit et goulots cachés",
            "href": "https://l0g.fr/posts/uranium-marche-en-deficit-promesse-de-l-ia-et-goulots-caches/",
            "detail": "Mine, conversion, enrichissement, HALEU et demande IA.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché de l’uranium",
            "href": "https://l0g.fr/guides/lire-le-marche-de-l-uranium/",
            "detail": "Du minerai au réacteur, contrats, conversion et enrichissement.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          },
          {
            "label": "World Bank Open Data & OECD Data",
            "href": "https://l0g.fr/sources/world-bank-oecd/",
            "detail": "Comparables macro et prix de matières premières.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "opep",
      "url": "https://l0g.fr/glossaire/opep/",
      "sigle": "OPEP",
      "name": "Organisation des pays exportateurs de pétrole",
      "definition": "Cartel de producteurs (Arabie saoudite, etc.) qui coordonne les quotas de production pour influencer le prix du baril.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "atlas": {
        "intuition": "L’OPEP coordonne une partie de l’offre, mais son pouvoir réel dépend de la discipline interne et de la demande marginale.",
        "formula": null,
        "whyNow": "Quand la demande chinoise ralentit ou puise dans ses stocks, la capacité de l’OPEP à soutenir le prix devient observable.",
        "related": [
          "opep-2",
          "brent",
          "wti",
          "spr",
          "stockage-flottant",
          "chokepoint"
        ],
        "articles": [
          {
            "label": "Pétrole : le stock chinois",
            "href": "https://l0g.fr/posts/petrole-le-stock-chinois-qui-plafonne-les-prix/",
            "detail": "Réserves, prix du Brent et comportement d’achat chinois.",
            "kind": "article"
          },
          {
            "label": "Chine et importations de brut",
            "href": "https://l0g.fr/posts/chine-importations-petrole-brut-chute-2026/",
            "detail": "Flux physiques, marges et pouvoir de marché.",
            "kind": "article"
          },
          {
            "label": "Ormuz rouvre",
            "href": "https://l0g.fr/posts/accord-paix-ormuz-rouvre-scenarios/",
            "detail": "Normalisation, scénarios de prix et primes géopolitiques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          },
          {
            "label": "Commodity Futures Trading Commission",
            "href": "https://l0g.fr/sources/cftc/",
            "detail": "Positionnement futures via Commitments of Traders.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "opep-2",
      "url": "https://l0g.fr/glossaire/opep-2/",
      "sigle": "OPEP+",
      "name": "OPEP élargie",
      "definition": "OPEP augmentée d'une dizaine de producteurs non membres, dont la Russie, coordonnant leurs quotas depuis fin 2016. Ses décisions pèsent aujourd'hui autant que celles de l'OPEP seule : le groupe a relevé sa production de près de 600 000 barils par jour entre avril et juin 2026, puis de 188 000 supplémentaires en juillet.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "atlas": {
        "intuition": "OPEP+ ajoute des producteurs non membres, dont la Russie, et rend la lecture de l’offre plus politique.",
        "formula": null,
        "whyNow": "Les hausses ou coupes coordonnées changent l’équilibre entre stocks, discipline d’offre et prime géopolitique.",
        "related": [
          "opep",
          "brent",
          "wti",
          "spr",
          "stockage-flottant"
        ],
        "articles": [
          {
            "label": "Pétrole : le stock chinois",
            "href": "https://l0g.fr/posts/petrole-le-stock-chinois-qui-plafonne-les-prix/",
            "detail": "Réserves, prix du Brent et comportement d’achat chinois.",
            "kind": "article"
          },
          {
            "label": "Ormuz rouvre",
            "href": "https://l0g.fr/posts/accord-paix-ormuz-rouvre-scenarios/",
            "detail": "Normalisation, scénarios de prix et primes géopolitiques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          },
          {
            "label": "Commodity Futures Trading Commission",
            "href": "https://l0g.fr/sources/cftc/",
            "detail": "Positionnement futures via Commitments of Traders.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "spr",
      "url": "https://l0g.fr/glossaire/spr/",
      "sigle": "SPR",
      "name": "Réserve stratégique de pétrole",
      "definition": "Aux États-Unis, la Strategic Petroleum Reserve est un stock fédéral de brut conservé dans des cavernes de sel pour répondre aux ruptures d'approvisionnement. Les systèmes d'urgence d'autres pays peuvent aussi comprendre des produits raffinés détenus par l'État, une agence ou des entreprises soumises à une obligation de stockage. Le brut doit encore être raffiné ; la composition, le transport et les capacités disponibles conditionnent le carburant livré. Un baril prêté devient une créance de restitution future ; il redevient disponible dans la réserve après son retour physique.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "atlas": {
        "intuition": "Un stock amortit une interruption quand le pétrole peut être sorti, acheminé et transformé à temps. Une promesse de remboursement organise sa disponibilité future.",
        "formula": "couverture théorique (jours) = volume mobilisable (barils) / manque à couvrir (barils par jour)",
        "whyNow": "L’offre américaine de septembre 2026 comporte des fenêtres de retour allant jusqu’en 2029. La prime en barils doit se lire avec le calendrier et les capacités logistiques.",
        "related": [
          "brent",
          "wti",
          "stockage-flottant",
          "opep",
          "opep-2",
          "chokepoint",
          "ticket-de-stockage"
        ],
        "articles": [
          {
            "label": "Les réserves de pétrole achètent du temps",
            "href": "https://l0g.fr/posts/petrole-reserves-strategiques-prets-temps/"
          },
          {
            "label": "Réserves pétrolières : le chemin jusqu’au diesel",
            "href": "https://l0g.fr/posts/reserves-petrolieres-brut-diesel-contenu-delais/"
          },
          {
            "label": "Réserves pétrolières : les kilomètres qui restent",
            "href": "https://l0g.fr/posts/reserves-petrolieres-logistique-dernier-kilometre/"
          },
          {
            "label": "Réserves pétrolières : la raffinerie impose son rythme",
            "href": "https://l0g.fr/posts/reserves-petrolieres-raffinage-capacites-maintenance/"
          },
          {
            "label": "Réserves pétrolières : les contrats qui ouvrent les vannes",
            "href": "https://l0g.fr/posts/reserves-petrolieres-ventes-echanges-attribution/",
            "kind": "article"
          },
          {
            "label": "Réserves pétrolières : du marché au prix du plein",
            "href": "https://l0g.fr/posts/reserves-petrolieres-transmission-prix-pompe/",
            "kind": "article"
          },
          {
            "label": "Pétrole : le stock chinois",
            "href": "https://l0g.fr/posts/petrole-le-stock-chinois-qui-plafonne-les-prix/",
            "detail": "Réserves, prix du Brent et comportement d’achat chinois.",
            "kind": "article"
          },
          {
            "label": "Chine et importations de brut",
            "href": "https://l0g.fr/posts/chine-importations-petrole-brut-chute-2026/",
            "detail": "Flux physiques, marges et pouvoir de marché.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "DOE, ventes et échanges de la SPR",
            "href": "https://www.energy.gov/hgeo/opr/spr-sales-and-exchanges"
          },
          {
            "label": "AIE, systèmes de stocks d’urgence",
            "href": "https://www.iea.org/about/oil-security-and-emergency-response"
          },
          {
            "label": "U.S. Energy Information Administration",
            "href": "https://l0g.fr/sources/eia-energy/",
            "detail": "Pétrole, gaz, stocks, production et Short-Term Energy Outlook.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "stockage-flottant",
      "url": "https://l0g.fr/glossaire/stockage-flottant/",
      "sigle": "Stockage flottant",
      "name": "Floating storage",
      "definition": "Pétrole conservé à bord de tankers à l'ancre plutôt qu'à terre, faute de cuves disponibles, parce que le brut est sanctionné, ou quand la structure des prix rémunère l'attente. Environ 166 millions de barils de brut iranien stationnaient ainsi dans les eaux asiatiques début 2026, un stock où la Chine peut puiser sans surenchérir sur le marché ouvert.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/guides/lire-le-marche-petrolier/",
      "atlas": null
    },
    {
      "slug": "ticket-de-stockage",
      "url": "https://l0g.fr/glossaire/ticket-de-stockage/",
      "sigle": "Ticket de stockage",
      "name": "Stockholding ticket",
      "definition": "Contrat rémunéré réservant l’accès à une quantité de pétrole précisée par produit, lieu et période. Le droit d’acquérir ou de prendre livraison dépend des conditions convenues. Avant l’achat, le produit reste chez son propriétaire ; le vendeur exclut la quantité réservée de la couverture de sa propre obligation. Le ticket organise des droits sur un stock physique, sans créer de pétrole supplémentaire.",
      "category": "Énergie & géopolitique",
      "guide": "https://l0g.fr/posts/reserves-petrolieres-propriete-sagess-financement/",
      "atlas": {
        "intuition": "Une cuve peut couvrir des obligations de plusieurs opérateurs si les droits sont réservés sans double emploi.",
        "formula": null,
        "whyNow": null,
        "related": [
          "spr"
        ],
        "articles": [
          {
            "label": "Réserves pétrolières : les propriétaires du secours",
            "href": "https://l0g.fr/posts/reserves-petrolieres-propriete-sagess-financement/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "AIE, méthodologie des tickets de stockage",
            "href": "https://www.iea.org/data-and-statistics/data-tools/oil-stocks-of-iea-countries",
            "kind": "source"
          },
          {
            "label": "Code de la défense, D1336-52",
            "href": "https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000031946360",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "irgc",
      "url": "https://l0g.fr/glossaire/irgc/",
      "sigle": "IRGC",
      "name": "Islamic Revolutionary Guard Corps",
      "definition": "Gardiens de la révolution islamique : force armée d'élite iranienne, acteur clé des tensions dans le détroit d'Ormuz.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "mou",
      "url": "https://l0g.fr/glossaire/mou/",
      "sigle": "MOU",
      "name": "Memorandum of Understanding",
      "definition": "Mémorandum d'entente : accord écrit fixant des engagements entre parties, sans toujours la force contraignante d'un traité. Exemple : le MOU USA-Iran du 17 juin 2026.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "fao",
      "url": "https://l0g.fr/glossaire/fao/",
      "sigle": "FAO",
      "name": "Food and Agriculture Organization",
      "definition": "Organisation des Nations unies pour l'alimentation et l'agriculture. Référence sur les prix alimentaires mondiaux et la sécurité alimentaire.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "wfp",
      "url": "https://l0g.fr/glossaire/wfp/",
      "sigle": "WFP",
      "name": "World Food Programme",
      "definition": "Programme alimentaire mondial de l'ONU, en charge de l'aide alimentaire d'urgence.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "pnud",
      "url": "https://l0g.fr/glossaire/pnud/",
      "sigle": "PNUD",
      "name": "Programme des Nations unies pour le développement",
      "definition": "Agence de l'ONU pilotant l'aide au développement ; publie des estimations sur la pauvreté et l'impact économique des crises.",
      "category": "Énergie & géopolitique",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "national-trust-bank",
      "url": "https://l0g.fr/glossaire/national-trust-bank/",
      "sigle": "National trust bank",
      "name": "Banque nationale américaine à activités de trust company",
      "definition": "Banque nationale américaine dont l’activité est limitée aux opérations d’une trust company et aux activités connexes autorisées, sous charte et supervision de l’OCC. Elle peut assurer des services fiduciaires et de conservation. La charte seule ne détermine ni l’assurance d’un produit ni l’accès à un compte de la Fed.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/posts/crypto-banques-occ-icba-agrements-trust-depots/",
      "atlas": {
        "intuition": "La charte fixe un périmètre d’activités ; les droits du client dépendent aussi du produit, du contrat et des protections applicables.",
        "formula": null,
        "whyNow": "La règle OCC entrée en vigueur le 1er avril 2026 rapproche le texte réglementaire des opérations d’une trust company. Elle laisse l’examen des activités et de leurs bases légales aux décisions individuelles. La décision Protego du 13 février 2026 est une autorisation préliminaire conditionnelle ; elle impose notamment au moins 15 millions de dollars de capital Tier 1.",
        "related": [
          "aua",
          "genius",
          "ppsi",
          "cet1"
        ],
        "articles": [
          {
            "label": "Crypto et l’enjeu du mot banque",
            "href": "https://l0g.fr/posts/crypto-banques-occ-icba-agrements-trust-depots/",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire la solidité d’une banque",
            "href": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
            "detail": "Distinguer capital, liquidité et nature des dépôts.",
            "kind": "guide"
          }
        ],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "OCC, règle finale sur les national trust banks",
            "href": "https://www.occ.gov/news-issuances/federal-register/2026/91fr9977.pdf",
            "detail": "91 FR 9977 : opérations de trust company, activités connexes et examen des autorisations.",
            "kind": "source"
          },
          {
            "label": "OCC, décision Protego CD1366",
            "href": "https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1366.pdf",
            "detail": "Autorisation préliminaire conditionnelle, pages 1 et 8 : ouverture et conditions de capital/liquidité.",
            "kind": "source"
          },
          {
            "label": "FDIC, Your Insured Deposits",
            "href": "https://www.fdic.gov/resources/deposit-insurance/brochures/insured-deposits",
            "detail": "Dépôts éligibles, catégories de détention et exclusion des cryptoactifs.",
            "kind": "source"
          },
          {
            "label": "Fed, proposition de payment account du 20 mai 2026",
            "href": "https://www.federalreserve.gov/newsevents/pressreleases/other20260520a.htm",
            "detail": "L’admissibilité et l’approbation d’un compte sont des questions distinctes de la charte.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "sec",
      "url": "https://l0g.fr/glossaire/sec/",
      "sigle": "SEC",
      "name": "Securities and Exchange Commission",
      "definition": "Gendarme boursier américain. Supervise les marchés, les introductions en bourse et les obligations de transparence des sociétés cotées.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "basis-trade",
      "url": "https://l0g.fr/glossaire/basis-trade/",
      "sigle": "Basis trade",
      "name": "Arbitrage de base sur Treasuries",
      "definition": "Arbitrage à effet de levier qui capte l'écart de prix entre une obligation du Trésor au comptant et son contrat à terme : achat du titre au comptant, vente du futures, financement en repo. Apporte de la liquidité en temps normal, amplifie le stress en cas de débouclage forcé.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": {
        "intuition": "Le basis trade transforme un petit écart de prix en grosse exposition grâce au levier repo.",
        "formula": null,
        "whyNow": "Il peut soutenir la liquidité des Treasuries en temps calme, puis l'assécher si les marges montent ou si le financement devient instable.",
        "related": [
          "repo",
          "duration",
          "move",
          "primary-dealer",
          "courbe-des-taux"
        ],
        "articles": [
          {
            "label": "Basis trade sur Treasuries",
            "href": "https://l0g.fr/posts/basis-trade-treasuries-levier/",
            "detail": "Levier, repo et fragilité du marché obligataire.",
            "kind": "article"
          },
          {
            "label": "Repo et collatéral",
            "href": "https://l0g.fr/posts/repo-collateral-fabrique-liquidite/",
            "detail": "Chaînes de financement qui transmettent un choc de taux.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché des Treasuries",
            "href": "https://l0g.fr/guides/lire-le-marche-des-treasuries/",
            "detail": "Courbe, adjudications, détenteurs et prime de terme.",
            "kind": "guide"
          },
          {
            "label": "Liquidité Trésor, TGA, RRP",
            "href": "https://l0g.fr/guides/liquidite-tresor-dts-tga-rrp/",
            "detail": "Canaux de réserves et cash du Trésor.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot public des signaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "debt-risk.json",
            "href": "https://l0g.fr/api/v1/debt-risk.json",
            "detail": "Snapshot Debt Risk Radar avec provenance.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff 1, 7 et 30 jours des signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Debt Risk Radar",
            "href": "https://l0g.fr/methodologie/debt-risk-radar/",
            "detail": "Dette, charge d’intérêt, stress courant et vulnérabilité structurelle.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des observations de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du risque et fraîcheur des sources.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "Frames hashées pour rejouer un état point-in-time.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Federal Reserve & FRED",
            "href": "https://l0g.fr/sources/federal-reserve-fred/",
            "detail": "Taux, bilan Fed, séries FRED et modèle ACM de la Fed de New York.",
            "kind": "source"
          },
          {
            "label": "Bank for International Settlements",
            "href": "https://l0g.fr/sources/bis/",
            "detail": "Dette globale, banques et fragilités de marché.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "Dette, cash du Trésor, DTS et adjudications.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "swap-de-taux",
      "url": "https://l0g.fr/glossaire/swap-de-taux/",
      "sigle": "Swap de taux",
      "name": "Interest rate swap (IRS)",
      "definition": "Contrat par lequel deux parties échangent des flux d'intérêts sur un même capital de référence, le notionnel : l'une paie un taux fixe, l'autre un taux variable indexé sur un taux de marché comme le SOFR. Le capital n'est jamais échangé, seuls les intérêts le sont. Outil central de couverture du risque de taux, et plus grand marché de dérivés du monde.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
      "atlas": null
    },
    {
      "slug": "ois",
      "url": "https://l0g.fr/glossaire/ois/",
      "sigle": "OIS",
      "name": "Overnight Index Swap",
      "definition": "Swap dont la jambe variable est indexée sur un taux au jour le jour composé, le SOFR aux États-Unis. Ses cotations reflètent la trajectoire anticipée du taux directeur, ce qui en fait la référence pour lire les paris du marché sur la banque centrale, et le taux d'actualisation « sans risque » des dérivés.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
      "atlas": null
    },
    {
      "slug": "libor",
      "url": "https://l0g.fr/glossaire/libor/",
      "sigle": "LIBOR",
      "name": "London Interbank Offered Rate",
      "definition": "Ancien taux de référence interbancaire, calculé par sondage déclaratif et miné par un scandale de manipulation. Abandonné pour le dollar fin juin 2023 au profit du SOFR, adossé à des transactions réelles. Sa disparition a refondé tout l'édifice des swaps de taux.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
      "atlas": null
    },
    {
      "slug": "notionnel",
      "url": "https://l0g.fr/glossaire/notionnel/",
      "sigle": "Notionnel",
      "name": "Capital notionnel",
      "definition": "Montant de référence sur lequel sont calculés les flux d'un dérivé, sans être lui-même échangé. Le notionnel gonfle les statistiques de taille des marchés de dérivés, mais surestime largement le risque réel, qui ne porte que sur les flux nets et la valeur de marché.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
      "atlas": null
    },
    {
      "slug": "swap-spread",
      "url": "https://l0g.fr/glossaire/swap-spread/",
      "sigle": "Swap spread",
      "name": "Spread de swap",
      "definition": "Écart entre le taux d'un swap de taux d'intérêt et le rendement de l'obligation d'État de même maturité. L'arbitrage de spread de swap, cousin du basis trade, parie avec levier sur le resserrement ou l'écartement de cet écart. Environ 60 milliards de dollars s'en sont dénoués brutalement en avril 2025, un rappel de sa fragilité. En Europe, le passage du rendement du Bund au-dessus du swap fin 2024, une première, a signé la fin de la prime de rareté allemande.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
      "atlas": null
    },
    {
      "slug": "ficc",
      "url": "https://l0g.fr/glossaire/ficc/",
      "sigle": "FICC",
      "name": "Fixed Income Clearing Corporation",
      "definition": "Chambre de compensation des titres à revenu fixe américains, filiale de la DTCC. Longtemps seule contrepartie centrale agréée pour les Treasuries, avant l'arrivée de CME et ICE. Au cœur du mandat de compensation obligatoire de la SEC.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ccp",
      "url": "https://l0g.fr/glossaire/ccp/",
      "sigle": "CCP",
      "name": "Central Counterparty (contrepartie centrale)",
      "definition": "Chambre de compensation qui s'interpose entre acheteur et vendeur, devenant contrepartie de chaque transaction. Réduit le risque de contrepartie et organise la gestion de défaut, au prix d'appels de marge plus systématiques.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": {
        "intuition": "La contrepartie centrale réduit le risque qu’un défaut se propage, mais transforme les pertes de marché en appels de cash et de collatéral.",
        "formula": "protection contrepartie = marge initiale + marge de variation + ressources de défaut",
        "whyNow": "Quand le pétrole devient plus volatil, la solidité de la compensation dépend aussi de la capacité des clients et des banques à fournir la liquidité à temps.",
        "related": [
          "appel-de-marge",
          "marge-initiale",
          "marge-de-variation",
          "membre-compensateur",
          "brent",
          "future",
          "repo"
        ],
        "articles": [
          {
            "label": "Quand le baril devient un appel de marge",
            "href": "https://l0g.fr/posts/baril-appel-de-marge-liquidite-choc-petrolier/",
            "detail": "Couvertures, trésorerie, compensation et transmission aux banques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          },
          {
            "label": "Lire les swaps de taux",
            "href": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
            "detail": "Valorisation, compensation et risque de contrepartie des dérivés.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Intercontinental Exchange",
            "href": "https://www.ice.com/products/219/Brent-Crude-Futures",
            "detail": "Spécifications du future Brent, compensation et marges indicatives.",
            "kind": "source"
          },
          {
            "label": "Banque centrale européenne",
            "href": "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202211_01~173476301a.en.html",
            "detail": "Dérivés énergétiques, appels de marge, crédit bancaire et données EMIR.",
            "kind": "source"
          },
          {
            "label": "Banque d’Angleterre",
            "href": "https://www.bankofengland.co.uk/speech/2024/july/nathanael-benjamin-speech-followed-by-panel-preparing-for-liquidity-stresses",
            "detail": "Mesures du stress de marge sur l’énergie européenne en 2022.",
            "kind": "source"
          },
          {
            "label": "Financial Stability Board",
            "href": "https://www.fsb.org/2024/12/liquidity-preparedness-for-margin-and-collateral-calls-final-report/",
            "detail": "Recommandations internationales sur la préparation aux appels de marge.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "appel-de-marge",
      "url": "https://l0g.fr/glossaire/appel-de-marge/",
      "sigle": "Appel de marge",
      "name": "Margin call",
      "definition": "Demande de cash ou de collatéral supplémentaire adressée à un participant lorsque la valeur ou le risque de sa position évolue. Elle peut correspondre à une marge de variation, qui règle la perte courante, ou à un relèvement de la marge initiale destinée à couvrir une perte potentielle en cas de défaut.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
      "atlas": {
        "intuition": "L’appel de marge ne dit pas qu’une couverture est mauvaise. Il dit que sa perte courante ou son risque potentiel doit être financé immédiatement.",
        "formula": "besoin de liquidité = marge de variation + hausse de marge initiale - cash et collatéral mobilisables",
        "whyNow": "Un producteur court futures peut gagner sur son brut physique et devoir néanmoins avancer du cash avant le règlement de sa cargaison.",
        "related": [
          "marge-initiale",
          "marge-de-variation",
          "membre-compensateur",
          "ccp",
          "brent",
          "open-interest"
        ],
        "articles": [
          {
            "label": "Quand le baril devient un appel de marge",
            "href": "https://l0g.fr/posts/baril-appel-de-marge-liquidite-choc-petrolier/",
            "detail": "Couvertures, trésorerie, compensation et transmission aux banques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          },
          {
            "label": "Lire les swaps de taux",
            "href": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
            "detail": "Valorisation, compensation et risque de contrepartie des dérivés.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Intercontinental Exchange",
            "href": "https://www.ice.com/products/219/Brent-Crude-Futures",
            "detail": "Spécifications du future Brent, compensation et marges indicatives.",
            "kind": "source"
          },
          {
            "label": "Banque centrale européenne",
            "href": "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202211_01~173476301a.en.html",
            "detail": "Dérivés énergétiques, appels de marge, crédit bancaire et données EMIR.",
            "kind": "source"
          },
          {
            "label": "Banque d’Angleterre",
            "href": "https://www.bankofengland.co.uk/speech/2024/july/nathanael-benjamin-speech-followed-by-panel-preparing-for-liquidity-stresses",
            "detail": "Mesures du stress de marge sur l’énergie européenne en 2022.",
            "kind": "source"
          },
          {
            "label": "Financial Stability Board",
            "href": "https://www.fsb.org/2024/12/liquidity-preparedness-for-margin-and-collateral-calls-final-report/",
            "detail": "Recommandations internationales sur la préparation aux appels de marge.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "marge-initiale",
      "url": "https://l0g.fr/glossaire/marge-initiale/",
      "sigle": "Marge initiale",
      "name": "Initial margin (IM)",
      "definition": "Cash ou titres liquides déposés à l'ouverture et pendant la vie d'une position pour couvrir la perte potentielle qui pourrait survenir durant la fermeture d'un participant défaillant. Son niveau dépend du risque, de la volatilité et des compensations reconnues dans le portefeuille.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
      "atlas": {
        "intuition": "La marge initiale est un coussin contre une perte future possible pendant la liquidation d’un défaut, pas le règlement de la perte du jour.",
        "formula": "marge initiale = risque potentiel sur la période de liquidation, après compensations reconnues",
        "whyNow": "La volatilité peut relever ce coussin au moment même où les participants doivent déjà financer leurs pertes quotidiennes.",
        "related": [
          "appel-de-marge",
          "marge-de-variation",
          "membre-compensateur",
          "ccp",
          "brent"
        ],
        "articles": [
          {
            "label": "Quand le baril devient un appel de marge",
            "href": "https://l0g.fr/posts/baril-appel-de-marge-liquidite-choc-petrolier/",
            "detail": "Couvertures, trésorerie, compensation et transmission aux banques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          },
          {
            "label": "Lire les swaps de taux",
            "href": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
            "detail": "Valorisation, compensation et risque de contrepartie des dérivés.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Intercontinental Exchange",
            "href": "https://www.ice.com/products/219/Brent-Crude-Futures",
            "detail": "Spécifications du future Brent, compensation et marges indicatives.",
            "kind": "source"
          },
          {
            "label": "Banque centrale européenne",
            "href": "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202211_01~173476301a.en.html",
            "detail": "Dérivés énergétiques, appels de marge, crédit bancaire et données EMIR.",
            "kind": "source"
          },
          {
            "label": "Banque d’Angleterre",
            "href": "https://www.bankofengland.co.uk/speech/2024/july/nathanael-benjamin-speech-followed-by-panel-preparing-for-liquidity-stresses",
            "detail": "Mesures du stress de marge sur l’énergie européenne en 2022.",
            "kind": "source"
          },
          {
            "label": "Financial Stability Board",
            "href": "https://www.fsb.org/2024/12/liquidity-preparedness-for-margin-and-collateral-calls-final-report/",
            "detail": "Recommandations internationales sur la préparation aux appels de marge.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "marge-de-variation",
      "url": "https://l0g.fr/glossaire/marge-de-variation/",
      "sigle": "Marge de variation",
      "name": "Variation margin (VM)",
      "definition": "Paiement, généralement quotidien et en cash sur les dérivés compensés, qui règle les gains et pertes liés à la nouvelle valeur de marché. Elle remet l'exposition courante entre contreparties à zéro, mais peut créer un besoin de trésorerie immédiat.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
      "atlas": {
        "intuition": "La marge de variation règle aujourd’hui le gain ou la perte apparu depuis la dernière valorisation.",
        "formula": "marge de variation ≈ variation du prix × taille du contrat × nombre de contrats",
        "whyNow": "Sur une couverture courte de pétrole, une hausse du baril peut produire un décaissement immédiat avant que la cargaison physique ne soit payée.",
        "related": [
          "appel-de-marge",
          "marge-initiale",
          "membre-compensateur",
          "ccp",
          "brent"
        ],
        "articles": [
          {
            "label": "Quand le baril devient un appel de marge",
            "href": "https://l0g.fr/posts/baril-appel-de-marge-liquidite-choc-petrolier/",
            "detail": "Couvertures, trésorerie, compensation et transmission aux banques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          },
          {
            "label": "Lire les swaps de taux",
            "href": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
            "detail": "Valorisation, compensation et risque de contrepartie des dérivés.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Intercontinental Exchange",
            "href": "https://www.ice.com/products/219/Brent-Crude-Futures",
            "detail": "Spécifications du future Brent, compensation et marges indicatives.",
            "kind": "source"
          },
          {
            "label": "Banque centrale européenne",
            "href": "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202211_01~173476301a.en.html",
            "detail": "Dérivés énergétiques, appels de marge, crédit bancaire et données EMIR.",
            "kind": "source"
          },
          {
            "label": "Banque d’Angleterre",
            "href": "https://www.bankofengland.co.uk/speech/2024/july/nathanael-benjamin-speech-followed-by-panel-preparing-for-liquidity-stresses",
            "detail": "Mesures du stress de marge sur l’énergie européenne en 2022.",
            "kind": "source"
          },
          {
            "label": "Financial Stability Board",
            "href": "https://www.fsb.org/2024/12/liquidity-preparedness-for-margin-and-collateral-calls-final-report/",
            "detail": "Recommandations internationales sur la préparation aux appels de marge.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "membre-compensateur",
      "url": "https://l0g.fr/glossaire/membre-compensateur/",
      "sigle": "Membre compensateur",
      "name": "Clearing member",
      "definition": "Établissement membre d'une contrepartie centrale qui règle les marges et obligations de ses propres positions et de celles de ses clients. Si un client ne paie pas un appel de marge, le membre reste redevable envers la chambre et porte un risque de liquidité de substitution.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
      "atlas": {
        "intuition": "Le membre compensateur est le pont entre le client et la chambre. Il transmet les marges et reste responsable du règlement envers la CCP.",
        "formula": null,
        "whyNow": "Si le client manque de cash, la tension remonte vers la banque qui assure à la fois la compensation et, parfois, son financement.",
        "related": [
          "appel-de-marge",
          "marge-initiale",
          "marge-de-variation",
          "ccp",
          "brent"
        ],
        "articles": [
          {
            "label": "Quand le baril devient un appel de marge",
            "href": "https://l0g.fr/posts/baril-appel-de-marge-liquidite-choc-petrolier/",
            "detail": "Couvertures, trésorerie, compensation et transmission aux banques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le marché pétrolier",
            "href": "https://l0g.fr/guides/lire-le-marche-petrolier/",
            "detail": "Prix, courbe, stocks, OPEP et données physiques.",
            "kind": "guide"
          },
          {
            "label": "Lire les swaps de taux",
            "href": "https://l0g.fr/guides/lire-les-swaps-de-taux/",
            "detail": "Valorisation, compensation et risque de contrepartie des dérivés.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot du signal Energie Monitor dans la surface risque.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des niveaux de risque.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Mouvements récents de signaux, sources et modèles.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Claims et sources des articles énergie.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Energie Monitor",
            "href": "https://l0g.fr/methodologie/energie/",
            "detail": "Lecture des tensions énergie à partir de données publiques.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des signaux de risque.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Variation récente du régime de risque.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Intercontinental Exchange",
            "href": "https://www.ice.com/products/219/Brent-Crude-Futures",
            "detail": "Spécifications du future Brent, compensation et marges indicatives.",
            "kind": "source"
          },
          {
            "label": "Banque centrale européenne",
            "href": "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202211_01~173476301a.en.html",
            "detail": "Dérivés énergétiques, appels de marge, crédit bancaire et données EMIR.",
            "kind": "source"
          },
          {
            "label": "Banque d’Angleterre",
            "href": "https://www.bankofengland.co.uk/speech/2024/july/nathanael-benjamin-speech-followed-by-panel-preparing-for-liquidity-stresses",
            "detail": "Mesures du stress de marge sur l’énergie européenne en 2022.",
            "kind": "source"
          },
          {
            "label": "Financial Stability Board",
            "href": "https://www.fsb.org/2024/12/liquidity-preparedness-for-margin-and-collateral-calls-final-report/",
            "detail": "Recommandations internationales sur la préparation aux appels de marge.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "cot",
      "url": "https://l0g.fr/glossaire/cot/",
      "sigle": "COT",
      "name": "Commitments of Traders",
      "definition": "Relevé hebdomadaire de la CFTC détaillant, par catégorie d'intervenant, les positions ouvertes sur les marchés à terme américains. Publié le vendredi à 15 h 30 heure de New York, sur données arrêtées au mardi précédent, soit un décalage de trois jours.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": {
        "intuition": "Le COT donne une photographie retardée du positionnement futures. Il ne prédit pas seul, mais il montre où le marché est chargé.",
        "formula": "risque de débouclage = positionnement extrême + catalyseur FX + volatilité",
        "whyNow": "Sur le yen, un positionnement très consensuel devient dangereux quand la BoJ, le MoF ou la Fed changent le régime de taux.",
        "related": [
          "yen-carry",
          "cftc",
          "future",
          "open-interest",
          "boj",
          "mof"
        ],
        "articles": [
          {
            "label": "Dollar-yen : le risque de débouclage",
            "href": "https://l0g.fr/posts/dollar-yen-intervention-risque-carry-2026/",
            "detail": "USD/JPY, BoJ, intervention et liquidation du carry.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Lire le carry trade",
            "href": "https://l0g.fr/guides/lire-le-carry-trade/",
            "detail": "Mécanique du portage, effet de levier et risque de débouclage.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "risk.json",
            "href": "https://l0g.fr/api/v1/risk.json",
            "detail": "Snapshot public du Yen Carry Monitor.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.json",
            "href": "https://l0g.fr/api/v1/signals/history.json",
            "detail": "Historique point-in-time des signaux.",
            "kind": "dataset"
          },
          {
            "label": "signals/history.csv",
            "href": "https://l0g.fr/api/v1/signals/history.csv",
            "detail": "Historique tabulaire pour backtests.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Diff des signaux, sources et modèles.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Yen Carry Monitor",
            "href": "https://l0g.fr/methodologie/yen-carry/",
            "detail": "Positionnement, FX, volatilité et risque de débouclage.",
            "kind": "methodology"
          },
          {
            "label": "Backtests signaux",
            "href": "https://l0g.fr/backtests/",
            "detail": "Historique vérifiable des changements de niveau.",
            "kind": "signal"
          },
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Mouvements récents du risque cross-asset.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Commodity Futures Trading Commission",
            "href": "https://l0g.fr/sources/cftc/",
            "detail": "Positionnement yen et futures via COT.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "future",
      "url": "https://l0g.fr/glossaire/future/",
      "sigle": "Future",
      "name": "Contrat à terme",
      "definition": "Contrat standardisé d'achat ou de vente d'un actif à une date future et un prix fixé d'avance, négocié sur un marché organisé. Sert à se couvrir ou à spéculer. Le positionnement sur ces contrats est ce que mesure le COT.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "open-interest",
      "url": "https://l0g.fr/glossaire/open-interest/",
      "sigle": "Open interest",
      "name": "Position ouverte",
      "definition": "Nombre total de contrats à terme ouverts et non encore dénoués à un instant donné. Le total des positions longues y égale toujours le total des positions courtes. Masse que le COT répartit entre catégories de traders.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "option",
      "url": "https://l0g.fr/glossaire/option/",
      "sigle": "Option",
      "name": "Option (call / put)",
      "definition": "Contrat donnant le droit, non l'obligation, d'acheter (call) ou de vendre (put) un actif à un prix fixé jusqu'à une échéance. L'acheteur paie une prime ; le vendeur l'encaisse et supporte le risque. Le comportement de couverture des vendeurs d'options, souvent des teneurs de marché, influence fortement le sous-jacent.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-le-gamma-des-dealers/",
      "atlas": null
    },
    {
      "slug": "delta",
      "url": "https://l0g.fr/glossaire/delta/",
      "sigle": "Delta",
      "name": "Delta",
      "definition": "Sensibilité du prix d'une option à une variation du sous-jacent : un delta de 0,5 signifie que l'option gagne 0,50 pour un mouvement de 1 du sous-jacent. Les teneurs de marché neutralisent leur delta en achetant ou vendant le sous-jacent, d'où des flux de couverture mécaniques.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-le-gamma-des-dealers/",
      "atlas": null
    },
    {
      "slug": "gamma",
      "url": "https://l0g.fr/glossaire/gamma/",
      "sigle": "Gamma",
      "name": "Gamma",
      "definition": "Vitesse à laquelle le delta d'une option change quand le sous-jacent bouge. Maximal près du prix d'exercice et à l'approche de l'échéance. Un gamma élevé oblige les teneurs de marché à réajuster sans cesse leur couverture, ce qui peut amortir ou amplifier les mouvements selon le sens de leur position.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-le-gamma-des-dealers/",
      "atlas": null
    },
    {
      "slug": "gex",
      "url": "https://l0g.fr/glossaire/gex/",
      "sigle": "GEX",
      "name": "Gamma Exposure",
      "definition": "Estimation du gamma net que les teneurs de marché doivent couvrir sur un indice. Un GEX positif (dealers longs gamma) tend à étouffer la volatilité ; un GEX négatif (dealers courts gamma) l'amplifie. Le niveau où il bascule, le « gamma flip », est un repère suivi de près.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-le-gamma-des-dealers/",
      "atlas": null
    },
    {
      "slug": "0dte",
      "url": "https://l0g.fr/glossaire/0dte/",
      "sigle": "0DTE",
      "name": "Zero Days to Expiration",
      "definition": "Options qui expirent le jour même. Leur essor en a fait une part majeure du volume d'options sur le S&P 500, de l'ordre de 40 à 50 %. Leur gamma très concentré force une couverture des dealers en temps réel, devenue un moteur dominant des mouvements intrajournaliers.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-le-gamma-des-dealers/",
      "atlas": null
    },
    {
      "slug": "teneur-de-marche",
      "url": "https://l0g.fr/glossaire/teneur-de-marche/",
      "sigle": "Teneur de marché",
      "name": "Market maker",
      "definition": "Intermédiaire qui cote en continu des prix d'achat et de vente et se tient prêt à prendre l'autre côté des transactions. Sur les options, il vend souvent au public et couvre son exposition dans le sous-jacent, transformant les flux d'options en flux mécaniques sur l'actif lui-même.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-le-gamma-des-dealers/",
      "atlas": null
    },
    {
      "slug": "put-call-ratio",
      "url": "https://l0g.fr/glossaire/put-call-ratio/",
      "sigle": "Put/call ratio",
      "name": "Ratio put/call",
      "definition": "Rapport entre le volume, ou la position ouverte, des puts et des calls. Au-dessus de 1, les paris baissiers dominent ; en dessous, les paris haussiers. Indicateur de sentiment, à manier avec prudence : un volume élevé ne dit pas dans quel sens les dealers sont positionnés.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-le-gamma-des-dealers/",
      "atlas": null
    },
    {
      "slug": "gamma-squeeze",
      "url": "https://l0g.fr/glossaire/gamma-squeeze/",
      "sigle": "Gamma squeeze",
      "name": "Compression par le gamma",
      "definition": "Spirale haussière où des achats massifs de calls forcent les teneurs de marché à acheter le sous-jacent pour se couvrir, ce qui pousse le prix, ce qui les oblige à acheter encore. Mécanisme au cœur de l'épisode GameStop de janvier 2021.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-le-gamma-des-dealers/",
      "atlas": null
    },
    {
      "slug": "cftc",
      "url": "https://l0g.fr/glossaire/cftc/",
      "sigle": "CFTC",
      "name": "Commodity Futures Trading Commission",
      "definition": "Régulateur américain des marchés de dérivés et de matières premières. Publie le rapport de positionnement « Commitment of Traders ».",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "marche-predictif",
      "url": "https://l0g.fr/glossaire/marche-predictif/",
      "sigle": "Marché prédictif",
      "name": "Prediction market",
      "definition": "Marché où s’échangent des contrats dont le paiement dépend de l’issue d’un événement défini. Le prix peut s’interpréter comme une probabilité implicite, sous les contraintes de liquidité, de frais et de résolution. Le régime juridique dépend du contrat, de l’entité qui le propose, du pays et du client ; un agrément américain ne donne pas un droit d’accès en France.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/posts/polymarket-europe-paris-produits-financiers/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Polymarket et le droit financier européen",
            "href": "https://l0g.fr/posts/polymarket-europe-paris-produits-financiers/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "ESMA, contrats événementiels et options binaires, 3 juillet 2026",
            "href": "https://www.esma.europa.eu/sites/default/files/2026-07/ESMA35-243228190-8148_Public_Statement_on_the_application_of_the_national_product_intervention_measures_on_binary_options_to_event_contracts.pdf",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "mnpi",
      "url": "https://l0g.fr/glossaire/mnpi/",
      "sigle": "MNPI",
      "name": "Material Non-Public Information",
      "definition": "Information importante non publique : toute donnée susceptible d'influencer un cours et non encore diffusée au marché. Sa négociation par un initié fonde le délit d'initié en droit boursier américain. Le concept, taillé pour l'initié d'entreprise, s'applique mal aux détenteurs du script d'un événement politique, angle mort exposé par les marchés prédictifs.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "course-a-la-latence",
      "url": "https://l0g.fr/glossaire/course-a-la-latence/",
      "sigle": "Course à la latence",
      "name": "Latency race",
      "definition": "Compétition des acteurs de marché pour recevoir et traiter l'information quelques microsecondes avant les autres : colocation des serveurs dans les data centers des bourses, flux de données premium, liaisons micro-ondes. Quelques millisecondes d'avance sur une nouvelle qui bouge les prix se convertissent mécaniquement en gains pour le trading algorithmique.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "ofac",
      "url": "https://l0g.fr/glossaire/ofac/",
      "sigle": "OFAC",
      "name": "Office of Foreign Assets Control",
      "definition": "Bureau du Trésor américain chargé d'appliquer les sanctions économiques (gel d'avoirs, listes noires).",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/ofac-sdn-list/",
      "atlas": null
    },
    {
      "slug": "sdn-list",
      "url": "https://l0g.fr/glossaire/sdn-list/",
      "sigle": "SDN List",
      "name": "Specially Designated Nationals and Blocked Persons List",
      "definition": "Liste de l'OFAC recensant les personnes et entités avec lesquelles tout ressortissant américain a interdiction de traiter, et dont les avoirs sous juridiction américaine sont gelés.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/ofac-sdn-list/",
      "atlas": null
    },
    {
      "slug": "sanctions-secondaires",
      "url": "https://l0g.fr/glossaire/sanctions-secondaires/",
      "sigle": "Sanctions secondaires",
      "name": "Pression américaine sur une personne étrangère",
      "definition": "Mesures qui placent une personne ou une banque non américaine devant un choix : cesser certaines opérations avec une cible sanctionnée ou perdre un accès important aux États-Unis, notamment aux comptes correspondants en dollars. Elles ne créent pas une interdiction universelle ; elles utilisent l'accès au marché et au système financier américains comme moyen de contrainte.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/posts/iran-jusqu-ou-bessent-peut-fermer-le-dollar/",
      "atlas": null
    },
    {
      "slug": "ieepa",
      "url": "https://l0g.fr/glossaire/ieepa/",
      "sigle": "IEEPA",
      "name": "International Emergency Economic Powers Act",
      "definition": "Loi américaine de 1977 accordant au président des pouvoirs économiques d’urgence face à certaines menaces d’origine étrangère. Elle sert notamment de base à des sanctions et à des restrictions sur les transactions. Le 20 février 2026, la Cour suprême a jugé qu’elle n’autorise pas le président à imposer des droits de douane. Cette décision porte sur l’IEEPA, pas sur toutes les autres bases légales des tarifs américains.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": {
        "intuition": "Le pouvoir d’urgence économique reste limité par l’autorité que le Congrès a effectivement accordée.",
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Brésil : le prix de la pression américaine",
            "href": "https://l0g.fr/posts/bresil-prix-pression-americaine/",
            "detail": "Retrait des droits IEEPA et nouvelle pression sous la Section 301.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Cour suprême, Learning Resources v. Trump",
            "href": "https://www.supremecourt.gov/opinions/25pdf/24-1287_4gcj.pdf",
            "detail": "Arrêt du 20 février 2026 : l’IEEPA n’autorise pas les droits de douane présidentiels.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "controle-export",
      "url": "https://l0g.fr/glossaire/controle-export/",
      "sigle": "Contrôle export",
      "name": "Export control",
      "definition": "Restriction administrative imposée à l'exportation de biens, logiciels ou technologies sensibles. Dans les semi-conducteurs, il vise notamment les puces de calcul avancé, les équipements de fabrication, les logiciels de conception et certains usages militaires ou de supercalcul.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "13f",
      "url": "https://l0g.fr/glossaire/13f/",
      "sigle": "13F",
      "name": "Formulaire 13F",
      "definition": "Déclaration trimestrielle imposée par la SEC aux gérants institutionnels exerçant un pouvoir de décision sur plus de 100 millions de dollars de titres américains éligibles. Liste leurs positions longues, avec jusqu'à 45 jours de retard.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/analyser-13f-sec/",
      "atlas": null
    },
    {
      "slug": "form-4",
      "url": "https://l0g.fr/glossaire/form-4/",
      "sigle": "Form 4",
      "name": "Statement of Changes in Beneficial Ownership",
      "definition": "Déclaration SEC des transactions d'initiés (dirigeants, administrateurs, actionnaires à plus de 10 %), à déposer dans les deux jours ouvrés. Donnée directionnelle et bien plus fraîche que le 13F.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/analyser-form-4-sec/",
      "atlas": null
    },
    {
      "slug": "13d",
      "url": "https://l0g.fr/glossaire/13d/",
      "sigle": "13D",
      "name": "Schedule 13D",
      "definition": "Déclaration SEC de franchissement de 5 % du capital avec intention d'influence ou de contrôle. Formulaire long de l'activiste ; sa rubrique 4 expose les projets visant la société.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/13d-vs-13g-sec/",
      "atlas": null
    },
    {
      "slug": "13g",
      "url": "https://l0g.fr/glossaire/13g/",
      "sigle": "13G",
      "name": "Schedule 13G",
      "definition": "Version courte du 13D, réservée aux détenteurs passifs et aux institutionnels qualifiés au-delà de 5 % du capital. Le passage du 13G au 13D signale un passage à l'action.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/13d-vs-13g-sec/",
      "atlas": null
    },
    {
      "slug": "10-k",
      "url": "https://l0g.fr/glossaire/10-k/",
      "sigle": "10-K",
      "name": "Formulaire 10-K",
      "definition": "Rapport annuel d'une société cotée américaine déposé auprès de la SEC : activité, facteurs de risque, comptes audités et discussion de la direction. Le document public le plus complet sur une entreprise.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-le-10-k-sec/",
      "atlas": null
    },
    {
      "slug": "edgar",
      "url": "https://l0g.fr/glossaire/edgar/",
      "sigle": "EDGAR",
      "name": "Electronic Data Gathering, Analysis, and Retrieval",
      "definition": "Base de données publique de la SEC où sont déposés tous les documents réglementaires (10-K, 13F, S-1).",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "bls",
      "url": "https://l0g.fr/glossaire/bls/",
      "sigle": "BLS",
      "name": "Bureau of Labor Statistics",
      "definition": "Agence statistique américaine du travail. Publie le CPI, l'emploi, et les indices de prix import/export.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "clarity",
      "url": "https://l0g.fr/glossaire/clarity/",
      "sigle": "CLARITY",
      "name": "CLARITY Act",
      "definition": "Projet de loi américain visant notamment à répartir les compétences sur les actifs numériques entre la SEC et la CFTC. Il faut distinguer le texte adopté par une chambre, les compromis proposés et une loi promulguée : un vote de procédure ne crée pas à lui seul de nouvelles obligations.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/posts/clarity-apres-le-vote-49-50/",
      "atlas": {
        "intuition": "Le statut parlementaire du texte détermine si ses obligations sont encore proposées ou applicables.",
        "formula": null,
        "whyNow": null,
        "related": [
          "cloture"
        ],
        "articles": [
          {
            "label": "CLARITY après le vote 49–50",
            "href": "https://l0g.fr/posts/clarity-apres-le-vote-49-50/",
            "detail": "Blocage procédural et projets SEC–CFTC.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Sénat, vote 234 du 15 septembre 2026",
            "href": "https://www.senate.gov/legislative/LIS/roll_call_votes/vote1192/vote_119_2_00234.htm",
            "detail": "Clôture rejetée sur la motion d’examen de H.R. 3633.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "cloture",
      "url": "https://l0g.fr/glossaire/cloture/",
      "sigle": "Clôture",
      "name": "Cloture au Sénat américain",
      "definition": "Procédure limitant le débat au Sénat. Pour la législation ordinaire, la règle générale exige les trois cinquièmes des sénateurs dûment choisis et assermentés, soit 60 lorsque les 100 sièges sont pourvus. Une clôture sur la motion permettant d’examiner un projet reste distincte du vote d’adoption de ce projet. D’autres procédures et exceptions existent.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/posts/clarity-apres-le-vote-49-50/",
      "atlas": {
        "intuition": "Obtenir la limitation du débat est une étape procédurale, distincte de l’adoption du texte.",
        "formula": null,
        "whyNow": null,
        "related": [
          "clarity"
        ],
        "articles": [
          {
            "label": "CLARITY après le vote 49–50",
            "href": "https://l0g.fr/posts/clarity-apres-le-vote-49-50/",
            "detail": "Décompte officiel et seuil requis.",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Senate Republican Policy Committee",
            "href": "https://www.rpc.senate.gov/glossary",
            "detail": "Cloture, motion to proceed et reconsidération.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "genius",
      "url": "https://l0g.fr/glossaire/genius/",
      "sigle": "GENIUS",
      "name": "GENIUS Act",
      "definition": "Loi fédérale américaine sur les stablecoins de paiement, promulguée le 18 juillet 2025, qui prévoit un régime d’agrément, de réserves et de contrôle des émetteurs. Son article 20 fixe l’entrée en vigueur à la première de ces dates : le 18 janvier 2027 ou 120 jours après l’adoption de règlements d’application finaux par les régulateurs fédéraux compétents.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/stablecoins-genius-act/",
      "atlas": {
        "intuition": "Le GENIUS Act définit la plomberie légale du stablecoin de paiement aux États-Unis.",
        "formula": null,
        "whyNow": "Il déplace le risque de la question technique vers la qualité de la réserve, la surveillance, les conflits d’intérêts et l’application concrète.",
        "related": [
          "stablecoin",
          "ppsi",
          "occ",
          "fincen",
          "bsa",
          "t-bill",
          "wlfi"
        ],
        "articles": [
          {
            "label": "RealT en liquidation",
            "href": "https://l0g.fr/posts/realt-en-liquidation-le-token-qui-ne-possedait-pas-la-maison/",
            "detail": "RWA immobilier, titre off-chain et promesse on-chain.",
            "kind": "article"
          },
          {
            "label": "USDT sur Tron et contournement OFAC",
            "href": "https://l0g.fr/posts/iran-peages-ormuz-usdt-tron-ofac/",
            "detail": "Stablecoins, sanctions et paiements géopolitiques.",
            "kind": "article"
          }
        ],
        "guides": [
          {
            "label": "Stablecoins et GENIUS Act",
            "href": "https://l0g.fr/guides/stablecoins-genius-act/",
            "detail": "Réserves, émetteurs agréés, audits et supervision.",
            "kind": "guide"
          },
          {
            "label": "Qui applique le GENIUS Act",
            "href": "https://l0g.fr/guides/qui-applique-le-genius-act/",
            "detail": "OCC, FinCEN, OFAC, États et architecture d’application.",
            "kind": "guide"
          }
        ],
        "datasets": [
          {
            "label": "catalog.json",
            "href": "https://l0g.fr/api/v1/catalog.json",
            "detail": "Catalogue machine des articles, guides, sources et atlas.",
            "kind": "dataset"
          },
          {
            "label": "claims.json",
            "href": "https://l0g.fr/api/v1/claims.json",
            "detail": "Claims sourcées et datées quand détectable.",
            "kind": "dataset"
          },
          {
            "label": "evidence-graph.json",
            "href": "https://l0g.fr/api/v1/evidence-graph.json",
            "detail": "Relations articles, claims, références et sources.",
            "kind": "dataset"
          },
          {
            "label": "risk-diff.json",
            "href": "https://l0g.fr/api/v1/risk-diff.json",
            "detail": "Changements récents du corpus et des signaux.",
            "kind": "dataset"
          }
        ],
        "signals": [
          {
            "label": "Risk Diff",
            "href": "https://l0g.fr/risk-diff/",
            "detail": "Claims, sources et articles reliés à la régulation crypto.",
            "kind": "signal"
          },
          {
            "label": "Black Box Recorder",
            "href": "https://l0g.fr/black-box/",
            "detail": "État publié du risque et des sources à une date donnée.",
            "kind": "signal"
          }
        ],
        "sources": [
          {
            "label": "Congress.gov, GovInfo & CBO",
            "href": "https://l0g.fr/sources/congress-govinfo-cbo/",
            "detail": "Textes législatifs, dont GENIUS Act et policy crypto US.",
            "kind": "source"
          },
          {
            "label": "U.S. Treasury Fiscal Data",
            "href": "https://l0g.fr/sources/treasury-fiscal-data/",
            "detail": "T-bills et dette courte servant de réserve aux stablecoins.",
            "kind": "source"
          },
          {
            "label": "GENIUS Act, loi promulguée",
            "href": "https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf",
            "detail": "Article 20 : date d’entrée en vigueur distincte de la promulgation.",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "nasaa",
      "url": "https://l0g.fr/glossaire/nasaa/",
      "sigle": "NASAA",
      "name": "North American Securities Administrators Association",
      "definition": "Association des régulateurs boursiers des États américains, du Canada et du Mexique.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "usaid",
      "url": "https://l0g.fr/glossaire/usaid/",
      "sigle": "USAID",
      "name": "U.S. Agency for International Development",
      "definition": "Agence américaine pour le développement international, en charge de l'aide étrangère.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "swift",
      "url": "https://l0g.fr/glossaire/swift/",
      "sigle": "SWIFT",
      "name": "Society for Worldwide Interbank Financial Telecommunication",
      "definition": "Réseau de messagerie interbancaire mondial pour les transferts. Exclure un pays de SWIFT est une arme de sanction majeure.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cips",
      "url": "https://l0g.fr/glossaire/cips/",
      "sigle": "CIPS",
      "name": "Cross-Border Interbank Payment System",
      "definition": "Infrastructure chinoise de paiement, compensation et règlement transfrontalier en renminbi. À la différence de SWIFT, qui est surtout un réseau de messagerie financière multidevise, CIPS traite et règle des paiements en RMB ; leurs volumes ne mesurent donc pas une part de marché contre SWIFT.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/posts/renminbi-zone-monetaire-asie/",
      "atlas": null
    },
    {
      "slug": "fsoc",
      "url": "https://l0g.fr/glossaire/fsoc/",
      "sigle": "FSOC",
      "name": "Financial Stability Oversight Council",
      "definition": "Conseil américain de supervision de la stabilité financière. Peut désigner des non-banques comme systémiques.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "fhfa",
      "url": "https://l0g.fr/glossaire/fhfa/",
      "sigle": "FHFA",
      "name": "Federal Housing Finance Agency",
      "definition": "Régulateur fédéral américain du financement du logement, créé par la loi HERA du 30 juillet 2008. Il supervise Fannie Mae, Freddie Mac et les douze Federal Home Loan Banks, et exerce depuis septembre 2008 la tutelle des deux premières. Sa double casquette de superviseur et de gestionnaire est au coeur du débat sur la sortie de tutelle.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/posts/privatisation-fannie-freddie-garantie-non-ecrite/",
      "atlas": null
    },
    {
      "slug": "ofr",
      "url": "https://l0g.fr/glossaire/ofr/",
      "sigle": "OFR",
      "name": "Office of Financial Research",
      "definition": "Bureau de recherche financière rattaché au Trésor américain. Produit données et analyses sur les risques systémiques.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "form-pf",
      "url": "https://l0g.fr/glossaire/form-pf/",
      "sigle": "Form PF",
      "name": "Private Fund (formulaire de reporting SEC)",
      "definition": "Formulaire de reporting confidentiel des fonds privés à la SEC. Principale source de données réglementaires sur leur levier et leurs contreparties.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "cet1",
      "url": "https://l0g.fr/glossaire/cet1/",
      "sigle": "CET1",
      "name": "Common Equity Tier 1",
      "definition": "Fonds propres réglementaires de la meilleure qualité, comprenant notamment les actions ordinaires et les bénéfices conservés, après ajustements prudentiels. Le ratio CET1 rapporte ce montant aux actifs pondérés du risque ; le capital et son ratio sont deux grandeurs distinctes.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "at1",
      "url": "https://l0g.fr/glossaire/at1/",
      "sigle": "AT1",
      "name": "Additional Tier 1",
      "definition": "Fonds propres réglementaires additionnels de catégorie 1. Instruments subordonnés et perpétuels dont les distributions peuvent être annulées et le principal converti ou réduit selon les conditions applicables. Le Tier 1 réunit CET1 et AT1 ; leur capacité à absorber une perte dépend de mécanismes distincts.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/posts/ubs-capital-filiales-etrangeres-double-levier/",
      "atlas": {
        "intuition": "Un coupon annulé conserve des liquidités ; une conversion ou une réduction du principal absorbe une perte selon les clauses prévues.",
        "formula": null,
        "whyNow": null,
        "related": [
          "cet1",
          "double-levier"
        ],
        "articles": [
          {
            "label": "UBS : capital de la maison mère et filiales étrangères",
            "href": "https://l0g.fr/posts/ubs-capital-filiales-etrangeres-double-levier/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Comité de Bâle, CAP10",
            "href": "https://www.bis.org/committees/bcbs/basel-framework/standard/cap/10/inforce/2019-12-15/published/2020-06-05",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "double-levier",
      "url": "https://l0g.fr/glossaire/double-levier/",
      "sigle": "Double levier",
      "name": "Double leverage",
      "definition": "Financement du capital d’une filiale en partie par de la dette portée par sa maison mère. La filiale reçoit des fonds propres, tandis que la maison mère conserve une dette à rembourser. Une baisse de valeur de la participation peut ainsi réduire le capital de la maison mère.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/posts/ubs-capital-filiales-etrangeres-double-levier/",
      "atlas": {
        "intuition": "La dette reste à rembourser par la maison mère, même si la valeur des actions de sa filiale chute.",
        "formula": null,
        "whyNow": null,
        "related": [
          "cet1",
          "at1"
        ],
        "articles": [
          {
            "label": "UBS : capital de la maison mère et filiales étrangères",
            "href": "https://l0g.fr/posts/ubs-capital-filiales-etrangeres-double-levier/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "FINMA, double leverage",
            "href": "https://www.finma.ch/en/news/2025/06/20250606-mm-finma-tbtf/",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "dfast",
      "url": "https://l0g.fr/glossaire/dfast/",
      "sigle": "DFAST",
      "name": "Dodd-Frank Act Stress Test",
      "definition": "Volet quantitatif du test de résistance annuel de la Fed, issu de la loi Dodd-Frank : la banque survivrait-elle à une récession sévère en gardant ses fonds propres au-dessus des minimums ? La Fed projette pertes, revenus et ratio CET1 sur neuf trimestres.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-un-stress-test-bancaire/",
      "atlas": null
    },
    {
      "slug": "ccar",
      "url": "https://l0g.fr/glossaire/ccar/",
      "sigle": "CCAR",
      "name": "Comprehensive Capital Analysis and Review",
      "definition": "Volet du test de résistance de la Fed portant sur la planification du capital : la banque peut-elle verser dividendes et rachats d'actions tout en restant solide sous stress ? Adossé au DFAST, il en tire le coussin de fonds propres de stress (SCB).",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-un-stress-test-bancaire/",
      "atlas": null
    },
    {
      "slug": "scb",
      "url": "https://l0g.fr/glossaire/scb/",
      "sigle": "SCB",
      "name": "Stress Capital Buffer",
      "definition": "Coussin de fonds propres de stress : exigence de capital propre à chaque banque, calculée à partir du test de résistance (ponction de CET1 sous le scénario adverse, plus les dividendes prévus), avec un plancher de 2,5 %. Il détermine la marge dont dispose la banque pour rendre du capital à ses actionnaires.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-un-stress-test-bancaire/",
      "atlas": null
    },
    {
      "slug": "ppnr",
      "url": "https://l0g.fr/glossaire/ppnr/",
      "sigle": "PPNR",
      "name": "Pre-Provision Net Revenue",
      "definition": "Revenu net avant provisions : ce qu'une banque gagne avant de passer des provisions pour pertes. Dans un test de résistance, c'est le premier coussin qui absorbe les pertes avant que le capital ne soit entamé ; un PPNR solide protège le CET1.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-un-stress-test-bancaire/",
      "atlas": null
    },
    {
      "slug": "lcr",
      "url": "https://l0g.fr/glossaire/lcr/",
      "sigle": "LCR",
      "name": "Liquidity Coverage Ratio",
      "definition": "Ratio de liquidité à 30 jours issu de Bâle III. Il rapporte le stock d'actifs liquides de haute qualité (HQLA) aux sorties nettes de trésorerie prévues dans un scénario de stress de 30 jours. Le minimum de 100 % s'applique en régime normal ; les autorités peuvent autoriser l'utilisation du coussin en période de stress.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "hqla",
      "url": "https://l0g.fr/glossaire/hqla/",
      "sigle": "HQLA",
      "name": "High-Quality Liquid Assets",
      "definition": "Actifs liquides de haute qualité reconnus dans le numérateur du LCR : espèces, réserves de banque centrale, dette souveraine de haute qualité et, sous limites et décotes, certains autres titres liquides. Leur éligibilité dépend du cadre prudentiel applicable.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "nsfr",
      "url": "https://l0g.fr/glossaire/nsfr/",
      "sigle": "NSFR",
      "name": "Net Stable Funding Ratio",
      "definition": "Ratio de financement stable net issu de Bâle III, calculé sur un horizon d'un an. Il rapporte les ressources stables disponibles au besoin de financement stable afin de limiter une dépendance excessive aux financements de gros à court terme. Son minimum est de 100 % en régime normal.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "bale-iii",
      "url": "https://l0g.fr/glossaire/bale-iii/",
      "sigle": "Bâle III",
      "name": "Accords de Bâle III",
      "definition": "Cadre prudentiel international adopté après la crise de 2008 par le Comité de Bâle, imposant aux banques des minimums de fonds propres (CET1 à 4,5 % des actifs pondérés du risque, plus des coussins), de liquidité (LCR) et de financement stable (NSFR). Sa dernière étape, le « Bâle III endgame », a fait l'objet d'une re-proposition américaine allégée en mars 2026.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "apr",
      "url": "https://l0g.fr/glossaire/apr/",
      "sigle": "APR",
      "name": "Actifs pondérés du risque",
      "definition": "Risk-weighted assets : total des actifs d'une banque pondérés selon leur risque estimé, un prêt risqué comptant davantage qu'une obligation d'État. Dénominateur des ratios de fonds propres comme le CET1 ; leur mode de calcul, plus ou moins favorable, est un enjeu central des accords de Bâle.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "aoci",
      "url": "https://l0g.fr/glossaire/aoci/",
      "sigle": "AOCI",
      "name": "Accumulated Other Comprehensive Income",
      "definition": "Poste des fonds propres qui accumule certains gains et pertes latents, dont ceux sur les titres classés disponibles à la vente (AFS). Les plus grandes banques doivent l'inclure dans leur CET1 ; une dérogation a longtemps permis à d'autres de l'en exclure, masquant des pertes latentes comme chez SVB. La réforme américaine de 2026 étend son intégration.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "htm-afs",
      "url": "https://l0g.fr/glossaire/htm-afs/",
      "sigle": "HTM / AFS",
      "name": "Held-to-Maturity / Available-for-Sale",
      "definition": "Deux modes de comptabilisation des titres d'une banque. Les titres détenus jusqu'à l'échéance (HTM) sont inscrits au coût, leurs pertes latentes restant invisibles au bilan ; les titres disponibles à la vente (AFS) sont réévalués au prix de marché via l'AOCI. Classer en HTM permet de dissimuler des moins-values tant qu'on ne vend pas, le piège fatal à SVB.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "ratio-de-levier",
      "url": "https://l0g.fr/glossaire/ratio-de-levier/",
      "sigle": "Ratio de levier",
      "name": "Leverage ratio",
      "definition": "Fonds propres de base (Tier 1) rapportés au total des expositions, sans pondération par le risque. Garde-fou contre une sous-estimation du risque par les modèles internes des banques. Sa version renforcée pour les grandes banques américaines, le SLR, est fixée à 5 %.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "slr",
      "url": "https://l0g.fr/glossaire/slr/",
      "sigle": "SLR",
      "name": "Supplementary Leverage Ratio",
      "definition": "Ratio de levier supplémentaire américain : fonds propres Tier 1 rapportés à la totalité des expositions, Treasuries et réserves compris, sans pondération du risque. Sa version renforcée pour les banques systémiques, l'eSLR, exigeait un coussin fixe de 2 %. La réforme finalisée fin 2025 le recalibre à la moitié de la surcharge G-SIB, pour qu'il redevienne un filet de sécurité plutôt qu'une contrainte mordante, notamment sur l'intermédiation du marché des Treasuries.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "rbc",
      "url": "https://l0g.fr/glossaire/rbc/",
      "sigle": "RBC",
      "name": "Risk-Based Capital",
      "definition": "Capital réglementaire minimal d'un assureur américain, calculé selon la taille et le risque de ses actifs et engagements. Le ratio RBC rapporte le capital ajusté total au seuil de contrôle autorisé (ACL) ; la NAIC déclenche des actions graduées quand il descend sous 200 %, puis 150 %, 100 % et 70 %. L'équivalent, pour l'assurance, du CET1 bancaire.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-un-assureur-vie/",
      "atlas": null
    },
    {
      "slug": "g-sib",
      "url": "https://l0g.fr/glossaire/g-sib/",
      "sigle": "G-SIB",
      "name": "Global Systemically Important Bank",
      "definition": "Banque d'importance systémique mondiale, désignée par le Conseil de stabilité financière. Soumise à une surcharge de fonds propres proportionnelle à son poids systémique, en plus des minimums de Bâle, pour réduire le risque qu'elle soit trop grosse pour faire faillite.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "mni",
      "url": "https://l0g.fr/glossaire/mni/",
      "sigle": "MNI",
      "name": "Net interest margin",
      "definition": "Marge nette d'intérêt : écart entre ce qu'une banque gagne sur ses prêts et titres et ce qu'elle paie sur ses dépôts et financements, rapporté à ses actifs productifs. Cœur du modèle de banque de détail et métrique la plus scrutée des résultats, souvent plus révélatrice que le bénéfice par action. Le revenu correspondant est le produit net d'intérêts (net interest income, NII).",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/lire-la-solidite-d-une-banque/",
      "atlas": null
    },
    {
      "slug": "ldi",
      "url": "https://l0g.fr/glossaire/ldi/",
      "sigle": "LDI",
      "name": "Liability-driven investment",
      "definition": "Stratégie de fonds de pension qui utilise obligations longues et dérivés pour aligner les actifs sur les engagements futurs. Au Royaume-Uni, la crise de 2022 a montré qu'un choc de taux pouvait déclencher appels de marge et ventes forcées de gilts.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "fdic",
      "url": "https://l0g.fr/glossaire/fdic/",
      "sigle": "FDIC",
      "name": "Federal Deposit Insurance Corporation",
      "definition": "Agence fédérale américaine qui assure les dépôts éligibles jusqu’à 250 000 dollars par déposant, par banque assurée et par catégorie de détention des comptes. Les dépôts d’une même catégorie dans une même banque s’additionnent pour ce plafond ; les cryptoactifs sont exclus. Elle peut aussi administrer la résolution d’une banque en faillite.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "occ",
      "url": "https://l0g.fr/glossaire/occ/",
      "sigle": "OCC",
      "name": "Office of the Comptroller of the Currency",
      "definition": "Régulateur bancaire fédéral américain qui agrée et supervise les banques nationales. Le GENIUS Act lui attribue notamment l’agrément et la supervision des émetteurs fédéraux qualifiés de stablecoins de paiement ; ce nouveau régime suit le calendrier d’entrée en vigueur de la loi.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/qui-applique-le-genius-act/",
      "atlas": null
    },
    {
      "slug": "ncua",
      "url": "https://l0g.fr/glossaire/ncua/",
      "sigle": "NCUA",
      "name": "National Credit Union Administration",
      "definition": "Agence fédérale qui agrée et supervise les credit unions américaines et garantit leurs dépôts. Sous le GENIUS Act, elle régule les émetteurs de stablecoins adossés à une credit union.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "fincen",
      "url": "https://l0g.fr/glossaire/fincen/",
      "sigle": "FinCEN",
      "name": "Financial Crimes Enforcement Network",
      "definition": "Cellule de renseignement financier du Trésor américain, chargée de la lutte anti-blanchiment. Sous le GENIUS Act, elle traite les émetteurs agréés comme des institutions financières soumises au Bank Secrecy Act.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/qui-applique-le-genius-act/",
      "atlas": null
    },
    {
      "slug": "bsa",
      "url": "https://l0g.fr/glossaire/bsa/",
      "sigle": "BSA",
      "name": "Bank Secrecy Act",
      "definition": "Loi américaine de 1970, socle de la lutte anti-blanchiment. Impose aux institutions financières des programmes de vigilance, d'identification de la clientèle et de déclaration d'opérations suspectes. Le GENIUS Act y assujettit les émetteurs de stablecoins agréés.",
      "category": "Régulation & institutions US",
      "guide": "https://l0g.fr/guides/qui-applique-le-genius-act/",
      "atlas": null
    },
    {
      "slug": "aml",
      "url": "https://l0g.fr/glossaire/aml/",
      "sigle": "AML",
      "name": "Anti-Money Laundering",
      "definition": "Ensemble des règles, contrôles et procédures de lutte contre le blanchiment et le financement d'activités illicites. Un programme AML combine notamment connaissance du client, surveillance des transactions, escalade interne et déclarations aux autorités. Une alerte AML est un signal à examiner, pas une preuve pénale.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "kyc",
      "url": "https://l0g.fr/glossaire/kyc/",
      "sigle": "KYC",
      "name": "Know Your Customer",
      "definition": "Dispositif de connaissance du client : identité, bénéficiaires effectifs, origine des fonds, objet de la relation et profil de risque attendu. Le KYC initial doit être actualisé lorsque de nouvelles informations ou des opérations inhabituelles modifient le risque.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "sar",
      "url": "https://l0g.fr/glossaire/sar/",
      "sigle": "SAR",
      "name": "Suspicious Activity Report",
      "definition": "Déclaration confidentielle adressée par une institution financière américaine à FinCEN lorsqu'une activité atteint le seuil réglementaire de soupçon. Un SAR aide les autorités à détecter et enquêter ; il n'est ni une accusation, ni une condamnation, ni la preuve que la totalité des montants signalés est criminelle.",
      "category": "Régulation & institutions US",
      "guide": null,
      "atlas": null
    },
    {
      "slug": "pue",
      "url": "https://l0g.fr/glossaire/pue/",
      "sigle": "PUE",
      "name": "Power Usage Effectiveness",
      "definition": "Rapport entre l’énergie totale d’un centre de données et celle de ses équipements informatiques, sur la même période et le même périmètre. Un PUE de 1,30 signifie 0,30 unité pour les auxiliaires par unité consommée par l’IT. Il renseigne sur l’infrastructure du site ; il ne mesure ni l’efficacité d’un algorithme, ni l’utilisation des serveurs, ni la recette de chaleur récupérée.",
      "category": "Économie numérique & données",
      "guide": "https://l0g.fr/posts/bull-usine-angers-supercalculateurs/",
      "atlas": {
        "intuition": "Comparer les auxiliaires à une charge informatique identique.",
        "formula": "PUE = énergie totale du site / énergie IT",
        "whyNow": "Séparer le coût des infrastructures du travail de calcul réellement effectué.",
        "related": [
          "gpu",
          "bfr"
        ],
        "articles": [
          {
            "label": "Bull à Angers : les puces, l’usine et le cash",
            "href": "https://l0g.fr/posts/bull-usine-angers-supercalculateurs/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [
          {
            "label": "Modèle énergétique fictif à charge IT constante",
            "href": "https://l0g.fr/data/bull-angers-energy-model.csv",
            "kind": "dataset"
          }
        ],
        "signals": [],
        "sources": [
          {
            "label": "DOE/FEMP : définition annuelle du PUE",
            "href": "https://www.energy.gov/cmei/femp/cooling-water-efficiency-opportunities-federal-data-centers",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "dma",
      "url": "https://l0g.fr/glossaire/dma/",
      "sigle": "DMA",
      "name": "Digital Markets Act",
      "definition": "Règlement (UE) 2022/1925 visant l’équité et la contestabilité des marchés numériques. Il impose des obligations aux entreprises désignées contrôleurs d’accès pour leurs services de plateforme essentiels. Son article 6(11) prévoit le partage de données de recherche avec d’autres moteurs dans des conditions équitables, raisonnables et non discriminatoires, avec anonymisation des données personnelles des utilisateurs concernés. Le RGPD continue de s’appliquer aux traitements de données personnelles.",
      "category": "Économie numérique & données",
      "guide": "https://l0g.fr/posts/google-donnees-recherche-prix-acces-vie-privee/",
      "atlas": {
        "intuition": "Ouvrir un marché numérique demande de préciser qui peut accéder aux données, pour quels usages, à quel prix et avec quelles protections.",
        "formula": null,
        "whyNow": "Le partage de données de Google Search associe des conditions d’entrée, des coûts communs et des contrôles de protection des personnes.",
        "related": [
          "pseudonymisation",
          "segment-d-audience"
        ],
        "articles": [
          {
            "label": "Google : combien vaut l’accès à nos recherches ?",
            "href": "https://l0g.fr/posts/google-donnees-recherche-prix-acces-vie-privee/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Digital Markets Act : article 6(11)",
            "href": "https://eur-lex.europa.eu/eli/reg/2022/1925/oj",
            "kind": "source"
          },
          {
            "label": "Commission : décision Google Search du 16 juillet 2026",
            "href": "https://ec.europa.eu/competition/digital_markets_act/cases/202637/DMA_100209_2799.pdf",
            "kind": "source"
          },
          {
            "label": "Commission : conditions de partage des données",
            "href": "https://digital-markets-act.ec.europa.eu/businesses-portal/data-access/alphabet-specification-proceedings-sharing-google-search-data_en",
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      }
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    {
      "slug": "dora",
      "url": "https://l0g.fr/glossaire/dora/",
      "sigle": "DORA",
      "name": "Digital Operational Resilience Act",
      "definition": "Règlement (UE) 2022/2554 sur la résilience opérationnelle numérique du secteur financier, applicable depuis le 17 janvier 2025. Il encadre les risques informatiques, les incidents majeurs, les tests et les relations avec les fournisseurs informatiques des entités concernées. La surveillance européenne des prestataires critiques complète la responsabilité de chaque établissement pour ses propres risques.",
      "category": "Économie numérique & données",
      "guide": "https://l0g.fr/posts/les-fournisseurs-invisibles-du-risque-bancaire-europeen/",
      "atlas": {
        "intuition": "Un fournisseur commun peut transmettre une perturbation à plusieurs établissements. DORA associe la gestion des risques de chaque entité à une surveillance des prestataires critiques.",
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        "articles": [
          {
            "label": "Les fournisseurs invisibles du risque bancaire européen",
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    {
      "slug": "ctpp",
      "url": "https://l0g.fr/glossaire/ctpp/",
      "sigle": "CTPP",
      "name": "Critical ICT Third-Party Provider",
      "definition": "Prestataire informatique tiers désigné comme critique par les autorités européennes de supervision dans le cadre de DORA. La désignation tient notamment compte de son importance systémique, des fonctions soutenues et de la possibilité de remplacer ses services. Elle ouvre une surveillance européenne du fournisseur ; elle ne garantit pas l’absence de panne.",
      "category": "Économie numérique & données",
      "guide": "https://l0g.fr/posts/les-fournisseurs-invisibles-du-risque-bancaire-europeen/",
      "atlas": {
        "intuition": "La criticité concerne le rôle d’un fournisseur dans le secteur financier européen et la difficulté à remplacer les services qu’il apporte.",
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        "whyNow": null,
        "related": [
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        "articles": [
          {
            "label": "Les fournisseurs invisibles du risque bancaire européen",
            "href": "https://l0g.fr/posts/les-fournisseurs-invisibles-du-risque-bancaire-europeen/",
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        "guides": [],
        "datasets": [],
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        "sources": [
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            "label": "EBA : surveillance sous DORA",
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        ]
      }
    },
    {
      "slug": "streamshare",
      "url": "https://l0g.fr/glossaire/streamshare/",
      "sigle": "Streamshare",
      "name": "Part des écoutes",
      "definition": "Part des écoutes éligibles attribuée à un ayant droit dans un périmètre et une période donnés. Dans un partage proportionnel, cette part détermine la fraction de l’enveloppe de royalties qui lui revient. Les contrats déterminent ensuite le revenu du créateur. Des écoutes artificielles comptabilisées peuvent diluer les autres parts.",
      "category": "Économie numérique & données",
      "guide": "https://l0g.fr/posts/musique-ia-fausses-ecoutes-revenus-streaming/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Musique IA : qui touche l’argent des fausses écoutes ?",
            "href": "https://l0g.fr/posts/musique-ia-fausses-ecoutes-revenus-streaming/",
            "kind": "article"
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        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Spotify, Understanding Spotify royalties",
            "href": "https://support.spotify.com/de-en/artists/article/understanding-spotify-royalties/",
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          }
        ]
      }
    },
    {
      "slug": "mvno",
      "url": "https://l0g.fr/glossaire/mvno/",
      "sigle": "MVNO",
      "name": "Opérateur mobile virtuel",
      "definition": "Opérateur qui achète un accès en gros à un ou plusieurs réseaux mobiles pour vendre ses propres services, sans posséder son propre réseau radio. Il conçoit ses offres et reste responsable des services fournis à ses clients. Ses possibilités de concurrence dépendent notamment des tarifs de gros et des conditions de changement de réseau hôte.",
      "category": "Économie numérique & données",
      "guide": "https://l0g.fr/posts/sfr-rachat-partage-operateur-prix-forfaits/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Le partage de SFR vu depuis votre forfait",
            "href": "https://l0g.fr/posts/sfr-rachat-partage-operateur-prix-forfaits/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "Arcep, définition et liste des MVNO",
            "href": "https://www.arcep.fr/mes-demarches-et-services/acteurs-regules/operateurs-telecoms/liste-des-mvno.html",
            "kind": "source"
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    },
    {
      "slug": "liste-repoussoir",
      "url": "https://l0g.fr/glossaire/liste-repoussoir/",
      "sigle": "Liste repoussoir",
      "name": "Liste d’exclusion pour respecter une opposition",
      "definition": "Fichier conservant les seules informations nécessaires pour éviter de solliciter à nouveau une personne opposée à la prospection. Son usage est réservé à la gestion de cette opposition, notamment pour empêcher un nouvel envoi après une réimportation de contacts.",
      "category": "Économie numérique & données",
      "guide": "https://l0g.fr/posts/commerce-traces-donnees-apres-fin-contrat/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
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        "articles": [
          {
            "label": "Données personnelles : ce qui reste après la fin du contrat",
            "href": "https://l0g.fr/posts/commerce-traces-donnees-apres-fin-contrat/",
            "kind": "article"
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        "guides": [],
        "datasets": [],
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          {
            "label": "CNIL, respecter les oppositions avec une liste repoussoir",
            "href": "https://www.cnil.fr/fr/comment-utiliser-une-liste-repoussoir-pour-respecter-lopposition-la-prospection-commerciale",
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    },
    {
      "slug": "profilage",
      "url": "https://l0g.fr/glossaire/profilage/",
      "sigle": "Profilage",
      "name": "Évaluation automatisée de caractéristiques personnelles",
      "definition": "Traitement automatisé de données personnelles visant à évaluer certains aspects d’une personne, par exemple ses intérêts, son comportement ou ses déplacements. Un profil peut reposer sur des déductions et contenir des erreurs. Le profilage ne suppose pas nécessairement une décision entièrement automatisée ; une statistique collective qui ne sert pas à évaluer une personne ne suffit pas à le caractériser.",
      "category": "Économie numérique & données",
      "guide": "https://l0g.fr/posts/commerce-traces-fabrication-profils-donnees-personnelles/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
          "segment-d-audience",
          "pseudonymisation"
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        "articles": [
          {
            "label": "Comment nos traces deviennent des profils à vendre",
            "href": "https://l0g.fr/posts/commerce-traces-fabrication-profils-donnees-personnelles/",
            "kind": "article"
          },
          {
            "label": "Recouvrement par IA : qui décide de la relance ?",
            "href": "https://l0g.fr/posts/ia-recouvrement-1-qui-decide-relance/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
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            "label": "CNIL, profilage et décision entièrement automatisée",
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            "kind": "source"
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    },
    {
      "slug": "segment-d-audience",
      "url": "https://l0g.fr/glossaire/segment-d-audience/",
      "sigle": "Segment d’audience",
      "name": "Sélection d’identifiants selon un critère",
      "definition": "Ensemble d’identifiants sélectionnés selon une règle, par exemple une visite observée, une caractéristique déclarée ou un intérêt inféré par un modèle. Le libellé du segment ne prouve ni la présence réelle de cette caractéristique chez chaque personne ni le droit de réutiliser les données pour tout usage.",
      "category": "Économie numérique & données",
      "guide": "https://l0g.fr/posts/commerce-traces-fabrication-profils-donnees-personnelles/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [
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          "rtb"
        ],
        "articles": [
          {
            "label": "Comment nos traces deviennent des profils à vendre",
            "href": "https://l0g.fr/posts/commerce-traces-fabrication-profils-donnees-personnelles/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "IAB Tech Lab, Data Transparency Standard",
            "href": "https://iabtechlab.com/standards/data-transparency-standard/",
            "kind": "source"
          }
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    {
      "slug": "sdk",
      "url": "https://l0g.fr/glossaire/sdk/",
      "sigle": "SDK",
      "name": "Kit de développement logiciel",
      "definition": "Ensemble d’outils et de composants qu’un développeur peut intégrer à une application pour ajouter des fonctions, par exemple une carte ou un affichage publicitaire. Un SDK peut accéder aux ressources autorisées à l’application selon sa configuration. Sa présence ne prouve à elle seule ni une collecte effective ni une vente de données.",
      "category": "Économie numérique & données",
      "guide": "https://l0g.fr/posts/commerce-traces-economie-collecte-donnees-personnelles/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Le commerce de nos traces : qui paie la collecte ?",
            "href": "https://l0g.fr/posts/commerce-traces-economie-collecte-donnees-personnelles/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "CNIL, intégration des SDK et vie privée",
            "href": "https://www.cnil.fr/fr/applications-mobiles-comment-integrer-des-sdk-et-respecter-la-vie-privee-des-utilisateurs",
            "kind": "source"
          }
        ]
      }
    },
    {
      "slug": "rtb",
      "url": "https://l0g.fr/glossaire/rtb/",
      "sigle": "RTB",
      "name": "Real-time bidding",
      "definition": "Mécanisme d’enchère publicitaire en temps réel : des acheteurs reçoivent une demande contenant des informations sur une impression disponible et proposent un prix. Certaines demandes peuvent contenir des données sur l’appareil ou sa localisation. Recevoir la demande, gagner l’enchère et avoir le droit de réutiliser ses données sont des questions distinctes.",
      "category": "Économie numérique & données",
      "guide": "https://l0g.fr/posts/commerce-traces-economie-collecte-donnees-personnelles/",
      "atlas": {
        "intuition": null,
        "formula": null,
        "whyNow": null,
        "related": [],
        "articles": [
          {
            "label": "Le commerce de nos traces : qui paie la collecte ?",
            "href": "https://l0g.fr/posts/commerce-traces-economie-collecte-donnees-personnelles/",
            "kind": "article"
          }
        ],
        "guides": [],
        "datasets": [],
        "signals": [],
        "sources": [
          {
            "label": "FTC, plainte Mobilewalla, paragraphes 7 à 11",
            "href": "https://www.ftc.gov/system/files/ftc_gov/pdf/Mobilewalla-Complaint.pdf",
            "kind": "source"
          }
        ]
      }
    }
  ],
  "license": "CC BY 4.0",
  "attribution": "l0g.fr",
  "note": "Catalogue bilingue best-effort. Le texte complet est servi par /posts/ et /guides/ en français, /en/analysis/ et /en/guides/ en anglais."
}
