Sujet Anglais

CONCOURS INTERNE
D’ATTACHE D’ADMINISTRATION
DE LA CAISSE DES DEPOTS ET CONSIGNATIONS
LANGUE ETRANGERE : ANGLAIS
4 novembre 2010
EPREUVE FACULTATIVE D’ADMISSION
durée 2 h / coefficient 1
Cette épreuve est notée de 0 à 20 et comporte 2 parties :
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partie 1 : traduction en français, sans dictionnaire, d’un texte écrit dans la langue
étrangère choisie ;
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partie 2 : réponse, dans la langue étrangère choisie à des questions de
compréhension sur ce texte.
La partie 1 est notée sur 12 points et la partie 2 est notée sur 8 points
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Partie 1 :
Traduire la partie encadrée du texte ci-dessous (12 points sur 20)
BRUSSELS IN A BID TO TAME ‘WILD WEST’ MARKETS
Tough rules to curb the use of privately traded derivatives and speculation in shares have
been unveiled by the European Commission in an attempt to tame what is called the ‘widewest of financial markets.
The proposed rules aim to bring more transparency to the often opaque world of so-called
over-the-counter (OTC) derivatives, i.e. financial instruments traded off-exchange between
two parties.
Separately, the Commission has proposed to increase in the disclosure of short selling
where traders bet on a fall in the price of a security or a share.
“No financial market can afford to remain a wild territory. The absence of any regulatory
framework for OTC derivatives contributed to the financial crisis and the tremendous
consequences”, said Michel Barnier, European Union internal market commissioner.
“Today, we are proposing rules which will bring more transparency and responsibility to
derivatives markets, so we know who is doing what and who owes to whom”.
The proposals follow agreement by G20 leaders to standardise derivatives trading and
move them on to exchanges or electronic trading platforms where appropriate. The
proposals will closely align the EU with the new regime that is coming into force in the US.
The rules will require standard OTC derivatives to be processed through clearing houses, a
move aimed at reducing systemic risk arising from a default of one party in an OTC deal.
They will also require OTC contracts – the bilateral agreements between buyers and sellers
- to be reported to trade depositories or data banks, and for this information to be available
to regulators.
There will be exemptions from the clearing obligation for non-financial institutions - such as
manufacturing companies – who are using OTC derivatives to hedge business risks.
Nikki Tait
Financial Times, 16 September 2010
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Partie 2 :
Répondre en anglais aux deux questions suivantes (environ 5 lignes par
réponse, 8 points sur 20)
1) Explain what the situation of global finance was in 2008.
2) Explain what the situation of global finance is in 2010.
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