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Taxe sur les plus-values en Belgique

La Belgique se prépare à mettre en place une taxe sur les plus-values (réalisées). Les textes exact n’ont pas encore été votés, il n’y a pas encore de précision sur le mécanisme exact. J’ai essayé de comprendre le mécanisme général, mais j’ai encore pas mal de questions. J’en indique quelques-unes ci-dessous. J’espère que les réponses seront dans le texte final. A défaut, le parlement peut toujours me contacter pour des conseils. Pour les actions en portefeuille à la date de l’entrée en vigueur de la loi (2026-01-01), les plus-values seront calculées sur base de la valeur à cette date. Comment est calculée la valeur d’une action non cotée? Cela doit être disponible pour une action à propos de laquelle le détenteur n’a aucune information (outre le fait d’en être le détenteur d’actions). Les employés de start-up reçoivent souvent des actions d’une société mère qui a une résidence fiscale non-belge. Quelle est la notion de plus-value après l'exercice d’une option? Si j’exerce un cal...
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Multi-curve framework book new edition: endorsement by Marco Bianchetti

Different experts on interest rate modelling were kind enough to write endorsement for the multi-curve new edition book. Part of them are displayed on the back-cover (there is not space enough to display the full texts there). I will publish on this blog the longer versions of them between now the actual book's publication in November. This is the book I would have loved to write, but now that I have it in front of me, I realize I would not have matched Marc Henrard's excellence. All the essential aspects needed to understand modern interest rate modelling theory, as well as to apply it in everyday financial practice, are clearly explained with a rigorous yet practical approach. Definitely, it is one of the books that every practitioner of quantitative finance should read and keep at hand. Marco Bianchetti Head of Market and Counterparty Risk IMA Methodologies, Market and Financial Risk Management, Intesa Sanpaolo, Milan Adjunct Professor of Advanced Interest Rate M...
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Multi-curve book: About the Book

The multi-curve book continue its march to production. The final proofs are expected for the end of October for a book publication in November. Find below the book's synopsis. About the Book A new standard in interest rate modelling, called the multi-curve framework, emerged after the financial crisis. The framework covers two important market features: the collateralization of derivative trades and the spread between different rate benchmarks. This book starts from the collateral mechanisms and builds the full framework from the foundations through all the technical and financial details. It kicks off with the collateral discounting in all its variants: domestic cash, foreign cash, or other assets and then introduces the different benchmarks and their associated spreads. Following the discontinuation of certain benchmarks, part of the book is dedicated to the transition and the emergence of the overnight benchmark dominance in certain currencies. Based on the theoretical fram...
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Campbell, Goodhart et PEB

Vers un certificat PEB obligatoire pour tous les logements en Belgique ? ” Tel est la question posée dans un article de la RTBF  sur base d’un avis du “ Conseil central de l’économie ” (CCE). Le texte du CCE est disponible à https://www.ccecrb.fgov.be/p/fr/1296/renovation-de-logements-un-besoin-urgent-de-sensibilisation-d-informations-claires-et-de-regles-uniformes/10 Ceux qui me connaissent savent que j’ai déjà une réaction quand je lis “conseil central”. Et quand je lis la proposition d’un certificat PEB obligatoire, je ne peux m’empêcher de penser “ loi de Campbell ” Plus un indicateur social quantitatif est utilisé comme aide à la décision en matière de politique sociale, plus cet indicateur est susceptible d'être manipulé et d'agir comme facteur de distorsion, faussant ainsi les processus sociaux qu'il est censé surveiller. et “ loi de Goodhart ” Toute régularité statistique observée tend à perdre toute crédibilité dès qu'elle est mise sous tension à des fins d...
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Multi-curve book's cover (2)

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The book's new edition continue its progres. After the picture used for the book's cover background, I can propose a draft view of the cover page. More details will be posted soon. Related posts: Multi-curve framework book: new edition in progress Multi-curve book's cover
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Multi-curve book's cover

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The book's new edition is progressing. In can propose a preview of the book's cover background. It is based on the same picture as the one that has been in the this blog's header for some time.  The picture was taken in 2019 in New-York at the Oculus. New York is certainly an important financial center, it headquarters the Federal Reserve Bank of New York which publishes SOFR , probably nowadays the most important interest rate benchmarks and one mentioned multiple times in the book. The picture also represents figuratively multiple curves, more or less related, with a spread between them. Related post: Multi-curve framework book: new edition in progress
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New edition with the editor

It took me a little bit longer than expected, but the new edition of “ The multi-curve framework ” book is now with the editor. I will provide more details on the advancement of the book's physical production when I receive them.
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