Ethic and CSR

Code of ethics

Our values, rules of conduct  are formalized in a Code of Ethics.

The main principles of this code are:

  • respect the integrity of the market;
  • respect professional secrecy;
  • act with loyalty, skill, care and diligence;
  • Act in favor of the interest of the Clients and treat them fairly;
  • identify, prevent as far as possible and treat in the best interests of clients any conflict of interest situation;
  • operate independently and transparently in the principle of separation of occupations and functions.

Through the dissemination of this Code of Ethics, the Group affirms its desire to guarantee its shareholders the sustainability of its business model; to its employees and business partners, pride and confidence in their professional environment.

For more details please consult the code of ethics.

Deontology charter

Gender equality index

The gender equality index is calculated by adding together the results of the following four indicators:

  • pay gap indicator, out of 40 points (score obtained = 0/40)
  • individual pay rise gap indicator, out of 35 points (score obtained = 35/35)
  • indicator relating to women receiving a pay rise following return from maternity leave, out of 15 points (not scored, criterion not applicable)
  • indicator relating to gender imbalance in the ten highest paid positions, out of 10 points (score obtained = 0/10)

Pay gap indicator:  

ABC arbitrage wishes to point out that this gender equality index score reflects its use of the calculation method required under the regulations in force, rather than its actual situation. The required methodology does not take into account the different types of jobs carried out or the backgrounds of the people that do them. 

It distinguishes solely by socio-economic category (whereas all of our organisation’s employees are managers, so we have no category by which to make a distinction based on level of experience or job). We also tried to use our internal skill levels but this method did not meet requirement for minimum staffing thresholds. 

As regards staffing, we think it important to stress that 80% of our employees are technical engineers and financial engineers (developers, quantitative traders and financial operators) mainly from engineering backgrounds, where women are significantly under-represented (they made up only 28% of engineering school cohorts in 2019, according to the CDEFI). ABC arbitrage has already implemented measures to ensure that its workforce gender balance reflects the balance of its job mix, for equivalent skills, experience and profiles; however, it is clear that there are jobs that are more interesting to women than to men, and vice versa, and this is reflected in women’s representation in engineering schools.

As regards our wage policy, the company has always implemented a policy of equal pay for men and women, with the aim of avoiding discrimination and rewarding all employees based on their qualifications, experience and expertise. The pay differences that exist between men and women are attributable to differences in responsibility or technical skills, greater length of service and/or greater length of experience, but mainly to the fact of people doing different jobs with varying levels of value in the job market (there are few quantitative developers or traders in the market, for example, and these are highly paid positions held mainly by men, compared with accounting and human resources jobs, which are mainly held by women).

ABC arbitrage has implemented several measures to ensure equal pay for women and men at all stages of their working lives, all responsibilities, professional experience, skills and working conditions being equal. For example, ABC supports “Maison des Jeunes Talents”, an equal opportunities programme that democratises access to engineering school preparatory classes, and has put in place mentoring arrangements for two female students.

Individual pay rise gap indicator:  

There was a slight increase in this gap in favour of women, reflecting the fact that over the last two years the percentage of women receiving a pay rise has been very slightly higher than that of men.

Again, this shows ABC arbitrage’s concern to value solely the quality of an employee’s actual work, the skills and knowledge they acquire and their experience, regardless of gender. 

Indicator relating to women receiving a pay rise following return from maternity leave:   

We could not calculate this indicator because there were no women on maternity leave in 2021.

Indicator relating to gender imbalance in the ten highest paid positions: 

Our calculation of the number of women in the ten highest paid positions shows that women are under-represented among our highest paid employees. 

This is because the company’s more technically complex and better paid positions (portfolio manager, project leader, quant trader) are held mainly by men, as explained above. 

Our total score for 2021 was 41/100. Given that the index’s methodological constraints automatically give rise to non-objective scores, at the same time the company carried out a study to produce statistics based not on the gender equality index indicators alone, but also on payroll data. These statistics, which it also calculated in 2019 and 2020, led to the implementation of an action plan validated with the social and economic committee, and an observable improvement in indicators over the past two years in several areas of action. Examples of new concrete initiatives carried out over the last two years: 

  • Implementation of a salary scale based on objective, non-random criteria (internal skills levels, number of years of experience and department).
  • Hiring of a human resources manager, who has reviewed all recruitment processes to ensure zero discrimination.
  • Transparent communication with employees on the criteria for calculating annual discretionary performance bonuses, distributed based on the company’s results and criteria common to all.
  • Entry into force in October 2021 of a collective agreement on teleworking, thereby improving work/life balance and promoting parenthood.
  • 20% increase in the number of nursery places available in 2021.

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