1.1 Exclusion of Tokenized Carbon Credits from the Substance-Based Carve-Out (SBCO)
The Substance-Based Carve-Out (SBCO), also referred to as the Substance-Based Income Exclusion (SBIE), is one of Pillar Two's key mechanisms for preserving the attractiveness of productive investments. It allows a portion of the GloBE income subject to tax to be excluded from the calculation,…
Estimated losses in the oil market reached 800 million barrels in March-April, growing to 1 billion barrels by mid-May, according to the IEA. This compares to a cumulative intervention of 400 million barrels, including the US. Before the conflict, global observable reserves in February stood at 8,185 million barrels; however, a significant portion is operational,…
On Tuesday, May 12, 2026, gold prices dropped by 1.5% to $4,665 despite the US Bureau of Labor Statistics reporting the April Consumer Price Index (CPI) at 3.8% year-over-year, the highest since May 2023. This counterintuitive movement occurs because high inflation data first influences the Federal Reserve's expectations, which then drives market reactions, often moving…
Global gold ETFs registered inflows despite inflationary risks, with gold prices hovering near 4,700 per ounce at the start of the week. Analysts remain optimistic about a price recovery in the second half of the year due to sustained investment demand, evidenced by global gold-backed ETF inflows in April.
According to the World Gold…
The ratio of the price of gold to silver, which indicates how many ounces of silver are needed to buy one ounce of gold, is rapidly decreasing, moving from 62.05 to 54.94 in a week. This drop signals that silver is outperforming gold. Such a fast decline is unusual and typically occurs when a metal…
Intel 18A is not a new x86 processor architecture, but rather a 2nm-class manufacturing process node where Intel will fabricate future CPUs, SoCs, and potentially chips for external clients. This process technology is highly anticipated, as it is central to Intel's strategy to overcome nearly five years of problems, aiming to mark a significant "before…
ETH/BTC est le prix relatif de deux systèmes distribués en concurrence. Ses déterminants principaux sont :
Prime de contrat intelligent : capitalisation sur l’écosystème DeFi et les dApps.
Concurrence des "ETH Killers" : Solana, Avalanche, Sui, Aptos, etc., qui érodent la part de marché d’Ethereum.
Mécanisme de destruction EIP‑1559 et frais de gaz : l’activité réseau alimente l’accumulation…
1.1 Adaptation of the Merton Model: Adjustment of the Probability of Default (PD) using the CCQI Index
The integration of the CCQI Index into credit risk models relies on adapting the structural framework of Merton (1974), where a borrower's Probability of Default (PD) is determined by the distance between the value of their assets and…
CCQI index and characterization of TCMs: Tracking Tokenization of RWAs and Carbon Credits
1.1 Methodology for the STEELLDY CCQI (Climate Credit Quality Index)
1.1.1 Definition and Objectives of the Index: Carbon Credit Quality Benchmark for the Voluntary Market
The Climate Credit Quality Index (CCQI), developed by STEELLDY, is a proprietary benchmark for the quality of…
Décarbonisation
Analyse de marché