Our values, rules of conduct and behavior, as well as our guiding principles, are formalized in a Code of Ethics.

The main principles of this code are as follows:

• respect the integrity of the market;
• respect professional confidentiality;
• act with loyalty, competence, care, and diligence;
• prioritize clients’ interests and treat them fairly;
• identify, prevent as far as possible, and address any conflict of interest situations in the best interests of clients;
• carry out one’s activity independently, transparently, and in compliance with the principle of separation of duties and functions.

By sharing this Code of Ethics, the Group affirms its intention to guarantee the sustainability of its business model for its shareholders; and for its employees and commercial partners, pride and confidence in their professional environment.

This code is supplemented by ethical charters and policies, which are published (below) so that the Group’s partners who wish to do so may consult and refer to them. Internal control and risk management procedures are also detailed in the management report, in order to ensure transparency and a clear dissemination of the Group’s expectations regarding ethics and compliance. The Group remains available to its partners to discuss these matters and provide the necessary resources to ensure proper understanding and application of these principles.

Through the publication of these documents, the Group reaffirms its intention to guarantee the sustainability of its business model for its shareholders; and for its employees and commercial partners, pride and confidence in their professional environment.

The Gender Equality Index is calculated based on the results obtained for the four following indicators:

• Pay gap: 25/40
• Difference in the rate of individual increases and promotions: 35/35
• Return from maternity leave: 15/15
• Gender under-representation among the 10 highest earners: 0/10

Among the four indicators, two did not achieve the maximum score:

Indicator related to the pay gap

Progress objective: Ensure salary equity for equal skills and experience by strengthening salary analysis, ensuring rigorous monitoring of salary reviews (with objective criteria validated by the HR Manager), and raising awareness among managers and employees about professional equality.

Methodology comment: ABC arbitrage wishes to clarify that this indicator does not necessarily reflect the reality of our salary equality policy, as the regulatory calculation method does not take into account the specificities of professions and career paths.

This year, we were able to rely on our internal competency levels to calculate this indicator, as the required staffing thresholds were met for two categories, representing more than 40% of employees.

However, this methodology does not differentiate between types of occupations. At ABC arbitrage:

• 80% of employees are Technical Engineers and Financial Engineers (developers, quantitative traders, financial operators).
• These professions have historically been predominantly male, with only 28% of women in engineering schools (CDEFI, 2019).

ABC arbitrage guarantees equal salary treatment based on objective criteria: diplomas, experience, and expertise.

Indicator related to the underrepresented gender among the ten highest salaries

Progress objective: Improve the representation of women among the highest salaries by identifying actions to attract more women into the highest-paying professions (trading and development) and raising awareness of unconscious biases in talent evaluation and career advancement.

Methodology comment: The study of the presence of women among the ten highest salaries shows that women are underrepresented among the employees receiving the highest salaries. This is explained by the fact that positions requiring greater technical complexity and with higher salary scales (Portfolio Manager, Developers, Quant Trader) are predominantly held by men, as previously mentioned.

More broadly, in a continuous improvement approach, ABC arbitrage has established a policy in favor of gender equality, in collaboration with an internal “Task Force” of employees. This initiative aims to identify and improve actions in several strategic areas, such as:

• Recruitment
• Training
• Parenthood
• Career development