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Euronext Paris
Euronext Paris, formerly known as the Paris Bourse (French: Bourse de Paris), is a regulated securities trading venue in France. It is Europe's second largest stock exchange by market capitalization, behind the London Stock Exchange, as of December 2023. As of 2022, the 795 companies listed had a combined market capitalization of over US$4.58 trillion.
Since September 2000, the Paris Bourse has been part of Euronext, of which it was a co-founder together with the Amsterdam Stock Exchange and Brussels Stock Exchange. It was subsequently rebranded Euronext Paris.
The Paris stock market started taking shape in the early 18th century, and first acquired prominence with trading of John Law's Company from 1717 to 1721. In 1724, a government decree gave it its first permanent regulation and is occasionally though dubiously taken as the market's starting point.
On 5 March 1886, anarchist Charles Gallo targeted it during the Paris Stock Exchange bombing, a propaganda of the deed attack. He entered the building, threw a bomb that failed to explode, and then began shooting at the traders who were selling government bonds.
From the second half of the 19th century, official stock markets in Paris were operated by the Compagnie des agents de change, directed by the elected members of a stockbrokers' syndical council. The number of dealers in each of the different trading areas of the Bourse was limited. There were around 60 agents de change (the official stockbrokers). An agent de change had to be a French citizen, be nominated by a former agent or his estate, and be approved by the Minister of Finance, and he was appointed by decree of the President of the Republic. Officially, the agents de change could not trade for their own account nor even be a counterpart to someone who wanted to buy or sell securities with their aid; they were strictly brokers, that is, intermediaries. In the financial literature, the Paris Bourse is hence referred to as order-driven market, as opposed to quote-driven markets or dealer markets, where price-setting is handled by a dealer or market-maker. In Paris, only agents de change could receive a commission, at a rate fixed by law, for acting as an intermediary. However, parallel arrangements were usual in order to favor some clients' quote[clarification needed]. The Commodities Exchange was housed in the same building until 1889, when it moved to the present Bourse de commerce. Moreover, until about the middle of the 20th century, a parallel market known as "La Coulisse" was in operation.
Until the late 1980s, the market operated as an open outcry exchange, with the agents de change meeting on the exchange floor of the Palais Brongniart. In 1986, the Paris Bourse started to implement an electronic trading system. This was known generically as CATS (Computer Assisted Trading System), but the Paris version was called CAC (Cotation Assistée en Continu). By 1989, quotations were fully automated. The Palais Brongniart hosted the French financial derivatives exchanges MATIF and MONEP, until they were fully automated in 1998.
In 1988, new legislation was adopted that radically reformed the governance of the Paris stock exchange. Its ownership was transferred to the former Compagnie des agents de change ("brokers' society"), which, on the occasion renamed itself as the Société des Bourses Françaises (SBF, "French Stock Exchange Company"). In 1999, the SBF absorbed what remained of MATIF and MONEP and altered its name to Paris Bourse-SBF. The next year, SBF was a leading participant of the merger that formed Euronext.
The Paris securities markets first emerged in rue Quincampoix, a small street near les Halles in Paris, in the early 18th century. It remained on rue Quincampoix until closed by government decision on 22 March 1720, at a time when most of its activity was focused on trading the shares and other securities of John Law's Company. The turmoil of that year and gradual unraveling of Law's system was accompanied by several relocations of the market, first to the place Vendôme then to the garden of the Hôtel de Soissons near les Halles. It eventually relocated in October 1720 in the rear garden of Hôtel Tubeuf, which by that time was part of the headquarters complex of Law's Company that also included the Hôtel de Nevers. The market remained on that location until 27 June 1793 when it suspended operations in the chaotic context of the French Revolution. The building later became part of the Bibliothèque nationale de France, which had first been located in the Hôtel de Nevers in the 1720s.
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Euronext Paris
Euronext Paris, formerly known as the Paris Bourse (French: Bourse de Paris), is a regulated securities trading venue in France. It is Europe's second largest stock exchange by market capitalization, behind the London Stock Exchange, as of December 2023. As of 2022, the 795 companies listed had a combined market capitalization of over US$4.58 trillion.
Since September 2000, the Paris Bourse has been part of Euronext, of which it was a co-founder together with the Amsterdam Stock Exchange and Brussels Stock Exchange. It was subsequently rebranded Euronext Paris.
The Paris stock market started taking shape in the early 18th century, and first acquired prominence with trading of John Law's Company from 1717 to 1721. In 1724, a government decree gave it its first permanent regulation and is occasionally though dubiously taken as the market's starting point.
On 5 March 1886, anarchist Charles Gallo targeted it during the Paris Stock Exchange bombing, a propaganda of the deed attack. He entered the building, threw a bomb that failed to explode, and then began shooting at the traders who were selling government bonds.
From the second half of the 19th century, official stock markets in Paris were operated by the Compagnie des agents de change, directed by the elected members of a stockbrokers' syndical council. The number of dealers in each of the different trading areas of the Bourse was limited. There were around 60 agents de change (the official stockbrokers). An agent de change had to be a French citizen, be nominated by a former agent or his estate, and be approved by the Minister of Finance, and he was appointed by decree of the President of the Republic. Officially, the agents de change could not trade for their own account nor even be a counterpart to someone who wanted to buy or sell securities with their aid; they were strictly brokers, that is, intermediaries. In the financial literature, the Paris Bourse is hence referred to as order-driven market, as opposed to quote-driven markets or dealer markets, where price-setting is handled by a dealer or market-maker. In Paris, only agents de change could receive a commission, at a rate fixed by law, for acting as an intermediary. However, parallel arrangements were usual in order to favor some clients' quote[clarification needed]. The Commodities Exchange was housed in the same building until 1889, when it moved to the present Bourse de commerce. Moreover, until about the middle of the 20th century, a parallel market known as "La Coulisse" was in operation.
Until the late 1980s, the market operated as an open outcry exchange, with the agents de change meeting on the exchange floor of the Palais Brongniart. In 1986, the Paris Bourse started to implement an electronic trading system. This was known generically as CATS (Computer Assisted Trading System), but the Paris version was called CAC (Cotation Assistée en Continu). By 1989, quotations were fully automated. The Palais Brongniart hosted the French financial derivatives exchanges MATIF and MONEP, until they were fully automated in 1998.
In 1988, new legislation was adopted that radically reformed the governance of the Paris stock exchange. Its ownership was transferred to the former Compagnie des agents de change ("brokers' society"), which, on the occasion renamed itself as the Société des Bourses Françaises (SBF, "French Stock Exchange Company"). In 1999, the SBF absorbed what remained of MATIF and MONEP and altered its name to Paris Bourse-SBF. The next year, SBF was a leading participant of the merger that formed Euronext.
The Paris securities markets first emerged in rue Quincampoix, a small street near les Halles in Paris, in the early 18th century. It remained on rue Quincampoix until closed by government decision on 22 March 1720, at a time when most of its activity was focused on trading the shares and other securities of John Law's Company. The turmoil of that year and gradual unraveling of Law's system was accompanied by several relocations of the market, first to the place Vendôme then to the garden of the Hôtel de Soissons near les Halles. It eventually relocated in October 1720 in the rear garden of Hôtel Tubeuf, which by that time was part of the headquarters complex of Law's Company that also included the Hôtel de Nevers. The market remained on that location until 27 June 1793 when it suspended operations in the chaotic context of the French Revolution. The building later became part of the Bibliothèque nationale de France, which had first been located in the Hôtel de Nevers in the 1720s.