Euronext Paris
Type | Stock exchange |
---|---|
Location | Paris, France |
Coordinates | 48°52′07.42″N 02°19′37.81″E / 48.8687278°N 2.3271694°E |
Founded | 24 September 1724 22 September 2000 (as Euronext Paris) | (as Paris Bourse)
Owner | Euronext |
Key people | Delphine d'Amarzit (CEO) |
Currency | EUR |
No. of listings | 795[1] |
Market cap | US$4.58 trillion[1] |
Indices | CAC 40 CAC Next 20 CAC Mid 60 CAC Small |
Website | www |
Euronext Paris, formerly known as the Paris Bourse, is a securities market which merged with the Amsterdam, Lisbon and Brussels exchanges in September 2000 to form Euronext NV. As of 2022, the 795 companies listed had a combined market capitalization of over US$4.58 trillion.[1] Euronext Paris, the French branch of Euronext which was formerly seated at the Palais Brongniart in Paris, is Europe's second largest stock exchange market as of 2023, behind the London Stock Exchange (LSE).[2][3]
History
In the early 19th century, the Paris Bourse's activities found a stable location at the Palais Brongniart, or Palais de la Bourse, built to the designs of architect
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.[5] Moreover, until about the middle of the 20th century, a parallel market known as "La Coulisse" was in operation.[6]
Until the late 1980s, the market operated as an
In 1988, new legislation was adopted that radically reformed the governance of the Paris stock exchange. Its ownership was transferred to the former
Buildings
Following the collapse of John Law's Mississippi Company in 1721, the Paris bourse was located in his Hôtel de Nevers from 24 September 1724 to 27 June 1793, when it suspended operations in the chaotic context of the French Revolution. It reopened on 10 May 1795 in the Louvre Palace, in Anne of Austria's former summer apartment on the ground floor of the Petite Galerie,[8]: 73 and stayed there until 9 September 1795.[9] In September 1795, the Bourse again closed for a few months; it reopened in January 1796 in the Church of Notre-Dame-des-Victoires, then in October 1807, moved to the Palais-Royal, and finally, in March 1818, to the former Couvent des Filles-Saint-Thomas , adjacent to the site where the Palais Brongniart was already in construction. On 6 November 1926, the stock exchange finally moved to the latter building,[9]: 118-119 which was and remains owned by the City of Paris.
Following the 1988 reform, the Compagnie des agents de change, renamed SBF, left its iconic
Operations
It operates the
Structure and indices
The French equities market is divided into three sections. The Premier Marché, formerly called the Official List, includes large French and foreign companies, and most Bond issues. The Second Marché, lists medium-sized companies, while nouveau marché lists fast-growing start up companies seeking capital to finance expansion, linked to Euro.nm, the European equity growth market. A third market, Marché Libre, is nonregulated, administered by Euronext Paris for transactions in securities not listed on the other three markets.
Euronext Paris calculates a family of indices. The CAC 40 is the exchange's benchmark, disseminated in real time. Its components are included in the broader SBF 120 Index, a benchmark for investment funds. The SBF 250 index, a benchmark for the long-term performance of equity portfolios, includes all of the SBF 120; it is structured by sector. The MIDCAC index includes 100 of the most liquid medium-size stocks on the Premier Marché and Nouveau Marché calculated on the basis of opening and closing prices, while the Second Marché index focuses on that market. Both indices are benchmarks for funds. The Nouveau Marché Index represents stocks in the growth market. The SBF-FCI index is based on a selection of convertible bonds that represent at least 70% of the total capitalization of this market, calculated twice daily. For derivatives, MONEP trades short-term and long-term stock options and futures and options on a family of Dow Jones indices. Euronext Commodities products include commodity future and options on European rapeseed and futures on rapeseed meal, European rapeseed oil, milling wheat, corn, wood pellets, dairy and Paris Real Estate.
Key figures
This section needs to be updated.(April 2022) |
For the fiscal year ending December 2004, Euronext Paris recorded sales of US$522 million, a −12.9% decrease in sales from 2003.
Euronext Paris has a US$2.9 trillion total market capitalization of listed companies and average daily trading value of its combined markets of approximately US$102 billion/€77 billion (as of 28 February 2007).
See also
- List of French companies
- CAC 40
- CAC Next 20
- French Society of Financial Analysts
References
- ^ a b c "Euronext Paris". Sustainable Stock Exchanges Initiative. Retrieved 14 April 2022.
- ^ Masud, Faarea (14 November 2022). "London loses position as most valuable European stock market". BBC News. BBC. Retrieved 28 September 2023.
- ISSN 0307-1235. Retrieved 6 December 2023.
- ^ a b Ayers 2004, pp. 61–62.
- ^ Colling, Alfred (1949). La Prodigieuse Histoire de la Bourse. Paris: Société d'éditions économiques et financières. p. 301.
- ^ Chisholm, Hugh, ed. (1911). . Encyclopædia Britannica (11th ed.). Cambridge University Press.
- ^ "Paris Bourse-SBF". Bibliothèque nationale de France.
- ^ Jacques Hillairet. Dictionnaire historique des rues de Paris. Vol. II. Paris: Editions de Minuit.
- ^ a b Emmanuel Vidal (1910), The History and Methods of the Paris Bourse (PDF), Washington D.C.: U.S. Senate National Monetary Commission
- ^ "SBF-Bourse de Paris". Bibliothèque nationale de France.
- ^ "Siège social d'une Maison de Haute Couture, Paris". Ory Architecture. 2021.
- ^ "T+2 Standard settlement Lifecycle update". Euronext. 28 July 2014. Archived from the original on 2 April 2015. Retrieved 28 February 2015.