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Trading forward: The Paris Bourse in the nineteenth century

Abstract : Contrary to what law and finance theory would predict, the Paris Bourse was highly liquid at the turn of the twentieth century: the traded volumes amounted to four times the French GDP. This magnitude was mainly due to forward trading. The Bourse had developed as a forward market, despite a ban on forward transactions. The guild-like body running the Bourse played a key role in legitimizing and legalizing these operations, previously equated with gambling. The 1885 legalizing act initiated a new field of law (‘securities law’) and paved the way for the heyday of the Paris Bourse.
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Submitted on : Tuesday, November 7, 2017 - 9:53:40 PM
Last modification on : Friday, April 29, 2022 - 10:13:20 AM

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Paul Lagneau-Ymonet, Angelo Riva. Trading forward: The Paris Bourse in the nineteenth century. Business History, Taylor & Francis (Routledge), 2018, 60 (2), pp.257-280. ⟨10.1080/00076791.2017.1316487⟩. ⟨halshs-01630655⟩



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