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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 20th 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 official stockbrokers played a key role in legitimizing and legalizing these operations, previously equated with gambling. The 1885 legalizing act initiated a new field of law and made possible further regulatory changes that paved the way for the heyday of the Paris Bourse.
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Submitted on : Thursday, January 17, 2019 - 2:12:21 PM
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  • HAL Id : halshs-01984911, version 1


Paul Lagneau-Ymonet, Angelo Riva. Trading Forward: The Paris Bourse in the Nineteenth Century. 2019. ⟨halshs-01984911⟩



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