Trading Forward: The Paris Bourse in the Nineteenth Century

Paul Lagneau-Ymonet () and Angelo Riva
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Paul Lagneau-Ymonet: IRISSO - Institut de Recherche Interdisciplinaire en Sciences Sociales - INRA - Institut National de la Recherche Agronomique - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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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.

Keywords: Financial markets; Legal origin; Nineteenth century; Traded volumes; France (search for similar items in EconPapers)
Date: 2019-01
New Economics Papers: this item is included in nep-his
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Working Paper: Trading forward: The Paris Bourse in the nineteenth century (2018)
Working Paper: Trading forward: The Paris Bourse in the nineteenth century (2018)
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