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Euronext Paris, formerly known as the Paris Bourse (), is a regulated securities trading venue in
France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...
. It is Europe's second largest
stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for ...
by
market capitalization Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by ...
, behind the
London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...
, as of December 2023. As of 2022, the 795 companies listed had a combined
market capitalization Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by ...
of over US$4.58 trillion. Since September 2000, the Paris Bourse has been part of
Euronext Euronext N.V. (short for European New Exchange Technology) is a European bourse that provides trading and post-trade services for a range of financial instruments. Traded assets include regulated equities, exchange-traded funds (ETF), warrant ...
, of which it was a co-founder together with the
Amsterdam Stock Exchange Euronext Amsterdam is a stock exchange based in Amsterdam, the Netherlands. Formerly known as the Amsterdam Stock Exchange (), it merged on 22 September 2000 with the Brussels Stock Exchange and the Paris Stock Exchange to form Euronext. The ...
and
Brussels Stock Exchange The Brussels Stock Exchange ( ; ), abbreviated to BSE, was founded in Brussels, Belgium, by decree of Napoleon in 1801. In 2002, the BSE merged with the Amsterdam Stock Exchange, Amsterdam, Lisbon Stock Exchange, Lisbon and Paris Bourse, Paris ...
. It was subsequently rebranded Euronext Paris.


History

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. 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
stockbroker A stockbroker is an individual or company that buys and sells stocks and other investments for a financial market participant in return for a commission, markup, or fee. In most countries they are regulated as a broker or broker-dealer and ...
s' 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 In-Commission or commissioning may refer to: Business and contracting * Commission (remuneration), a form of payment to an agent for services rendered ** Commission (art), the purchase or the creation of a piece of art most often on behalf of anot ...
, at a rate fixed by law, for acting as an intermediary. However, parallel arrangements were usual in order to favor some clients' quote. 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 Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of Hand signaling (stock market), hand signals to transfer information pri ...
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 The cat (''Felis catus''), also referred to as the domestic cat or house cat, is a small domesticated carnivorous mammal. It is the only domesticated species of the family Felidae. Advances in archaeology and genetics have shown that the ...
(Computer Assisted Trading System), but the Paris version was called CAC (
Cotation Assistée en Continu Cotation Assistée en Continu (CAC) was an electronic trading system used at the Paris Bourse, the French stock exchange, in the 1980s and 1990s. History It was introduced in 1986 for trading less liquid equities, and in 1989 it was operational ...
). 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 ("brokers' society"), which, on the occasion renamed itself as the (SBF, "French Stock Exchange Company"). In 1999, the SBF absorbed what remained of MATIF and MONEP and altered its name to . The next year, SBF was a leading participant of the merger that formed
Euronext Euronext N.V. (short for European New Exchange Technology) is a European bourse that provides trading and post-trade services for a range of financial instruments. Traded assets include regulated equities, exchange-traded funds (ETF), warrant ...
.


Past locations

The Paris securities markets first emerged in rue Quincampoix, a small street near
les Halles Les Halles (; 'The Halls') was Paris' central fresh food market. It last operated on 12 January 1973 and was replaced by an underground shopping centre and a park. The unpopular modernist development was demolished yet again in 2010, and replac ...
in Paris, in the early 18th century. It remained on rue Quincampoix until closed by government decision on , 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 when it suspended operations in the chaotic context of the French Revolution. The building later became part of the
Bibliothèque nationale de France The (; BnF) is the national library of France, located in Paris on two main sites, ''Richelieu'' and ''François-Mitterrand''. It is the national repository of all that is published in France. Some of its extensive collections, including bo ...
, which had first been located in the Hôtel de Nevers in the 1720s. The market reopened on in the
Louvre Palace The Louvre Palace (, ), often referred to simply as the Louvre, is an iconic French palace located on the Right Bank of the Seine in Paris, occupying a vast expanse of land between the Tuileries Gardens and the church of Saint-Germain l'Auxe ...
, in
Anne of Austria Anne of Austria (; ; born Ana María Mauricia; 22 September 1601 – 20 January 1666) was Queen of France from 1615 to 1643 by marriage to King Louis XIII. She was also Queen of Navarre until the kingdom's annexation into the French crown ...
's former summer apartment on the ground floor of the Petite Galerie, and stayed there until 9 September 1795. 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 The Palais-Royal () is a former French royal palace located on Rue Saint-Honoré in the 1st arrondissement of Paris. The screened entrance court faces the Place du Palais-Royal, opposite the Louvre Palace, Louvre. Originally called the Palais-Ca ...
, and finally, in March 1818, to the former . By then, a permanent home for the stock exchange was under construction on an adjacent site, soon known as the Palais Brongniart for its architect
Alexandre-Théodore Brongniart Alexandre-Théodore Brongniart (; 15 February 1739 – 6 June 1813) was a prominent French architect, born in Paris. Biography In 1767, Alexandre-Théodore Brongniart married Anne Louise Degrémont (1744–1829). The couple became friends ...
who died before the building was completed. Brongniart had submitted his project, which was a rectangular neoclassical Roman temple with a giant Corinthian
colonnade In classical architecture, a colonnade is a long sequence of columns joined by their entablature, often free-standing, or part of a building. Paired or multiple pairs of columns are normally employed in a colonnade which can be straight or curv ...
enclosing a vaulted and arcaded central chamber. His designs were endorsed by
Napoleon Napoleon Bonaparte (born Napoleone di Buonaparte; 15 August 1769 – 5 May 1821), later known by his regnal name Napoleon I, was a French general and statesman who rose to prominence during the French Revolution and led Military career ...
and won Brongniart that major public commission at the end of his career. After his death in 1813, the building was completed by Éloi Labarre from 1813 to 1826.Ayers 2004, pp. 61–62. On , the stock exchange finally moved into the Palais Brongniart, which was and remains owned by the City of
Paris Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, largest city of France. With an estimated population of 2,048,472 residents in January 2025 in an area of more than , Paris is the List of ci ...
. From 1901 to 1905, Jean-Baptiste-Frederic Cavel designed the addition of two lateral wings, resulting in a cruciform plan with innumerable columns. According to the architectural historian Andrew Ayers, these alterations "did nothing to improve the reputation of this uninspiring monument." After Euronext stopped using the building, it was repurposed by the City of Paris as an events venue. Following the 1988 reform, the , renamed SBF, left its iconic
art deco Art Deco, short for the French (), is a style of visual arts, architecture, and product design that first Art Deco in Paris, appeared in Paris in the 1910s just before World War I and flourished in the United States and Europe during the 1920 ...
seat at 4, place de la Bourse to move to the former Paris office of Chase Manhattan Bank at 39, rue Cambon. That building remained the seat of SBF, then Euronext Paris until the latter moved to
La Défense La Défense () is a major business district in France's Paris metropolitan area, west of the city limits. It is located in Île-de-France region's Departments of France, department of Hauts-de-Seine in the Communes of France, communes of Courbe ...
in 2015. The building on rue Cambon was subsequently restructured to house offices of
Chanel Chanel ( , ) is a French luxury fashion house founded in 1910 by Coco Chanel in Paris. It is privately owned by French brothers, Alain and Gérard Wertheimer, through the holding company Chanel Limited, established in 2018 and headquarte ...
.


Operations

It operates the MATIF
futures exchange A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts defined by the exchange. Futures contracts are derivatives contracts to buy or sell specific quantities of a commodity or ...
, which trades futures and options on
interest rate An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, ...
products and commodities, and MONEP, equity and index futures and options. All products are traded electronically on the
NSC NSC may refer to: Banking and investment * National Sort Code, an Irish bank code * Nomura Securities Co, an investment bank Computing * National Software Centre, an Irish organization * National Supercomputer Centre in Sweden * NetShow Channe ...
system adopted by all of the Euronext members. Transactions are cleared through LCH.Clearnet. Cash settlement is T+2. Trading hours are 9 am to 5:30 pm CET, Monday to Friday.


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 The CAC 40 () () is a Benchmark (computing), benchmark French stock market index. The index represents a capitalization-weighted measure of the 40 most significant stocks among the 100 largest market capitalization, market caps on the Euronext Pa ...
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 Dow Jones is a combination of the names of business partners Charles Dow and Edward Jones. Dow Jones & Company Dow, Jones and Charles Bergstresser founded Dow Jones & Company in 1882. That company eventually became a subsidiary of News Corp, an ...
indices
Euronext Commodities
products include commodity future and options on European
rapeseed Rapeseed (''Brassica napus'' subsp. ''napus''), also known as rape and oilseed rape and canola, is a bright-yellow flowering member of the family Brassicaceae (mustard or cabbage family), cultivated mainly for its oil-rich seed, which naturall ...
and futures on rapeseed meal, European rapeseed oil, milling wheat, corn, wood pellets, dairy and Paris Real Estate.


Key figures

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 France is a country whose territory consists of metropolitan France in western Europe, as well as Overseas France, several overseas regions and territories. A member of the Group of Seven, Group of 7 (formerly G8) leading industrialised countries ...
*
CAC 40 The CAC 40 () () is a Benchmark (computing), benchmark French stock market index. The index represents a capitalization-weighted measure of the 40 most significant stocks among the 100 largest market capitalization, market caps on the Euronext Pa ...
*
CAC Next 20 The CAC Next 20 is an index of security prices used with the Euronext Paris or Euronext Amsterdam. It gathers the 20 companies whose market capitalizations are ranked after those of the 40 companies who compose the CAC 40. These 20 are possible ...
*
French Society of Financial Analysts The French Society of Financial Analysts () is the main professional organisation representing members of the French financial industry. It was created in 1961 and currently has over 1500 members, all of whom are financial professionals (financial ...


References


External links

*
MONEP website
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Paris Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, largest city of France. With an estimated population of 2,048,472 residents in January 2025 in an area of more than , Paris is the List of ci ...
Economy of Paris Futures exchanges Stock exchanges in France