Trading forward: The Paris Bourse in the nineteenth century
Article dans une revue: 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.
Auteur(s)
Paul Lagneau-Ymonet, Angelo Riva
Revue
- Business History
Date de publication
- 2018
Mots-clés
- Financial markets
- Legal origin
- Nineteenth century
- Traded volumes
- France
Pages
- 257-280
URL de la notice HAL
Version
- 1
Volume
- 60