巴黎證券交易所發展狀況
巴黎證券交易所是法國唯一的全國性的證券交易所。長期以來，巴黎證交所，一直以債券交易為主。不過80年代以來，法國實行了一系列金融改革政策措施以后，巴黎證交所的股票和債券發行量大大增加。
巴黎證券交易所以往一直由法國財政部直接管理，1967年以后改由證券交易業務委員會管理。該委員會作為國家機構，對交易所的交易活動進行監督，并對重大問題作出決定。
1986年，巴黎證交所開辦了金融期貨市場，它以債券為主要對象，并從事長期和短期的所有金融商品的交易。自1991年5月起，巴黎證券市場的結算交割作業全部納入了電腦系統，交易效率得到了很大的提高。
History and functioning
Historically, stock trading activities have been located in several spots of the Parisian geography, including the rue Quincampoix, the rue Vivienne (near the Palais Royal), or the back of the Opéra Garnier (the Paris opera house). In the early nineteenth century, the Paris Bourse's activities found a stable location at the Palais Brongniart, or Palais de la Bourse (the building is due to architect Alexandre-Théodore Brongniart).
歷史上，證券交易活動位于巴黎地區若干地點，包括， Quincampoix大街、Vivienne大街（臨近皇家花園）抑或是Garnier劇場。十九世紀初，巴黎證券交易所的活動有了固定場所：Brongniart宮殿，或者叫證券宮（建筑命名源于建筑師亞歷山大西奧多Brongniart）
From the second half of the nineteenth century, official stock markets in Paris were operated by the Compagnie des agents de change, directed by the elected members of a stockbrokers' syndical council. The number of participants in the processes of the formation of prices and of exchange in each of the different trading areas of the Bourse was limited. In the case of the agents de change (the official stockbrokers at the Paris Bourse), there were around 60. An agent de change had to be a French citizen, be nominated by a former agent or his estate, be approved by the Minister of Finance, and was appointed by decree of the President of the Republic. Officially, the agents de change could not trade for their own account nor therefore 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 oppose 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, at a rate fixed by law, for acting as an intermediary.
自十九世紀下半葉開始，在股票經紀人聯合會代表的監督下，巴黎的官方證券交易所由股票經公司經營。證券交易所不同交易區域里，數量有限的參與者促成了交易和交易的價格。至于股票經紀人（指巴黎交易所的官方經紀人），其數量在60人左右。一個股票經紀人，應該為法國公民，由一位前經紀人提名，經財政部長批準后，由總統書面任命。明確規定，經紀人不能用自己的帳戶做交易，也還能成為在其幫助下有購買或出售證券意向者的交易對方；他們作為嚴格意義上的中介者。因此，在金融著作中，巴黎證券交易所被稱之為“指令驅動的市場”，與此相對應的是“報價驅動的市場”又稱“交易員市場”，后者的定價由交易員或做市商掌握。在巴黎，只有經紀人可以通過中介活動收取法定比例的傭金。
However, parallel arrangements were usual in order to favor some clients' quote. Moreover, until approximately the middle of the twentieth century, a parallel market known as "La Coulisse" was in operation.
巴黎證券交易所內景
Until the late 1980s, this market was operating as an open outcry exchange, with the "agents de change" (the Parisian stockbrokers) meeting in the exchange floor of the Palais Brongniart. In 1986, the Paris Bourse started implementing an electronic trading system known as CATS (Computer Assisted Trading System), renamed CAC (Cotation Assistée en Continu) for the Parisian version. By 1989, quotation was fully automated. The Palais Brongniart was then hosting the French financial derivatives exchanges MATIF and MONEP, until full automation of these in 1998. In the late 1990s, the Paris Bourse launched the Euronext initiative, which consisted in the alliance of several European stock exchanges.
References
巴黎證券交易所外景
On the history of the Paris Bourse:
Lehmann, P.-J. 1991 La Bourse de Paris, Paris: Dunod.
Lehmann, P.-J. 1997 Histoire de la Bourse de Paris, Paris: PUF.
Muniesa, F. 2005 "Contenir le marché: la transition de la criée à la cotation électronique à la Bourse de Paris", Sociologie du Travail 47(4): 485-501.
Walker, D. A. 2001 "A factual account of the functioning of the nineteenth-century Paris Bourse", European Journal of the History of Economic Thought 8(2): 186-207.
On the structure of the Paris Bourse:
Biais, B., Foucault, T. and Hillion, P. 1997 Microstructure des marchés financiers: institutions, modèles et tests empiriques, Paris: PUF.
Hamon, J. 1995 Marché d'actions: architecture et microstructure, Paris: Economica.
Hamon, J. and Jacquillat, B. 1992 Le marché fran?ais des actions: études empiriques 1977-1991, Paris: PUF.
