PARIS BROKERS GIVE UP THEIR QUILL PENS
Like the furniture in his office, Bernard de Compiegne, broker on
the Paris Bourse, has a look of stately immobility. French brokers have
had the monopoly on securities trading since 1807, a monopoly sustained
by law. The office of agent de change is conferred by the government
and can be passed down through the family or sold.
De Compiegne inherited. A brass plate on his door declares:
"Agent de change: successor to his father and his
grandfather." Two years from retirement., de Compiegne has never
had to trade on narrow spreads. His cut or courtage was until recently
a matter of law. In the hall a lithograph from 1965 shows the main
trading floor of the Bourse filled with his confreres. To a man they
are wearing satisfied smiles. Maybe there was less trading then, but
the work was easier.
Until...
