The Paris Bourse’s race against time.

THE PARIS BOURSE’S RACE AGAINST TIME

The Paris Bourse, like the London Stock Exchange, is protected by a thick crust of ancient habits and customs. But it’s hurrying to modernize itself before the competition from London-based firms grows too fierce. For the first time, it’s planning to introduce continuous trading in listed stocks and bonds, it’s eroding the privileges of the profitable but under-capitalized agents de change (brokers), it’s importing new technology, it’s unfixing commissions, and it’s opening up trading and market-making to banks, which have until now been excluded from buying and selling securities.

To the outsider, securities trading in Paris has always been an enigma.