History of the French Stock Exchange

History of the French Stock Exchange
The history of the French stock exchange is a long and volatile one. The actual location where stocks are exchanged in France has changed over the years. However, Paris has traditionally been the seat of French financial interests. After 2000, the stock exchange has officially been dubbed the Euronext Paris and is the second-largest European exchange following the London Stock Exchange.
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History
Before the 1800s, the French stock market was exchanged at different times on Quincampoix Street, Vivienne Street near the Palais Royal and the Paris opera house, Opera Garnier.
Significance
In the early 19th century, the Parisian stock market was shifted to the Paris Bourse to offer a stable location to trade stocks. This location would remain the French stock exchange through modern times.
Considerations
In an effort to control the actions of stockbrokers, elected members of the market's council established the Compagnie des agents de change in the late 1800s. This was a group of 60 citizens who acted as brokers and followed strict guidelines.
Features
The Paris Bourse operated under the same guidelines until the late 1980s. In 1986, electronic exchange systems were implemented, ultimately creating a fully automated system.
Effects
The European Union consolidated its Paris, Amsterdam, Lisbon and Brussels exchanges in 2000 under one location in the Paris Bourse. The stock market was dubbed the Euronext Paris.

History of the Brazilian Capital Market
S-N Investimentos S.A. : This company was the first full-service securities broker-dealer in Brazil that met rigorous international standards for internal controls and accounting procedures.
Aron Birmann, founder of the Crefisul Group from Rio Grande do Sul, provided the capital for S-N Investimentos
This firm was organized in 1964 by John Oswin Schroy and financed after 1965 by Aron Birmann of the Crefisul Group of Rio Grande do Sul (the Sirotsky-Birmann families).
Before S-N Investimentos, official stock brokers in Brazil had small offices, with daily trades of usually less than a few thousand dollars.
Brokers did not maintain securities ledgers or offer professional custodial services.
S-N Investimentos dramatically raised the bar for brokerage services, opening offices in five floors in a building directly facing the Rio Stock Exchange on Rua do Mercado 7.
Cross-section of the S-N Investimentos offices, in front of the Rio Stock Exchange, in 1968. (From the firm's advertisement in Time Magazine)
S-N Investimentos set standards for broker-dealer operations in this new market at international levels by introducing practices, generally not followed by other broker-dealers at the time:
Formal account relationships with clients, with contracts and signature cards;
Time stamped order slips, with trades approved by a margin clerk before being sent for execution;
Segregation of customer securities in a high security vault and strong room;
Monthly account statements;
Free and automatic collection of dividends and administration of other corporate actions;
Separate securities ledgers with daily interlocks to the cash accounts, with books closed and balanced daily;
Full insurance on all securities in transit;
A full-time internal auditor and internal controls program;
Rigorous segregation of accounting functions, order handling, credit approval, and trade executions.
S-N Investimentos, before electronic quote boards were available in 1968.
Although S-N Investimentos charged full commissions, while most brokers gave a 50% rebate, the firm became the largest broker within six months.
After 1966, the name of the firm was changed to S-N Crefisul and operated on the Rio de Janeiro and São Paulo stock exchanges.
In 1964 and 1965, this firm was the largest trader in the developing market for Readjustable Government Bonds and after 1966, the firm was the leading trader in interbank, overnight money.
S-N Investimentos managed four mutual funds, including Conta Garantia, the first money market fund.
Until 1971, the firm was managed by John Oswin Schroy, at which time he sold his interests.
As S-N Crefisul, this company continued to be a leading broker-dealer in the Brazilian securities market for a generation.
According to André Pires de Oliveira Dias (Banco Geral do Comércio, São Paulo), writing in "The World's Emerging Stock Markets", S-N Crefisul was still the leading broker in 1991, with 3.6% of trading volume.