kundan jha

EUROPEAN FINANCE eJOURNALVol. 4, No. 108: Aug 15, 2012

JOHN A. DOUKAS, EDITORWilliam B. Spong, Jr., Chair of Finance, European Financial

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Table of Contents

Features and Working of the French Stock MarketKundan Jha, National Law University, JodhpurViraj Grandhi, affiliation not provided to SSRN

Features of Stock Market and its Functioning: SwedenVarun Natarajan, affiliation not provided to SSRNAkshay Vasistha, affiliation not provided to SSRN

Stock Market of TurkeyPrateeti Goyal, affiliation not provided to SSRNKriti Sinha, affiliation not provided to SSRN

Working and Features of Stock Market of GreeceSibani Saxena, National Law University, JodhpurChandni Anand, affiliation not provided to SSRN

CISS — A Portfolio-Theoretic Framework for the Construction of Composite Financial StressIndicesManfred Kremer, European Central Bank (ECB)Daniel Hollo, affiliation not provided to SSRNMarco Lo Duca, European Central Bank (ECB)

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EUROPEAN FINANCE eJOURNAL

"Features and Working of the French Stock Market"

KUNDAN JHA, National Law University, JodhpurEmail: [email protected] GRANDHI, affiliation not provided to SSRN

A study of the French stock market focusing on the historical evolution of the market and contemporaryset-up. Studies the primary features of the market and key institutions and ingredients of the market.

"Features of Stock Market and its Functioning: Sweden"

European Finance eJournal :: SSRN file:///C:/Documents and Settings/Owner/Desktop/acad/IssueProof.1.htm

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VARUN NATARAJAN, affiliation not provided to SSRNEmail: [email protected] VASISTHA, affiliation not provided to SSRN

A paper discussing the various features and the working of the stock market in Sweden.

"Stock Market of Turkey"

PRATEETI GOYAL, affiliation not provided to SSRNEmail: [email protected] SINHA, affiliation not provided to SSRN

This paper gives an overview of the Stock Market of Turkey.

"Working and Features of Stock Market of Greece"

SIBANI SAXENA, National Law University, JodhpurEmail: [email protected] ANAND, affiliation not provided to SSRN

The Paper discusses the existing stock market in Greece, its history and working. The Athens Exchangewhich is the oldest Stock Exchange in Greece has been studied.

"CISS — A Portfolio-Theoretic Framework for the Construction of Composite Financial Stress

Indices"

MANFRED KREMER, European Central Bank (ECB)Email: [email protected] HOLLO, affiliation not provided to SSRNEmail: [email protected] LO DUCA, European Central Bank (ECB)Email: [email protected]

This paper introduces a new indicator of current stress in the financial system as a whole namedComposite Indicator of Systemic Stress (CISS). Its specific statistical design is shaped in accordance withstandard definitions of systemic risk. The main innovative feature of the CISS is the application ofportfolio theory to the aggregation of individual stress indicators into the composite index. Along the linesof how portfolio risk is computed from the risks of individual assets, we propose to compute the level ofstress in the system as a whole by aggregating five market-specific subindices of stress - comprising atotal of 15 individual stress indicators - on the basis of a time-varying measure of the cross-correlationsbetween them. The CISS thus puts relatively more weight on situations in which stress prevails in severalmarket segments at the same time, capturing the idea that financial stress is more systemic and hencemore hazardous for the real economy if instability spreads more widely across the whole financialsystem. Applied to data for the euro area as a whole, we determine within a threshold VAR model anendogenous systemic crisis-level of the CISS at which financial stress tends to depress real economicactivity materially.

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BRUNO SOLNIK


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Professor, Hong Kong University of Science & Technology (HKUST) - Department of Finance

TON A.C.F. VORSTVU University Amsterdam - Department of Finance and Financial Sector Management, Tinbergen Institute -Tinbergen Institute Amsterdam (TIA)

CLAS WIHLBORGProfessor, Chapman University

CHRISTIAN C. P. WOLFFDirector, Professor of Finance, University of Luxembourg - Luxembourg School of Finance, Research Fellow,Centre for Economic Policy Research (CEPR)

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Electronic copy available at: http://ssrn.com/abstract=2122576

FEATURES AND WORKING OF THE STOCK MARKET IN FRANCE

Electronic copy available at: http://ssrn.com/abstract=2122576

1

TTAABBLLEE OOFF CCOONNTTEENNTTSS

I. FRENCH STOCK MARKET-A HISTORICAL OVERVIEW...................................2 II. FEATURES OF THE STOCK MARKET....................................................3

II.1 Paris Bourse/Euronext Paris ........................................................3 II.2. Autorite des marches Financiers(AMF) .......................................5

III. WORKING OF THE STOCK MARKET ...................................................7 IV. CONCLUSION .......................................................................................9

V. BIBLIOGRAPHY……………………………………………………………………..10

2

FEATURES AND WORKING OF THE STOCK MARKET IN

FRANCE

Authors1

: Kundan Jha, Viraj Gandhi

French Stock Market- A Historical Overview:

France, one of the founding fathers of European integration culminating in the formation

of European Union, paid a heavy price both in economic and human terms during the two

world wars.2 Hence, the role of financial markets and instruments in reconstruction of the

country can not be overstated. The history of financial markets in France can be termed

extensive but tumultuous. The Lyons Bourse was set up in the first half of the 16th

century. Brokers known as courratires and later as agent de change were regulated

through royal orders in their dealings of securities and commercial bills. However, lack

of an organized stock exchange and the distrust of investors in their working,

disadvantaged the entrepreneurs of France as raising capital was a tough task. Several

attempts were made to create a stock exchange in Paris such as a 1724 order of the Royal

Council of State; however the idea of raising money through issuance of shares was

dismissed by some as “a fantasy”.3

Primarily, lack of suitable regulations was one of the main reasons for failure of financial

market in France which was remedied by the First Empire (Napoleonic Empire) in the

early part of the 19th century when detailed regulation giving Banque de France the

exclusive right to issue currency and administering the formation of Joint Stock

Companies and conduct of intermediaries were formulated. The famous Paris Bourse

itself was recognized in 1801 and by 1853 around 152 stocks were quoted on the bourse.

Gradually key constituents of any vibrant financial market such as limited companies,

bonds and foreign stocks found traction in France. Provincial stock exchanges also came

into their own by the advent of 20th century. 1 Students of National Law University, Jodhpur- Paper completed under guidance of Dr. Rituparna Das, Faculty of Management. 2 France Country Profile, @ http://news.bbc.co.uk/2/hi/europe/country_profiles/998481.stm#overview 3 Mirabeau , Pamphlet On The Shares of Compagnie des Eaux de Paris

3

The next phase of the evolution of financial markets involved consolidation and

competition. In 1967, a single national company composed of the 118 agents in the

French exchanges was formed and within the next ten years rapid consolidation saw the

number decrease to 61. The 80s saw the transition to electronic trading as well as the

launch of futures exchange and equity options exchange. Finally, in one final step of

consolidation, France’s market operators formed the Paris Bourse SBF SA in 1999 which

was a precursor to the formation of EuroNext Paris, the first pan-European exchange

established in September 2000 by the merger of Paris, Amsterdam and Brussels and

Lisbon bourses with it centre at Paris Bourse.4

Features of the Stock Market

1.1. Paris Bourse/ Euronext Paris:

Euronext Paris, the national stock market of France currently has a total of 586 company

listings (excluding investments funds) of which 528 are domestic companies and 58 are

foreign. The total market capitalization was € 1,197,013,000,000 as of 31 December 2011

which was a 16% decline against 2010. It is the second largest exchange in Europe

behind the UK's London Stock Exchange.

1.2. Indices:5

The main benchmark for NYSE Euronext Paris is CAC 40 index which contains 40

equities selected among the top 100 market capitalization and the most active listed

equities. The index tracks a sample of blue-chip equities and its performance is closely

related to that of the market as a whole and it serves as the underlying asset for futures

contracts. Its components are included in the broader SBF 120 Index, a benchmark for

investment funds. The SBF 250 index, a benchmark for the long-term performance of

equity portfolios, includes all of the SBF 120; it is structured by sector. The MIDCAC

index includes 100 of the most liquid medium-size stocks on the Premier Marché and

Nouveau Marché calculated on the basis of opening and closing prices, while the Second

4 Paris: It Started with the Lyons Bourse, @ http://www.nyx.com/who-we-are/history/paris 5 http://www.nyx.com/indices

4

Marché index focuses on that market. Both indices are benchmarks for funds. The

Nouveau Marché Index represents stocks in the growth market. The SBF-FCI index is

based on a selection of convertible bonds that represent at least 70% of the total

capitalization of this market, calculated twice daily The Market operates in four different

sections listed below:

1. The Official Stock Exchange (Marche Officiel): It is dedicated to large

companies with at least 25% of their equity publicly held.

2. The Second Market (Second Marche): A market intended for companies that

are not large enough to be traded on the Official Market. It is considered as

temporary stage for companies, a preliminary stage before upgrading to the

official market.

3. The New Market (Le Nouveau Marche): It is an index on Euronext Paris that

includes start-ups and other high-risk, high-growth companies. Companies on the

Nouveau Marche seek capital to finance their future growth.

4. The Over the Counter Market: A temporary market used for occasional

transactions in non-listed securities.6

Other French securities markets are the Financial Futures Market (MATIF) and Financial

Options Market (MONEP).

1.3 Financial Futures Market (MATIF):

This Futures Exchange comes under Euronext Paris and is engaged in trading of French

futures which is a financial derivative contract referring to the average power spot market

prices of future delivery periods i.e. trades futures and options on interest rate products

and commodities. Base load and peak load futures are available. The France Day Base or

the France Day Peak Month index calculated by EPEX SPOT constitutes the underlying

base. French Futures are traded for the current week, the next four weeks, the current

month, the next six months, seven quarters and six year.7The products available include

Metals, Interest Rates, Equity Indices, Energy, Currencies, Agricultural products etc.

They also include options on the Euro notional bond, five-year Euro and three-month

6 Amin N. Licht, Harward Law School, Stock Market Integration in Europe. @ http://pdf.usaid.gov/pdf_docs/PNACH173.pdf 7 French Financial Futures @ http://www.eex.com/en/EEX/Products%20%26%20Fees/Power/French_Financial_Futures

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PIBOR (Paris Interbank Offered Rate), and futures on the 30-year Eurobond and two-

year E-note, and index futures on the CAC 40.

1.4 Financial Options Market (MONEP):

It is a section of Euronext Paris on which stock and index futures and options are traded.8

It trades short-term and long-term stock options and futures and options on a family of

Dow Jones indices. All trades occur electronically. It was established in 1987 and merged

with the Paris Bourse in 1999.

1.5 FREE MARKETS:

The free market was launched in Paris in 1996 and is currently operated by NYSE

Euronext providing small (micro-cap) companies with easy access to an IPO and a

framework adapted to their specific needs. These multilateral trading facilities provide a

channel for disseminating buy and sell orders with simpler admission procedures and low

costs. All transactions on the free market are cash settled and trades are executed through

a single fixing per session. As of 2010 296 companies were listed on the Free Market

Paris. The free markets are however less liquid than traditional markets and in 2009

monthly turnover was €10 million 9

2.1 Autorite des marches Financiers (AMF):

In 2003 the Financial Security Act of 1st August 2003 created the Autorite des marches

financiers (AMF), an independent body responsible of regulation of securities market.

Commission des operations de bourse (COB), the Conseil des marches financiers (CMF)

and the Conseil de discipline de la gestion financiere (CDGF) were amalgamated to

improve the effeciency and visibility of France’s financial regulatory system. AMF has

legal personality and financial autonomy with a mission to

1. Act as a body to safeguard investments in financial instruments and in all other

savings and investment vehicles.

2. Make sure that investors receive material information.

3. Maintain orderly financial markets

8 QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd 9 Free Markets, NYSE Euronext @ https://europeanequities.nyx.com/listings/free-markets

6

4. Lend support to financial market regulation at the European and International

level.

2.2 Composition of AMF:

The AMF constitutes a Board with 16 members, an enforcement committee with 12

members and other specialized and consultative commissions. The finance minister of

France has the authority to designate the Director General of the Treasury or his

representative who has a non-voting seat on all bodies of AMF. The Chairman of the

body is named through a decree by the President of the French Republic for a non-

renewable five-year term. The staff of the body is headed by a Secretary General and is

composed of public servants under contract as well as private employees. As of year-end

2010 the total number of staff numbered 403.

2.3 Responsibilities of AMF:

Broadly the responsibilities entrusted to AMF can be classified into four kinds namely:

1. Regulation

2. Authorization

3. Supervision

4. Enforcement

AMF exercises jurisdiction over corporate finance activities and disclosures by requiring

them to inform the public regularly about their business, results and financial dealings. It

also oversees and monitors information to ensure its accuracy, preciseness, fairness and

timely submission as well as maximum dissemination. In addition AMF authorizes the

creation of open-end and closed-end funds. It verifies the information set out in the

prospectus and ensures that the special features of structured funds and their effects are

clearly communicated to the investors. The AMF also has the task of setting up principles

of organization and operation applicable to market operators such as Euronext Paris and

approves the rulebooks of clearing houses such as Clearnet. Lastly AMF formulated

conduct of business rules and other requirements applicable to investment services

professionals as well as professional organizations.

The AMF has been empowered to conduct inspections and investigations. The

Enforcement Committee may impose penalties and sanctions to punish breaches of its

regulations and obligations. Where criminal conduct is suspected, the AMF board can

7

refer the matter to public prosecutor and submits the inspection and investigation report

to the appropriate authority.10

Working of the Stock Market:

1.1Supervision of NYSE Euronext Paris:

The exchange is governed by the French Monetary and Financial Code pursuant to which

the French Minister of Finance has the authority to confer or revoke regulated market

status upon recommendation of AMF and an opinion form the French Banking

Commission. Market status is granted only if the market meets specific conditions for

proper operation. Since the exchange is also approved as specialized financial institution

it is governed by the French banking legislation and regulations such as French Banking

Act. It is also subject to Comite des Establissements de Credit et des Enterprises

d’Investissement (CECEI) as well as the Commission Bancaire.11

1.2 Procedure of Admission of Financial Instruments:12

The application to admit trading on the exchange to market a financial instrument has to

be submitted by the issuer with the support of one or more financial intermediaries

sponsoring the issue. The exchange has to inform the AMF and seek its observations

within five trading days. Such observations have to be an integral part of the factors taken

into consideration when making the decision on application of admission. Further, the

application may be denied if the exchange believes that the issuer does not have control

of an essential operating asset. Similarly different conditions have been imposed on

admission of collective schemes, depository receipts and bonds.

1.3 Classification of Securities into Market Capitalization Compartments:13

The securities traded at the exchange have been allocated into different compartments

according to their market capitalization by taking into account following factors:

10 Information obtained from official website of AMF @ http://www.amf-france.org/affiche_page.asp?urldoc=lesmissionsamf.htm&lang=en&Id_Tab=0 11 Information obtained from official website of NYSE Euronext @ https://europeanequities.nyx.com/markets/nyse-euronext/paris 12 Euronext Rule Book- Book II, Specific Rules Applicable to the French Regulated Markets @ https://europeanequities.nyx.com/sites/europeanequities.nyx.com/files/book_ii_specific_rules_applicable_to_the_french_regulated_markets_27_july_2012.pdf 13 Notice 6-02 related to the classification of securities into market capitalization Compartments.@ https://europeanequities.nyx.com/sites/europeanequities.nyx.com/files/Euronext_Notice_ndeg_6-02_EN.pdf

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1. Shares of the main line.14

2. New Shares at the moment at which they are admitted to listing.

3. Preference Shares as far as they are admitted for listing.

4. Market capitalization of the underlying shares of and IDR

Based on these factors securities have been allocated into following compartments

according to their market capitalization:

1. A- Issuers with market capitalization superior to 1 billion Euros.

2. B- Issuers with market capitalization between 150 million Euro and 1 billion Eros

3. C- Issuers with market capitalization lower than 150 million Euros.

1.4 Placing procedures15:

The placing of financial instruments is done either in whole or in part through a complete

or partial underwriting transaction by one or more legally authorized entities. The lead

manager has to place before the exchange a statement detailing the results of the placing.

The placing can be carried out as a fixed-price offer or open price offer however in both

cases final price can not be higher than the placing price.

1.5 Initial-Trading Procedures16:

The initial trading on the exchange is effected through the following procedures subject

to disclosure of segment of the market, name of the issuer and intermediaries, the

number, type and characteristics of the admitted financial instruments as well as the price

stipulated by the issuer and lodging of sufficient deposit:

1. Minimum-Price-Tender Procedure: In this method the specified number of

instruments made available to the market and the minimum offer price is

announced. The right to modify the minimum price can be reserved by the issuer.

The shares are then offered on the market into several lots and the price fixed is

the limit set on the last order.

2. Fixed-Price and Open-Price Procedure: The number of instruments and offer

price or price-range is specified with an option to reserve the right to modify the

14Ibid, The opening price is used for the valuation of every line and the capitalization is based on the average of the opening prices noticed daily over 60 Trading days preceding the date of the review. 15 Art 1.2.2 to 1.2.4, Euronext Rule Book- Book II, Specific Rules Applicable to the French Regulated Markets@https://europeanequities.nyx.com/sites/europeanequities.nyx.com/files/book_ii_specific_rules_applicable_to_the_french_regulated_markets_27_july_2012.pdf 16 Ibid, Art 1.2.5- 1.2.17

9

price component. The offer may be divided into several lots and buy orders

consistent with the price range are accepted by the exchange and if the offer is

successful, the price quoted is determined at the end of the offer.

3. Direct Trading Procedure: In this procedure as stated number of equity securities

offered are sold through a bought deal on behalf of the shareholders or

underwriters.

1.6 Types of transactions17:

Two kinds of transactions can be executed on the market namely cash transactions which

are executed on the exchange and linked transactions which consist of a cash trade linked

to an offsetting-delivery transaction at a deferred maturity date and are subject to a

special matching procedure. Chapter 2 of the rule book gives the detailed requirements of

executing a DSO (deferred settlement and delivery) and instructions18 issued by the

exchange also have a bearing on the issue.

Conclusion

The study shows that the French Stock market is highly dynamic and organized giving an

opportunity to all stakeholders to participate in the financial system. It has a strong

regulatory body and efficient stock exchange to regulate the proceedings and therefore

has the ability to adapt with changing market conditions.

17 Supra Note 1, chapter 1 18 Instruction N4-02 Applicable to the Eurolist Market, Linked Transactions and order for Deferred Settlement and Delivery (DSO)@ https://europeanequities.nyx.com/sites/europeanequities.nyx.com/files/Cash-Forward_linked_transactions_and_the_order_for_Deffered_Settlement_and_delivery_DSO.pdf

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BIBLIOGRAPHY

Articles:

1. Mirabeau , Pamphlet On the Shares of Compagnie des Eaux de Paris

2. Paris: It Started with the Lyons Bourse, NYSE Euronext

3. Amin N. Licht, Harward Law School, Stock Market Integration in Europe.

Rules:

1. Euronext Rule Book- Book II, Specific Rules Applicable to the French Regulated

Markets.

2. Notice 6-02 related to the classification of securities into market capitalization

Compartments

3. Instruction N4-02 Applicable to the Eurolist Market, Linked Transactions and

order for Deferred Settlement and Delivery (DSO)

Websites:

1. https://nyx.com/

2. http://www.amf-france.org/