De l'influence des réformes du marché financier sur les négociations en Bourse et sur ses intermédiaires
Institution:
Paris 2Disciplines:
Directors:
Abstract EN:
The race amongst the various european stock exchanges for the position of preeminence in continental finance finds its origins in the "big bang" which took place in the london city in october of 1986. With its market reform enacted in january 1988, paris was the first european financial centre to rise to the challenge. Behind the technical and commercial aspects of the quest for european supremacy, an essential factor remains to be fully explored. All of the reforms enacted before and after the ratification of the law of january 1988 have significantly altered the structure of the paris bourse. Until recently, the classic doctrine distinguished between latin securities law, having its origins in the napoleionic code and anglo-saxon securities law, which derives from the common law tradition. With the gradual disappearence of the differences between the latin and anglo-saxon modes of transacting business on the securities markets, this legal dichotomy is no longer valid. In fact, the corpus of french securities regulations is slowly being displaced by an increasing preference for models based on the anglo-saxon paradigm, posing a direct threat to very bases of french securities law. Faced with such an evolution, is it still possible to find a common ground between the notion of fair-play for all market participants and the centralisation of market princing mechanisms, given the emergence of new transaction methods such as market making?
Abstract FR:
Le defi qui opposa les places boursieres europeennes dans le role de marche directeur trouve sa genese dans la revolution operee a la city a londres en octobre 1986. Paris fut la premiere a repondre a cette menace en organisant la reforme des intermediaires de bourse en janvier 1988. Derriere ces affrontements technologiques et commerciaux visant a la suprematie europeene un facteur essentiel reste neglige. Toutes les reformes operees en france avant et apres la loi de janvier 1988 ont modifie sensiblement la physionomie de la bourse de paris. En effet, la doctrine classique opposait jusque dans un passe recent la cotation latine, inspiree des principes du code napoleon, de la cotation anglo-saxonne, dans la tradition du commun law. Cette analyse est aujourd'hui depassee, la dichotomie entre ces deux modes de negociation etant en voie de disparition. En effet, nous constatons que les nouvelles techniques introduites a paris font de plus en plus reference au paradigme anglais, boulversant par lui-meme les principes qui fondent notre droit boursier. Devant une telle evolution, est-il encore possible de faire coincider les notions d'egalite de traitement des actionnaires et de centralisation des cours avec les nouveaux modes de negociation tels que la contrepartie?