Börse Paris

Auszug aus den Börsenusancen

Bitte beachten Sie, dass die angeführten Börsenusancen nur einen Auszug darstellen und sich ändern können. Die vollständigen Börsenusancen liegen direkt bei der Börse auf. Jegliche Haftung unsererseits im Zusammenhang mit den angeführten Börsenusancen ist ausgeschlossen.

Allgemeine Informationen
Börsenname Euronext Paris
Börsensitzung 9:00 Uhr bis 17:30 Uhr Ortszeit
Versammlungsart Parkettbörse (Präsenzbörse)
Börsenart geregelte Finanzbörse
Kursnotiz Stück- und Prozentnotiz
Börsenwährung Euro
Limitarten Betrag
Mögliche Limitzusätze All Or None (nicht für Titel die im CAC40 gelistet sind)
Stop Market
Stop Limit
Mögliche Gültigkeiten bis max. 90 Tage
Valuta Schlusstag + 2 Werktage


An folgenden Tagen findet kein Börsenhandel statt. Bitte beachten Sie, dass sich manche Feiertage vom Datum her verschieben können.

Datum Feiertag
1. Jänner New Year's Day
30. März Daylight Savings Begins
21. April Easter Monday
1. Mai Labour Day
8. Mai Victory Day
29. Mai Ascension
9. Juni Whit Monday
14. Juli Bastille Day
15. August Assumption Day
26. Oktober Daylight Savings Ends
1. November All Saints Day
11. November Armistice Day
25. Dezember Christmas Day

Bitte beachten Sie auch die Orderrichtlinien!

Societe des Bourses Francaises
39 Rue Cambon
75001 Paris, France
Telephone: 33 1 49 27 1000
Fax: 33 1 49 27 11 71

Preopening: 7:45am-9:00am
Electronic trading: 9:00am-5:30pm Monday to Friday.

Different markets exist within the EuroNext Paris Bourse. The main market is the official list (cote officielle) which is a cash market (marche au comptant) where trading in securities is settled for cash within 3 days and a marche reglement mensuel (Forward market-monthly settlement) was replaced as of 9/25/00 with SRD orders. The Second Market began in 1983 and was created to accomodate medium-sized companies. The EuronNext Market was launched on January 2, 2001. This market was set up for high growth companies and will be linked with similar markets in Amsterdam and Brussels to form EuroNext. On July 2, 1998, Marche Hors-cote was dissolved and stocks which used to trade here were transfered to Second Marche, Marche Libre OTC or Marche des Valeurs Radiee. Any stocks which were on the Hors-cote and were not transferred to these markets are not trading on an Exchange listed market any longer. Trading in France takes place on a centralized order-driven market, through members acting as brokers. Since June 1995 all operations have been handled by SuperCAC, an electronic trading system, through terminals installed in brokerage firms and linked to the SBF's central computers.
From 8:30am to 10:00am the market is in its pre-opening phase and orders are fed into the centralized order book without any transactions taking place.
At 10:00am the market opens and depending on the limit orders received, the central computer automatically calculates the opening price at which the largest number of bids and asks can be met. From 10:00am to 5:00pm trading takes place on a continuous basis, and the arrival of a new order immediately triggers transactions if a matching order exists on the centralized book.Securities are divided into 4 quotation groups: Continu A, Continu B, fixing A for the regulated market, and fixing B for the unregulated market. The classification of securities by quotation group is made by the EuroNext Paris Bourse according to the volume of trading. Class Continu A and Class Continu B securities have high or average liquidity. All are traded continuously on the computerized system. Liquidity is lower in Class Fixing A. Shares orders are managed through an order book that operates continuously from 8:30am to 4:00pm, but are matched just twice daily at 11:30am and 4:00pm. All securities traded on the Marche Libre are classified in the fixing B group. In this group, orders are matched only once a day at 3:00pm, but anyone can input orders from 8:30am to 3:00pm. Round lots for French stocks are 1 share.
Block trading is done for those shares which have been approved for block trading by the EuroNext Paris Bourse. Those shares which have high trading volumes are usually approved for block trading. The EuroNext Paris Bourse establishes a separate minimum volume for trades in each approved stock.

From September 25, 2000 on, trading and clearance & settlement procedures will be the same for all markets in France, with cash settlement the general rule. However, allowance will also be made for investors wishing to settle later, since intermediaries will offer a DEFERRED SETTLEMENT SERVICE (Service de Reglement Differe or SRD). Other stocks settle on the third day after the transaction is made. All settlement procedures are managed by SICOVAM SA. The settlement can occur in FRF or ECU.

The central depository and clearing institution is:
5, rue du Centre Mont d'Est
93167 Noisy le Grand Cedex
phone: 33 1 49 31 65 83
fax: 33 1 45 92 88 44

Stocks Eligible for Deferred Settlement Orders:
Deferred settlement orders of trades made on a cash basis will be allowed for a selection of stocks meeting capitalization and liquidity criteria, regardless of the market on which they are listed.
To be eligible a stock must:
- either be included in the SBF 120 index
- or show market capitalization of at least EUR 1 billion and daily
trading averaging at least EUR 1 million.

On this basis, a significant number of both French and foreign stocks continuously traded on the Premier, Second and Nouveau Marches are currently eligible for deferred settlement orders.

Ordinary shares, preferred shares, non-voting preference shares, investment certificates, participation bonds, bonds,and warrants, are traded on the Exchange. Shares may be issued in either registered or bearer form. The preference for preferred shares with voting rights may be the distribution of a proportionate share of earnings greater than to holders of other types of
shares, or a priority in the distribution of earnings up to a certain percentage. Some of these shares have double voting rights. Non-voting preference shares (ADP) with priority over dividends was created in 1978. These shares are referred to as "actions a dividendes prioritaires d'ADP" and have priority over other shareholders to receive payment of a dividend of an amount not less than 7.5% of the paid-in share capital represented by these shares. If the dividends are not paid in full, these shares will have regular voting rights. Only when the dividends are paid in full will the shares have a non-voting status. Investment certificates (CI) and priviledged investment certificates (CIP) were created in 1983. They were created to encourage private investment in state-owned French companies. Shares with increased dividend (dividende majore) allow an additional dividend to be paid to shareholders who have held registered shares for a minimum period of two years.

To be listed on the Official List a company must offer 25% of capital. To be listed on the Second Market 10% of capital must be offered. Companies must also supply audited financial statements. Companies listing on the Official List must supply these statements for the past 3 years and those listing on the Second Marche must supply them for the past 2 years. Le Nouveau Marche is more readily accessible than other markets. The requirements listed above do not apply for Le Nouveau Marche.

Companies must notify the Exchange of any factors which may have an effect on share price, such as takeovers, mergers, and increase in share capital. Companies are also required to notify the public of any of the following:
- information about a general meeting where shareholders will exercise their voting rights.
- information regarding the payment of dividends, new issue of shares, and subscription rights.
- information about any change in the share ownership of the company.
- company must publish the financial statements in the newspaper no later than six months after the fiscal year-end.
- company must publish a report on the company's activities and on its net turnover and the net profit or loss in the newspaper within four months of the end of the first six-month period of the fiscal year.

Commissions collected by brokers as the result of the sale of shares are a matter of negotiation between broker and client.

Dividends on French shares are subject to a withholding tax of 25%. This figure may be reduced for non-residents if the investor's country of domicile has a tax treaty in force with France. Payment if the withholding tax leaves the investor exempt from income tax if he has no other tax liability in France. Capital gains are not taxed.

Non-residents may freely buy or sell all listed French and foreign securities listed on the EuroNext Paris Bourse. They may freely open an account at a French bank or with a French broker. French or foreign securities bought by non-residents may either be held in a current account in the buyer's name at the financial institution of their choice or exported at any time.

The CAC 40 Index was developed on June 15, 1988. This index is calculated from a sample of 40 French stocks listed on the Monthly Settlement Market. The MIDCAC Index comprises 100 medium capitalization firms. It includes companies listed on both the Official List and the Second Marche and was launched in May 1995. The SBF 250 comprises 250 stocks that together give an accurate indication of the performance of the wider French economy. The SBF 120 Index is made up of the market's top 120 stocks in terms of liquidity and capitalization.

SBF-Paris Bourse, usually referred to simply as the EuroNext Paris Bourse, is in charge of the organization and promotion of the French Stock Market, as well as the day-to-day administration. Market supervision is through the Commission des Operations de Bourse (COB) which was founded in 1967. The key functions of COB are to investigate complaints from the public, to ensure compliance with French law on insider trading and price manipulation, to monitor the financial markets, and to verify published financial information about takeovers, stock or bond issues and company results.