Market infrastructure - France


Institutions and organisation

Stock Exchange (

The Paris Stock Exchange is a wholly owned subsidiary of Euronext, the European stock exchange for Belgium, France, The Netherlands and Portugal. The Paris location of Euronext manages the joint cash (shares and bonds) market. Joint derivatives are managed in Amsterdam while Brussels is responsible for the management of the joint smaller and younger exchange securities.

CSD - Euroclear France S.A. (formerly Sicovam) (

Euroclear France (EF) is a subsidiary of Euroclear Bank. Local issuers, banks and brokers maintain an account in EF.

Central Bank - Banque de France (BdF) (

The BdF operates the French real-time gross settlement system (RTGS), which is the channel used in France for monetary policy operations.

The BdF is involved in the securities settlement process insofar as it settles the cash related to securities transactions.

Regulatory structure

The French market is supervised by two bodies:

  • Autorités des Marchés Financiers (AMF)1, which acts as the supervisory authority for financial markets and settlement systems;
  • Banque de France (BdF), which acts as the supervisory authority for the securities clearing and settlement systems.

1. The former three regulatory bodies, Conseil des Marchés Financiers (CMF), Commission des Opérations de Bourse (COB) and Conseil de Discipline de la Gestion Financière (CDGF) were grouped to form the AMF as a single regulatory body on 1 August 2003.