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Market Passport for Banks and Brokers

Market information

Supporting you

Key market information

  • Local currency

    Euro
    (EUR)

  • 2017 GDP

    USD
    2,584bn

  • Time zone

    GMT
    +1 hour

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    CAC 40

Key market figures (Euronext total)

Market capitalisation USD 4,393bn
Number of listed companies 1,255
2017 value of share trading USD 2,774bn
Number of ETFs listed 804
2017 value of bonds trading USD 8.1bn
Number of bonds listed 5,659
Number of futures contracts traded in 2017 0.39m
Number of options contracts traded in 2017 70.08m

Local market infrastructures

  Equities Corporate bonds Government bonds Derivatives
Main trading venue NYSE Euronext NYSE Euronext NYSE Euronext Euronext
Main clearing venue LCH.Clearnet SA LCH.Clearnet SA LCH.Clearnet SA LCH.Clearnet SA
Settlement and custody Euroclear France Euroclear France Euroclear France n/a
Cash leg Central bank (TARGET2) Central bank (TARGET2) Central bank (TARGET2) n/a

Local market authorities and regulators

  • The Autorité des Marchés Financiers (AMF) is in charge of safeguarding investments in financial instruments, and of the good health of financial markets in general
  • The Banque de France, the central bank, is responsible for supervising activities of financial institutions

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+2
Cash T+0
Cut-off times
Equities 4.00pm
Bonds 4.00pm
Cash 5.00pm
 
Omnibus account/securities Yes
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching No
Short selling Yes under certain conditions
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits Yes (only on certain strategic sectors)
Derivatives
Settlement Cash and physical
Trading cut-off 5.35pm
Clearing cut-off 7.30pm, 8.00pm on expiry day
Tradable currencies EUR
Account structure members Segregated and omnibus
Account structure non-members Segregated and omnibus
Give-up Yes
Give-up cut-off T+5
Adjustable ITM (In The Money minimum) No
Intra-day margin call Yes
Risk algorithm SPAN
Tolerance limits
  • Up to EUR 100,000 trade value: EUR 2.00
  • Over EUR 100,000 trade value: EUR 25.00
Example of market penalties (LCH.Clearnet SA)

Fail penalty fees (not applicable to non-guaranteed postings)

  • A fixed fee of EUR 15, plus
  • A variable fee (EONIA-based rate + 1%)/360 x amount

The invoicing of penalties applies per open business day on each fail per ISIN code, per Delivery Account (all settlement dates aggregated) and per Clearing Member.

Buy-in practice (LCH.Clearnet SA) (not applicable to non-guaranteed postings)

A fee of EUR 150 is charged for each buy-in process initiated by LCH.Clearnet SA in addition to any amount due to meet the cost of purchasing the securities.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in France

We are the largest post-trade market player in France, capable of handling extensive volumes and sophisticated transactions.

Our main services

Core

We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on‑exchange clearing, safekeeping, corporate actions, cash and collateral management and proxy services.

Market-specific

  • Financing and fail coverage
  • Full range of collateral management services, including tri-party collateral management
  • Broker-dealer outsourcing
  • Global custody access point
  • Corporate trust services

What makes us different

  • Leading position on Euronext markets
  • Extensive expertise on the French market, and close working relationships with market infrastructures and regulators
  • Comprehensive suite of solutions across all asset classes
  • Centre of excellence for innovation located in the Paris office

Selected market recognition

  • Global Investor Investment Excellence Awards (2018): Sub-Custody Survey Winner – Multi-market EMEA for France
  • Custody Risk Global Awards (2017): Custodian of the Year – France

A sound partner

BNP Paribas Securities Services is a wholly-owned subsidiary of BNP Paribas SA, with a longstanding presence in France for over 35 years. Today, more than 3,000 specialists are dedicated to clients from our Paris head office.

Contact

For more information, please contact your relationship manager or
Kalypso Tiga, Head of Relationship Management, France
kalypso.tiga@bnpparibas.com

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