Trading forward: The Paris Bourse in the nineteenth century
研究发现，尽管法律禁止远期交易，19世纪末的巴黎证券交易所却因远期交易而高度流动，交易量达法国GDP的四倍。该交易所的行会组织在合法化这些操作中起关键作用，1885年的合法化法案开创了证券法新领域。
Contrary to what law and finance theory would predict, the Paris Bourse was highly liquid at the turn of the twentieth century: the traded volumes amounted to four times the French GDP. This magnitude was mainly due to forward trading. The Bourse had developed as a forward market, despite a ban on forward transactions. The guild-like body running the Bourse played a key role in legitimizing and legalizing these operations, previously equated with gambling. The 1885 legalizing act initiated a new field of law (‘securities law’) and paved the way for the heyday of the Paris Bourse.