Antisemitism and the Reform of the Paris Stock Exchange (1893-1898)[L’antisémitisme et la réforme de la Bourse de Paris (1893-1898)]

The reforms of the Paris Stock Exchange between 1893 and 1898 gave rise to manifestations of antisemitism that were very much of their time. Supporters of the stockbrokers' monopoly branded their opponents who participated in the free market (known as coulissiers ) as Jews. Beyond the conservative defense of a privileged guild and its liberal contestation, this episode illuminates two conceptions of the financial market that are still current today. The coulissiers favored liquidity and speed of execution, professional financiers, and international exchanges, potentially at the cost of trading security and equality, and to the detriment of small traders and market stability. The official brokers ( agents de change ) had opposite priorities. The debate was complexified by the emergence of a third, socialist position that rejected both liberal and conservative visions, proposing a public-service stock exchange that would favor transparency and security without benefiting a privileged group. Although this position did not win out, it nevertheless heralded new conceptions of the market economy.