The momentous start (full marks): the Matif's thrilling account of the futures trading industry

In the post-war period, the financial markets in Paris were relatively undeveloped. However, this began to change with the creation of France's futures market, a significant milestone in the country's financial history.

The initiative for this change came from Pierre Bérégovoy, then a minister, and his chief of staff, Jean-Charles Naouri. They spearheaded the development of the futures market, aiming to provide a platform for the trading of financial instruments.

During this time, the regulation of financial markets was still in its infancy. The allocation of rights for issuance among companies and the State was managed by a committee at the Treasury, known as the "Komitee am Schatzamt." This committee was responsible for controlling and administering the granting of privileges, ensuring centralized oversight of economic concessions and state revenues.

As France's financing needs increased significantly, approximately 30 to 40 billion francs per year (equivalent to over 180 billion euros in 2011), the Treasury managed a waiting list for issuance of financial instruments. This list was crucial in maintaining order and fairness in the market.

When the State had to present itself for issuance, the market was temporarily dried up. At the Treasury, it was the committee that decided who could issue among companies and the State.

Fast forward to the present day, and Jean-Charles Naouri continues to hold a prominent position, now as the head of the Casino group.

Meanwhile, the derivatives market, a crucial component of modern finance, has seen its own evolution. Regulation of derivatives in France during this period was described as 'à la carte,' offering a certain level of flexibility but also raising concerns about potential loopholes.

Energy derivatives markets, in particular, have clear regulation in theory but are fuzzy in practice. This has led to calls for stricter regulation and oversight, mirroring a global trend as Europe begins to regulate the huge derivatives market.

One notable incident in this regard was the allegation that Deutsche Bank concealed billions in credit derivatives losses. Such incidents underscore the need for robust regulation and oversight in the derivatives market.

Gérard Pfauwadel, a deputy director at the Treasury during these times, later presided over the Matif (France's futures market for financial instruments). His tenure at the Matif marked a significant period in the development of France's financial markets.

In conclusion, the evolution of France's financial markets has been marked by significant changes and challenges. From the creation of the futures market to the regulation of derivatives, the journey has been one of growth, learning, and adaptation. As the financial landscape continues to evolve, it is crucial to maintain robust regulation and oversight to ensure a fair and stable market for all participants.