The Paris Administrative Court of Appeals, in decision no.95-184 dated April 9, 1996, ruled that brokerage fees earned by stockbrokers (societes de bourse since the Law of January 22, 1988) for orders placed on the forward market must be apportioned at the time of the settlement of the transactions. Indeed, the Court considers that stockbrokers guarantee their clients the proper completion of an order by delivering the securities and paying the capital.
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