History
History of Lisbon Stock Exchanges

On 1st January 1769, Lisbon Exchange, or more precisely, the Business Man's Assembly is installed in the small tower on the east side of the Praça do Comércio, together with the most important organisations linked to the Capital's trade. Almost one century later the Porto Stock Exchange is created.

On 29th April 1974, all transactions on securities are suspended, including those executed on the exchange, by decision of the National Salvation Committee (Junta de Salvação Nacional). After two years, the Lisbon Stock Exchange bond trading sessions reopen. And on 28th February 1977, the transaction of all the securities listed on the Lisbon Stock Exchange restarts.

On 2nd January 1981, the Porto Stock Exchange trading sessions reopen. The first Public Offer of Sale in Portugal takes place on the Porto Stock Exchange in November 1986 and the first Takeover Bid takes place on the Lisbon Stock Exchange and then in April the Porto Stock Exchange leads the first Privatisation Operation in Portugal, on 27th February 1989. Publication of the Securities Market Code ("Lei Sapateiro"), with the transfer of the Lisbon Stock Exchange and Porto Stock Exchange management and its assets to the respective Exchange Associations takes place on 10th April 1991. On 22nd January 1992, BVP members legally constitute the Porto Stock Exchange Association, a non profitable private association and next on 25th March 1992 BVL members legally constitute the Lisbon Stock Exchange Association, a non profitable private association.

On the 1st June of 1994, Spot transactions on securities are concentrated on the Lisbon Stock Exchange, as a result of a specialisation agreement signed between the Lisbon and Porto Exchange Associations. 20 days after the new Porto Derivatives Exchange is officially inaugurated by the Minister of Finance, beginning, on this date, the trading of futures contracts.

On April 1997, begins the rendering of services for repo operations and in September 1998 begins the rendering of services for securities lending operations. By November 1998, the negotiation of bonds and participation bonds begin to be made in percentage of the nominal value. Consequently, the nominal value is expressed in the currency of the issue.

On 4th January 1999, the transaction of shares and investment trust units is made in Euros. Therefore, all negotiation, quotations, prices and liquidation of operations are made in Euros. An Automatic Securities Lending Facility (SEA) is introduced on October 1999.

On 20th December 1999, the General Meeting of the two existing Exchange Associations took place simultaneously: Lisbon Stock Exchange Association and Porto Derivatives Exchange Association and their merger was decided and the transformation into a joint stock company took place. The new company, resulting from that merger, changed its company name to BVLP (Bolsa de Valores de Lisboa e Porto) - Sociedade Gestora de Mercados Regulamentados, S.A. BVLP was incorporated through a public exchange of stock, becoming, then, responsible for the management of the regulated cash and derivatives markets, as well as the management of other non-regulated markets, as long as duly authorised for this purpose, on the 10th February 2000.

In the beginning of March 2000, there is a change in the cash market regulation, with the introduction of new trading rules, more appropriate to market demands. Decree-Law nº 486/99 revoked, amongst other legal standards, the fundamental diploma on the organisation and running of the Securities Market (Securities Market Code, commonly known as "Shoemakers Law" - "Lei Sapateiro").

On 13th June 2001, takes place the Signature of the Memorandum of Understanding between BVLP and Euronext N.V. and on 13th December 2001, Euronext N.V. and BVLP reach an agreement regarding the financial terms of the "merger".

By the end of January the shareholders accept, by unanimity, the conditions of the "merger" between Euronext N.V. and BVLP.

Then, officially, on 6th February 2002, BVLP changes its business name to Euronext Lisbon. Finally, on 2nd September 2002, Euronext Lisbon members are able to trade all cash market products listed on the markets of Euronext Paris, Amsterdam and Brussels.