AMF Analysis of French Equity Market Participants (2019-2024)

AMF France News

Published March 9th, 2026

Detected March 18th, 2026

Summary

The AMF has published an analysis of participants in the French equity market between 2019 and 2024. The report details changes in participant typology and investment behaviors, noting a stable overall structure despite shifts influenced by regulatory developments and Brexit.

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What changed

The Autorité des marchés financiers (AMF) has released an analysis detailing the typology and investment behaviors of participants in the French equity market from 2019 to 2024. The report indicates that while the overall structure of market participants has remained stable, Brexit caused a reduction in the AMF's visibility over certain actors, which has since been partially restored through a bilateral agreement with the FCA in June 2024. Asset managers are identified as the leading participants, though their behavior shifted to a net selling stance on French equities since 2022 due to fund outflows, portfolio reallocation towards US equities, and other factors.

This analysis provides insights into market dynamics and participant strategies. While no immediate compliance actions are mandated by this notice, market participants, particularly asset managers and financial advisers, should be aware of the trends and behavioral shifts identified. The AMF's enhanced visibility over market actors following the FCA agreement may lead to increased scrutiny or future regulatory adjustments based on these findings.

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09 March 2026
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The AMF analyses the typology of participants on the French equity market over the past five years.

Over the last few years, the structure of the French equity market has evolved significantly, driven by a combination of regulatory developments, the effects of Brexit, and broader structural shifts. In this context, the Autorité des marchés financiers (AMF) has examined, over the period 2019-2024, changes in the typology of participants in the French equity market, as well as the evolution of their investment behaviours.

As part of its market surveillance activities, and in order to gain a clearer understanding of market dynamics, the AMF has analysed the distribution of the various categories of participants in the French equity market, as well as changes in their flows and investment strategies over the past five years.

An overall stable participant structure, despite changes in behaviour.

The typology of market participants has remained relatively stable since 2019, although Brexit constituted a structural break by significantly reducing the AMF’s visibility over certain categories of actors. The signing, in June 2024, of a bilateral agreement with the Financial Conduct Authority has, however, enabled the AMF to restore its visibility over these participants.

Asset managers stand out as the leading category of participants taking long or short positions on the French equity market. However, their behaviour has evolved since 2022, from which point they adopted a broadly net selling stance on French equities. This shift is primarily attributable to three factors: net outflows affecting French and European funds, a significant and sustained reallocation of portfolios towards US equities, and geographical and sectoral arbitrage decisions that have been unfavourable to French equities.

Furthermore, the study emphasises the prominent role of banks in market flows. This predominant position derives from their business model, which combines client intermediation activities with proprietary trading operations. In 2024, banks accounted for nearly 63% of the amount traded on French equities.

Evolution of buy-side flows and the countercyclical role of retail investors

Among the notable evolutions, issuers now emerge as major buyers on the French equity market. Supported by the recovery and intensification of share buyback programs since 2021, their contribution to buy-side flows in 2024 surpasses that of retail investors.

The market share of retail investors in trading activity has stabilised since 2022, after having risen sharply during the COVID period. Over the analysis period, retail investors exhibited countercyclical behaviour, playing a stabilising role during market downturns, both at the level of the CAC 40 and individual stocks. Furthermore, large-cap CAC 40 companies continue to be preferred: in 2023 and 2024, LVMH, TotalEnergies, and BNP Paribas stand out as the most traded stocks by retail investors, without a clear net directional bias.

Keywords
- Asset management
- Post-trading infrastructures