When Jean-François Théodore took over as chairman of the Paris Bourse in 1991 it was a basket case, a job that no one in Paris wanted. The bourse was losing money, more than 40% of all French shares were being traded on Seaq International in London and many of the French brokers were struggling or bankrupt.

Many of his peers and friends thought the grande école-educated chef de cabinet at the Tresor, or JFT as he is known, was either foolish or mad.