As Easter Monday approaches, Christians around the world observe Good Friday, a day that commemorates the crucifixion of Jesus Christ. In 2025, Good Friday falls on April 18. While this day is no longer an official holiday in France since the 19th century, it still leads to the closure of stock exchanges in Europe and the United States, according to BFM Bourse.
Historically, during the Middle Ages, religious authorities prohibited physical markets, especially around churches, to preserve the sanctity of the day and prevent commercial activities on the anniversary of Christ's crucifixion. This tradition has persisted over the centuries.
When the Bourse de Paris opened at the Palais Brongniart in 1826, Good Friday was still a recognized holiday in France. Although today it is a working day in most of the country, the departments of Alsace-Moselle continue to officially celebrate the day.
Notably, all stock market closures in France are linked to Christian religious events, except for May 1, which is Labor Day. Arthur Cashin, a prominent figure at the New York Stock Exchange, has noted that Wall Street has closed on Good Friday since at least 1864, although this practice likely predates the official establishment of the NYSE in 1792 when 24 brokers signed the Buttonwood Agreement.
Interestingly, there were exceptions in the late 19th and early 20th centuries when trading continued on Good Friday. Specifically, on April 8, 1898, April 13, 1906, and March 29, 1907, the stock exchange authorities decided to allow trading for unknown reasons. However, it is believed that trading activity was minimal, leading to a return to the tradition of closure.
Meanwhile, other countries, such as Norway, have even stricter policies. The Oslo Stock Exchange, which is part of Euronext, closes from Wednesday afternoon until Friday evening, including Holy Thursday, Good Friday, and Easter Monday. While trading on Wall Street will resume on Monday, April 21, 2025, Paris will not reopen until Tuesday, April 22, giving investors an extra day to rest.
Good Friday is considered a "mobile" holiday, meaning its date changes each year, unlike fixed holidays like July 14. It is recognized by various Christian denominations, including Catholics, Protestants, and Orthodox Christians.
Despite its religious significance, Good Friday has not acquired the same secular traditions as Christmas. While many people exchange gifts during Christmas, Good Friday remains a day of solemn reflection and observance, lacking the festive activities associated with Easter Monday, such as egg hunts and family picnics.
In conclusion, the observance of Good Friday continues to shape financial practices in various countries, reflecting a blend of historical reverence and modern market operations. As the world gears up for Easter celebrations, the closure of stock exchanges serves as a reminder of the enduring impact of this significant day in the Christian calendar.
