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AGENCE FRANCE TRESOR is tasked with managing the government debt and cash positions under the most secure conditions in the interest of the taxpayer.
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20/02/2018 : 2017 League table of the most active primary dealers (SVTs)  
Overall Ranking: the most active SVTs in 2017

Each year, since 1999, the league table of the most active primary dealers in French government securities (spécialistes en valeurs du Trésor - SVTs) is published. The assessment of primary dealership activity takes into account every single aspect of their role: participation at auctions, footprint on the secondary market of the French Treasury securities, as well as the qualitative characteristics of their commercial relationship with AFT.

A score is allocated to each of the 16 SVTs, based on a 100-point-total, with a weighting of 40 points for their participation at auctions, 30 points for their presence in the secondary market and 30 points for their qualitative contribution.

On this basis, the overall ranking of the top 10 institutions is as follows:

1 BNP Paribas
2 HSBC
3 JP Morgan
4 Société Générale
5 Crédit Agricole
6 Barclays
7 Natixis
8 Citigroup
9 NatWest Markets
10 Morgan Stanley


Primary, secondary and qualitative rankings

Primary market
For the participation in auctions and buybacks, the 2017 ranking of the top 10 institutions is as follows:
1 HSBC
2 BNP Paribas
3 Société Générale
4 Crédit Agricole
5 JP Morgan
6 Natixis
7 Citigroup
8 NatWest Markets
9 Morgan Stanley
10 Barclays


Secondary market
When it comes to each primary dealer activity in the secondary market, the 2017 ranking of the top 10 institutions is as follows:

1 JP Morgan
2 BNP Paribas
3 HSBC
4 Barclays
5 Société Générale
6 Crédit Agricole
7 Citigroup
8 NatWest Markets
9 Morgan Stanley
10 Nomura

Finally, for the quality of services , provided as primary dealers, the 2017 ranking of the top 10 institutions is as follows:

1 (tie) Société Générale
1 (tie) BNP Paribas
3 Crédit Agricole
4 HSBC
5 (tie) Natixis
5 (tie) JP Morgan
7 Barclays
8 Morgan Stanley
9 Goldman Sachs
10 NatWest Markets

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