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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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Primary dealers classification  
Overall Ranking: the most active SVTs in 2016

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 in auctions, footprint on the secondary market, as well as the qualitative characteristics of their commercial relationship with AFT.

100 points are allocated to all 18 SVTs, with a weighting of 40 points for their participation in 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 Société Générale
4 JP Morgan
5 Crédit Agricole
6 Barclays
7 Morgan Stanley
8 Citigroup
9 Natixis
10 NatWest Markets1
1 The Royal Bank of Scotland’s new business name since December 2016

Primary, secondary and qualitative rankings

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


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

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

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

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



Primary dealers classification historical data:
League table 2015 of the most active primary dealers (SVT)
League table 2014 of the most active primary dealers (SVT)
League table 2013 of the most active primary dealers (SVT)
League table 2012 of the most active primary dealers (SVT)
League table 2011 of the most active primary dealers (SVT)
League table 2010 of the most active primary dealers (SVT)
League table 2009 of the most active primary dealers (SVT)
League table 2008 of the most active primary dealers (SVT)
League table 2007 of the most active primary dealers (SVT)
League table 2006 of the most active primary dealers (SVT)
League table 2005 of the most active primary dealers (SVT)
League table 2004 of the most active primary dealers (SVT)
League table of the most active SVTs in 2003
League table of the most active SVTs on the primary market in 2002
League table of the most active SVTs on the primary market