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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 2015

Each year, since 1999, the league table of the most active primary dealers in French government securities (SVTs) is published. The assessment of SVT activity takes into account all aspects of their role: participation in auctions, presence in the secondary market, as well as the qualitative characteristics of their commercial relationship with AFT.

100 points are allocated to all 19 SVTs, with a weighting of 40 for participation in auctions, 30 for presence in the secondary market and 30 for qualitative characteristics.

On this basis, the overall ranking of the top 10 institutions is as follows:
1 BNP Paribas
2 Société Générale
3 Crédit Agricole
4 Barclays
5 JP Morgan
5ex HSBC
7 Morgan Stanley
8 Natixis
9 Nomura
10 Royal Bank of Scotland
10ex Citigroup

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 BNP Paribas
2 Morgan Stanley
3 Crédit Agricole
4 Société Générale
5 HSBC
6 Barclays
7 Natixis
8 JP Morgan
9 Royal Bank of Scotland
10 Citigroup
Secondary market
For activity in the secondary market, the ranking of the top 10 institutions is as follows:
1 BNP Paribas
2 Société Générale
3 JP Morgan
4 Crédit Agricole
5 Barclays
6 Nomura
7 HSBC
8 Morgan Stanley
9 Citigroup
10 Royal Bank of Scotland
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 Barclays
4 Crédit Agricole
5 Natixis
6 HSBC
7 JP Morgan
7ex Morgan Stanley
9 Goldman Sachs
10 Royal Bank of Scotland
10ex Citigroup

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