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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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14/02/2005 : League Table 2004 of the most active primary dealers (SVT)  

Overall Ranking: the most active SVTs in 2004

One hundred points are allocated to all 21 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 institutions that have obtained a score above the theoretical average of 4.76 points (i.e. 100 points divided by 21 primary dealers) for 2004 are as follows, in descending order: 

1. BNP Paribas 
2. Deutsche Bank 
3. HSBC-CCF 
4. Barclays Capital 
5. Société Générale 
6. Citigroup 
7. IXIS CIB 
8. ABN AMRO
9. Calyon.
 


Primary, secondary and qualitative rankings

For the participation in auctions and buybacks, the institutions who obtain a score above the average according to this criterion are: 
1. BNP Paribas
2. HSBC CCF
3. Citigroup
4. Deutsche Bank
5. Ixis CIB
6. JP Morgan 
7. Royal Bank of Scotland 
8. Société Générale 
9. Calyon 
10. ABN Amro.
 

For activity in the secondary market, the top three institutions are
1. Deutsche Bank 
2. Barclays Capital 
3. BNP Paribas.


Finally, for the quality of services carried out as primary dealers, the top three institutions are: 
1. Deutsche Bank
2. BNP Paribas 
3. HSBC CCF.
 


Each year, since 1999, the league table of the most active primary dealers in French government securities (SVTs) is published. This league table was modified in July 2003, in accordance with the principles defined in the new charter. Under this charter, the assessment of SVT activity now takes into account all aspects of their role: participation in auctions and, with a smaller weighting, presence in the secondary market, as well as the qualitative characteristics of their commercial relationship with AFT. In particular, the qualitative aspects include the results of the survey carried out among holders of French government securities commissioned by the AFT, made public on November 23, 2004. 


Press contact: 
Agence France Trésor 
Corinne Dromer: 33.1 4004 1550





MAJ : 18 Feb. 2005