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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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25/01/2006 : League Table 2005 of the most active primary dealers (SVT)  

Overall Ranking: the most active SVTs in 2005

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 2005 are as follows, in descending order:

1. BNP Paribas
2. Barclays Capital
3. Société Générale
4. Deutsche Bank
5. HSBC
6. IXIS CIB
7. Calyon
8. UBS
9. ABN AMRO
10. Credit Suisse
11. JP Morgan

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. Ixis CIB
 3. HSBC
 4. Barclays Capital
 5. Crédit Suisse
 6. Deutsche Bank
 7. ABN AMRO 
 8. Calyon
 9. Royal Bank of Scotland
10. Société Générale
11. Citigroup
12.UBS

For activity in the secondary market the institutions who obtain a score above the average according to this criterion are:

 1. BNP Paribas
 2. Société Générale
 3. Deutsche Bank
 4. Barclays Capital
 5. UBS
 6. Calyon
 7. JP Morgan
 8. HSBC

Finally, for the quality of services carried out as primary dealers, the institutions who obtain a score above the average according to this criterion are:

1. Barclays Capital, Société Générale
3. BNP Paribas, Deutsche Bank , HSBC
6. IXIS CIB
7. Crédit Suisse, JP Morgan
9. ABN AMRO, Merrill Lynch


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 October 31, 2005.

Press contact:
Agence France Trésor
Corinne Dromer: 33.1 40 04 15 50





MAJ : 08 Mar. 2006