AGENCE FRANCE TRESOR is tasked with managing the government debt and cash positions under the most secure conditions in the interest of the taxpayer.
Home > Publications > Press releases

30/01/2007 : League Table 2006 of the most active primary dealers (SVT)  

Overall Ranking : the most active SVTs in 2006

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 2006 are as follows, in descending order:

1  BNP Paribas
2 Barclays Capital
3 Société Générale
4 Deutsche Bank
7 JP Morgan
8 Natixis*
10 Royal Bank of Scotland
11 Calyon
12 Crédit Suisse
13 Lehman Brothers

Primary, secondary and qualitative rankings

For the participation in auctions and buybacks, the institutions which obtain a score above the average according to this criterion are:

1 BNP Paribas
2 Lehman Brothers
3 Natixis*
4 Royal Bank of Scotland
5 Calyon
7 Société Générale
8 JP Morgan
9 Crédit Suisse
10 Merrill Lynch
11 Barclays Capital
12 Deutsche Bank
14 UBS

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

1 Barclays Capital 
2 BNP Paribas 
3 Société Générale
4 Deutsche Bank 
5 UBS 
6 JP Morgan 
9 Royal Bank of Scotland 

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

1 Natixis*
2ex Deutsche Bank
2ex Société Générale
4ex Barclays Capital
4ex BNP Paribas
4ex HSBC
7ex Crédit Suisse
9ex Calyon
9ex UBS
11 Royal Bank of Scotland


Each year, since 1999, the league table of the most active primary dealers in French government securities (SVTs) is published. The 2006 edition of this league table is the first based on the new SVT charter,, published in June 2006. The assessment of SVT activity 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, including the extent of the institutions' presence in Paris.

* two SVTs, Ixis and Natixis, which have now merged into Natixis, have been treated as two distinct SVTs to produce this league table. Mentions of Natixis in this 2006 league table refers to the performance of the Ixis SVT.

Press  contact 
Corinne Dromer: 
33 1 40 04 15 50
33 6 88 34 07 80 

MAJ : 30 Jan. 2007