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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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28/01/2010 : League table 2009 of the most active primary dealers (SVT)  

Overall Ranking: the most active SVTs in 2009
100 points are allocated to all 18 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 5.5 points (i.e. 100 points divided by 18 primary dealers) for 2009 are as follows, in descending order:

1 BNP Paribas
2 Barclays Capital
3 Société Générale
4 HSBC 
5 Royal Bank of Scotland
6 Calyon
7 Deutsche Bank 
8 JP Morgan
9 Natixis

Primary, secondary and qualitative rankings
For the participation in auctions and buybacks, the institutions which obtain an above-average score according to this criterion are: 
1 BNP Paribas
2 Société Générale 
3 Calyon
4 HSBC
5 Deutsche Bank
6 Barclays Capital
7 Royal Bank of Scotland
8 Natixis
9 Crédit Suisse

For activity in the secondary market, the institutions which obtain an above-average score according to this criterion are: 
1 Barclays Capital 
2 BNP Paribas 
3 Société Générale
4 HSBC 
5 Royal Bank of Scotland 
6 JP Morgan 
7 Calyon


Finally, for the quality of services provided as primary dealers, the institutions which obtain an above-average score according to this criterion are:
1 Société Générale
2 Barclays Capital
3 HSBC
4 Royal Bank of Scotland 
5ex BNP Paribas 
5ex Deutsche Bank
7ex Calyon
7ex Crédit Suisse
7ex JP Morgan
7ex Natixis
11 UBS



Each year, since 1999, the league table of the most active primary dealers in French government securities (SVTs) is published. The 2009 league table is the first based on the new SVT charter, published in June 2009. 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.


Press contact:
Pierre Salaun
+33 1 4004 1550
+33 6 7224 0388





MAJ : 27 Jan. 2010