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Overall Ranking: the most active SVTs in 2011

Each year, since 1999, Agence France Trésor (AFT) publishes the league table of the most active primary dealers in French government securities (SVTs). The 2011 league table is the third 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, presence in the secondary market, as well as the qualitative characteristics of their commercial relationship with AFT.

100 points are allocated to all 20 SVTs active in 2011, 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 points (i.e. 100 points divided by 20 primary dealers) for 2011 are as follows, in descending order:

1 BNP Paribas
2 Barclays Capital
3 Société Générale
4 Morgan Stanley
5 Natixis
6 HSBC
7 Crédit Agricole
8 Royal Bank of Scotland
9 UBS
10 Deutsche Bank

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 Morgan Stanley
2 BNP Paribas
3 Société Générale
4 Barclays Capital
5 Crédit Agricole
6 HSBC
7 Natixis
8 Deutsche Bank
9 UBS

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 Natixis
5 HSBC
6 Morgan Stanley
7 Royal Bank of Scotland
8 Crédit Agricole
9 Citigroup

Finally, for the quality of services provided as primary dealers, the institutions which obtain an above-average score according to this criterion are:

1ex Société Générale
1ex BNP Paribas
3 Barclays Capital
4ex Natixis
4ex HSBC
6ex UBS
6ex Morgan Stanley
8ex Royal Bank of Scotland
8ex Deutsche Bank
8ex Crédit Agricole
11 JP Morgan
12 Citigroup

Press contact:

Tân Le Quang
+33 1 4004 1550
+33 6 7224 0388

MAJ : 30 Jan. 2012