Primary dealers (SVTs) are the market counterparties of choice for Agence France Trésor and the Caisse de la dette publique. Their role is to advise and assist AFT on matters related to issuance policy and debt management, as well as on questions of a more general nature with regard to the workings of the market.

The composition of the SVTs has evolved over time. From thirteen in February,1987, their number has gradually swelled to adequately represent the diversity of the institutions active in the French government bond market. SVTs include large banking networks and capital market specialists, as well as organizations based in France and abroad. Four French institutions and 16 non-resident institutions count among the SVTs. The latter included seven North American organizations, one Japanese and eight European banks. They rank among the biggest players in the global bond markets. The makeup of the SVTs reflects the diversity of the French government debt market and the lasting appeal of the “label” that guarantees the quality of the SVTs.


Primary dealers (SVTs) are subject to certain obligations, which include participating in auctions, placing treasury securities and maintaining a liquid secondary market. Agence France Trésor maintains the relationships with them required in the furtherance of their stated missions. These specifications drawn up for the first time in 1986, were the subject of further discussions with the SVTs. They led to the development of a charter of the relationship with Agence France Trésor which seeks to fully reflect the implications of the establishment of the Agency and changes in bond market trading activities.

Under the terms of the charter, French primary dealers are obliged to ensure the following :

• smooth progress of primary issuances;
• greater liquidity of the secondary market for French Treasury securities and maintenance of their status as the most liquid securities of the euro area;
• promotion of euro-denominated fixed-income markets in general and of French Treasury securities in particular;
• ongoing supply of high-quality advisory services to AFT and more broadly to the French Ministry in charge of the economy as regards the policies governing issuances, debt management, promotion of the State's credit quality, hedging of the State's financial risks, regulation of fixed-income markets and management of public finance;
• mechanism allowing for an objective and transparent assessment of services supplied.