21 April 1996: Nomination of primary dealers in treasury repos

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The French Treasury Department would like to announce that, following a new selection procedure, three new institutions have been chosen as "Primary Dealers in Treasury Repos" (SPVT's). The SPVT group is now made up of the following institutions:

Institutions Reuter Page
Banque d'Escompte BEPS
Banque Indosuez ISVU
Banque Nationale de Paris Finance OBNQ
Banque Paribas PBAL
Caisse des Dépôts et Consignations CDCM
Caisse Nationale de Crédit Agricole CNCC
Compagnie Financière de l'Union Européenne et du CIC BUBG
CPR - Intermédiation CPRL
Crédit Commercial de France MCCH
Crédit Lyonnais CLGC
Deutsche Bank France SNC DBVV
JP Morgan et Cie SA MMQU
Louis Dreyfus Finance (Banque) LDCR
Morgan Stanley SA MSPR
Société Générale BSGY

All of the "SVT's" [Primary Dealers in Government Securities] can deal actively in the repo market on French Government Securities. More specifically, the SPVT's role is to take part in the fixing of the daily reference rates, published by the Banque de France. On request and via screens which are updated on a real time basis, they issue quotes on fixed rates repos against BTF, BTAN and OAT general collateral, for standardized amounts and terms ranging from "tomorrow/next" up to three months.

The repo market on French Government Securities constitutes an important segment of the short-term rates markets on the Paris exchange. It witnessed substantial development during 1994, especially during the second half. The volume of monthly fixed rate repo transactions made by the SPVT's increased from FRF 635 billion (in July 1994) to FRF 1560 billion (in December 1994).

In addition, the French Treasury Department would like to confirm that there will be a partial re-selection of the SVT's in January 1996. At such time, the status of the SPVT's will be integrated into the overall status of the SVT's, and the repo market-making activities will naturally be included in the general activity of the SVT's in connection with French Government Securities.