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Agence France Trésor (AFT) has published the league table of the most active primary dealers in French government securities (SVTs) in 2003. This league table has been established following the principles defined in the charter which covers the commercial relationship between the SVTs and AFT, discussed in 2003 with the primary dealers and approved by Francis Mer, Minister of the Economy, Finance and Industry.
In accordance with this charter, the assessment of SVT activity now 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. In particular, the qualitative aspects include the results of the survey carried out among holders of French government securities commissioned by the AMTE (Euro-denominated Interest Rate Market Association) and AFT, which were announced on 9th December 2003.
AFT points out that Crédit Suisse First Boston, Nomura and Royal Bank of Scotland have only been included in the list of SVTs since the last selection in July 2003. They are therefore only taken into account in the ranking on the basis of their activities in the second half of the year.
Overall Ranking: the ten most active SVTs in 2003
One hundred points are allocated to all 22 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 ten institutions that have obtained a score above the theoretical average of 4.55 points (i.e. 100 points divided by 22 primary dealers) for 2003 are as follows, in descending order:
1. BNP Paribas
2. Deutsche Bank
3. Barclays Capital
4. Crédit Agricole Indosuez
5. Société Générale
6. Goldman Sachs
7. ABN-Amro
8. CDC Ixis
9. UBS
10. HSBC-CCF
Primary, secondary and qualitative rankings
Up until 2002, the SVT ranking was based only on the participation in auctions and buybacks. In order to provide a comparison between the rankings of 2002 and 2003, we list here in descending order those institutions with a score above the average according to this criterion. These institutions are BNP Paribas, Crédit Agricole Indosuez, Goldman Sachs, ABN Amro, Barclays Capital, Société Générale, Dresdner Bank, Morgan Stanley, Natexis-Banques Populaires, HSBC-CCF and Deutsche Bank.
For activity in the secondary market, the top three banks are Deutsche Bank, Barclays Capital and BNP Paribas
Finally, for the quality of services carried out as primary dealers, the top three institutions are BNP Paribas and Deutsche Bank (sharing first poisition) and then CDC Ixis.
Contacts:
Agence France Trésor
François Naudin
+ 33 (0)1 40 04 15 50
Brunswick
Agnès Catineau/Lucy Wadge
+ 33 (0)1 53 96 83 83
Technical information on the league table
Primary market
The ranking is based on each institution's participation in auctions, reverse auctions and off-market buybacks. Syndicated operations are not taken into consideration. Operations are weighted by duration, with index-linked OATs benefiting from a double weighting. The method used is the same as that employed for league tables in previous years.
Secondary market
The figures taken into account are those transmitted on a monthly basis by the SvTs to AFT. The SVTs report their operations on all electronic markets, plus off-market operations, providing a breakdown by investor type and geographical location.
Extra weighting is given to operations completed with end-investors, as well as those carried out on index-linked OATs and strips. The repos and swaps carried out with AFT are included. In view of the introduction of the new primary dealer Charter, which took effect on 1 July 2003, only the figures for the second half of 2003 have been taken into account for the secondary market ranking.
Qualitative ranking
This ranking is based on the quality of SVT research and market advice, their efforts to promote French government securities, the results of the client survey carried out by AMTE, the primary dealers' contribution to AFT's ongoing projects and on the overall commercial relationship. This represents the annual assessment by the AFT of its relationship with each SVT.
Overall ranking
100 points are allocated to all the SVT, with a weighting of 40% for the primary ranking, 30% for the secondary ranking and 30% for the qualitative ranking.