23 November 2004: Survey of holders of French government debt securities

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The Survey

For the second consecutive year, IEM-Finance consultancy has carried out an on-line survey of investors who are clients of the French primary dealers (SVTs). This survey, conducted on request of Agence France Trésor (AFT), assesses the quality of commercial relations and the services provided by the SVTs to investors.

The sample, based on lists provided by the SVTs, included 748 individuals of whom 214 responded. The response rate was 28.6%.

Main results of the survey:

  • The ranking of the SVTs mentioned as being the main partners of those surveyed has changed since last year, both for fixed income markets in general, as well as for French Treasury securities.
  • The SVT label and the rating remain the two most important criteria for investors when selecting an investment services provider to conduct business on French Treasury securities. However, the league table published by AFT is now established as a key criterion of selection for nearly a quarter of respondents.
  • When asked about what they see as a high standard of service, clients put the quality of pricing first (83.1%), followed by the quality of information, advice and sales coverage (66.8%), and ensuring confidentiality and compliance (63.6%).
  • For what they consider to be the most important services, close to 80% of clients consider the SVTs to be "good" or "excellent". The 7.4/10 average score of the SVTs is higher than last year and reaches, the best individual score being 8.1/10.
  • For the first time, those surveyed were asked about their use of electronic trading platforms. A third of the respondents carry out from 25% to 75% of their operations on trading platforms, and 15% use them for 75% to 100% of their operations.
  • Finally, 97.7% of clients are "very satisfied" or "satisfied" with the functioning of the French government debt market. This result has also increased since last year (94.1%).

Intermediaries most frequently mentioned by the respondent as their main partner on the French Treasury securities market are, in alphabetical order: Barclays Bank, BNP Paribas, Citigroup, Deutsche Bank, HSBC - CCF, Société Générale.

The results of this survey will be taken into account in the league table for 2004 which will be published by AFT at the beginning of 2005. They will contribute to establishing the qualitative ranking of the SVTs.



Press contact:

Agence France Trésor:
Corinne Dromer