13 December 2013: Survey: primary dealers as perceived by investors

This page is an archive, only available in English and French.

IEM Finance undertook its eleventh online survey with the French primary dealers’ clients (SVTs) from October 15th to November 15th, 2013. This survey aims to assess both the quality of commercial relations and services provided by primary dealers to their clients, and the clients’ opinion on the functioning of the French government debt market.

In 2013, 324 primary dealers’ clients filled out the questionnaire compared to 305 in 2012. The response rate is 31.4%.

Main results of the survey: 

1- The French government debt market:

  • The proportion of investors who declare to be “very satisfied” or “satisfied” with the functioning of the French government debt market increases slightly in 2013 to reach 95.2% compared to 94.4% in 2012.
  • The liquidity of securities issued by the Agence France Trésor (AFT) is particularly appreciated: BTAN and OAT liquidity is the most appreciated by investors who are 95.8% to be “very satisfied” or “satisfied” (compared to 91.1% in 2012). The proportion of investors satisfied with the BTF liquidity also increases to 74.2% compared to 73.2% in 2012.
  • Regarding the strategy of the AFT to introduce more flexibility in the choice of securities to be issued, often proposing off-the-run securities, the proportion of investors who gave their opinion and declared to be “very satisfied” or “satisfied” remains very high at 94.2% compared to 96.4% in 2012.
  • The proportion of investors who were in contact with the AFT in the last 12 months rose again in 2013 to 27.7%.

2- Primary dealers - SVTs:

  • On fixed income market in general, the five top-ranked primary dealers most frequently mentioned by investors as being their main partner are:


2013   2012
1 – Barclays   1 – Barclays
2 – BNP Paribas   2 – BNP Paribas
3 – Citigroup   3 – Deutsche Bank
4 – JP Morgan   4 – Citigroup
4 – Morgan Stanley   5 – HSBC
  • On the French government bond market, the five top-ranked primary dealers most frequently mentioned by investors as being their main partner are:


2013   2012
1 – BNP Paribas   1 – BNP Paribas
2 – Société Générale   2 – Barclays
3 – Barclays   3 – Société Générale
4 – Natixis   4 – Natixis
5 – Crédit Agricole   5 – Citigroup
5 – HSBC    
  • The most important criterion when selecting an intermediary is whether the intermediary is a primary dealer or not. The perceived importance of this factor continues to increase with 69.4% of investors who consider it as “very important”. The League Table of the most active primary dealers published by the AFT remains the second most important factor when selecting financial intermediaries.
  • Investors gave their opinion on the importance they attached to the quality of different services offered by the primary dealers:
  • The pricing is once again considered to be the most important and the proportion of investors considering it “very important” increases significantly from 85.5% in 2011 to 89.6% in 2013.
  • The information, advice and sales coverage remain the second most important service and is considered “very important” by more than half of the investors (54.5% compared to 52.9% in 2012 and 50.4% in 2011).
  • The perceived importance of research increases slightly with 43.5% of investors who judge it as “very important”.
  • The back / middle office remains the least significant service and its importance continues to gradually decline; less than a quarter of the investors (23.8%) consider it "very important".
  • The average marks obtained by primary dealers decrease slightly for two services: the information, advice and sales coverage on the one hand (7.3/10) and the research on the other hand (7.4/10). The quality of pricing is better assessed by investors than in 2012 with an average mark increasing to 7.3/10 just above the level observed in 2010. Research remains the best ranked service.


Contact presse :
Tân Le Quang
+33 1 4004 1550
+33 6 7224 0388