27 February 2026: 2025 League table of the most active primary dealers (SVTs)

Overall Ranking: the most active SVTs in 2025

Each year, since 1999, the league table of the most active primary dealers in French government securities is published. The assessment of primary dealership activity takes into account every single aspect of their role: participation at auctions, footprint on the secondary market of the French Treasury securities, as well as the qualitative characteristics of their commercial relationship with AFT. 

A score is allocated to each of the 15 primary dealers, based on a 100-point-total, with a weighting of 45 points for their participation at auctions, 30 points for their presence in the secondary market and 25 points for their qualitative contribution. 

On this basis, the 2025 overall ranking of the top 10 institutions is as follows: 

1. BNP Paribas
2. Société Générale
3. J.P. Morgan
4. Crédit Agricole CIB
5. Morgan Stanley
6. Citigroup
7. HSBC
8. Barclays
9. BofA Securities
10. Deutsche Bank

Primary, secondary and qualitative rankings 

For the participation in auctions and buybacks, on the primary market, the 2025 ranking of the top 10 institutions is as follows: 

1. BNP Paribas
2. Société Générale
3. J.P. Morgan    
4. Morgan Stanley
5. Crédit Agricole CIB
6. HSBC
7. Citigroup
8. Barclays
9. BofA Securities
10. Natwest Markets

When it comes to each primary dealer’s activity in the secondary market, the 2025 ranking of the top 10 institutions is as follows: 

1. J.P. Morgan
2. Morgan Stanley
3. Crédit Agricole CIB
4. Société Générale
5. BNP Paribas
6. Citigroup
7. Deutsche Bank
8. Barclays
9. BofA Securities
10. HSBC

Finally, the 2025 qualitative ranking of the top 10 primary dealers is as follows: 

1. BNP Paribas
2. Société Générale
3. Crédit Agricole CIB
4. Natixis
5. J.P Morgan
6. HSBC
7. Morgan Stanley
8. BofA Securities
9. Citigroup
10. Barclays 

Information:
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