Primary dealers classification

Overall Ranking: the most active SVTs in 2023


Each year, since 1999, the league table of the most active primary dealers in French government securities (Spécialistes en Valeurs du Trésor - SVTs) 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 40 points for their participation at auctions, 30 points for their presence in the secondary market and 30 points for their qualitative contribution.

On this basis, the top 10 for the overall ranking is as follows:

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

Primary, secondary and qualitative rankings

Primary market

For the participation in auctions and buybacks, the 2023 ranking of the top 10 institutions is as follows:

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

Secondary market

When it comes to each primary dealer’s activity in the secondary market, the 2023 ranking of the top 10 institutions is as follows:

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


Finally, for the quality of services provided as primary dealers, the top 10 for the 2023 ranking is as follows:


     1. BNP Paribas et Société Générale ex aequo
     3. Crédit Agricole CIB
     4. HSBC
     5. J.P. Morgan
     6. Citi
     7. Natixis
     8. BofA Securities
     9. Morgan Stanley
   10. Deutsche Bank