Primary dealers classification

Overall Ranking: the most active SVTs in 2021

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 SVTs, 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. Crédit Agricole

3. J.P. Morgan

4. HSBC

5. Société Générale

6. Citi

7. Deutsche Bank

8. Barclays

9. BofA Securities

10. Natixis

Primary, secondary and qualitative rankings

Primary market

For the participation in auctions and buybacks, the 2021 ranking of the top 10 institutions is as follows:

1. BNP Paribas

2. HSBC  

3. Crédit Agricole

4. J.P. Morgan  

5. Société Générale

6. Citi

7. Barclays

8. BofA Securities

9. Deutsche Bank

10. Natixis

Secondary market

When it comes to each primary dealer activity in the secondary market, the 2021 ranking of the top 10 institutions is as follows:

1. BNP Paribas

2. Crédit Agricole

3. J.P. Morgan

4. Deutsche Bank

5. Citi

6. Société Générale

7. HSBC

8. Morgan Stanley

9. Nomura

10. Goldman Sachs

Finally, for the quality of services provided as primary dealers, the top 10 for the 2021 ranking is as follows:

1. BNP Paribas

2. Société Générale

3. Crédit Agricole

4. Natixis

5. J.P. Morgan

6. Citi

7. Barclays

8. HSBC

9. Deutsche Bank

10. BofA Securities