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IEM Finance has carried out the eighth on-line survey of investors, who are clients of the French primary dealers (SVTs), from October 11, 2010 to November 5, 2010. This survey, conducted on behalf of the Agence France Trésor (AFT), aims at assessing the quality of commercial relations and services provided by SVTs to their clients.
No party, not even the AFT, has any access to nominative answers other than IEM Finance.
In 2010, 342 people answered the questionnaire.
Main results of the survey:
- Among the five most frequently mentioned SVTs as being the main partner of those surveyed on fixed income markets in general, Barclays Capital has remained in first position since 2007. Citigroup, which appeared in the list of the five top-ranked SVTs in 2009, rose to second position this year and HSBC appeared in third position. Lastly BNP Paribas and JP Morgan remained present in this leading group (since 2003 for BNP Paribas and since 2005 for JP Morgan).
- Regarding the French Treasury securities market BNP Paribas has remained since the beginning of the survey in 2003 in first position in the ranking of the five SVTs who are the most frequently cited as being the first partner of those surveyed. The ranking of other SVTs only slightly changed compared to 2009. ( 1 - BNP Paribas ; 2 - Barclays Capital ; 3 - Société Générale ; 4 - HSBC ; 5 - Crédit Agricole - CIB).
- The fact of being a SVT remains the most important criterion when investors select an intermediary despite a slight decrease observed in 2010. The League Table published by the AFT gained in importance, and even reached its highest level since the launch of the survey in 2003, whereas the importance of the League Tables published by main financial media decreased.
- Asked what they expect from a high degree of service, clients still rank first the quality of pricing despite a slight decrease in 2010. The proportion of those surveyed who consider it as “very important” decreased from 88.8% in 2009 to 85.8% in 2010. A decrease was also observed on the importance attached to the quality of research for the fourth consecutive year (36.1% against 38.6% in 2009) as well as on the importance attached to the quality of back/middle office (28.3% in 2010 against 30.2% in 2009). On the contrary, the proportion of those surveyed who consider the quality of information, advice and sales coverage as “very important” increased significantly in 2010 (56% against 51.9% in 2009).
- The ranking of the five intermediaries most frequently cited for the information coverage on products issued by the French government does not differ much from previous years. HSBC appears in the list in fourth position. Other SVTs are in increasing order: BNP Paribas, Barclays Capital, Société Générale and Crédit Agricole.
- The average score obtained by SVTs increased compared to last year for the quality of information, advice and sales coverage (7.3/10) and for the quality of research (7.4/10). It remained constant for the quality of pricing (7.3/10).
- As in previous surveys, the majority of clients (96%) are "very satisfied" or "satisfied" by the functioning of the French government debt market.
- On all products issued by French Government, a significant improvement of perceived liquidity was observed in 2009 and 2010. A great majority of investors found liquidity on BTF, BTAN, OAT and OATi/OATei “very satisfactory” or “satifcatory”: respectively 73%, 93.9%, 96.4% and 55.8%, compared to 65.7%, 92.2%, 95.3% and 43.8% in 2009.
- Finally, regarding the strategy of AFT to introduce more flexibility in the choice of securities to be issued, often proposing off-the-run securities, the great majority of clients (72.8%) were very satisfied or satisfied. 20.9% of those surveyed didn't give their opinion.
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