28 February 2020: 2019 League table of the most active primary dealers (SVTs)

Overall Ranking: the most active SVTs in 2019

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. HSBC
3. Crédit Agricole and J.P. Morgan, ex aequo
5. Société Générale
6. NatWest Markets
7. Goldman Sachs
8. Deutsche Bank
9. Barclays
10. Citigroup and Nomura, ex aequo

Primary, secondary and qualitative rankings

Primary market

For the participation in auctions and buybacks, the 2019 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. Goldman Sachs
7. Citigroup
8. Deutsche Bank
9. BofA Securities Europe SA
10. Morgan Stanley

Secondary market

When it comes to each primary dealer activity in the secondary market, the 2019 ranking of the top 10 institutions is as follows:

1. J.P. Morgan
2. BNP Paribas
3. HSBC
4. Crédit Agricole
5. Société Générale
6. NatWest Markets
7. Nomura
8. Deutsche Bank
9. Barclays
10. Morgan Stanley

Finally, for the quality of services, provided as primary dealers, the top 10 for the 2019 ranking is as follows:

1. Crédit Agricole
2. BNP Paribas and Société Générale, ex aequo
4. Natixis
5. HSBC
6. Barclays
7. J.P. Morgan
8. NatWest Markets
9. Deutsche Bank
10. Goldman Sachs and BofA Securities Europe SA, ex aequo

Information:
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