25 February 2021: 2020 League table of the most active primary dealers (SVTs)

Overall Ranking: the most active SVTs in 2020

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. J.P. Morgan
4. Crédit Agricole
5. Société Générale
6. Citigroup
7. Deutsche Bank
8. Barclays
9. BofA Securities Europe SA
10. Nomura

Primary, secondary and qualitative rankings

Primary market

For the participation in auctions and buybacks, the 2020 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. Citigroup
7. BofA Securities Europe SA
8. Barclays
9. Goldman Sachs
10. Nomura

Secondary market

When it comes to each primary dealer activity in the secondary market, the 2020 ranking of the top 10 institutions is as follows:

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

Finally, for the quality of services, provided as primary dealers, the top 10 for the 2020 ranking is as follows:

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

Information:
+33 1 40 04 15 50