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Agency France Tresor publishes the second yearly league table of the SVT (primary dealers in the French debt) most active on the primary market.
The ranking on the league table is based on the average participation of each establishment in all the BFT, BTAN and OAT auctions as well as in the buybacks. This average is weighted by duration; it excludes the syndicated operation on the July 2012 OATei as regards both the issuance and the exchange of July 2009 OATis. As a result, the average weighted market shares are reckoned from a total equivalent to EUR96bn of 10-year bonds. AFT recalls that the activity on the primary market is only one of the manifold aspects of SVT activity. Moreover, the differences of market shares are in many cases very thin.
The three new SVT (i.e. Commerzbank, UBM and UBS) have not been ranked because they have taken part in the auctions from the second half of 2001.
The ranking of establishments with a market share exceeding the arithmetic average of 5.55% (i.e. 100% divided by 18 SVT) is, in decreasing order:
- Credit Agricole Indosuez,
- BNP Paribas,
- Morgan Stanley,
- Deutsche Bank,
- JP Morgan,
- Salomon Brothers,
- ABN Amro,
- Crédit Lyonnais,
- Goldman Sachs.