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Domestic banks lose ground in France's AFT debt agency rankings
February 17, 2017 / 2:25 PM / 10 months ago

Domestic banks lose ground in France's AFT debt agency rankings

    By Maya Nikolaeva
    PARIS, Feb 17 (Reuters) - French banks lost ground in the
2016 ranking of the most active financial institutions on
primary and secondary government debt markets, according to
public debt management agency Agence France Tresor (AFT).
    Banks in Europe have retreated from primary dealing in
government bonds, saying regulatory constraints are adding to
the costs involved.
    BNP Paribas held on to top place in 2016 but lost
ground to HSBC and JP Morgan in the primary and
secondary markets rankings published on Friday.
    Societe Generale and Credit Agricole
also slipped -- the first time since 2013 that France's three
biggest banks had not occupied the top three places in the AFT's
overall, general rankings.
    Primary dealers are appointed by national authorities to buy
bonds in auctions and distribute them to investors in the
secondary market. The reward for banks that participate in
auctions is a mandate for a syndicated deal where they will earn
fees.
      
    Below is the ranking, published on www.aft.gouv.fr   
 General ranking 2016     2015
 1. BNP Paribas          1. BNP Paribas
 2. HSBC                 2. Societe Generale
 3. Societe Generale     3. Credit Agricole
 4. JP Morgan            4. Barclays
 5. Credit Agricole      5. JP Morgan
 6. Barclays             5. ex HSBC
 7. Morgan Stanley       7. Morgan Stanley
 8. Citigroup            8. Natixis
 9. Natixis              9. Nomura
 10. NatWest Markets     10. Royal Bank of Scotland
                         10. Ex Citigroup
 Primary market          2015
 1. HSBC                 1. BNP Paribas
 2. BNP Paribas          2. Morgan Stanley
 3. Morgan Stanley       3. Credit Agricole
 4. Societe Generale     4. Societe Generale
 5. JP Morgan            5. HSBC
 6. Barclays             6. Barclays
 7. Citigroup            7. Natixis
 8. Credit Agricole      8. JP Morgan
 9. Natixis              9. Royal Bank of Scotland
 10. NatWest Markets     10. Citigroup
 Secondary market        2015
 1. JP Morgan            1. BNP Paribas
 2. BNP Paribas          2. Societe Generale 
 3. Societe Generale     3. JP Morgan
 4. Credit Agricole      4. Credit Agricole
 5. HSBC                 5. Barclays
 6. Barclays             6. Nomura
 7. Nomura               7. HSBC
 8. Citigroup            8. Morgan Stanley
 9. NatWest Markets      9. Citigroup
 10. Morgan Stanley      10. Royal Bank of Scotland
 Quality of services     2015
 1. Societe Generale     1. Societe Generale
 2. BNP Paribas          2. BNP Paribas
 3. Credit Agricole      3. Barclays
 4. Barclays             4. Credit Agricole
 5. HSBC                 5. Natixis 
 6. Natixis              6. HSBC
 7. JP Morgan            7. JP Morgan
 8. Morgan Stanley       7. Ex Morgan Stanley 
 9. Goldman Sachs        9 Goldman Sachs 
 10. Citigroup           10 Royal Bank of Scotland 
                         10.ex Citigroup 
                         
    
    

 (Reporting by Maya Nikolaeva; Editing by Ruth Pitchford)
  

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