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The Survey
For the third year, IEM-Finance consultancy has carried out an on-line survey of investors who are clients of the French primary dealers (“Spécialistes en Valeurs du Trésor” or “SVTs”). The survey, conducted on request of Agence France Trésor (AFT), assesses the quality of commercial relations and the services provided by the SVTs to investors. In 2005, 296 investors answered the survey as compared with 214 in 2004, a 38% increase. These investors were located in 33 different countries as compared to 19 countries in 2004.
Main results
- Intermediaries most frequently mentioned by the respondent as their main partner on the French Treasury securities market are, in order: BNP Paribas, Société Générale, Barclays Bank, Deutsche Bank, HSBC.
- Being a primary dealer in France remains the most important criterion (68.8% of respondents) for investors when selecting an investment services provider to conduct business on French Treasury securities. The importance of the league table published by AFT continues to increase. In 2005, it is considered an important or very important criterion by more than a quarter of respondents.
- When asked about what they see as a high standard of service, clients put first the quality of pricing (83.3% of respondents), followed by the quality of information, advice and sales coverage (58.6%).
- The average mark attributed to SVTs has increased again in 2005, with an average mark of 7.3/10 for the quality of information, advice and sales coverage and an average mark of 7.5/10 for the quality of research. The average mark is stable (7.4/10) for the quality of pricing. Investors value the role of SVTs and a majority of them find the services provided by SVTs “good” or “excellent”. The range of the marks attributed is narrower than in 2004.
- For the first time, those surveyed were asked about their expectations vis-à-vis a sovereign issuer like AFT. The two criteria considered most important by respondents are liquidity (85.4%) and transparency (70.8%).
- Those investors who use electronic trading platforms do so for an increasing proportion of their transactions. 38.1% of respondents carry out more than half of their operations on electronic platforms, as compared to 31% in 2004.
- Finally, 93% of clients are “very satisfied” or “satisfied” with the functioning of the French government debt market.
The results of this survey will be taken into account in the league table for 2005 which will be published by AFT at the beginning of 2006. They will contribute to establishing the qualitative ranking of the SVTs.
Press Contact:
Agence France Trésor
Corinne Dromer
+331 4004 1550