Primary Dealers

Primary Dealers

The Primary Dealers board monitors developments in regulation, policy and market structure that affect the rates markets and formulates industry-wide responses to these developments.

The Primary Dealers board addresses developments affecting the European government bond market specifically and aims to build consensus within the industry and acts as a bridge between financial market participants and policymakers. AFME advocates with relevant stakeholders in the European debt markets, including institutions such as the European Commission, the European Central Bank, ESMA, European sovereign debt management offices and ministries of Finance.

The board consists of the heads of government bond trading, or their representatives, of Europe's top 27 Primary Dealers in sovereign debt.

Primary Dealers board priorities

  • Continue to provide active technical input into the MiFID process
  • Produce educational and technical documents to explain the issues surround Europe's governement bond markets
  • Actively participate in industry events which focus on rates issues
  • Monitor developments in other regulations which could impact rates trading, including short selling and others
  • To maintain liquidity in national government bond markets that are under stress;

To educate public/press/regulators on the (importance of the) role of the market maker in government bonds within the financial system, and execute the two main Rates annual events (European Government Bonds conference and the DMO offsite event).

European Primary Dealers Handbook

The AFME/Primary Dealers handbook is an invaluable reference work for European government bond market participants, as well as policymakers and journalists. The handbook offers a detailed description of the infrastructure of the primary and secondary markets of 16 European countries and the organisation of each of their primary dealer systems.

Download the full AFME European Primary Dealers handbook.

Download the Primary Dealers list for the counterparty type definitions under the HRF

Data reports

These reports provide a comprehensive data source with updated statistics of the Government bond primary and secondary markets in Europe (EU28). The reports collate the latest trends of government bond trading volumes, issuance and auctions performance, number of primary dealers, credit quality, and valuations. 

Primary dealers board

  • Zoeb Sachee, Co-Chair


  • Natacha Hilger, Co-Chair

    Deutsche Bank AG

  • Emanuele Caloia, Co-Chair

    Jefferies International Limited

  • Nils Kostense


  • Stefan Auerweck


  • Andrea Puricelli

    Banca IMI

  • Torsten Ruediger

    Bank of Nova Scotia

  • Sarah Kiveal


  • Miguel Monzon


  • Frederic Lasry

    BNP Paribas

  • Mark Andryeyev

    Commerzbank AG

  • Pierre Blandin

    Crédit Agricole CIB

  • Dierk Pagenstert

    Danske Markets

  • Garry Naughton

    Goldman Sachs International

  • Franck Darlay


  • Bernard Delcour


  • Richard Gustard

    J.P. Morgan Chase Bank, NA

  • Hemish Shah

    Morgan Stanley & Co. International plc

  • Charles Henri Baubigeat


  • Geert Kesteleyn

    Rabobank International UK

  • Antoine Imbert


  • David Lopez del Hoyo


  • Marc Billy

    Société Générale

  • Eelis Niemeläinen

    UBS AG

  • Giorgio Murgia

    UniCredit Corporate & Investment Banking