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.
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
Bank of Nova Scotia
Crédit Agricole CIB
Goldman Sachs International
J.P. Morgan Chase Bank, NA
Morgan Stanley & Co. International plc
Charles Henri Baubigeat
Rabobank International UK
David Lopez del Hoyo