Evaluation of Dealers
Evaluation of Members of Primary Dealer Group
The Primary Dealer´s performance is evaluated based on APEI (Aggregate Performance Evaluation Index) on a quarterly basis. This methodology can be modified based on decision of the Ministry of Finance after the consultation with the primary dealer group in the Primary Dealer Committee meetings. The performance evaluations are communicated to each member of primary dealer group individually, including the value of APEI.
A list of seven best-performing members of primary dealer group is published within the regular Debt Portfolio Management Quarterly Report and The Czech Republic Government Debt Management Annual Report published in the month following the end of evaluation period on the website of the Ministry of Finance.
The maximum evaluation of each Primary Dealer can reach 100 points. This score is calculated on a relative basis. The most successful Primary Dealer in a particular sub-criterion is assigned the maximum number of points. The others Primary Dealers are allocated points proportionally to the performance of the winner. Score is then aggregated over the grid of sub-criteria and Primary Dealers are ranked in the descending order based on the number of points.
| A. Primary market | 55 points | B. Secondary market | 45 points |
|---|---|---|---|
| A.1. Primary Auctions Share - T-Bonds | 30.0 pts | B.1. Quoting Obligations Performance on DETS | 10.0 pts |
| A.2. Dependability | 5.0 pts | B.2. Qualitative Performance on DETS | 10.0 pts |
| A.3. Auction Pricing Strategy | 5.0 pts | B.3. Traded Volume on DETS | 10.0 pts |
| A.4. Auction Participation | 5.0 pts | B.4. Ministry of Finance Market Operations | 10.0 pts |
| A.5. Primary Auctions Share - T-Bills | 10 pts | B.5. Tap Issuance, Buy-Backs and Exchanges Pricing Strategy |
5.0 pts |