Performance Evaluation of Primary Dealers for 2020

Department 20 – Management of National Debt and Financial Assets
Department 20 – Management of National Debt and Financial Assets

Published

  • Results of Evaluation
  • Primary dealers
  • State Debt

The Ministry of Finance publishes the Performance Evaluation of Primary Dealers in Czech Government Securities for 2020. The results of the evaluation were presented to representatives of primary dealers at the 23rd meeting of the Primary Dealers Committee, which took place by videoconference on 6 January 2021 with regard to current anti-pandemic measures. The results of the evaluation of primary dealers will also be part of The Czech Republic Government Debt Management Annual Report for 2020, which the Ministry of Finance plans to publish on 12 February 2021 in accordance with the calendar of published information.

The methodology for the performance evaluation of primary dealers is defined in the Primary Dealer Agreement for Czech Government Securities, which specifies the rights and obligations of individual members of the primary dealer group in accordance with best international practice and thus provides an institutional framework for cooperation of the Ministry of Finance with financial institutions in financing of the state and state debt management, and is described in detail in The Czech Republic Government Debt Management Annual Report in Annex I. The activity of primary dealers is evaluated quarterly on the basis of the so-called APEI for four consecutive evaluation periods.

All 9 primary dealers were evaluated. Their current list is available on the website of the Ministry of Finance here, and in accordance with the Primary Dealer Agreement for Czech Government Securities a list of the first five top-ranking members of the primary dealer group is published.

Ranking Primary Dealer Points
Overall Evaluation of Primary Dealers
1. KBC Bank NV / Československá obchodní banka, a. s. 76.6
2. PPF banka a.s. 56.1
3. Erste Group Bank AG / Česká spořitelna, a.s. 43.1
4. Société Générale / Komerční banka, a.s. 41.4
5. J.P. Morgan Securities plc / J.P. Morgan AG 31.9
UniCredit Bank Czech Republic and Slovakia, a.s. 31,9

Note: Maximum possible number of points in overall evaluation is 100.

Ranking Primary Dealer Points
Evaluation of Primary Dealers on Primary Market
1. KBC Bank NV / Československá obchodní banka, a. s. 39.3
2. PPF banka a.s. 26.0
3. Erste Group Bank AG / Česká spořitelna, a.s. 24.2
4. Société Générale / Komerční banka, a.s. 23.4
5. UniCredit Bank Czech Republic and Slovakia, a.s. 12.6

Note: Maximum possible number of points in overall evaluation is 55.

Ranking Primary Dealer Points
Evaluation of Primary Dealers on Secondary Market
1. KBC Bank NV / Československá obchodní banka, a. s. 37.3
2. PPF banka a.s. 30.1
3. J.P. Morgan Securities plc / J.P. Morgan AG 19.4
4. UniCredit Bank Czech Republic and Slovakia, a.s. 19.3
5. Erste Group Bank AG / Česká spořitelna, a.s. 18.9

Note: Maximum possible number of points in overall evaluation is 45.

The results of the performance evaluation of primary dealers at the end of the first, second and third quarters of the year will continue to be published only in the Debt Portfolio Management Quarterly Report for the relevant period.