Primary Dealers

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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 surrounding 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, CSDR 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).

Government Bond Data Report







Victoria Webster

Managing Director, Fixed Income

Rupert Warmington

Senior Fixed Income Advisor, Capital Markets

Anastasios Charalampous

Associate, Fixed Income