Davy Stockbrokers, after being dropped from the list of primary dealers in 2021 following a market rule breach, has been reinstated by the National Treasury Management Agency (NTMA). The brokerage firm will now be able to bid on government bond issuances and act as a market maker on electronic trading platforms.
The National Treasury Management Agency ( NTMA ) has once again mandated Davy Stockbrokers to act as a primary dealer in Irish government bonds. This comes after the NTMA dropped Davy from the list of financial firms allowed to act as market maker s in bond auctions in 2021. The decision followed a record fine imposed by the Central Bank of Ireland on Davy for breaching market rules.
Davy was found to have acted as both broker and buyer in selling Anglo Irish Bank bonds owned by a client, Belfast businessman Paddy Kearney, to a consortium of 16 staff including top executives, without informing him or the firm's own compliance team of their involvement. The regulator concluded that Davy acted 'in a reckless manner' by failing to identify and manage a potential conflict of interest. Following the incident, Bank of Ireland agreed to purchase most of Davy's business later in 2021. The firm now operates as a subsidiary within the banking group. In a statement, the NTMA said Davy would be recognized as a primary dealer from February 28th next, allowing it to bid in the issuance of government bonds and bills and act as market makers on the major electronic trading platforms. The NTMA noted that the 15 primary dealers include Barclays Bank Ireland, BNP Paribas, Bank of America Securities Europe, Cantor Fitzgerald Ireland, Citibank Europe, Danske Bank, Deutsche Bank, Goldman Sachs Bank Europe, Goodbody Stockbrokers, HSBC France, JP Morgan, Morgan Stanley Europe, Nomura Financial Products Europe and NatWest Markets. The NTMA secured over €36 billion of orders from international investors last month for €3 billion of bonds it put up for sale. The bonds, which are due to mature in 30 years' time, were priced to carry an interest rate – or yield – of 3.154 per cent. 'Today's 30-year bond transaction demonstrates continuing strong investor appetite for Irish Government bonds,' said Dave McEvoy, director of funding and debt management at the NTMA.
Davy Stockbrokers NTMA Irish Government Bonds Primary Dealer Market Maker
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