1 Country overview
MTS France was established for the purpose of trading French sovereign securities.
The company is governed by a board of directors elected by the shareholders.
Shares are held by MTS S. p. A.
All euro-denominated securities issued by the French government, with maturities ranging from 0 to 50 years are traded on MTS France.
For a full list of available instruments, click here.
2.1 Minimum lots
Two-way quotes, fill-and-kill orders and fill-and-store orders can be formulated for a minimum quantity equal to:
EUR 5 million for BTFs, BTANs, and for OATs whose maturities are inferior or equal to the “10 year” reference benchmark (with exception of “Regular” bonds)
EUR 2.5 million for Variable rate instruments and for OATs whose maturities are superior to the “10 year” reference benchmark (as well as for “Regular” bonds)
EUR 1 million for Strips.
Quantities for Quotes and Orders can be formulated in increments of EUR 0.5 million.
For a list of participants, click here.
3.1 Participant requirements
As defined by the market rules of the SVT Market Committee, a participant has to be SVT (Spécialiste en Valeur du Trésor ) or primary dealer in at least 3 countries of the eurozone in order to be admissible on MTS France.
Currently, 24 institutions participate in the MTS France market: 19 SVT and 5 non-SVT participants.
3.2 Market Making Obligations
Participants do not have any quoting commitments vis a vis MTS France. However, in order to comply with their market-making commitment towards the French Debt Management Agency, each participant is committed to providing two-way proposals for each financial security allocated by the Secretariat to the SVT Market Committee for 5 hours a day as set out in the Market Rules.
Those Financial instruments are assigned in 4 classes:
The “Benchmarks”: reference financial Instruments
The “Liquids”: most liquid financial instruments that are not “benchmarks”
The “Regulars”: financial instruments negotiated with a shorter liquidity
The “Variables”: financial instruments with a variable rate
4 Market Hours
Cash Market Hours (CET)
Pre-Market: 7:30am – 8:00am
Trading Hours: 8:00am – 5:30pm
Market Closed: 5:30pm
Trades on French Government bonds settle at Euroclear France. MTS sends Swift settlement instructions on behalf of both participants to Euroclear France. MTS participants must hold a securities account at Euroclear France directly or indirectly through a custodian.
LCH.Clearnet SA is available as a Central Counterparty (its use is mandatory on MTS France): for CCP transactions MTS sends Swift trade messages on behalf of both participants to LCH.Clearnet SA. The settlement cycle is T+2. The settlement calendar follows the TARGET calendar skipping value date only on TARGET non-business days.
7 Market Data
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7.1 Password protected
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Address: 18, rue du Quatre Septembre - 75002 Paris - France
T: +33 1 70 37 67 05
+ 44 20 7797 4100