Primary Dealers - Irish Government Bonds

The marketplace for Irish Government bonds

The Irish Government bond market is managed by the National Treasury Management Agency (NTMA). This market is supported by a strong group of primary dealers, consisting mainly of international investment banks which are all member firms of the ISE. The NTMA requires primary dealers to make continuous two-way prices in designated benchmark bonds, in specified minimum amounts and within specified maximum bid-offer spreads.

Becoming a primary dealer 

Firms interested in becoming a primary dealer in Irish Government bonds should consult with the NTMA as to their suitability for becoming a primary dealer.

All primary dealers are required to register as member firms of the ISE. We offer a prompt membership process that can be completed in a short time frame. Please contact us to further discuss your membership requirements.

Current member list

Barclays Bank PlcHSBC France
BNP Paribas S.A.JP Morgan
Cantor Fitzgerald Ireland LimitedMerrill Lynch International
Citigroup Global Markets LimitedMorgan Stanley & Co. International plc
Danske Bank A/SNatWest Markets
DavyNomura International Plc
Deutsche Bank AGSociete Generale S.A.
Goldman Sachs International BankUBS Limited


Admission Fee€12,700
Annual Fee€31,700
Trade ReportingNone*

*Trading members which are also authorised to deal in Irish Government bonds, but not as a primary dealer, will be charged €10 per trade reported to the ISE.


All Irish Government bonds are issue by the NTMA and are listed on the ISE's Main Securities Market.

Primary dealers (and other member firms approved to trade in Irish Government bonds) must submit a daily report of trades in Irish Government bonds and treasury bills to the ISE. 

Electronic trading in Irish Government bonds is available on a number of electronic trading platforms recognised by the NTMA including:

  • EuroMTS
  • BGC Partners Inc
  • BrokerTec

The NTMA may also recognise other platforms from time to time. For further information please refer to the NTMA website.

ISE T7 Release 5.0 Market Parameters for Rules Release 20 (338 KB)

This guide is designed to be read alongside the Rules and includes information related to trading in Irish Government bonds.


Chapter 6 of the Rules outlines the requirements related to trading in Irish Government bonds, with certain other chapters also applying as detailed in section 2.2:

Member Firm Rules - Release 20 effective 17th July 2017 (1,397 KB)

Trading calendar

Irish Government Bond Trading Calendar 2017 (157 KB)

Irish Government Bond Trading Calendar 2018 (43 KB)



Niall Gibney, Head of Traded Market Development at the Irish Stock Exchange, Dublin

Niall Gibney

+353 1 6174272


Conor Miles, Traded Markets Development Manager at the Irish Stock Exchange, Dublin

Conor Miles

+353 1 6174215