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 PlcBNP Paribas S.A.
Cantor Fitzgerald Ireland LimitedCredit Agricole Corporate & Investment Bank
Citigroup Global Markets LimitedDanske Bank A/S
Deutsche Bank A.G.Goldman Sachs International Bank
HSBC FranceING Bank NV
DavyJP Morgan
Merrill Lynch InternationalMorgan Stanley & Co. International plc
Nomura International PlcRoyal Bank of Scotland Plc
Societe Generale S.A.UBS Limited

Fees

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.

Trading

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.

Market Parameters (242 KB)

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

Rules

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 17 (370 KB)

Trading calendar

Irish Government Bond Trading Calendar 2014 (34 KB)

Irish Government Bond Trading Calendar 2015 (34.7 KB)

OTHER MEMBERSHIP

CONTACT US

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

Niall Gibney

+353 1 6174272

niall.gibney@ise.ie

 

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

Conor Miles

+353 1 6174215

conor.miles@ise.ie