The National Treasury Management Agency (NTMA) announced today that stockbroker Davy is set to rejoin as one of the 15 primary dealers in Irish government bonds. This marks Davy's return after being dropped four years ago following a record fine from the Central Bank for breaching market regulations.
Davy was removed from the NTMA's list in 2021 amid public backlash over a €4.1 million fine. The penalty was imposed after an investigation revealed that 16 of its staff had personally profited from a 2014 deal by taking the opposite side of a transaction with a client without disclosing it to either the client or compliance officials.
Later in 2021, Bank of Ireland acquired most of Davy Stockbrokers. Now, as of February 28, Davy will regain its status as a primary trader, allowing it to participate in the issuance of Irish government bonds and act as a market maker for these bonds on major electronic trading platforms.
The NTMA's list of 15 Primary Dealers includes Barclays Bank Ireland, BNP Paribas, Bank of America Securities Europe, Cantor Fitzgerald Ireland, Citibank Europe, Danske Bank, Davy, Deutsche Bank, Goldman Sachs Bank Europe, Goodbody Stockbrokers, HSBC France, JP Morgan, Morgan Stanley Europe, Nomura Financial Products Europe, and NatWest Markets.
Michael Cummins, Head of Fixed Income at Davy, emphasized the importance of international bond markets in meeting Ireland’s future funding needs and expressed the firm’s commitment to supporting the NTMA in achieving its objectives.
Davy was removed from the NTMA's list in 2021 amid public backlash over a €4.1 million fine. The penalty was imposed after an investigation revealed that 16 of its staff had personally profited from a 2014 deal by taking the opposite side of a transaction with a client without disclosing it to either the client or compliance officials.
Later in 2021, Bank of Ireland acquired most of Davy Stockbrokers. Now, as of February 28, Davy will regain its status as a primary trader, allowing it to participate in the issuance of Irish government bonds and act as a market maker for these bonds on major electronic trading platforms.
The NTMA's list of 15 Primary Dealers includes Barclays Bank Ireland, BNP Paribas, Bank of America Securities Europe, Cantor Fitzgerald Ireland, Citibank Europe, Danske Bank, Davy, Deutsche Bank, Goldman Sachs Bank Europe, Goodbody Stockbrokers, HSBC France, JP Morgan, Morgan Stanley Europe, Nomura Financial Products Europe, and NatWest Markets.
Michael Cummins, Head of Fixed Income at Davy, emphasized the importance of international bond markets in meeting Ireland’s future funding needs and expressed the firm’s commitment to supporting the NTMA in achieving its objectives.
