Invitation to be a primary dealer in Norwegian government securities
Norges Bank, Government Debt Management, invites Norwegian and foreign investment firms/investment banks which are licensed by their respective national regulatory authorities to apply to be a primary dealer in Norwegian Treasury bills and government bonds. Applications to be a primary dealer may be submitted at any time and will be processed as received. The deadline for applying to be a primary dealer from 1 January 2021, is 2 pm on Friday, 11 December 2020.
The agreement in force from 1 January 2021, with annexes and Master Agreement relating to repurchase agreements are published on www.debtnorway.no.
Primary dealers in Norwegian government securities have the obligation and the exclusive right to participate in auctions of issues or reopenings of the bonds or bills covered by the agreement. Primary dealers may enter into repurchase agreements for government securities from the government’s own stock.
Primary dealers are required to quote prices and volumes for government securities in the interdealer market (the market for trading in government securities between primary dealers). Primary dealers shall furthermore contribute to active sales of the bonds or bills in the primary market and to creating liquidity in the secondary market.
Government Debt Management uses Bloomberg Auction System as auction platform for all government securities and Bloomberg E-Bond as trading platform for the interdealer market.
Applications to be a primary dealer shall be submitted electronically to Norges Bank Government Debt Management at the email address email@example.com. In addition to signed primary dealer agreements, the following shall be attached to the application (see Annex D to the agreement: List of authorisations, contacts etc. Organisational chart):
- An organisational chart or similar overview showing the organisation of primary dealer activities, including the sale of government securities. The chart shall make clear who is authorised to make decisions with direct influence on the entity’s role as primary dealer.
- A complete list of persons in the entity’s organisation who are authorised to enter into repurchase agreements and submit bids at auctions, their email addresses and telephone.
- A signed Master Agreement relating to repurchase agreements if the applicant has not entered into such an agreement previously.