Market Participants
Market Makers and Inter Dealer Brokers
Gilt-edged Market Makers (GEMMs) are primary dealers in UK government bonds. GEMMs are expected to participate actively in the issuance, distribution, and marketing of gilts and to provide two-way prices to their clients in either conventional gilts, index-linked gilts or both. There are three categories of GEMM: Wholesale GEMMs, Associate GEMMs and Retail GEMMs.
Inter-dealer Brokers (IDBs) act as intermediaries in the gilt market, facilitating anonymous trading between GEMMs. The firms listed below have been acknowledged by the DMO and have demonstrated their ability to provide suitable services and a long-term commitment to the gilt market. Responsibility for the regulation and compliance monitoring of IDBs rests with the firms themselves and their regulators.
This page provides the names, postal addresses and website addresses for the GEMMs and IDBs.
Gilt-edged Market Makers (GEMMs)
Wholesale GEMMs
Banco Santander S.A. (London Branch)
2 Triton Square
Regent's Place
London
NW1 3AN
https://www.santander.com/en/landing-pages/banco-santander-london-branch
Barclays Bank plc*
5 The North Colonnade
Canary Wharf
London
E14 4BB
https://www.ib.barclays/
BNP Paribas
10 Harewood Avenue
London
NW1 6AA
https://cib.bnpparibas/
Citigroup Global Markets Limited
Citigroup Centre
33 Canada Square
London
E14 5LB
https://www.citigroup.com/citi/
Deutsche Bank AG (London Branch)
Winchester House
1 Great Winchester Street
London
EC2N 2DB
https://country.db.com/uk/
Goldman Sachs International Bank
Plumtree Court
25 Shoe Lane
London
EC4A 4AU
https://www.goldmansachs.com/
HSBC Bank plc*
8 Canada Square
London
E14 5HQ
https://www.hsbc.com/
J.P. Morgan Securities plc
25 Bank Street
Canary Wharf
London
E14 5JP
https://www.jpmorgan.com/
Lloyds Bank Corporate Markets plc
25 Gresham Street
London
EC2V 7AE
https://www.lloydsbank.com/business/corporate-banking/
Merrill Lynch International
2 King Edward Street
London
EC1A 1HQ
https://www.bofaml.com/content/boaml/en_us/home.html
Morgan Stanley & Co. International plc
20 Cabot Square
Canary Wharf
London
E14 4QW
https://www.morganstanley.com/
NatWest Markets plc*
250 Bishopsgate
London
EC2M 4AA
https://ci.natwest.com/
Nomura International plc
One Angel Lane
London
EC4R 3AB
https://www.nomura.com/
RBC Europe Limited
100 Bishopsgate
London
EC2N 4AA
https://www.rbccm.com/
UBS AG (London Branch)
5 Broadgate
London
EC2M 2QS
https://www.ubs.com/
* Strips Market Participant
Associate GEMMs
Bank of Montreal (London Branch)
100 Liverpool Street
London
EC2M 2AT
https://capitalmarkets.bmo.com/en/
Natixis, London Branch
25 Dowgate Hill
London
EC4R 2YA
https://www.td.com/
The Toronto-Dominion Bank
60 Threadneedle Street
London
EC2R 8AP
https://www.td.com/
Retail GEMMs
Winterflood, a division of Marex Financial
155 Bishopsgate
London
EC2M 3TQ
https://www.winterflood.com/
Inter-dealer Brokers
BGC Brokers L.P.
One Churchill Place
Canary Wharf
London
E14 5RD
http://www.bgcpartners.com/
Dowgate
1st Floor
155 Fenchurch Street
London
EC3M 6AL
https://www.kingandshaxson.com/
GFI Securities Limited
1 Snowden Street
London
EC2A 2DQ
http://www.gfigroup.com/
ICAP, a division of TP ICAP Markets Limited
135 Bishopsgate
London
EC2M 3TP
https://tpicap.com/
Tradition (UK) Ltd
Beaufort House
15 St. Botolph Street
London
EC3A 7QX
http://www.tradition.com/
Tullett Prebon Gilts
135 Bishopsgate
London
EC2M 3TP
https://www.tullettprebon.com/
Notes
1. The role of Gilt-edged Market Makers and Inter Dealer Brokers is described in the DMO publication "A guide to the roles of the DMO and Primary Dealers in the UK government bond market".
2. The DMO is not responsible for the content of external websites linked to or referenced from the DMO server. The DMO neither endorses the information, content, presentation, or accuracy of such websites, nor makes any warranty, express or implied, regarding these external websites.