FIA October 2024 SEF Tracker

Trading volume on swap execution facilities reached $1.37 trillion in average notional value per day during October 2024, the third highest daily average for any month so far. This was down 15.2% from the previous month but up 4.8% from the same month of the previous year. Compared to September 2024, trading was down in every category except for the FRA sector.

Trading of interest rate swaps and other non-FRA rates products was $1 trillion per day in October, the third highest level ever recorded. This level was down 15.2% from September 2024 but up 9.7% from October 2023. Tradeweb had the largest share of trading volume with 56.5%. Tullett Prebon had the second highest share with 15.1%.

FRA trading reached $227.4 billion in average daily trading in October. This amount of daily trading was up 10.7% from the previous month but down 12.5% from a year ago.

Credit default swap trading averaged $55.1 billion per day in October, a decrease of 58.9% from the previous month. Bloomberg’s market share increased to 71.8% and Tradeweb’s share decreased to 19.3%.

FX trading on SEFs reached $72.5 billion per day in October, the highest level ever recorded for any October but a decrease of 8.4% from the previous month. Tullett Prebon had the largest share of the trading volume with 25.2%. BGC held the second highest share with 22.1%.

Overview: Recent trading activity for interest rate derivatives, credit default derivatives and foreign exchange derivatives on swap execution facilities in the US.

Comparison Table: Monthly data on trading activity at each swap execution facility, with separate tables for interest rate derivatives, credit default derivatives, and foreign exchange derivatives.

Historical Volume: Monthly volume on SEFs in three asset classes: interest rates, credit and foreign exchange as well as ranking of volume by asset class and ranking of SEFs by volume.

Rates Monthly Volume: Based on trading of foreign exchange derivatives on SEFs in the US, the visualizations include monthly volume, volume ranked by currency, volume for each SEF and market share for each SEF.

Credit Monthly Volume: Based on trading of foreign exchange derivatives on SEFs in the US, the visualizations include monthly volume, volume ranked by index name, volume for each SEF and market share for each SEF.

FX Monthly Volume: Based on trading of foreign exchange derivatives on SEFs in the US, the visualizations include monthly volume, volume ranked by quote currency, volume for each SEF and market share for each SEF.

FIA publishes three other data products: the FCM Tracker, which provides insights on the financial condition of futures commission merchants in the US; the CCP Tracker, which provides quarterly data on risk exposures at derivatives clearinghouses; and, a monthly report on exchange-traded derivatives volume and open interest. FIA provides these data products as a service to its members and as part of its mission to promote better understanding of the global derivatives markets.