|
Trading volume on SEFs hit a record level of $930.8 billion in notional value per day during January 2019, mainly due to a very large increase in the volume of forward rate agreements. FRA trading reached $456.9 billion in average daily trading in January, up 336% from December 2018 and 18.1% from January 2018. Nearly all of the FRA trading took place on SEFs operated by NEX and TP-ICAP. Both of these SEFs run weekly auctions for risk mitigation purposes that often generate high levels of FRA volume but do not affect the overall level of market activity. Excluding FRA trading, the average daily amount of SEF trading in January was $473.9 billion, up 6.5% from the prior month and up 12.4% from a year ago, but not a record. Trading of interest rate swaps and other non-FRA rates products was $376.6 billion per day in January, up 4.3% from the previous month and up 11.7% from the previous January. Credit default swap trading averaged $36.1 billion per day in January, almost three times the amount traded in January 2018 and the highest amount traded in any January since 2016. Trading of FX products continued at a high level; FX trading in January reached $61.2 billion in average daily notional value, the third highest level ever recorded. Overview Dashboard: a high-level view of monthly volume trends and year-to-date SEF market share.
|
FIA publishes two other data products: the FCM Tracker, which provides insights on the financial condition of futures commission merchants in the U.S., 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.
