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Trading volume on SEFs reached $794.2 billion in notional value per day during April 2019, down 8.9% from the previous month but up 24.7% from a year ago. This was the sixth highest level of daily trading since FIA began tracking SEF trading in 2014. Excluding FRA trading, the average daily amount of SEF trading in April was $456.5 billion, down 22.3% from March 2019 but up 15.7% from April 2018. Trading of interest rate swaps and other non-FRA rates products was $376.6 billion per day in April, down 18.6% from March 2019 but up 23.2% from April 2018. FRA trading reached $337.8 billion in average daily trading in April, up 19% from the previous month and up 39.2% from a year ago. 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. Credit default swap trading averaged $24.3 billion per day in April, the lowest amount for April since 2015. FX trading in April reached $55.5 billion in average daily notional value, down 0.5% from April 2018 but still the second highest amount recorded for any April.Overview Dashboard: a high-level view of monthly volume trends and year-to-date SEF market share.
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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.
