FIA: April 2023 SEF Tracker

Trading volume on swap execution facilities reached $857.2 billion in average notional value per day during April 2023. This was down 32.8% from the previous month and down 3.4% from the same month of the previous year. Compared to March 2023, trading was down in every sector except for FRA trading.

Trading of interest rate swaps and other non-FRA rates products was $541.1 billion per day in April. This level was down 39.7% from March 2023 and down 5.6% from April 2022. FRA trading reached $216.1 billion in average daily trading in April. This amount of daily trading was up 40.1% from the previous month and up 9.9% from a year ago.

Credit default swap trading averaged a $38.9 billion per day in April. Bloomberg’s market share increased to 73.1% and Tradeweb’s share decreased to 16.4%.

FX trading on SEFs reached $61.2 billion per day in April, a decrease of 37.5% from the previous month. Tullett Prebon passed BGC to achieve the largest share of the trading volume with 28.4%. BGC had the second highest share with 20.8%.

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 SEF Tracker

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.