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Trading volume on SEFs reached $859.3 billion in notional value per day during February 2019. This was the second highest level of daily trading since FIA began tracking SEF trading in 2014. However, the main reason was the high volume in forward rate agreement trading. All other categories of trading were down from February 2018.
FRA trading reached $427 billion in average daily trading in February, down 6.6% from January 2019 but up 59.8% from February 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 February was $432.3 billion, down 8.8% from the prior month and down 14% from a year ago. Trading of interest rate swaps and other non-FRA rates products was $346 billion per day in February, down 8.1% from the previous month and down 9.9% from the previous February.
Credit default swap trading averaged $30 billion per day in February, almost half the amount traded in February 2018. FX trading in February reached $56.2 billion in average daily notional value, down 5% from February 2018 but still the second highest amount traded in any February.
Overview Dashboard: a high-level view of monthly volume trends and year-to-date SEF market share.
In-Depth Dashboard: a closer look at volume and market share information in each asset class.
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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. 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.
