FIA: February 2024 SEF Tracker

Trading volume on swap execution facilities reached a record $1.24 trillion in average notional value per day during February 2024. This was down 16.4% from the previous month but up 13% from the same month of the previous year. Compared to January 2024, trading was down in every sector.

Trading of interest rate swaps and other non-FRA rates products was $927.3 billion per day in February. This level was down 13.5% from January 2024 but up 15.9% from February 2023. Tradeweb had the largest share of trading volume with 65%. Tullett Prebon had the second highest share with 10.2%.

FRA trading reached $212.9 billion in average daily trading in February. This amount of daily trading was down 30.2% from the previous month but up 14% from a year ago.

Credit default swap trading averaged $34.6 billion per day in February. Bloomberg’s market share increased to 74.4% and Tradeweb’s share decreased to 17.6%.

FX trading on SEFs reached $65.7 billion per day in February, the second highest level ever recorded for any February but a decrease of 3.2% from the previous month. Tullett Prebon had the largest share of the trading volume with 25.1%. Tradition passed BGC to gain the second highest share with 21.1%.

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.