FIA January 2024 SEF Tracker

Trading volume on swap execution facilities reached a record $1.48 trillion in average notional value per day during January 2024. This was up 74.6% from the previous month and up 38.1% from the same month of the previous year. Compared to December 2023, trading was up in every sector.

Trading of interest rate swaps and other non-FRA rates products was a record $1.07 trillion per day in January. This level was up 73.5% from December 2023 and up 41.9% from January 2023. Tradeweb had the largest share of trading volume with 64.8%. Tullett Prebon had the second highest share with 11.8%.

FRA trading reached $305 billion in average daily trading in January. This amount of daily trading was up 113.9% from the previous month and up 38.1% from a year ago.

Credit default swap trading averaged $38.7 billion per day in January. Bloomberg’s market share increased to 70.8% and Tradeweb’s share decreased to 19%.

FX trading on SEFs reached $67.8 billion per day in January, the highest level ever recorded for any January and an increase of 12.2% from the previous month. Tullett Prebon had the largest share of the trading volume with 25.6%. BGC had the second highest share with 21.7%.

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.