Trading volume on swap execution facilities reached $1.13 trillion in average notional value per day during March 2022. This was up 9% from the previous month and up 5.6% from the same month of the previous year. Trading was up in every sector.
Trading of interest rate swaps and other non-FRA rates products was $752.6 billion per day in March, the third highest level of daily trading ever recorded in this sector. This level was up 1.5% from February 2022 and up 24.4% from March 2021. FRA trading reached $196.4 billion in average daily trading in March. This amount of daily trading was up 23.3% from the previous month but down 38% from a year ago.
Credit default swap trading averaged $113.2 billion per day in March, the largest level of daily trading after March 2020. Bloomberg’s market share decreased to 70% and Tradeweb’s share increased to 21.7%.
FX trading on SEFs reached $71.6 billion per day in March, the highest amount recorded after March 2020 and an increase of 11.9% from the previous month. Tullett Prebon had the largest share of the trading volume with 31%. BGC had the second highest share with 21.6%.
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.
