FIA March 2024 SEF Tracker

Trading volume on swap execution facilities reached $1.17 trillion in average notional value per day during March 2024. This was down 5.6% from the previous month and down 8.3% from the same month of the previous year. Compared to February 2024, trading was down in non-FRA and FRA trading but up in the credit and FX sectors.

Trading of interest rate swaps and other non-FRA rates products was $812.9 billion per day in March. This level was down 12.3% from February 2024 and down 9.5% from March 2023. Tradeweb had the largest share of trading volume with 59.6%. Tullett Prebon had the second highest share with 14.4%.

FRA trading reached $183.4 billion in average daily trading in March. This amount of daily trading was down 13.8% from the previous month but up 18.9% from a year ago.

Credit default swap trading averaged $98.6 billion per day in March. Bloomberg’s market share decreased to 72.2% and Tradeweb’s share increased to 24%.

FX trading on SEFs reached $75.5 billion per day in March, the second highest level ever recorded for any March and an increase of 15% from the previous month. Tullett Prebon had the largest share of the trading volume with 26.7%. BGC passed Tradition to gain the second highest share with 20.1%

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.