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Trading volume on SEFs reached $818 billion in notional value per day during May 2019, up 3.5% from the previous month and up 20.1% from a year ago. This was the fifth highest level of daily trading since FIA began tracking SEF trading in 2014. Excluding FRA trading, the average daily amount of SEF trading in May was $546.5 billion, up 19.7% from April 2019 and up 16.1% from May 2018. Trading of interest rate swaps and other non-FRA rates products was $449.6 billion per day in May, up 19.4% from April 2019 and up 19% from May 2018. Daily trading within both of these categories were the second highest level ever after March 2019. FRA trading reached $271.5 billion in average daily trading in May, down 18.6% from the previous month but up 29.1% from a year ago. 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. Credit default swap trading averaged $36.8 billion per day in May, the highest amount ever traded in any May. FX trading in May reached $60.1 billion in average daily notional value, which was also a record for May. 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.
