FIA May 2020 SEF Tracker

Trading volume on SEFs reached $678 billion in average notional value per day during May 2020. This month had the lowest amount of trading so far in 2020. Trading was down in every category except in the non-forward rate agreement sector.

Trading of interest rate swaps and other non-FRA rates products was $344.4 billion per day in May, up 7.5% from April 2020 but down 23.4% from May 2019. FRA trading reached $256.9 billion in average daily trading in May, down 37.8% from the previous month and down 5.4% from a year ago.

Credit default swap trading averaged $27.5 billion per day in May, down 30% from April and the lowest amount recorded for May since 2017. Bloomberg slightly increased its market share to 78.6% while Tradeweb’s share decreased to 14.1%.

FX trading on SEFs reached $49.2 billion per day in May, a decrease of 3.4% from the previous month and a 18.2% decrease from May 2019. Tullett Prebon had the largest share of the trading volume, with 31.5%, followed by BGC with 22.2%.

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.