FIA November 2023 SEF Tracker

Trading volume on swap execution facilities reached $1.23 trillion in average notional value per day during November 2023, the fourth highest level ever recorded. This was down 5.7% from the previous month but up 58.9% from the same month of the previous year. Compared to October 2023, trading was up in the FX and interest rate sectors, with trading of interest rate swaps reaching its highest level ever.

Trading of interest rate swaps and other non-FRA rates products was $957.8 billion per day in November, the highest level ever. This level was up 3.4% from October 2023 and up 69.8% from November 2022. Tradeweb had the largest share of trading volume with 66%. Tullett Prebon had the second highest share with 10.8%.

FRA trading reached $161.5 billion in average daily trading in November. This amount of daily trading was down 37.8% from the previous month but up 46.6% from a year ago.

Credit default swap trading averaged a $43.4 billion per day in November. Bloomberg’s market share decreased to 72.2% and Tradeweb’s share increased to 17.6%.

FX trading on SEFs reached $71.1 billion per day in November, the highest level ever recorded for any November and an increase of 9.5% from the previous month. Tullett Prebon had the largest share of the trading volume with 24.9%. BGC had the second highest share with 23.3%.

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 SEF Tracker

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.