FIA October 2023 SEF Tracker

Trading volume on swap execution facilities reached $1.31 trillion in average notional value per day during October 2023, the second highest level ever recorded. This was up 16.9% from the previous month and up 76.3% from the same month of the previous year. Compared to September 2023, trading was up in the FRA and non-FRA sectors, with non-FRA trading reaching its highest level ever.

Trading of interest rate swaps and other non-FRA rates products was $926.3 billion per day in October, the highest level ever. This level was up 26.1% from September 2023 and up 86.7% from October 2022. FRA trading reached $259.7 billion in average daily trading in October. This amount of daily trading was up 42.6% from the previous month and up 93.4% from a year ago.

Credit default swap trading averaged a $57.4 billion per day in October. Bloomberg’s market share increased to 76% and Tradeweb’s share decreased to 16.1%.

FX trading on SEFs reached $64.9 billion per day in October, the highest level ever recorded for any October but a decrease of 35.3% from the previous month. Tullett Prebon moved to claim the largest share of the trading volume with 25.9%. BGC had the second highest share with 22%

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.