FIA September 2024 SEF Tracker

Trading volume on swap execution facilities reached $1.62 trillion in average notional value per day during September 2024, the highest daily average for any month so far. This was up 38.1% from the previous month and up 44.5% from the same month of the previous year. Compared to August 2024, trading was up in every category.

Trading of interest rate swaps and other non-FRA rates products was $1.2 trillion per day in September, the highest level ever recorded. This level was up 34.2% from August 2024 and up 63.2% from September 2023. Tradeweb had the largest share of trading volume with 63%. Tullett Prebon had the second highest share with 13.9%.

FRA trading reached $205.4 billion in average daily trading in September. This amount of daily trading was up 48.9% from the previous month and up 12.8% from a year ago.

Credit default swap trading averaged $134 billion per day in September, the highest level of trading ever recorded. Bloomberg’s market share decreased to 63.8% and Tradeweb’s share increased to 30.5%.

FX trading on SEFs reached $79.1 billion per day in September, the second highest level ever recorded for any September and an increase of 5.2% from the previous month. Tullett Prebon had the largest share of the trading volume with 24.5%. BGC held the second highest share with 22.7%.

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.