Trading volume on SEFs reached a record level of $1.36 trillion in average notional value per day during January 2021. Trading was up in every category, but the increase in trading volume mainly took place in the forward rate agreements sector.
Trading of interest rate swaps and other non-FRA rates products was $586.3 billion per day in January, up 101.7% from December 2020 and up 58.6% from January 2020. FRA trading reached $673.6 billion in average daily trading in January, up 710.4% from the previous month and up 13.8% from a year ago.
Credit default swap trading averaged $34.4 billion per day in January, up 88.7% from December and the third highest amount recorded for any January. Bloomberg’s market share decreased to 64.9% while Tradeweb’s share increased to 20%.
FX trading on SEFs reached $65.2 billion per day in January, the highest amount recorded for any January and an increase of 28.5% from the previous month. Tullett Prebon had the largest share of the trading volume, with 29.3%, followed by BGC with 23.8%.
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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 U.S.; 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.
