Trading volume on SEFs reached $871.4 billion in notional value per day during March 2019. This was the second highest level of daily trading since FIA began tracking SEF trading in 2014. The reason was that all categories of trading, with the exception of forward rate agreement trading, surpassed records or nearly surpassed records for highest amount of daily trading.
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Excluding FRA trading, the average daily amount of SEF trading in March was $587.6 billion, the highest level of daily trading ever recorded. Trading of interest rate swaps and other non-FRA rates products was $462.6 billion per day in March, the highest level ever recorded. FRA trading reached $283.9 billion in average daily trading in March, down 33.5% from February 2019 and down 13.8% from March 2018. Nearly all of the FRA trading took place on SEFs operated by NEX and TP-ICAP. Both of these SEFs run weekly auctions for risk mitigation purposes that often generate high levels of FRA volume but do not affect the overall level of market activity. Credit default swap trading averaged $62.2 billion per day in March, the second highest level ever recorded and the most since October 2014. FX trading in March reached $62.7 billion in average daily notional value, the second highest level ever recorded and the most since June 2018.Overview Dashboard: a high-level view of monthly volume trends and year-to-date SEF market share.
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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.
