FIA September 2023 SEF Tracker

Trading volume on swap execution facilities reached $1.12 trillion in average notional value per day during September 2023. This was up 17.2% from the previous month and up 35.9% from the same month of the previous year. Compared to August 2023, trading was up in every sector, with FX trading volume hitting a record high.

Trading of interest rate swaps and other non-FRA rates products was $734.3 billion per day in September. This level was up 3.4% from August 2023 and up 38.8% from September 2022. FRA trading reached $182.1 billion in average daily trading in September. This amount of daily trading was up 27.8% from the previous month and up 8.8% from a year ago.

Credit default swap trading averaged a $102.5 billion per day in September, the highest for any September. Bloomberg’s market share decreased to 68.8% and Tradeweb’s share increased to 26.1%.

FX trading on SEFs reached $100.2 billion per day in September, the highest level ever recorded and an increase of 53.4% from the previous month. BGC moved to claim the largest share of the trading volume with 46%. Tullett Prebon had the second highest share with 19.5%

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.