Trading volume on swap execution facilities reached $801.2 billion in average notional value per day during July 2023. This was down 13.7% from the previous month and the lowest monthly total for the year to date. On the other hand, it was up 17.1% from the same month of the previous year. Compared to June 2023, trading was down in every category.
Trading of interest rate swaps and other non-FRA rates products was $541.6 billion per day in July. This level was down 15.4% from June 2023 but up 4.6% from July 2022. FRA trading reached $161 billion in average daily trading in July. This amount of daily trading was down 13.4% from the previous month but up 171.6% from a year ago.
Credit default swap trading averaged a $32.2 billion per day in July. Bloomberg’s market share decreased to 71.5% and Tradeweb’s share increased to 18.3%.
FX trading on SEFs reached $66.4 billion per day in July, the highest level for any July but a decrease of 2.3% from the previous month. Tullett Prebon had the largest share of the trading volume with 29.7%. BGC had the second highest share with 21.4%.
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. Sign up now to receive these monthly data alerts.
Source: FIA
