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April 2021 SEF trading activity

19 May 2021

Trading volume on swap execution facilities reached $746.8 billion in average notional value per day during April 2021. This was 30.4% down from the previous month and down 9.3% from the same month, previous year.

Trading of interest rate swaps and other non-FRA rates products was $451.3 billion per day in April, down 25.4% from March 2021 but up 40.9% from April 2020. FRA trading reached $206.1 billion in average daily trading in April, down 35% from the previous month and down 50.1% from a year ago.

Credit default swap trading averaged $34.9 billion per day in April, the second highest level ever recorded for any April. Bloomberg’s market share decreased to 65.7% and Tradeweb’s share decreased to 18.4%.

FX trading on SEFs reached $54.4 billion per day in April, the third highest amount recorded for any April but a decrease of 19% from the previous month. Tullett Prebon had the largest share of the trading volume, with 31.8%, followed by BGC with 20.4%.

Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014. 

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