April 2022 SEF trading activity

31 May 2022

Trading volume on swap execution facilities reached $887.4 billion in average notional value per day during April 2022. This was down 21.7% from the previous month but up 18.8% from the same month of the previous year. Trading was down in every sector except for FRA trading.

Trading of interest rate swaps and other non-FRA rates products was $573.1 billion per day in April. This level was down 23.8% from March 2022 but up 27% from April 2021. FRA trading reached $196.6 billion in average daily trading in April. This amount of daily trading was up 0.1% from the previous month but down 4.6% from a year ago.

Credit default swap trading averaged $57.2 billion per day in April, the largest level of daily trading for any April. Bloomberg’s market share decreased to 68.8% and Tradeweb’s share decreased to 19.7%.

FX trading on SEFs reached $60.4 billion per day in April, the highest amount recorded for any April but a decrease of 15.5% from the previous month. Tullett Prebon had the largest share of the trading volume with 31.2%. BGC had the second highest share with 21.4%. 

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

  • FIA
  • FIA Data