August 2021 SEF trading activity

8 September 2021

Trading volume on swap execution facilities reached $597 billion in average notional value per day during August 2021. This was down 7.5% from the previous month but up 12.8% from the same month of the previous year.

Trading of interest rate swaps and other non-FRA rates products was $391.3 billion per day in August, down 0.8% from July 2021 but up 54.6% from August 2020. FRA trading reached $127.9 billion in average daily trading in August, down 23.4% from the previous month and down 38.7% from a year ago.

Credit default swap trading averaged $23.6 billion per day in August. Bloomberg’s market share increased to 71.4% and Tradeweb’s share decreased to 17.3%.

FX trading on SEFs reached $54.2 billion per day in August, the third highest amount recorded for any August but a decrease of 1.6% from the previous month. Tullett Prebon had the largest share of the trading volume with 32.6%. Tradition surpassed BGC to attain second highest share with 21.2%.

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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  • FIA Data