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December 2020 SEF trading activity

Latest data from the FIA SEF Tracker

11 January 2021

Trading volume on SEFs reached $442.8 billion in average notional value per day during December 2020. Trading was down in every category.

Trading of interest rate swaps and other non-FRA rates products was $290.7 billion per day in December, down 5.8% from November 2020 but up 7.1% from December 2019. FRA trading reached $83.2 billion in average daily trading in December, the lowest amount ever recorded; FRA trading was down 47.8% from the previous month and down 28.7% from a year ago.

Credit default swap trading averaged $18.2 billion per day in December, down 39.4% from November and the lowest amount recorded for any December since 2017. Bloomberg’s market share increased to 75.6% while Tradeweb’s share decreased to 15%.

FX trading on SEFs reached $50.7 billion per day in December, a decrease of 8.7% from the previous month but a 2.8% increase from December 2019. Tullett Prebon had the largest share of the trading volume, with 30.1%, followed by BGC with 23.2%.

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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