December 2021 SEF trading activity

12 January 2022

Trading volume on swap execution facilities reached $552.5 billion in average notional value per day during December 2021. This was down 38.8% from the previous month but up 24.8% from the same month of the previous year. Trading in every sector was down, which is typical in every December.

Trading of interest rate swaps and other non-FRA rates products was $427.6 billion per day in December, the highest level of daily trading ever recorded in December in this sector. This level was down 33.1% from November 2021 but up 47.1% from December 2020. FRA trading reached $39.3 billion in average daily trading in December. This amount of daily trading was down 75.2% from the previous month and down 52.7% from a year ago.

Credit default swap trading averaged $37.3 billion per day in December, the largest for any December. Bloomberg’s market share decreased to 69.1% and Tradeweb’s share increased to 15%.

FX trading on SEFs reached $48.3 billion per day in December, the lowest amount recorded for any December since 2017 and decrease of 20.6% from the previous month. Tullett Prebon had the largest share of the trading volume with 30.7%. BGC attained the second highest share with 21%.

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

  • FIA
  • FIA Data