February 2021 SEF trading activity

17 March 2021

Trading volume on swap execution facilities reached $1.08 trillion in average notional value per day during February 2021. That was the second highest monthly average in the history of SEF trading, eclipsed only by January's record-breaking $1.36 trillion in average daily trading volume.

Trading of interest rate swaps and other non-FRA rates products was $542 billion per day in February, down 7.6% from January 2021 but up 23.7% from February 2020. FRA trading reached $438 billion in average daily trading in February, down 35% from the previous month but up 53.7% from a year ago.

Credit default swap trading averaged $39.2 billion per day in February, up 13.7% from January and the fourth highest amount recorded for any February. Bloomberg’s market share increased to 70.3% while Tradeweb’s share decreased to 15.9%.

FX trading on SEFs reached $64.6 billion per day in February, the second highest amount recorded for any February but a decrease of 0.9% from the previous month. Tullett Prebon had the largest share of the trading volume, with 29.2%, followed by BGC with 22.8%.

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

  • FIA
  • Data