January 2021 SEF trading activity

Latest data from the FIA SEF Tracker

16 February 2021

Trading volume on SEFs reached a record level of $1.36 trillion in average notional value per day during January 2021. Trading was up in every category, but the increase in trading volume mainly took place in the forward rate agreements sector.

Trading of interest rate swaps and other non-FRA rates products was $586.3 billion per day in January, up 101.7% from December 2020 and up 58.6% from January 2020. FRA trading reached $673.6 billion in average daily trading in January, up 710.4% from the previous month and up 13.8% from a year ago.

Credit default swap trading averaged $34.4 billion per day in January, up 88.7% from December and the third highest amount recorded for any January. Bloomberg’s market share decreased to 64.9% while Tradeweb’s share increased to 20%.

FX trading on SEFs reached $65.2 billion per day in January, the highest amount recorded for any January and an increase of 28.5% from the previous month. Tullett Prebon had the largest share of the trading volume, with 29.3%, followed by BGC with 23.8%.

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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