July 2021 SEF trading activity

16 August 2021

Trading volume on swap execution facilities reached $645.6 billion in average notional value per day during July 2021. This was down 25.5% from the previous month but up 8.1% from the same month of the previous year.

Trading of interest rate swaps and other non-FRA rates products was $394.4 billion per day in July, down 25% from June 2021 but up 69.4% from July 2020. FRA trading reached $166.9 billion in average daily trading in July, down 33.4% from the previous month and down 43.6% from a year ago.

Credit default swap trading averaged $29.2 billion per day in July, the highest level ever recorded for any July. Bloomberg’s market share decreased to 67.5% and Tradeweb’s share increased to 19.1%.

FX trading on SEFs reached $55.1 billion per day in July, the second highest amount recorded for any July but a decrease of 12.2% from the previous month. Tullett Prebon had the largest share of the trading volume with 31.4%. BGC had the second highest share with 20.3%.

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