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March 2021 SEF trading activity

21 April 2021

Trading volume on swap execution facilities reached $1.07 trillion in average notional value per day during March 2021. That was the third highest monthly average in the history of SEF trading, eclipsed only by February and January of this year.

Trading of interest rate swaps and other non-FRA rates products was $604.8 billion per day in March, up 11.6% from February 2021 and up 9.1% from March 2020. FRA trading reached $316.9 billion in average daily trading in March, down 27.6% from the previous month but up 13.3% from a year ago.

Credit default swap trading averaged $84.2 billion per day in March, the second highest level ever recorded after $121.3 billion per day in March 2020. Bloomberg’s market share decreased to 67.1% while Tradeweb’s share increased to 22.7%.

FX trading on SEFs reached $67.2 billion per day in March, the second highest amount recorded for any March and an increase of 4.2% from the previous month. Tullett Prebon had the largest share of the trading volume, with 31.4%, followed by BGC with 20.4%.

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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