March 2022 SEF trading activity

20 April 2022

Trading volume on swap execution facilities reached $1.13 trillion in average notional value per day during March 2022. This was up 9% from the previous month and up 5.6% from the same month of the previous year. Trading was up in every sector.

Trading of interest rate swaps and other non-FRA rates products was $752.6 billion per day in March, the third highest level of daily trading ever recorded in this sector. This level was up 1.5% from February 2022 and up 24.4% from March 2021. FRA trading reached $196.4 billion in average daily trading in March. This amount of daily trading was up 23.3% from the previous month but down 38% from a year ago.

Credit default swap trading averaged $113.2 billion per day in March, the largest level of daily trading after March 2020. Bloomberg’s market share decreased to 70% and Tradeweb’s share increased to 21.7%.

FX trading on SEFs reached $71.6 billion per day in March, the highest amount recorded after March 2020 and an increase of 11.9% from the previous month. Tullett Prebon had the largest share of the trading volume with 31%. BGC had the second highest share with 21.6%.

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

  • FIA
  • FIA Data