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May 2021 SEF trading activity

17 June 2021

Trading volume on swap execution facilities reached $757.1 billion in average notional value per day during May 2021. This was 1.4% up from the previous month and up 11.7% from the same month, previous year.

Trading of interest rate swaps and other non-FRA rates products was $445.7 billion per day in May, down 1.3% from April 2021 but up 29.4% from May 2020. FRA trading reached $222.5 billion in average daily trading in May, up 7.9% from the previous month but down 13.4% from a year ago.

Credit default swap trading averaged $31.6 billion per day in May, the third highest level ever recorded for any May. Bloomberg’s market share increased to 67.7% and Tradeweb’s share remains virtually unchanged at 18.4%.

FX trading on SEFs reached $57.4 billion per day in May, the third highest amount recorded for any May and an increase of 5.5% from the previous month. Tullett Prebon had the largest share of the trading volume, with 29.8%. Tradition moved past BGC to achieve the second highest share with 21.9%.

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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