April 2023 SEF trading activity

18 May 2023

Trading volume on swap execution facilities reached $857.2 billion in average notional value per day during April 2023. This was down 32.8% from the previous month and down 3.4% from the same month of the previous year. Compared to March 2023, trading was down in every sector except for FRA trading.

Trading of interest rate swaps and other non-FRA rates products was $541.1 billion per day in April. This level was down 39.7% from March 2023 and down 5.6% from April 2022. FRA trading reached $216.1 billion in average daily trading in April. This amount of daily trading was up 40.1% from the previous month and up 9.9% from a year ago.

Credit default swap trading averaged a $38.9 billion per day in April. Bloomberg’s market share increased to 73.1% and Tradeweb’s share decreased to 16.4%.

FX trading on SEFs reached $61.2 billion per day in April, a decrease of 37.5% from the previous month. Tullett Prebon passed BGC to achieve the largest share of the trading volume with 28.4%. BGC had the second highest share with 20.8%.

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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