April 2024 SEF trading activity

16 May 2024

Trading volume on swap execution facilities reached $1.31 trillion in average notional value per day during April 2024, the fourth highest level ever recorded. This was up 11.6% from the previous month and up 52.4% from the same month of the previous year. Compared to March 2024, trading was up in every category except the credit sector.

Trading of interest rate swaps and other non-FRA rates products was $955 billion per day in April. This level was up 17.5% from March 2024 and up 76.5% from April 2023. Tradeweb had the largest share of trading volume with 66.1%. Tullett Prebon had the second highest share with 12%.

FRA trading reached $206.4 billion in average daily trading in April. This amount of daily trading was up 12.6% from the previous month but down 4.5% from a year ago.

Credit default swap trading averaged $61.8 billion per day in April. Bloomberg’s market share increased to 73% and Tradeweb’s share decreased to 18.8%.

FX trading on SEFs reached $83.3 billion per day in April, the highest level ever recorded for any April and an increase of 10.4% from the previous month. Tullett Prebon had the largest share of the trading volume with 27.9%. BGC held the second highest share with 20.2%.

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

  • FIA
  • FIA Data