August 2023 SEF trading activity

13 September 2023

Trading volume on swap execution facilities reached $955 billion in average notional value per day during August 2023. This was up 19.2% from the previous month and up 25.6% from the same month of the previous year. Compared to July 2023, trading was up in the credit and non-FRA sectors.

Trading of interest rate swaps and other non-FRA rates products was $709.9 billion per day in August. This level was up 31.1% from July 2023 and up 32.3% from August 2022. FRA trading reached $142.5 billion in average daily trading in August. This amount of daily trading was down 11.5% from the previous month but up 13.2% from a year ago.

Credit default swap trading averaged a $37.2 billion per day in August. Bloomberg’s market share increased to 71.9% and Tradeweb’s share decreased to 17.4%.

FX trading on SEFs reached $65.4 billion per day in August, the highest level for any August but a decrease of 1.6% from the previous month. Tullett Prebon had the largest share of the trading volume with 29.8%. BGC had the second highest share with 22.2%

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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  • FIA Data