December 2022 SEF trading activity

22 January 2023

Trading volume on swap execution facilities reached $748.4 billion in average notional value per day during December 2022. This was down 3.6% from the previous month but up 35.5% from the same month of the previous year. Compared to November 2022, trading was down in every sector except for non- FRA trading.

Trading of interest rate swaps and other non-FRA rates products was $578.2 billion per day in December. This level was up 2.5% from November 2022 and up 35.2% from December 2021. FRA trading reached $89.5 billion in average daily trading in December. This amount of daily trading was down 18.8% from the previous month but up 127.8% from a year ago.

Credit default swap trading averaged $33.6 billion per day in December, the third largest level of daily trading for any December. Bloomberg’s market share increased to 72.6% and Tradeweb’s share decreased to 16.9%.

FX trading on SEFs reached $47.1 billion per day in December, the lowest amount recorded for any December since 2017 and a decrease of 22.6% from the previous month. Tullett Prebon had the largest share of the trading volume with 32.4%. BGC had 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. 

  • FIA
  • FIA Data