Trading volume on swap execution facilities reached $1.1 trillion in average notional value per day during February 2023. This was up 2.1% from the previous month and up 5.5% from the same month of the previous year. Compared to January 2023, trading was up in every sector except for FRA trading.
Trading of interest rate swaps and other non-FRA rates products was $799.8 billion per day in February. This level was up 5.8% from January 2023 and up 7.8% from February 2022. FRA trading reached $186.8 billion in average daily trading in February. This amount of daily trading was down 15.4% from the previous month but up 17.2% from a year ago.
Credit default swap trading averaged $47.5 billion per day in February. Bloomberg’s market share increased to 74.3% and Tradeweb’s share decreased to 16.9%.
FX trading on SEFs reached $63.4 billion per day in February, the lowest amount recorded for any February since 2019 but an increase of 18.7% from the previous month. Tullett Prebon had the largest share of the trading volume with 29.1%. BGC had the second highest share with 22.6%.
Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014.
