February 2024 SEF trading activity

7 March 2024

Trading volume on swap execution facilities reached a record $1.24 trillion in average notional value per day during February 2024. This was down 16.4% from the previous month but up 13% from the same month of the previous year. Compared to January 2024, trading was down in every sector.

Trading of interest rate swaps and other non-FRA rates products was $927.3 billion per day in February.  This level was down 13.5% from January 2024 but up 15.9% from February 2023. Tradeweb had the largest share of trading volume with 65%. Tullett Prebon had the second highest share with 10.2%.

FRA trading reached $212.9 billion in average daily trading in February. This amount of daily trading was down 30.2% from the previous month but up 14% from a year ago.

Credit default swap trading averaged $34.6 billion per day in February. Bloomberg’s market share increased to 74.4% and Tradeweb’s share decreased to 17.6%.

FX trading on SEFs reached $65.7 billion per day in February, the second highest level ever recorded for any February but a decrease of 3.2% from the previous month. Tullett Prebon had the largest share of the trading volume with 25.1%. Tradition passed BGC to gain the second highest share with 21.1%.

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

  • FIA
  • FIA Data