January 2024 SEF trading activity

22 February 2024

Trading volume on swap execution facilities reached a record $1.48 trillion in average notional value per day during January 2024. This was up 74.6% from the previous month and up 38.1% from the same month of the previous year. Compared to December 2023, trading was up in every sector.

Trading of interest rate swaps and other non-FRA rates products was a record $1.07 trillion per day in January. This level was up 73.5% from December 2023 and up 41.9% from January 2023. Tradeweb had the largest share of trading volume with 64.8%. Tullett Prebon had the second highest share with 11.8%.

FRA trading reached $305 billion in average daily trading in January. This amount of daily trading was up 113.9% from the previous month and up 38.1% from a year ago.

Credit default swap trading averaged $38.7 billion per day in January. Bloomberg’s market share increased to 70.8% and Tradeweb’s share decreased to 19%.

FX trading on SEFs reached $67.8 billion per day in January, the highest level ever recorded for any January and an increase of 12.2% from the previous month. Tullett Prebon had the largest share of the trading volume with 25.6%. BGC had the second highest share with 21.7%.

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

  • FIA
  • FIA Data