July 2023 SEF trading activity

22 August 2023

Trading volume on swap execution facilities reached $801.2 billion in average notional value per day during July 2023. This was down 13.7% from the previous month and the lowest monthly total for the year to date. On the other hand, it was up 17.1% from the same month of the previous year. Compared to June 2023, trading was down in every category.

Trading of interest rate swaps and other non-FRA rates products was $541.6 billion per day in July. This level was down 15.4% from June 2023 but up 4.6% from July 2022. FRA trading reached $161 billion in average daily trading in July. This amount of daily trading was down 13.4% from the previous month but up 171.6% from a year ago.

Credit default swap trading averaged a $32.2 billion per day in July. Bloomberg’s market share decreased to 71.5% and Tradeweb’s share increased to 18.3%.

FX trading on SEFs reached $66.4 billion per day in July, the highest level for any July but a decrease of 2.3% from the previous month. Tullett Prebon had the largest share of the trading volume with 29.7%. BGC had the second highest share with 21.4%

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

  • FIA
  • FIA Data