Trading volume on swap execution facilities reached $1.28 trillion in average notional value per day during March 2023. This was up 16.3% from the previous month and up 12.6% from the same month of the previous year. Trading hit a record in every sector except for FRA trading.
Trading of interest rate swaps and other non-FRA rates products was a record $897.8 billion per day in March. This level was up 12.3% from February 2023 and up 19.3% from March 2022. FRA trading reached $154.2 billion in average daily trading in March. This amount of daily trading was down 17.4% from the previous month and down 21.4% from a year ago.
Credit default swap trading averaged a $126.2 billion per day in March. Bloomberg’s market share decreased to 70.7% and Tradeweb’s share increased to 23.3%.
FX trading on SEFs reached a record $97.9 billion per day in March, an increase of 54.3% from the previous month. BGC passed Tullett Prebon to achieve the largest share of the trading volume with 45.1%. Tullett Prebon had the second highest share with 19.8%.
Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014.
