Trading volume on swap execution facilities reached $882.9 billion in average notional value per day during May 2023. This was up 3% from the previous month but down 5.2% from the same month of the previous year. Compared to April 2023, trading was up in the FX and non-FRA sectors.
Trading of interest rate swaps and other non-FRA rates products was $637.9 billion per day in May. This level was up 17.9% from April 2023 but down 1.9% from May 2022. FRA trading reached $146.6 billion in average daily trading in May. This amount of daily trading was down 32.2% from the previous month and down 4.3% from a year ago.
Credit default swap trading averaged a $36.4 billion per day in May. Bloomberg’s market share increased to 74.1% and Tradeweb’s share decreased to 16.2%.
FX trading on SEFs reached $62.1 billion per day in May, an increase of 1.4% from the previous month. Tullett Prebon had the largest share of the trading volume with 28.9%. BGC had the second highest share with 20.7%.
Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014.
