November 2022 SEF trading activity

22 December 2022

Trading volume on swap execution facilities reached $776.3 billion in average notional value per day during November 2022. This was up 4.6% from the previous month but down 14% from the same month of the previous year. Compared to October 2022, trading was up in every sector except for credit and FRA trading.

Trading of interest rate swaps and other non-FRA rate products was $564.2 billion per day in November. This level was up 13.7% from October 2022 but down 11.7% from November 2021. FRA trading reached $110.2 billion in average daily trading in November. This amount of daily trading was down 18% from the previous month and down 30.4% from a year ago.

Credit default swap trading averaged $41.1 billion per day in November, the second largest daily trading level for any November. Bloomberg’s market share increased to 71% and Tradeweb’s share decreased to 19.3%.

FX trading on SEFs reached $60.9 billion per day in November, the highest amount recorded for any November but an increase of 1.8% from the previous month. Tullett Prebon had the largest share of the trading volume with 28.7%. BGC had the second-highest share with 22.5%.  

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

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  • FIA Data