Trading volume on swap execution facilities reached $1.23 trillion in average notional value per day during November 2023, the fourth highest level ever recorded. This was down 5.7% from the previous month but up 58.9% from the same month of the previous year. Compared to October 2023, trading was up in the FX and interest rate sectors, with trading of interest rate swaps reaching its highest level ever.
Trading of interest rate swaps and other non-FRA rates products was $957.8 billion per day in November, the highest level ever. This level was up 3.4% from October 2023 and up 69.8% from November 2022. Tradeweb had the largest share of trading volume with 66%. Tullett Prebon had the second highest share with 10.8%.
FRA trading reached $161.5 billion in average daily trading in November. This amount of daily trading was down 37.8% from the previous month but up 46.6% from a year ago.
Credit default swap trading averaged a $43.4 billion per day in November. Bloomberg’s market share decreased to 72.2% and Tradeweb’s share increased to 17.6%.
FX trading on SEFs reached $71.1 billion per day in November, the highest level ever recorded for any November and an increase of 9.5% from the previous month. Tullett Prebon had the largest share of the trading volume with 24.9%. BGC had the second highest share with 23.3%.
Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014.
