October 2023 SEF trading activity

29 November 2023

Trading volume on swap execution facilities reached $1.31 trillion in average notional value per day during October 2023, the second highest level ever recorded. This was up 16.9% from the previous month and up 76.3% from the same month of the previous year. Compared to September 2023, trading was up in the FRA and non-FRA sectors, with non-FRA trading reaching its highest level ever.

Trading of interest rate swaps and other non-FRA rates products was $926.3 billion per day in October, the highest level ever. This level was up 26.1% from September 2023 and up 86.7% from October 2022. FRA trading reached $259.7 billion in average daily trading in October. This amount of daily trading was up 42.6% from the previous month and up 93.4% from a year ago.

Credit default swap trading averaged a $57.4 billion per day in October. Bloomberg’s market share increased to 76% and Tradeweb’s share decreased to 16.1%.

FX trading on SEFs reached $64.9 billion per day in October, the highest level ever recorded for any October but a decrease of 35.3% from the previous month. Tullett Prebon moved to claim the largest share of the trading volume with 25.9%. BGC had the second highest share with 22%

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

  • FIA
  • FIA Data