September 2021 SEF trading activity

12 October 2021

Trading volume on swap execution facilities reached $923.4 billion in average notional value per day during September 2021. This was up 54.7% from the previous month and up 27.2% from the same month of the previous year.

Although September's trading volume was not as high as the record level set in January, it was the largest amount of trading for any September since SEF trading began in 2014. All three asset classes contributed, with surges of trading activity in rates, credit and FX.

Trading of interest rate swaps and other non-FRA rates products was $534.7 billion per day in September, up 36.7% from August 2021 and up 45.7% from September 2020. FRA trading reached $236.5 billion in average daily trading in September, up 84.9% from the previous month but down 3.2% from a year ago.

Credit default swap trading averaged $90.4 billion per day in September, the largest for September in any year and the second largest monthly average after March 2020. Bloomberg’s market share increased to 72.2% and Tradeweb’s share increased to 19.5%.

FX trading on SEFs reached $61.7 billion per day in September, the highest amount recorded for any September and an increase of 13.9% from the previous month. Tullett Prebon had the largest share of the trading volume with 1%. BGC once again swapped with Tradition to attain 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. 

  • FIA
  • FIA Data