September 2023 SEF trading activity

9 October 2023

Trading volume on swap execution facilities reached $1.12 trillion in average notional value per day during September 2023. This was up 17.2% from the previous month and up 35.9% from the same month of the previous year. Compared to August 2023, trading was up in every sector, with FX trading volume hitting a record high.

Trading of interest rate swaps and other non-FRA rates products was $734.3 billion per day in September. This level was up 3.4% from August 2023 and up 38.8% from September 2022. FRA trading reached $182.1 billion in average daily trading in September. This amount of daily trading was up 27.8% from the previous month and up 8.8% from a year ago.

Credit default swap trading averaged a $102.5 billion per day in September, the highest for any September. Bloomberg’s market share decreased to 68.8% and Tradeweb’s share increased to 26.1%.

FX trading on SEFs reached $100.2 billion per day in September, the highest level ever recorded and an increase of 53.4% from the previous month. BGC moved to claim the largest share of the trading volume with 46%. Tullett Prebon had the second highest share with 19.5%

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