Trading volume on swap execution facilities reached $1.17 trillion in average notional value per day during March 2024. This was down 5.6% from the previous month and down 8.3% from the same month of the previous year. Compared to February 2024, trading was down in non-FRA and FRA trading but up in the credit and FX sectors.
Trading of interest rate swaps and other non-FRA rates products was $812.9 billion per day in March. This level was down 12.3% from February 2024 and down 9.5% from March 2023. Tradeweb had the largest share of trading volume with 59.6%. Tullett Prebon had the second highest share with 14.4%.
FRA trading reached $183.4 billion in average daily trading in March. This amount of daily trading was down 13.8% from the previous month but up 18.9% from a year ago.
Credit default swap trading averaged $98.6 billion per day in March. Bloomberg’s market share decreased to 72.2% and Tradeweb’s share increased to 24%.
FX trading on SEFs reached $75.5 billion per day in March, the second highest level ever recorded for any March and an increase of 15% from the previous month. Tullett Prebon had the largest share of the trading volume with 26.7%. BGC passed Tradition to gain the second highest share with 20.1%.
Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014.
