Trading volume on swap execution facilities reached $1.04 trillion in average notional value per day during February 2022. This was down 18.7% from the previous month and down 4% from the same month of the previous year. Trading was up in the credit and FX sectors, but down in the interest rate sector.
Trading of interest rate swaps and other non-FRA rates products was $741.8 billion per day in February, the third highest level of daily trading ever recorded in this sector. This level was down 2.5% from January 2022 but up 36.9% from February 2021. FRA trading reached $159.3 billion in average daily trading in February. This amount of daily trading was down 59.8% from the previous month and down 63.6% from a year ago.
Credit default swap trading averaged $75.3 billion per day in February, the largest for any February. Bloomberg’s market share decreased to 71% and Tradeweb’s share increased to 17.1%.
FX trading on SEFs reached $63.9 billion per day in February, the third highest amount recorded for any February and an increase of 4.4% from the previous month. Tullett Prebon had the largest share of the trading volume with 31.5%. BGC attained the second highest share with 21.1%.
Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014.
