Trading volume on SEFs reached $1.03 trillion in average notional value per day during March 2020, the second highest level ever recorded. Record trading occurred in every category except in the forward rate agreement sector.
Credit default swap trading averaged $121.3 billion per day in March, the highest amount ever recorded and nearly twice the previous record. Bloomberg and Tradeweb, with respective market shares of 71.2% and 25.1%, both achieved company records of $86.5 billion and $30.5 billion per day in CDS during March, in both cases at least twice the previous company records.
FX trading on SEFs reached a record $73.4 billion per day in March, an increase of 6.5% from the previous month and 17.1% from March 2019. Tullett Prebon had the largest share of the trading volume, with 27.4%, followed by BGC with 23.6%.
Trading of interest rate swaps and other non-FRA rates products was a record $554.4 billion per day in March, up 26.6% from February 2020 and up 19.8% from March 2019. FRA trading reached $279.8 billion in average daily trading in March, down 1.8% from the previous month and down 1.4% from a year ago.
Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014.
