Trading volume on swap execution facilities reached $1.14 trillion in average notional value per day during May 2024. This was down 12.4% from the previous month but up 29.6% from the same month of the previous year. Compared to April 2024, trading was down in every category.
Trading of interest rate swaps and other non-FRA rates products was $888.4 billion per day in May. This level was down 7% from April 2024 but up 39.3% from May 2023. Tradeweb had the largest share of trading volume with 65.3%. Tullett Prebon had the second highest share with 12.5%.
FRA trading reached $150.5 billion in average daily trading in May. This amount of daily trading was down 27.1% from the previous month but up 2.7% from a year ago.
Credit default swap trading averaged $32.8 billion per day in May. Bloomberg’s market share decreased to 67.7% and Tradeweb’s share increased to 21.2%.
FX trading on SEFs reached $72.9 billion per day in May, the highest level ever recorded for any May but a decrease of 12.5% from the previous month. Tullett Prebon had the largest share of the trading volume with 25.5%. BGC held the second highest share with 19.4%.
Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014.
