Trading volume on swap execution facilities reached $902.3 billion in average notional value per day during November 2021. This was down 17.1% from the previous month but up 63.1% from the same month of the previous year. FRA and FX trading increased from the previous month while trading in non-FRA and credit trading was down.
Trading of interest rate swaps and other non-FRA rates products was $639 billion per day in November, the second highest level of daily trading ever recorded in this sector. This level was down 27.3% from the record month of October 2021 but up 107.1% from November 2020. FRA trading reached $158.4 billion in average daily trading in November. This amount of daily trading was up 58.2% from the previous month but down 0.5% from a year ago.
Credit default swap trading averaged $44 billion per day in November, the largest for any November. Bloomberg’s market share decreased to 70.9% and Tradeweb’s share increased to 14.3%.
FX trading on SEFs reached $60.8 billion per day in November, the highest amount recorded for any November and an increase of 0.2% from the previous month. Tullett Prebon had the largest share of the trading volume with 29.8%. Tradition retained the second highest share with 22.2%.
Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014.
