Trading volume on swap execution facilities reached $1.09 trillion in average notional value per day during October 2021, the second best level ever recorded after January 2021. This was up 17.9% from the previous month and up 87.1% from the same month of the previous year. Non-FRA trading was the only sector that increased in trading from the previous month; FRA, credit, and FX trading all decreased.
Trading of interest rate swaps and other non-FRA rates products was $878.5 billion per day in October, the highest level of daily trading ever recorded in this sector. This level was up 64.3% from September 2021 and up 220.1% from October 2020. FRA trading reached $100.1 billion in average daily trading in October, the lowest level since December 2020. This amount of daily trading was down 57.7% from the previous month and down 54.8% from a year ago.
Credit default swap trading averaged $48.9 billion per day in October, the second largest for any October after October 2014. Bloomberg’s market share increased to 75% and Tradeweb’s share decreased to 12.1%.
FX trading on SEFs reached $60.7 billion per day in October, the second highest amount recorded for any October after October 2018 but a decrease of 1.6% from the previous month. Tullett Prebon had the largest share of the trading volume with 30.7%. Tradition once again swapped with BGC to attain second highest share with 20.8%.
Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014.
