Trading volume on swap execution facilities reached $1.62 trillion in average notional value per day during September 2024, the highest daily average for any month so far. This was up 38.1% from the previous month and up 44.5% from the same month of the previous year. Compared to August 2024, trading was up in every category.
Trading of interest rate swaps and other non-FRA rates products was $1.2 trillion per day in September, the highest level ever recorded. This level was up 34.2% from August 2024 and up 63.2% from September 2023. Tradeweb had the largest share of trading volume with 63%. Tullett Prebon had the second highest share with 13.9%.
FRA trading reached $205.4 billion in average daily trading in September. This amount of daily trading was up 48.9% from the previous month and up 12.8% from a year ago.
Credit default swap trading averaged $134 billion per day in September, the highest level of trading ever recorded. Bloomberg’s market share decreased to 63.8% and Tradeweb’s share increased to 30.5%.
FX trading on SEFs reached $79.1 billion per day in September, the second highest level ever recorded for any September and an increase of 5.2% from the previous month. Tullett Prebon had the largest share of the trading volume with 24.5%. BGC held the second highest share with 22.7%.
Access the FIA SEF TrackerTM to view interactive visualizations covering monthly trading activity on swap execution facilities going back to 2014.
