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FIA releases SEF Tracker for May 2016

First Published 24th June 2016

Total trading volume on SEFs averaged $457.3 billion per day during the month of May, which was approximately the same from the previous month but up by 18.1% from May 2015.

In contrast to the overall uptrend, average daily volume in credit default swaps showed a significant drop, reaching its lowest level in two years.

Rates: Trading averaged $407.4 billion per day in May, which was up 4.3% from April and 21.5% from a year ago. FRA trading averaged $240.5 billion in May, approximately the same as April but up 26.6% from May 2015. Taking out FRAs, rates trading increased by 7.9% from last month and 14.9% from last year. In terms of market share for non-FRAs, Tullett Prebon captured 19.6% of the market, followed by BGC with 15.2% and Tradeweb with 15.0%.

Credit: Trading averaged $18.6 billion per day in May, down 31.6% from April and down 6.1% from last year. Bloomberg captured 71.0% of all credit default swap trading on SEFs in May, followed by Tradeweb with 13.6% and GFI with 5.1%, its highest since April last year. On the other hand, ICE reached a record low in both market share, 2.1%, and daily average volume, just $0.38 billion per day, down 76.1% from last month.

FX: Trading averaged $31.3 billion per day in May, a decrease of 10.1% from the previous month and 3.2% from a year ago. Average daily trading in NDFs was $18.5 billion per day, a decrease of 8.4% from April, but approximately the same from last year. In options trading, average volume was $12.3 billion per day, down 12.6% from last month, and down 7.3% from last year. In terms of market share, BGC led the way with 26.7%, followed by ICAP with 23.1% and Tullett Prebon with 16.8%.

Click here for the full report and related data.