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FIA releases SEF Tracker for July 2016

First Published 26th August 2016

Total trading volume on SEFs averaged $407.0 billion per day during the month of July, down 29.0% from the record high of the previous month but up 2.6% from July 2015. All asset classes showed significant decreases in volume from last month, especially rates which reached its lowest average in 2016.

Rates: Trading averaged $354.5 billion per day in July, which was down 29.7% from June but up 4.3% from a year ago. FRA trading averaged $182.5 billion in July, down 37.4% from previous month but up 2.1% from July 2015. Non-FRA rates trading decreased by 19.1% from previous month but increased 6.9% from last year. In terms of market share for non-FRAs, Tullett Prebon captured 18.9% of the market, followed by BGC with 16.6% and IGDL with 14.5%.

Credit: Trading averaged $19.8 billion per day in July, dropping 35.9% from June and 17.9% from July 2015. Bloomberg captured 75.6% of all credit default swap trading on SEFs in July, followed by Tradeweb with 13.2% and Tullett Prebon with 4.2%.

FX: Trading averaged $32.7 billion per day in July, a decrease of 13.9% from the previous month but approximately the same as last year. Average daily trading in NDFs was $19.7 billion per day, a decrease of 11.0% from June, and 3.9% from a year ago. In options trading, average volume was $12.5 billion per day, down 18.7% from previous month, and 5.8% from last year. In terms of market share, BGC led the way with 28.1%, followed by ICAP with 21.8% and Tullett Prebon with 16.8%. Note: data for FX trading in November 2015 has been revised to exclude a large trade that was cancelled.

Click here for the full report and related data.