Futures Industry Association (FIA) last week published the fifth issue of FIA SEF Tracker, a periodic report on trading activity taking place on swap execution facilities. This issue provides data in two formats: a set of charts and tables that provide a visual representation of trends in market share and overall trading activity, and a spreadsheet with the underlying data aggregated on a weekly basis and sorted in various ways.
“To increase the SEF Tracker’s value as a tool for understanding the development of the SEF landscape, we’re releasing a spreadsheet containing the underlying data alongside the charts showing volume trends and market share over time,” said Will Acworth, FIA’s senior vice president for communications. “This will allow users to perform their own analyses on the data.”
This issue of the SEF Tracker shows credit volumes increasing for the second month in a row, driven primarily by two very active weeks in the middle of July. Among interest rate swaps, the U.S. dollar continues to be the dominant currency, followed by the euro and the pound sterling. Interestingly, the Mexican peso was fourth most active currency in the most recent week of trading.
In FX, trading in the most recent four weeks (Jun 30-Jul 25) was the lowest so far this year. Trading in both nondeliverable forwards and FX options were unusually low during the first week of the month. Products denominated in Latin American currencies accounted for more than 60% of the volume in the most recent four weeks. BGC and GFI were the most active SEFs in the most recent week and four-week periods.
SEF FX volume data which you can see visually in the graphs below include non-deliverable forwards and options based on currencies. FX volumes exclude products based on precious metals.