The average daily volume (ADV) of FX traded on Swap Execution Facilities (SEFs) in February was $56.2 billion, down 8.2% month-on-month and down 5% year-on-year.
Tullett Prebon was the most used SEF for FX trading last month with an ADV of $17.5 billion. It was followed by BGC, Tradition and GFI, which recorded ADVs of $11.7 billion, $10 billion and $9.8 billion, respectively.
After this, the ADV figures trail off rapidly, with NEX, TRSEF and Bloomberg recording $4 billion, $1.7 billion and $1.2 billion, respectively, and all of the other SEFs reporting an average of less than $150 million per day of FX trading on their platforms.
USD remains by far the most actively traded currency on these SEFs, accounting for $42 billion of the total ADV. This figure remains roughly flat month-on-month, as does the $9 billion ADV of EUR traded. GBP and AUD were the next most actively traded currencies, with ADVs of $2.3 billion and $2 billion, respectively.