The average daily volume (ADV) of FX traded on Swap Execution Facilities (SEFs) in January was $61.2 billion, up month-on-month from $49.8 billion and up 5.5% from $58 billion in January 2018, according to data from FIA SEF Tracker.
This represents the third highest month of ADV ever, behind June and March 2018, when the platforms registered a total of $62.9 billion and $61.3 billion, respectively.
Tullett Prebon’s SEF saw the most FX volume, with an ADV of $15.8 billion going through its platform last month. The next biggest by volume was the BGC SEF, which recorded an ADV of $12.4 billion in FX, followed by Tradition and GFI, which both recorded $9.4 billion.
The NEX, Bloomberg, Thomson Reuters and 360T SEFs reported $4 billion, $1.4 billion, $1.3 billion and $115 million of FX ADV, respectively.
The US dollar was by far the most frequently traded currency on these platforms, accounting for $41 billion of the ADV. Euro trading then accounted for $9 billion, British pounds for $1.7 billion, Australian dollars for $1.2 billion, New Zealand dollars for $176 million and Brazilian reais for $161 million of this total ADV.
Source: FIA SEF Tracker