Total trading volume on SEFs averaged $571 billion in notional value per day during July 2018. That was down 27% percent from the previous month but up 15.2% from July 2017. The month-over-month decrease in trading volume was driven mainly by a drop in on-SEF trading of interest rate swaps, which was down 27.3% from June 2018 but up 12.9% from July 2017. Trading of FX products in July 2018 continued at a high level; FX trading in July reached $52.8 billion in average daily notional value, the lowest amount this year so far, but still higher than any month prior to 2018.
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