FX Trading Volumes at Moscow Exchange Show No Signs of Letting Up

MOEX on Tuesday said its total FX market turnover jumped 10 percent from a month earlier.

FX trading sustained strong volumes at Moscow Exchange (MOEX) during July, as investors’ interest roared back from the depths of the Covid-19 volatility, according to a monthly report from Russia’s largest institutional trading venue.

Today, MOEX said its total FX market turnover jumped 10 percent from a month earlier.

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MOEX’s figure for July posted RUB 27.5 trillion ($373 billion) from the RUB 25.0 trillion ($349 billion), which exchanged hands in June 2020. This is compared with volumes from the same month a year earlier, though this figure was lower by 7 percent when weighed against RUB 29.6 trillion in July 2019.

July 2020’s turnover included spot trades of RUB 7 trillion ($95 billion). This surpassed the RUB 6.6 trillion ($92 billion) in the previous month, while swap trades and forwards totaled RUB 20.5 trillion ($278 billion).

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In terms of the average daily volumes in July 2020, the metric printed RUB 1.250 trillion ($17.5 billion), is virtually unchanged form 1.251 trillion ($18.1 billion) in the prior month, Moex said in a statement. Additionally, year-on-year, the ADV figure was down 3 percent from RUB 1.287 trillion or $20.4 billion in 2019.

Investors’ interest in OTC derivatives trading at Moscow Exchange (MOEX) continued its upward route in 2020 buoyed by a steady rise in volatility. This was coupled with a multi-year effort to bring new business to the platform.

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According to a recent report, open interest on MOEX’s standardised OTC derivatives market was RUB 547 billion at the end of June 2020. This figure was up 25 percent year-on-year from RUB 436 billion.

Russia’s largest bourse attributed the growth to its new products and upcoming regulatory changes, which helped increase the share of interest swaps in total market turnover to 40 percent. Moscow Exchange’s derivatives are offering lines up swaps, FX swaps, cross-currency swaps, FX forwards and options with maturities from 3 days to 5 years.

MOEX, in particular, continues to develop its infrastructure as part of a state-backed drive to make Russia’s largest institutional trading venue one of the world’s leading financial hubs. Most recently, the exchange acquired a minority stake in BierbaumPro, which owns proprietary OTC FX platform NTPro.

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