FX Volumes Rebound at Russia’s MOEX, Derivatives Market Stands Tall

FX market turnover at MOEX rose 12 percent month-over-month to RUB 30.4 trillion ($460 billion).

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just released its trading volumes for the month ending October 2018, having managed to recover from the weak momentum seen last month due to a more volatile market trading atmosphere.

During the reported month, FX market turnover at MOEX rose 12 percent month-over-month to RUB 30.4 trillion ($460 billion) from RUB 27.1 trillion ($410 billion) in September 2018. In addition, the figure managed to secure a prolonged growth across the yearly timetable, rising 11.3 percent year-over-year from RUB 27.3 trillion in October 2017.

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This included spot trades of RUB 7.0 trillion, or up 14 percent over last year, and swap trades coming in at RUB 23.4 trillion in October 2018, each higher month-on-month than the equivalent figures for September.

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This month-on-month expansion caused the FX market’s average daily turnover to increase to RUB 1.32 trillion ($20 billion) in October. The figure was again higher by 6.5 percent year-over-year compared to the RUB 1.24 trillion ($21.5 billion) reported in October 2017.

The MOEX currency family offers benchmarks for a number of currency pairs mainly thanks to its high liquidity, transparency and historical foundation. In recent years, MOEX’s FX market has developed from a limited segment within the Russian interbank market to a global trading platform for ruble operations.

Looking at MOEX’s derivatives market volumes during October 2018, the group also yielded a strong performance for the month. In particular, MOEX reported a figure of RUB 8.4 trillion for the month – this was reflective of a gain of 29 percent year-over-year from RUB 6.5 trillion in the same month a year ago.

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