Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just released its trading volumes for the month ending January 2019, having failed to sustain the strong momentum seen last year in light of a less volatile market trading atmosphere.
MOEX manages Russia’s only multifunctional exchange platform for trading of stocks, bonds, derivatives, currency, money market instruments and commodities. Earlier today, it reported that over two million registered retail investors are using its services.
During January 2019, MOEX’s total FX market turnover was reported at RUB 23.0 trillion ($350 billion), falling by 13 percent month-over-month from RUB 26.5 trillion ($395 billion) in December 2018. In addition, the latest reading corroborates a mild drop in volumes at the exchange on a year-over-year basis, as the figure failed to secure a consecutive yearly growth in US dollar terms, falling by nine percent from RUB 25.3 trillion in January 2018.
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MOEX’s total FX turnover in January 2019 featured spot trades of RUB 5.6 trillion, down 19 percent month-on-month from RUB 6.7 trillion in December, while swap trades and forwards together came in at RUB 17.4 trillion, or 12 percent lower than the equivalent figures (RUB 19.8 trillion) for December.
Derivatives market also weak
MOEX’s FX market’s average daily turnover in January 2019 was RUB 1.14 trillion ($17.4 billion), corresponding to a drop of eight percent month-on-month from RUB 1.26 trillion ($18.8 billion) in December 2018. This figure was also lower year-over-year from RUB 1.26 trillion in January 2018.
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 January 2019, the group also yielded a mixed performance for the month. In January 2019, MOEX reported a figure of RUB 5.9 trillion for the month – this was reflective of a drop of 28 percent month-over-month from RUB 8.2 trillion in December 2018, but higher nine percent year-over-year from RUB 5.4 trillion in the same month a year ago.