MOEX FX Trading Volumes Rise to $385 Billion in December

Average daily volumes reached RUB 1.117 trillion ($17.7 billion) against RUB 1,116 billion ($17.5 billion) in the previous month

Currency trading at Moscow Exchange (MOEX) recovered slightly in December but remained well below volumes of the year prior, as well as a 2019 peak seen in April, the company said on Friday.

December was a particularly volatile period for global financial markets as the dollar was hit by waning trade disputes while sterling shot higher on a burst of optimism about Brexit following the Conservatives’ win of a clear majority in the UK election.

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MOEX’s total FX market turnover edged higher to RUB 23.5 trillion ($385 billion) last month, up five percent month-over-month from the RUB 22.3 trillion ($347 billion) exchanged hands in November 2019. Compared with volumes from the same month a year earlier, this figure was down by more than 11 percent when weighed against RUB 26.5 in December 2018.

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FX volumes also rebound at rivals

Average daily volumes in December 2019 reached RUB 1.117 trillion ($17.7 billion) against RUB 1,116 billion ($17.5 billion) in the prior month, Moex said in a statement. Year-over-year, the ADV figure dropped from RUB 1.26 trillion ($18.8 billion) in 2018.

December 2019’s turnover included spot trades of RUB 5.2 trillion ($85 billion), up from RUB 4.7 trillion in November, and ‎swap trades coming in at RUB 18.2 trillion ($298 billion).

The MOEX numbers also followed stronger trading volumes from rival foreign exchange venues such as CME Group, Euronext, and Georgia-based Intercontinental Exchange.

FX trading on Russia’s mega bourse, as well as on those of its competitors, has had a record start to the year as a rise in volatility from multi-year lows and a flurry of policy changes supported more currency transactions. However, the exchange’s FX volume was unable to recover from recent lows, though it continues to develop its infrastructure as part of a state-backed drive to make Moex one of the world’s leading financial hubs.

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