MOEX FX Volumes Rise 20% in July, But Lags Year over Year

July turnover included spot trades of $87 billion, and ‎swap trades coming in at $366 billion.

Moscow Exchange (MOEX) has released its trading volumes for the month ending July 2019. The exchange’s total FX volume was up on a monthly basis, but a weaker ADV figure ultimately shows a notable drop from last year’s numbers.

During July 2019, MOEX’s total FX market turnover secured a monthly growth to RUB 29.6 trillion ($453 billion), jumping by 19 percent month-over-month from RUB 24.7 trillion ($390 billion) in June 2019. However, 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, falling by nine percent from RUB 32.5 trillion in July 2018.

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July 2019’s turnover included spot trades of RUB 5.7 trillion ($87 billion), or 21 percent of the total trading volume, and ‎swap trades coming in at RUB 23.9 trillion ($366 billion).

MOEX’s FX market’s average daily turnover in July 2019 was RUB 1,287 billion ($19.7 billion), corresponding to a drop of one percent month-over-month‎ from RUB 1.300 trillion ($20.5 billion) in June 2019, and was also lower by 13 percent year-over-year from RUB 1.47 trillion in July 2018.

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Derivatives market advances

Looking at MOEX’s derivatives market volumes during July 2019, the group yielded a strong performance for the month. The exchange reported a figure of RUB 6.5 trillion for the month – this was up from 6.4 trillion in June, and the figure also improved 6.6 percent year-over-year from RUB 6.1 trillion a year ago.

Earlier this, the exchange operator has added new instruments and services on its FX Market, including a pilot USD/RUB order book, new instruments for the Japanese yen/Russian ruble (JPY/RUB) currency pair, and new currency pairs – USD/CNY and USD/TRY will be added to the global over-the-counter (OTC) liquidity access project.

Moscow Exchange (MOEX) is the largest exchange group in Russia and Eastern Europe by trading volumes and number of clients. 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. The bourse said that its new service is in demand from international clients and it also helps to promote the MOEX FX market.

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