MOEX FX Volumes Secure Monthly Rise in April, But Lags YoY

Earlier last month, the exchange operator has added new instruments and services to its FX Market.

Moscow Exchange (MOEX) has released its trading volumes for the month ending April 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 April 2019, MOEX’s total FX market turnover secured its third monthly growth to RUB 30.8 trillion ($471 billion), jumping by 12 percent month-over-month from RUB 27.5 trillion ($421 billion) in March 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 in US dollar terms, falling by three percent from RUB 31.8 trillion in April 2018.

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April 2019’s turnover included spot trades of RUB 5.9 trillion ($90 billion), or 21 percent of the total trading volume, and ‎swap trades coming in at RUB 24.9 trillion ($381 billion).

MOEX’s FX market’s average daily turnover in April 2019 was RUB 1.400 trillion ($21.4 billion), corresponding to a gain of two percent month-over-month‎ from RUB 1.37 trillion ($21.1 billion) in March 2019, but was also lower by three percent year-over-year from RUB 1.44 trillion in April 2018.

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Derivatives Market Lags

Looking at MOEX’s derivatives market volumes during April 2019, the group yielded a weak performance for the month. In April 2019, MOEX reported a figure of RUB 6.3 trillion for the month – this was reflective of a drop of -23 percent year-over-year from RUB 8.2 trillion a year ago.

Earlier last month, 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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