MOEX FX Volumes Slide in August as Summer Calm Deter Traders

MOEX’s total FX market turnover came in at RUB 27.8 trillion ($416 billion), falling by over six percent month-over-month.

Average daily FX trading volumes dropped by more than ten percent in August from a year earlier, Moscow Exchange (MOEX) said on Tuesday, though trade wars have been injecting volatility into foreign exchanges markets last month.

Russia’s largest institutional trading venue revealed that its total FX market turnover came in at RUB 27.8 trillion ($416 billion), falling by over six percent month-over-month from RUB 29.6 trillion ($453 billion) in July 2019.‎

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In addition, the latest reading corroborates a drop in volumes at the exchange on a year-over-year basis, as the figure failed to secure a yearly growth in both Ruble and US dollar terms, falling by 11.5 percent from RUB 31.4 trillion in June 2018.

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MOEX’s total FX turnover in August 2019‎ featured spot trades of RUB 7.4 trillion, up from RUB 5.7 trillion in the month prior, but swap trades and forwards together came in at RUB 20.4 trillion, compared to RUB 23.9 trillion ($366 billion) in July.

MOEX expands FX offering with new pairs

MOEX’s FX market’s average daily turnover in August 2019 was RUB 1,262 billion ($18.9 billion), corresponding to a drop of two percent month-over-month‎ from RUB 1,287 billion ($19.7 billion) in July 2019, and was also lower by 13 percent year-over-year from RUB 1,363 billion in August 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.

Earlier this month, the exchange has expanded its foreign exchange (forex) offering, by launching trading in the US dollar/Japanese yen (USD/JPY) currency pair. The bourse said that the new trading pairs in demand from international clients and the latest additions also help promote the MOEX FX market.

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