MOEX Reports Flat FX Turnover in October, Derivatives Continue Slide

Total FX market turnover at MOEX rose 3.4% MoM to RUB 27.3 trillion ($468 billion) but the ADV dropped from

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has released its trading volumes for the month ending October 2017 – the exchange’s total FX volume was able to recover from recent lows but a flat ADV figure ultimately prevented a rebound from last month’s weak performance.

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During the reported month, FX market turnover at MOEX rose 3.4 percent month-over-month to RUB 27.3 trillion ($468 billion) from RUB 26.4 trillion in September 2017. In addition, the figure secured a consecutive yearly growth, jumping by 5.4 percent year-over-year from RUB 25.9 trillion in October 2016.

This month-on-month expansion, however, didn’t help the FX market’s average daily turnover to recover as the figure retreated slightly by less than one percent, coming in at RUB 1.24 trillion ($21.5 billion) in October from RUB 1.26 trillion the month prior. The figure was again higher year-on-year compared to the RUB 1.22 trillion ($19.7 billion) reported in October 2016.

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MOEX’s total FX turnover in October 2017 featured spot trades of RUB 6.2 trillion, or 23 percent of the total trading volume, and swap trades coming in at RUB 21.2 trillion, each higher month-on-month than the equivalent figures for September .

Looking at MOEX’s derivatives market volumes during October 2017, the group yielded a stagnant performance for the month. In particular, MOEX reported a figure of RUB 6.5 trillion for the month – this was reflective of a loss of 11 percent month-over-month from RUB 7.3 trillion in September 2017.

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