Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has released its trading volumes for the month ending December 2017 – the exchange’s total FX volume was mostly able to match its equivalents on a yearly and monthly basis. A stronger ADV figure also helped a rebound from last month’s flat performance.
During the reported month, FX market turnover at MOEX rose 9.5 percent month-over-month to RUB 29.9 trillion ($524 billion) from RUB 27.3 trillion ($479 billion) in November 2017. In addition, the figure secured a consecutive yearly growth in US dollar terms, jumping by 2 percent year-over-year from $498 billion in December 2016.
This month-on-month expansion helped the FX market’s average daily turnover to recover as the figure rose by 9 percent, coming in at RUB 1.41 trillion ($24.9 billion) in December from RUB 1.29 trillion the month prior. The figure was again higher year-on-year compared to the RUB 1.4 trillion ($24.6 billion) reported in December 2016.
MOEX’s total FX turnover in December 2017 featured spot trades of RUB 5.9 trillion, or 19 percent of the total trading volume, and swap trades coming in at RUB 23.8 trillion, each higher month-on-month than the equivalent figures for November.
Looking at MOEX’s derivatives market’s volumes during December 2017, the group yielded a stagnant performance for the month. In particular, MOEX reported a figure of RUB 6.0 trillion for the month – this was reflective of a loss of 20 percent month-over-month from RUB 7.5 trillion in November 2017.