MOEX’s August Volumes Mixed, FX Volumes Stick to Tight Consolidation

FX volumes drifted slightly lower MoM while derivatives managed to slingshot higher in August.

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has reported its trading volumes for the month ending August 2016, which showed a tight consolidation in foreign exchange (FX) market turnover relative to the month prior – the latest figures also showed a marginal decline MoM in turnover, unable to get back on track in August, according to a MOEX statement.

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During August 2016, MOEX’s total FX market turnover edged slightly lower to RUB 25.5 trillion, rescinding by a margin of -1.5% MoM from RUB 25.9 trillion in July 2016 – these latest figures underscored a rather muted change during one of the slowest trading months of the calendar year. The consecutive monthly decline also is not surprising, given the lack of volatility in the summer months.

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In addition, August 2016’s turnover also included spot trades of RUB 7.9 trillion (RUB 7.6 trillion in July 2016) and swap trades of RUB 17.6 trillion (RUB 18.2 trillion in July 2016). The latest volumes at MOEX also were lower against their August 2015 equivalents, as the venue’s FX market turnover fell by -19.6% YoY from RUB 31.7 trillion in August 2015.

Volumes Rundown

MOEX’s FX market’s average daily turnover in August 2016 was $17.1 billion (RUB 1,109.7 billion), correlating to a decline of -10.0 YoY from $19.0 billion (RUB 1,232.0 billion) in August 2015.

One positive takeaway from the latest report at MOEX during August was its derivatives market volumes, which performed strongly in August 2016. For August 2016, MOEX yielded a figure of RUB 9.1 trillion for the month – this was reflective of a gain of 16.7% MoM from RUB 7.8 trillion in July 2016. The latest turnover across MOEX’s derivatives business was however lower than August 2015, registering a decline of -22.2% YoY vs. RUB 11.7 trillion in July 2015.

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