MOEX’s December Volumes Manage to Sustain Growth Despite Seasonal Lull

Despite a seasonal decrease in volatility, MOEX's FX volumes climbed higher in December to close out the year strong.

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just released its trading volumes for the month ending December 2016, which managed to sustain an upward trend despite a seasonal lull and reduced volatility in markets.

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During December 2016, MOEX’s total FX market turnover notched a consecutive monthly growth to RUB 31.0 trillion, climbing by a factor of 20.6% MoM from RUB 25.7 trillion in November 2016 – the results also were a departure from other institutional venues, all of which saw their volumes fall by double digits in December.

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Furthermore, December 2016’s turnover also included spot trades of RUB 7.5 trillion (RUB 8.7 trillion in November 2016) and swap trades of RUB 23.5 trillion (RUB 17.0 trillion in November 2016). The latest volumes at MOEX also were virtually unchanged against their December 2015 equivalents, as the venue’s FX market turnover rose marginally YoY from RUB 30.9 trillion in December 2015.

Volumes Rundown

MOEX’s FX market’s average daily turnover in December 2016 was $23.5 billion (RUB 1,407.2 billion), corresponding to a growth of 14.8% MoM from $20.4 billion (RUB 1,225.4 billion) in November 2016, and unchanged YoY from $23.5 billion (RUB 1,406.2 billion) in December 2015.

Delving further to MOEX’s derivatives market volumes during December, the group also yielded a negative performance last month. For December 2016, MOEX reported a figure of RUB 8.4 trillion for the month – this was reflective of a loss of -15.2% MoM from RUB 9.9 trillion in November 2016.

The latest turnover across MOEX’s derivatives business was also much higher in December 2016 (RUB 41.7 trillion), justifying a spike of 51.1% YoY vs. RUB 27.6 trillion in December 2015.

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