MOEX’s FX Turnover Falls in April, Snapping 2017 Momentum

A consecutive monthly uptrend at MOEX was snapped in April as FX turnover suffered a decline.

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has disclosed its trading volumes for the month ending April 2017, which held onto sustained momentum as volatility declined during the month.

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During April 2017, MOEX’s total FX market turnover snapped a consecutive monthly growth to show a reading of RUB 29.9 trillion, falling by -18.5 percent month-over-month from RUB 36.7 trillion in March 2017 – the latest reading was largely attributed to declining volatility on a monthly basis, which did not feature many widespread market drivers.

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Furthermore, April 2017’s turnover also included spot trades of RUB 5.7 trillion (RUB 7.9 trillion in March 2017) and swap trades of RUB 24.2 trillion (RUB 28.7 trillion in March 2017). April 2017’s volumes at MOEX were also higher than its April 2016 counterpart, as the venue’s FX market turnover rose from RUB 27.3 trillion in the year prior, or 9.5 percent higher year-over-year.

Volumes Rundown

MOEX’s FX market’s average daily turnover in April 2017 was $26.1 billion (RUB 1,496.9 billion), corresponding to a growth of 10.3 percent month-over-month from $29.1 billion (RUB 1,666.6 billion) in March 2017, and 14.9 percent higher year-over-year from $22.7 billion (RUB 1,302.3 billion) in April 2016.

Looking at MOEX’s derivatives market volumes during April 2017, the group also yielded a negative performance for the month. In April 2017, MOEX reported a figure of RUB 6.6 trillion for the month – this was reflective of a decline of -24.1 percent month-over-month from RUB 8.7 trillion in March 2017.

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