MOEX’s FX Turnover Rebounds in August, Derivatives Back to Growth

MOEX's FX turnover was able to rebound in August, halting the decline from a peak hit earlier this year.

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just released its trading volumes for the month ending August 2017, having managed to recover from the weak momentum seen last month due to a more volatile market trading atmosphere.

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During the reported month, FX market turnover at MOEX rose 13.4 percent month-over-month to RUB 30.4 trillion ($525 billion) from RUB 26.8 trillion ($463 billion) in July 2016. In addition, the figure secured a consecutive yearly growth, jumping by 19.2 percent year-over-year from RUB 25.5 trillion in July 2017.

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This included spot trades of RUB 6.4 trillion, or 21 percent of the total trading volume, and swap trades coming in at RUB 24.0 trillion in August 2017, each higher month-on-month than the equivalent figures for July.

This month-on-month expansion caused the FX market’s average daily turnover to increase by 3.5 percent to RUB 1.3 trillion (USD 22.5 billion) in August, from RUB 1.27 trillion ($21.9 billion) the month prior. The figure was again higher year-on-year compared to the RUB 1.11 trillion (USD 19.1 billion) reported in August 2016.

Looking at MOEX’s derivatives market volumes during August 2017, the group also yielded a strong performance for the month. In particular, MOEX reported a figure of RUB 7.3 trillion for the month – this was reflective of a gain of 2.8 percent month-over-month from RUB 7.1 trillion ($122 billion) in July 2017.

From August’s totals, securities derivatives constituted 3.8 percent (RUB 273.9 billion), FX derivatives made up 48 percent (RUB 3.5 trillion), interest derivatives came to 0.03 percent (RUB 2.1 billion), and commodity derivatives were 24.1 percent (RUB 1.7 trillion).

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