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

Moscow Exchange (MOEX) today released its trading volumes for June 2017 which showed improvements in bonds and equities volumes when weighed against its 2016 equivalents, and also managed to negate a downward trend seen across derivatives and forex segments.

During the reported month, FX market turnover at MOEX rose 10.7 percent year-on-year to RUB 30.9 trillion ($520.3 billion) from RUB 27.9 trillion ($469.8 billion) in June 2016, and also was higher by 5.5 percent month-on-month from RUB 29.3 trillion ($493.3 billion) in May 2017. This included spot trades of RUB 7.5 trillion and swap trades coming in at RUB 23.4 trillion in June 2017, each higher month-on-month than the equivalent figures for May.

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This month-on-month expansion caused the FX market’s average daily turnover to increase by 10.7 percent to RUB 1,471.9 billion ($24.7 billion) in June, from RUB 1,330.1 billion ($22.39 billion) in the year ago. The figure was also higher by 0.5 percent month-on-month compared to the RUB 1466.0 billion ($24.68 billion) reported in May 2017.

In terms of MOEX’s derivatives market volumes for June 2017, the figure reversed the narrative, having yielded RUB 7.5 trillion ($126.3 billion) – this represents a loss of 19.3 percent year-on-year from RUB 9.3 trillion ($156.6 billion) in 2016. However, June’s figure corresponded to a jump of 15.4 percent month-on-month from RUB 6.5 trillion ($109.4 billion) in May 2017.

From June’s totals, futures transactions represented 148.9 million contracts, down from 141.1 million contracts traded in the prior month, while options accounted for 7.8 million contracts, lower than the 159.9 million options contracts traded in the same month last year.

Trading volumes on MOEX’s precious metals market decreased to RUB 8.1 billion from RUB 10.3 billion in June 2016, of which RUB 8.1 billion (3.4t) was gold and RUB 1.1 million (35.1kg) was silver.