MOEX’s FX Turnover Snaps June’s Positive Momentum But Secures Growth YoY

FX market turnover at MOEX dropped 13.3 percent month-over-month to RUB 26.8 trillion ($442 billion).

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just released its trading volumes for the month ending July 2017, having failed to sustain its strong momentum seen last month in light of a less volatile market trading atmosphere.

During the reported month, FX market turnover at MOEX dropped 13.3 percent month-over-month to RUB 26.8 trillion ($442 billion) from RUB 30.9 trillion ($520.3 billion) in June 2016. However, the figure secured a consecutive yearly growth, jumping by 3.7 percent year-over-year from RUB 25.9 trillion in June 2017.

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This included spot trades of RUB 6.8 trillion and swap trades coming in at RUB 20.0 trillion in July 2017, each lower month-on-month than the equivalent figures for June.

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This month-on-month contraction caused the FX market’s average daily turnover to decrease by 13.0 percent to RUB 1,277.7 billion (USD 21.0 billion) in July, from RUB 1,471.9 billion ($24.7 billion) in the month prior. The figure was again higher by 3.7 percent year-on-year compared to the RUB 1,232.0 billion (USD 19.2 billion) reported in July 2016.

Looking at MOEX’s derivatives market volumes during July 2017, the group also yielded a weak performance for the month. In particular, MOEX reported a figure of RUB 7.1 trillion for the month – this was reflective of a drop of 5.4 percent month-over-month from RUB 7.5 trillion ($126.3 billion) in June 2017.

From July’s totals, futures transactions represented 133.8 million contracts, down from 148.9 million contracts traded in the prior month, while options accounted for 6.9 million contracts, lower than the 7.8 million options contracts traded in June 2017.


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