MOEX’s FX Volumes Drop in June as Summer Lull Weighs

MOEX’s figures reflect the trend observed in the monthly figures from many of the major trading platforms, including Cboe FX.

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just released its trading volumes for the month ending June 2019, having failed to sustain the strong momentum seen last month in light of a less volatile market trading atmosphere.

MOEX’s figures reflect the trend observed in the monthly figures from many of the major trading platforms, including Cboe FX.

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During June 2019, MOEX’s total FX market turnover was reported at RUB 24.7 trillion ($390 billion), falling by 20 percent month-over-month from RUB 30.8 trillion ($471 billion) in May 2019.‎ In addition, the latest reading corroborates a drop in volumes at the exchange on a year-over-year basis, as the figure failed to secure a consecutive yearly growth in both Ruble and US dollar terms, falling by 12.7 percent from RUB 28.3 trillion in June 2018.

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MOEX’s total FX turnover in June 2019‎ featured spot trades of RUB 5.4 trillion, down from RUB 5.9 trillion in the month prior, while swap trades and forwards together came in at RUB 19.3 trillion, compared to RUB 24.9 trillion ($381 billion) in May.

Derivatives volumes up MoM

MOEX’s FX market’s average daily turnover in June 2019 was RUB 1.300 trillion ($20.5 billion), corresponding to a drop of seven percent month-on-month from RUB 1.400 trillion ($21.4 billion) in May 2019. This figure was also lower by three percent higher year-over-year from RUB 1.34 trillion in June 2018.

The MOEX currency family offers benchmarks for a number of currency pairs mainly thanks to its high liquidity, transparency, and historical foundation. In recent years, MOEX’s FX market has developed from a limited segment within the Russian interbank market to a global trading platform for ruble operations.

Looking at MOEX’s derivatives market volumes during June 2019, the group also yielded a mixed performance for the month. In June 2019, MOEX reported a figure of RUB 6.4 trillion for the month – this was reflective of a rise of 1.4 percent month-over-month from RUB 6.3 trillion in May 2019, but down seven percent year-over-year from RUB 6.9 trillion in the same month a year ago.

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