MOEX’s FX Volumes Jump in September, Rebounding off 2016 Lows

Just one month after inking its 2016 lows, MOEX's FX volumes managed to rebound strongly during September.

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has released its trading volumes for the month ending September 2016, which finally managed to edge out of a tight consolidation in terms of its foreign exchange (FX) market turnover – the latest figures were highlighted by a MoM increase in turnover, following several months of stagnation, according to a MOEX statement.

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During September 2016, MOEX’s total FX market turnover edged slightly lower to RUB 27.6 trillion, climbing by a factor of 8.2% MoM from RUB 25.5 trillion in August 2016 – these latest figures came amidst a healthy uptick in market volatility, a welcome departure for the group after back to back months of subdued trading.

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Furthermore, September 2016’s turnover also included spot trades of RUB 8.2 trillion (RUB 7.9 trillion in August 2016) and swap trades of RUB 19.4 trillion (RUB 17.6 trillion in August 2016). The latest volumes at MOEX also were however noticeably lower against their September 2015 equivalents, as the venue’s FX market turnover fell by -20.2% YoY from RUB 34.6 trillion in September 2015.

Volumes Rundown

MOEX’s FX market’s average daily turnover in September 2016 was $20.1 billion (RUB 1,253.3 billion), correlating to a jump of 12.9% MoM from $17.8 billion (RUB 1,109.7 billion) in August 2016, and -20.2% YoY from $25.2 billion (RUB 1,570.6 billion) in September 2015.

Another positive from the latest report at MOEX during September was its derivatives market volumes, which again saw a strong performance last month. For September 2016, MOEX yielded a figure of RUB 9.7 trillion for the month – this was reflective of a gain of 6.6% MoM from RUB 9.1 trillion in July 2016. The latest turnover across MOEX’s derivatives business was however lower than September 2015, registering a decline of -9.3% YoY vs. RUB 10.7 trillion in September 2015.

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