MOEX’s FX Volumes Rebound Sharply in February

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just released its trading volumes for the month ending February 2017, which managed to sustain an upward trend despite a seasonal lull and reduced volatility in markets.

During February 2017, MOEX’s total FX market turnover notched a consecutive monthly growth to RUB 28.9 trillion, climbing by 20.9 percent month-over-month from RUB 23.9 trillion in January 2017 – the latest results helped par some of last month’s collapse in volumes, which largely returned to levels that closed out 2016.

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In addition, February 2017’s turnover also included spot trades of RUB 6.2 trillion (RUB 6.2 trillion in January 2017) and swap trades of RUB 22.6 trillion (RUB 17.8 trillion in January 2017). February 2017’s volumes at MOEX were however lower than its February 2016 equivalents, as the venue’s FX market turnover fell from RUB 30.5 trillion in the year prior, or -5.2 percent year-over-year.

Volumes Rundown

MOEX’s FX market’s average daily turnover in February 2017 was $25.9 billion (RUB 1,519.5 billion), corresponding to a growth of 33.5 percent MoM from $19.4 billion (RUB 1,139.5 billion) in January 2017, and 4.9 percent higher year-over-year from $24.7 billion (RUB 1,450.8 billion) in February 2016.

Looking at MOEX’s derivatives market volumes during February 2017, the group also yielded a negative performance for the month. In February 2017, MOEX reported a figure of RUB 6.5 trillion for the month – this was reflective of a loss of -7.0 percent month-over-month from RUB 7.0 trillion in January 2017.