MOEX’s July FX Volumes Revert Back to Pre-Brexit Levels as Downtrend Resumes

MOEX's FX figures have pared all of June's gains, with a lack of volatility stymying any gains in volumes.

Institutional trading venue Moscow Exchange (MOEX) has just released its latest trading volumes for the month ending July 2016, which showed an abrupt reversal off of last month’s uptick in foreign exchange (FX) market turnover – the latest figures show a resuming downtrend that has largely refused to abate since March 2016, according to a MOEX statement.

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During July 2016, MOEX’s total FX market turnover fell to RUB 25.9 trillion, rescinding by a factor of -7.2% MoM from RUB 27.9 trillion in June 2016 – this performance comes on the heels of last month’s Brexit referendum, which showed a healthy uptick, snapping three consecutive months of retreating volumes.

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Furthermore, July 2016’s turnover also included spot trades of RUB 7.6 trillion (RUB 8.3 trillion in June 2016) and swap trades of RUB 18.2 trillion (RUB 19.6 trillion in June 2016). The latest volumes at MOEX also saw an uneven decline against its July 2015 counterpart however, with the group’s FX market turnover suffering a -10.1% YoY fall from RUB 28.8 trillion against July 2015.

Other Key Figures

MOEX’s FX market’s average daily turnover in May 2016 was $19.2 billion (RUB 1,232.0 billion), which was good for an 8.1% growth YoY from $18.8 billion (RUB 1,250.0 billion) in July 2015.

Finally, MOEX’s derivatives market volumes took a tumble in July 2016, corresponding to a figure of RUB 7.8 trillion for the month – this was reflective of a fall of -16.1% MoM from RUB 9.3 trillion in June 2016. The latest turnover across MOEX’s derivatives business was also vastly higher than July 2015, indicative of a climb of 18.2% YoY vs. RUB 6.6 trillion in July 2015.

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