MOEX’s May FX Turnover Continues Slide Off Recent Highs

MOEX's FX turnover was unable to rebound in May, continuing to decline from a peak earlier this year.

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has released its trading volumes for the month ending May 2017 – the exchange’s FX volume was unable to recover from recent lows with weaker ruble volumes ultimately preventing a rebound from last month’s figures.

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May 2017 featured no shortage of global market drivers and volatility in the US and Europe, though ruble trading and emerging markets were devoid of any major moves during the month. Just one month after incurring a sizable decline in FX market turnover, MOEX reported a reading of RUB 29.3 trillion in May 2017, corresponding to a decline of -2.0 percent month-over-month from RUB 29.9 trillion in April 2017.

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The latest figure is the second monthly decline in a row, totaling nearly -20.0 percent from a peak earlier this year. In May, the RUB was largely stagnant vs. both the USD and EUR, which helped contribute to lower trading activity during the month. On a yearly basis, MOEX’s total FX turnover was in fact pointed higher however, registering a climb of 21.6 percent year-over-year from RUB 24.1 trillion in May 2016.

In particular, May 2017’s total FX turnover also featured spot trades of RUB 6.4 trillion (RUB 5.7 trillion in April 2017) and swap trades of RUB 24.1 trillion (RUB 24.2 trillion in April 2017).

Volumes Rundown

In addition to its total FX market readings, MOEX’s average daily turnover in May 2017 was $25.9 billion (RUB 1466.0 billion), corresponding to a marginal decline of -2.0 percent month-over-month from $26.4 billion (RUB 1,496.9 billion) in April 2017, and 14.9 percent higher year-over-year from $22.4 billion (RUB 1,270.1 billion) in May 2016.

The stagnated performance at MOEX was not just confined to its FX figures but also seen across its derivatives market volumes during May 2017. Indeed, the group yielded a figure of RUB 6.5 trillion for the month, reflective of a decline of 1.5 percent month-over-month from RUB 6.6 trillion in April 2017. The lower or consolidated FX and derivatives volumes also coincide with lower movement across emerging markets.

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