Moscow Exchange Continues to See Decline in FX Trading Revenues
by
Colin Firth
FX commissions drop despite increase in trading volume due to low volatility and general risk environment.
Moscow Exchange (MOEX), Russia’s largest institutional trading exchange, has just released its trading revenues for the second quarter ending June 30, 2017, which shows a decline in FX revenues despite an increase in trading volumes.
The writing was on the wall when the monthly results were announced for July and these results are basically an extension of those. FX market fees and commissions came in at 964.8 million rubles ($16.08 million), down 6.4% year on year. This was despite the fact that total trading volumes increased by 13.5% during the same period.
Spot trading volumes declined by 21.2% which could be one of the main reasons for the decline in fees and commissions as most of fees are generated through spot trading, as with any exchange.
Most FX volumes at an exchange are generated by prop trading by large companies who are exposed to FX rate risk and hence would look for hedging and Liquidity management solutions. As a reflection of that, the swap and forward segment showed growth of 29.4% during Q2, which is reflective of the increased risk environment that companies operate in.
Looking at the derivatives market, fees and commissions were down 4.2% year on year as it came in at 481.1 million rubles ($8.02 million). Trading volumes also declined by 25.5% year on year, which was mainly in the FX and index futures segment due to the lack of Volatility in the markets during this time of the year.
Volumes in commodity futures increased by 9.3% YoY and options volumes increased by 38.5% YoY, showing increased interest in trading in index options.
With an eye on the growing fintech sector, MOEX also announced the creation of a separate subsidiary that will focus on developing innovative projects and working with fintech startups with potential investments of up to RUB 1.2 billion ($600 million) over the next four years.
Moscow Exchange (MOEX), Russia’s largest institutional trading exchange, has just released its trading revenues for the second quarter ending June 30, 2017, which shows a decline in FX revenues despite an increase in trading volumes.
The writing was on the wall when the monthly results were announced for July and these results are basically an extension of those. FX market fees and commissions came in at 964.8 million rubles ($16.08 million), down 6.4% year on year. This was despite the fact that total trading volumes increased by 13.5% during the same period.
Spot trading volumes declined by 21.2% which could be one of the main reasons for the decline in fees and commissions as most of fees are generated through spot trading, as with any exchange.
Most FX volumes at an exchange are generated by prop trading by large companies who are exposed to FX rate risk and hence would look for hedging and Liquidity management solutions. As a reflection of that, the swap and forward segment showed growth of 29.4% during Q2, which is reflective of the increased risk environment that companies operate in.
Looking at the derivatives market, fees and commissions were down 4.2% year on year as it came in at 481.1 million rubles ($8.02 million). Trading volumes also declined by 25.5% year on year, which was mainly in the FX and index futures segment due to the lack of Volatility in the markets during this time of the year.
Volumes in commodity futures increased by 9.3% YoY and options volumes increased by 38.5% YoY, showing increased interest in trading in index options.
With an eye on the growing fintech sector, MOEX also announced the creation of a separate subsidiary that will focus on developing innovative projects and working with fintech startups with potential investments of up to RUB 1.2 billion ($600 million) over the next four years.
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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