Moscow Exchange Volumes Tick Higher in June as Brexit Volatility Spreads

Emerging markets trading venues such as Moscow Exchange have been volatile in light of the British vote.

Moscow Exchange has marked an increased turnover in the month of June when compared to last month and to the same month last year. The top Russian trading venue has marked an increase in trading volumes totaling $1.10 trillion (RUB 70.2 trillion). The number is higher by 20.8 per cent when compared to the month of May and by 20.3 per cent when compared to June 2015.

The turnover on the foreign exchange market on Moscow Exchange was $437 billion (RUB 27.93 trillion). The figure is about flat year-on-year and higher by 15 per cent when compared to the month of May. Spot trades amounted to $130 billion (RUB 8.3 trillion), while swap trades marked $307 billion (RUB 19.6 trillion).

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The average daily trading volumes (ADV) on the Moscow Exchange’s FX markets totaled about $20.4 billion (RUB 1,330.1 billion), which is only marginally higher than a year ago. The Russian FX market was much less affected than a number of other emerging markets pairs, due to the relatively subdued move in oil prices after the Brexit vote.

The strongest segments of Moscow Exchange’s trading volumes last month was the money market and the derivatives market, where volumes increased by 48.7 per cent and 42.6 per cent year-on-year respectively.

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Derivatives market volumes increased by 42.6 per cent, amounting to $145.8 billion (RUB 9.3 trillion), which represented about 159.9 million contracts. Of those 154.0 million contracts were futures and 5.9 million were options.

The open interest on Moscow Exchange’s derivatives market totaled $7.6 billion (RUB 485 billion) at the end of the month, comparing to about (RUB 440.1 billion).

Looking at the equity and bond markets, trading volumes increased by 35.1 per cent YoY on the bond narket and 9.1% YOY on the equity market.

Money market trading volumes sharply increased by 48.7 per cent year-on-year with the total amounting to $409 billion (RUB 26.1 trillion). The number is higher when compared to May by 22.5 per cent.

Finally, looking at the metrics of the Moscow Exchange precious metals market, the turnover increased 1.3 times year-on-year, with $161.25 million (RUB 10.3 billion) of the trading volumes for gold (3.7t) and $31,358 (RUB 2.0 million) for silver (56.6 kg).

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