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Moscow Exchange’s FX Trading Volume down 17.5% MoM in May 2015

by Avi Mizrahi
  • This is a first setback for the Russian venue after three straight months of rise in volume. YoY comparison shows a positive 26.5% growth
Moscow Exchange’s FX Trading Volume down 17.5% MoM in May 2015
Photo: Bloomberg
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The Russian venue Moscow Exchange (MOEX) announced today its trading volumes for May 2015. The Derivatives Market and FX Market posted the strongest growth, with volumes increasing 33% and 27% YoY, respectively. Secondary market turnover in bonds increased 12%.

The figures might increase in the coming months as MOEX announced yesterday, that effective June 8, 2015, it will decrease new minimum initial margin requirements on its FX, Equity & Bond and Derivatives markets, giving additional incentives to trade.

Total FX Market turnover at MOEX for May 2015 grew by 26.5% to RUB 21.2 trillion compared with May 2014’s figure of RUB 16.7 trillion. However, on a monthly comparison the figure dropped by 17.5%. This is a first setback for the Russian venue after three straight months of rise in volume.

The May 2015 FX Turnover includes spot trades of RUB 5.7 trillion and swap trades of RUB 15.5 trillion. The FX Market’s average daily turnover was RUB 1,175.5 billion (about $23.3 billion) compared to RUB 836.3 billion in May 2014.

MOEX-May-Volumes-Chart-April1

MOEX’s Money Market turnover, including repo with a basket of securities, totalled only RUB 16.4 trillion, compared with May 2014’s RUB 19.3 trillion. The average daily turnover was also down to RUB 913.5 billion, compared with May 2014’s RUB 966.4 billion.

Last month, the Moscow Exchange announced strong operating income for the first quarter of 2015, the figure increased by 82.4% year-on-year to RUB 11.87 billion ($241 million). Additionally, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) spiked higher by 115.9% to RUB 9.41 billion ($190 million).

The Russian venue Moscow Exchange (MOEX) announced today its trading volumes for May 2015. The Derivatives Market and FX Market posted the strongest growth, with volumes increasing 33% and 27% YoY, respectively. Secondary market turnover in bonds increased 12%.

The figures might increase in the coming months as MOEX announced yesterday, that effective June 8, 2015, it will decrease new minimum initial margin requirements on its FX, Equity & Bond and Derivatives markets, giving additional incentives to trade.

Total FX Market turnover at MOEX for May 2015 grew by 26.5% to RUB 21.2 trillion compared with May 2014’s figure of RUB 16.7 trillion. However, on a monthly comparison the figure dropped by 17.5%. This is a first setback for the Russian venue after three straight months of rise in volume.

The May 2015 FX Turnover includes spot trades of RUB 5.7 trillion and swap trades of RUB 15.5 trillion. The FX Market’s average daily turnover was RUB 1,175.5 billion (about $23.3 billion) compared to RUB 836.3 billion in May 2014.

MOEX-May-Volumes-Chart-April1

MOEX’s Money Market turnover, including repo with a basket of securities, totalled only RUB 16.4 trillion, compared with May 2014’s RUB 19.3 trillion. The average daily turnover was also down to RUB 913.5 billion, compared with May 2014’s RUB 966.4 billion.

Last month, the Moscow Exchange announced strong operating income for the first quarter of 2015, the figure increased by 82.4% year-on-year to RUB 11.87 billion ($241 million). Additionally, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) spiked higher by 115.9% to RUB 9.41 billion ($190 million).

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