The Moscow Exchange, which operates Russia’s largest public trading markets for FX, equity, bond, derivative and money market products, has released its October 2013 trading volumes for the month.
According to the data published on November 1st, the total trading volume turnover on the Moscow Exchange reached RUB 40,472 billion.
Total FX market trading volume turnover in October was RUB 13,818 billion, a 20.75% increase from October 2012 that saw a RUB 10,951 billion turnover. The FX trading volume on the Moscow Exchange includes spot trades of RUB 4,584 billion (33% of the total) and swap trades of RUB 9,235 billion (67%).
The FX market average daily volume was RUB 601 billion during the month of October. The Moscow Exchange also reported a growth in daily trading of the Chinese yuan, with a record volume of CNY 69.7 million on the 28th of October, worth RUB 364.5 million.
As Forex Magnates reported, in October the Moscow Exchange announced its ability to clear OTC FX derivatives via a qualified central counterparty (CCP) by the National Clearing Center for banks and licensed dealer companies. This reduced banks’ reserve requirements for operations and reportedly increased profitability due to more efficient liquidity management. Participants in the CCP have made six deals totalling RUB1.4 billion as of 31 October. There are around 160 participants in the CCP.
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Key Money Market Metrics:
The volume of transactions with the CCP was RUB 734 billion. Average daily turnover was a record of RUB 32 billion in October.
October 4th saw a record daily volume with the CCP of RUB 37 billion.
Money market turnover in October totalled RUB 20,529 billion (versus RUB 17,817 billion in October 2012). The average daily turnover was RUB 893 billion.
Key Derivatives Metrics:
Derivatives market turnover was RUB 3,754 billion (October 2012 was RUB 4,774 billion) or 82.4 million contracts (October 2012 had 100.2 million contracts), of which RUB 3,389 billion were futures and RUB 365 billion were options. Open interest increased 6.5% year-over-year to RUB 476 billion at the end of October.