Russian Trading Volumes up 33% in September YoY

Russia's main equity and derivatives bourse has reported positive trading metrics for September. Volumes were up year on year across

micex logoThe Moscow Exchange, Russia’s main multi-asset financial trading venue  announced trading performance for the month of September. The exchange saw an overall rise of 33% across all asset classes in September 2013, from figures reported in 2012.

The average daily trading volume in September for FX was $21.5 billion, despite total volume for the month dipping slightly by 2% from August figures.

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September volumes

FX:

FX market turnover in September was RUB 14,603 bln (September 2012: RUB 10,556 bln), including spot trades of RUB 5,273 bln (36% of the total) and swap trades of RUB 9,330 bln (64%).

The FX market’s average daily turnover was RUB 695 bln.

September was a record month, with client operations totalling RUB 3,573 bln. The addition of FX trading to leading retail brokers’ product lines increased the client base significantly from 6,800 in early August to approximately 42,000 clients by the end of September. The shares of clients in spot market turnover reached around 28%, the highest ever.

Equities and bonds:

Turnover in stocks, RDRs, and investment fund units totalled RUB 844 bln (September 2012: RUB 947 bln). The average daily turnover was RUB 40 bln, higher than 8M13’s average daily turnover of RUB 32 bln. 19 and September saw 9M13’s record daily trading volume of RUB 64 bln. The increased trading activity was due partly to the switch to T+2 settlement on 2 September.

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Total turnover in corporate bonds and OFZs came to RUB 917 bln (September 2012: RUB 857 bln). The bonds market’s average daily turnover was RUB 44 bln.

A total of 28 new bond issues (including OFZs) with a combined value of RUB 178 bln were placed during the month.

Derivatives:

Derivatives’ market turnover was RUB 3,963 bln (September 2012: RUB 4,643 bln) or 92 mln contracts (September 2012: 101.5 mln contracts). The derivatives market’s average daily turnover was RUB 189 bln. Open interest increased 3% YoY to RUB 447 bln at the end of September.

Futures’ turnover was RUB 3,576 bln (September 2012: RUB 4,301 bln), while options’ turnover was RUB 387 bln (September 2012: RUB 342 bln).

Turnover in calendar spreads up to the contracts expiration in September totalled $5.9 bln, four times more than during the previous expiration in June.

30th September saw the record open interest on RTS Index options of more than RUB 186 bln. This was due to increased interest in the market from domestic and international institutional investors. Common strategies included hedging equity exposure with RTS Index options and hedging RTS Index futures positions with options.

Money market:

The volume of repo transactions with the Central Counterparty (CCP) reached a record RUB 527 bln. 5. September was the record day ever for repo transactions with the Central Counterparty (CCP), with a daily turnover of RUB 32.6 bln. The average daily repo transactions’ volume was RUB 25 bln. This service, which allows participants to trade without bilateral limits, was introduced on 5 February, 2013 and now has more than 150 active participants.

The volume of trades on the money market was RUB 20,426 bln (September 2012: RUB 13,644 bln). The average daily turnover was RUB 973 bln.

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