MOEX’s FX Turnover Rebounds in February, Derivatives Continue Growth

MOEX has seen double-digit growth across its FX turnover during the month of February

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just released its trading volumes for the month ending February 2018, having managed to recover from the weak momentum seen last month due to a more volatile market trading atmosphere.

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During the reported month, FX market turnover at MOEX rose 12 percent month-over-month to RUB 28.3 trillion ($495 billion) from RUB 25.3 trillion ($445 billion) in January 2018. However, the figure failed to secure a prolonged growth across the yearly timetable, shedding 2 percent year-over-year from RUB 28.9 trillion in February 2017.

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This included spot trades of RUB 6.7 trillion, or 23 percent of the total trading volume, and swap trades coming in at RUB 21.7 trillion in February 2018, each higher month-on-month than the equivalent figures for January.

This month-on-month expansion caused the FX market’s average daily turnover to increase by 18 percent to RUB 1.5 trillion (USD 26 billion) in February, from RUB 1.26 trillion ($22.2 billion) the month prior. The figure was again lower by 1.8 percent year-over-year compared to the RUB 1.51 trillion (USD 19.1 billion) reported in February 2017.

The MOEX currency family offers benchmarks for a number of currency pairs mainly thanks to its high liquidity, transparency and historic foundation. In recent years, MOEX’s FX market has developed from a limited segment within the Russian interbank market to a global trading platform for rouble operations.

Looking at MOEX’s derivatives market volumes during February 2018, the group also yielded a strong performance for the month. In particular, MOEX reported a figure of RUB 7.4 trillion for the month – this was reflective of a gain of 37 percent month-over-month from RUB 5.4 trillion in January 2018.

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