MOEX FX Turnover Fall 10% Amid Mixed Institutional Interest

Total FX turnover came in at $384 billion, falling by -9.4 percent month-over-month from $416 billion in August.

Moscow Exchange (MOEX) today said average daily trading volumes of currencies fell in September compared to the previous year, as an uptick in global trade tensions may have rattled the forex marketplace at Russia’s largest institutional trading venue.

MOEX, which runs one of the largest FX trading platforms, revealed that its total FX turnover came in at RUB 25.1 trillion ($384 billion), falling by 9.4 percent month-over-month from RUB 27.8 trillion ($416 billion) in August.

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In addition, the latest reading corroborates a mild drop in volumes at the exchange versus a year earlier, as the figure fell by 7.4 percent from RUB 27.1 trillion in September 2018.

MOEX enjoyed a surge in FX volumes to fresh highs earlier this year, although the growth appears to have slowed considerably over the summer.

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Institutional platform show mixed performance

Meanwhile, MOEX’s FX market’s average daily turnover in September 2019 was RUB 1,193 billion ($18.4 billion), corresponding to a drop of 5.5 percent month-over-month‎ from RUB 1,262 billion ($18.9 billion) in August. This figure was also lower by 12 percent year-over-year from RUB 1,357 billion in the prior year.

The Russian bourse said trading in other asset classes such as precious metals (spot and swaps) slumped sharply to RUB 1.9 billion, nearly five times lower the volumes reported in September 2018, which came at RUB 9.9 billion.

Lower volatility also helped fuel double-digit decrease in FX trading volumes at Cboe, the largest options exchange in the United States, and FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC. Other institutional venues, however, have since reported growth in turnover, including Integral’s trading platforms, which disclosed a surge by more than ten percent in September.

CLS, a major settler of trades in the FX market, is set to report the average daily traded volume submitted to its platform later this week after August’s figures reflected a zero change when weighed against the figures of July.

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