MOEX FX Volumes Rebound in February, But Lags YoY

MOEX’s total FX market turnover secured its first monthly growth to RUB 25.3 trillion ($385 billion), jumping by 10% MoM.

Moscow Exchange (MOEX) has released its trading volumes for the month ending February 2019 – the exchange’s total FX volume was up on a monthly basis, but a weaker ADV figure ultimately shows a notable drop from last year’s figures.

During February 2019, MOEX’s total FX market turnover secured its first monthly growth to RUB 25.3 trillion ($385 billion), jumping by 10 percent month-over-month from RUB 23.0 trillion ($350 billion) in January 2019. However, the latest reading corroborates a mild drop in volumes at the exchange on a year-over-year basis, as the figure failed to secure a consecutive yearly growth in US dollar terms, falling by 10 percent from RUB 28.3 trillion in February 2018.

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February 2019’s turnover included spot trades of RUB 5.1 trillion ($77 billion), or 21 percent of the total trading volume, and ‎swap trades coming in at RUB 20.2 trillion ($307 billion).

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MOEX’s FX market’s average daily turnover in February 2019 was RUB 1.26 trillion ($19.2 billion), corresponding to a gain of 10.5 percent month-over-month‎ from RUB 1.14 trillion ($17.4 billion) in January 2019, but was also lower by 15.1 percent year-over-year from RUB 1.49 trillion in February 2018.

Derivatives market lags

Looking at MOEX’s derivatives market volumes during February 2019, the group yielded a weak performance for the month. In February 2019, MOEX reported a figure of RUB 6.1 trillion for the month – this was reflective of a drop of 16 percent year-over-year from RUB 7.4 trillion a year ago.

Moscow Exchange (MOEX) is the largest exchange group in Russia and Eastern Europe by trading volumes and number of clients. The MOEX currency family offers benchmarks for a number of currency pairs mainly thanks to its high liquidity, transparency and historical 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 ruble operations. The bourse said that its new service is in demand from international clients and it also helps to promote the MOEX FX market.

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