MOEX FX Volumes Snap October Positive Momentum, Also Lower YoY

MOEX’s total FX market turnover was reported at RUB 26.8 trillion ($401 billion).

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just released its trading volumes for the month ending November 2018, having failed to sustain the strong momentum seen last month in light of a less volatile market trading atmosphere.

During November 2018, MOEX’s total FX market turnover was reported at RUB 26.8 trillion ($401 billion), falling by 11.2 percent month-over-month from RUB 30.4 trillion ($460 billion) in October 2018.‎ In addition, 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 two percent from RUB 27.3 trillion in November 2017.

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MOEX’s total FX turnover in November 2018‎ featured spot trades of RUB 7.1 trillion, up eight percent month-on-month, while swap trades and forwards together came in at RUB 19.7 trillion, or 16 percent lower than the equivalent figures (RUB 23.4 trillion) for October.

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MOEX’s FX market’s average daily turnover in November 2018 was RUB 1.27 trillion ($19 billion), corresponding to a drop of five percent month-on-month from RUB 1.32 trillion ($20 billion) in October 2018. This figure was also lower by 1.6 percent higher year-over-year from RUB 1.29 trillion in November 2017.

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.

Looking at MOEX’s derivatives market volumes during November 2018, the group also yielded a mixed performance for the month. In November 2018, MOEX reported a figure of RUB 8.2 trillion for the month – this was reflective of a drop of 2.4 percent month-over-month from RUB 8.4 trillion in October 2018, but higher nine percent year-over-year from RUB 7.5 trillion in the same month a year ago.

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