Russia’s NSD Reports Uptick in FX Forwards Transactions in 2018

The financial instrument with the highest volume on Russia’s central securities depository was FX swaps in 2018.

National Settlement Depository (NSD), the central securities depository of the Russian Federation, a part of the Moscow Exchange Group, has announced its operating results for the year ended December 31, 2018.

During 2018, the value of securities under custody reached RUB 44.97 trillion. This is an increase of 14 percent when compared with 2017, which achieved securities under the custody of RUB 39.45 trillion.

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Furthermore, the total number of securities issues serviced by NSD grew by 30 percent, climbing from 15.4 thousand in the 12 months of 2017 up to 20.1 thousand during 2018.

NSD Repository Sees Active FX Trading in 2018

Taking a look at the Repository, clients demonstrated a high level of activity, the statement said. Specifically, the number of transactions registered by NSD’s Repository exceeded 12.5 million.

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This is compared to the 11.3 million made in 2017. However, despite the fact that the number of transactions was up, the value of transactions made in 2018 was down on a year-on-year comparison, falling by 7.9 percent to hit RUB 434.8 trillion.

The top three instruments of registered transactions were over-the-counter repos, foreign exchange (FX) forwards and FX swaps. During 2018, the total transactions for FX forwards were 1,021,926 which is a significant growth of 70 percent when measured against that registered in 2017.

The number of transactions registered for FX swaps, however, fell on an annual comparison, dropping from 224,009 in 2017 by 33.2 percent to 149,543 in the past year.

However, in terms of the volume of reported transactions, FX swaps dominated financial instruments, clocking a volume of RUB 269.8 trillion in 2018. However, this is also down on a year-on-year comparison by 10 percent.

FX forwards was the third largest financial instrument in terms of volume, coming in at RUB 65.5 trillion during 2018. When measured against 2017, which achieved a total volume of RUB 43.5 trillion, it’s up by 50.1 percent.

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