MOEX Reports Mixed Volumes in November 2016, FX Slightly Down

Russia’s largest trading venue, Moscow Exchange (MOEX), today released its trading volumes for November 2016 which showed improvements in key segments when weighed against its 2015 equivalents, but again failed to negate a downward trend seen across last few months, according to a MOEX statement.

During the reported month, FX market turnover at MOEX rose 8.4 percent YoY to RUB 25.7 trillion ($402 billion) from RUB 23.7 trillion ($371 billion) in November 2015, but incurring a marginal decline of -0.7 MoM percent from RUB 25.9 trillion ($406 billion) in prior month. This included spot trades of RUB 8.7 trillion and swap trades coming in at RUB 17.0 trillion in November 2016, each lower MoM than their October 2016 counterparts.

This MoM stagnation caused the FX market’s average daily turnover to decrease by 6.6 billion or -0.53 percent to RUB 1,225.4 billion ($19.1 billion) in November, from RUB 1,232.0 billion ($19.3 billion) in October, yet was still up 3.31 percent YoY compared to RUB 1,186.1 billion ($18.58 billion) reported in November 2015.

In terms of MOEX’s derivatives market volumes for November 2016, the figure reversed the narrative, having yielded RUB 9.9 trillion ($155 billion) – this represents a jump of 6.5 percent YoY from RUB 9.3 trillion ($145 billion) in 2015. This also corresponded to a strong rise of 37.5 percent MoM from just RUB 7.20 trillion ($112 billion) in October 2016.

From November’s totals, futures transactions represented 172.3 million contracts, up from 126.5 million contracts traded in the prior month, whereas options accounted for 8.5 million contracts, higher from the 5.1 million options contracts traded in October 2016.

The amount of open interest also was significantly higher as volatility heightened last month, with MOEX RUB open interest rising from RUB 728.4 billion in October 2016 and only RUB 610.8 billion in November 2015 to RUB 841.6 billion in November.

Trading volumes on MOEX’s precious metals market decreased to RUB 10.1 billion from RUB 10.2 billion in October 2016, for gold contracts, while trading volumes on silver fell sharply to RUB 0.2 million from 2.0 million in the prior month.

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