Moscow Exchange Reports Flat FX Volumes for December

Moscow Exchange (MOEX) has released its trading volumes for the month ending December 2018 – the exchange’s total FX volume was flat on a monthly basis, but a weaker ADV figure ultimately shows a notable drop from last year’s figures.

According to the latest numbers, the exchange’s FX volume was unable to recover from recent lows with weaker ruble volumes ultimately preventing a rebound from last month’s figures. The MOEX, however, continues to develop its infrastructure as part of a state-backed drive to make Russia’s largest institutional trading venue one of the world’s leading financial hubs.

Last month, the exchange started to quote the Japanese yen against the Russian ruble. The move to launch more trading pairs was designed to mirror the global foreign-exchange market and thus attract more clients, the MOEX said last year.

During the reported month, FX market turnover at MOEX was fairly unchanged month-over-month, coming in at RUB 26.5 trillion ($395 billion) from RUB 26.8 trillion ($401 billion) in November 2018. In addition, the figure secured a consecutive yearly slump, falling by 11 percent year-over-year from RUB 29.8 trillion in December 2017.

Derivatives rise on a yearly basis

This month-on-month flat change was also reflected across the FX market’s average daily turnover as the figure was reported at RUB 1.26 trillion ($18.8 billion) in December from RUB 1.27 trillion ($19 billion) the month prior. The figure was again lower by 22 percent year-on-year compared to the RUB 1.41 trillion ($24.2 billion) reported in December 2017.

MOEX’s total FX turnover in December 2018 featured spot trades of RUB 6.7 trillion, up 12 percent from last year, and swap trades coming in at RUB 19.8 trillion – almost unchanged from the equivalent figures (RUB 19.7 trillion) for November.

Looking at MOEX’s derivatives market volumes during December 2018, the group yielded a strong performance for the month. In particular, MOEX reported a figure of RUB 8.2 trillion for the month – this was reflective of a gain of 36 percent year-on-year from RUB 6.0 trillion in 2017.

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