Russian FX Volumes Drop 14% in July MoM, Increases 27% YoY

Russia’s, Moscow Exchange MICEX RTS, the largest exchange in Russia and Eastern Europe recorded positive trading volumes for the month of July against figures from 2012 in the same month. The value traded across all asset classes totalled RUB 43,978 billion, (US $1,334 billion) a 21% increase over the same period in 2012.

Moscow has been gradually developing its position as a regional financial epicentre, since the merger between the country’s equities and derivatives exchange the region has benefited from a diverse range of financial products. Trading in the Russian rouble has been bolstered by interest in energy trading and the nation’s central bank’s liberal policies, thus attracting more participants to trade the EM currency.

Founder of R5, Jon Vollemaere, an emerging market focused firm shared his thoughts on the growth of trading in the rouble, he said in a statement to FortuneZ: “Rouble goes from strength to strength. What’s noticeable is how much of the traded volume now comes from non-traditional members and outside Russia. A direct result of the changes Moscow exchange has put in place over the last year.”

Average daily trading volume at the Moscow exchange in currencies reached $19.4 billion, a decrease of 14% from a month earlier where the exchange hit a record of $22.6 billion ADV.

“The RUB continues to grow in importance and liquidity as an emerging market currency,” Tim Bevan. Head of International Sales DMA and Prime Brokerage at BCS a Russian financial services firm based in London in a comment to FortuneZ.

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