MOEX FX Volumes Secure Monthly Rise in April, But Lags YoY

Moscow Exchange (MOEX) has released its trading volumes for the month ending April 2019 – the exchange’s total FX volume was up on a monthly basis, but a weaker ADV figure ultimately shows a notable drop from last year’s figures.
During April 2019, MOEX’s total  secured its third monthly growth to RUB 30.8 trillion ($471 billion), jumping by 12 percent month-over-month from RUB 27.5 trillion ($421 billion) in March 2019. However, 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 -3 percent from RUB 31.8 trillion in April 2018.

April 2019’s turnover included spot trades of RUB 5.9 trillion ($90 billion), or 21 percent of the total trading volume, and ‎swap trades coming in at RUB 24.9 trillion ($381 billion).
MOEX’s FX market’s average daily turnover in April 2019 was RUB 1.400 trillion ($21.4 billion), corresponding to a gain of two percent month-over-month‎ from RUB 1.37 trillion ($21.1 billion) in March 2019, but was also lower by three percent year-over-year from RUB 1.44 trillion in April 2018.
Derivatives market lags
Looking at MOEX’s derivatives market volumes during April 2019, the group yielded a weak performance for the month. In April 2019, MOEX reported a figure of RUB 6.3 trillion for the month – this was reflective of a drop of -23 percent year-over-year from RUB 8.2 trillion a year ago.
Earlier last month,  new instruments and services on its , including a pilot USD/RUB order book, new instruments for the Japanese yen/Russian ruble (JPY/RUB) currency pair, and new currency pairs – USD/CNY and USD/TRY will be added to the global over-the-counter (OTC) liquidity access project.
Moscow Exchange (MOEX) is the  and Eastern Europe by trading volumes and number of clients. 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. The bourse said that its new service is in demand from international clients and it also helps to promote the MOEX FX market.