MOEX FX Volumes Rise 20% in July, But Lags Year over Year

Moscow Exchange (MOEX) has released its trading volumes for the month ending July 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 numbers.
During July 2019, MOEX’s total  secured a monthly growth to RUB 29.6 trillion ($453 billion), jumping by 19 percent month-over-month from RUB 24.7 trillion ($390 billion) in June 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, falling by nine percent from RUB 32.5 trillion in July 2018.

July 2019’s turnover included spot trades of RUB 5.7 trillion ($87 billion), or 21 percent of the total trading volume, and ‎swap trades coming in at RUB 23.9 trillion ($366 billion).
MOEX’s FX market’s average daily turnover in July 2019 was RUB 1,287 billion ($19.7 billion), corresponding to a drop of one percent month-over-month‎ from RUB 1.300 trillion ($20.5 billion) in June 2019, and was also lower by -13 percent year-over-year from RUB 1.47 trillion in July 2018.

Derivatives market advances

Looking at MOEX’s derivatives market volumes during July 2019, the group yielded a strong performance for the month. The exchange reported a figure of RUB 6.5 trillion for the month – this was up from 6.4 trillion in June, and the figure also improved 6.6 percent year-over-year from RUB 6.1 trillion a year ago.
Earlier this,  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.

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