FX volume jumps 58% at Moscow Exchange in July

abdelaziz Fathi

Moscow Exchange (MOEX), the largest exchange group in Russia, has reported notable growth in trading volumes across its markets in July 2023.

Moscow Exchange (MOEX)

The bourse’s total turnover surged by 37% compared to July 2022, reaching a remarkable figure of RUB 103.7 trillion, as opposed to RUB 73.7 trillion in the same period last year.

FX trading at MOEX also regained its upward route in July as monthly volumes increased from a month earlier.

In terms of the most recent figures, total on-exchange FX volume came in at RUB 27.4 trillion ($290 billion), up 15 percent from RUB 23.8 trillion ($262 billion) in June 2023. Compared with volumes from the prior year, this figure was up by 57 percent when weighed against RUB 17.3 trillion in July 2022.

Average daily volumes reached RUB 1.305 trillion last month, up 15 percent from RUB 1.133 trillion in June. Year-over-year, the ADV figure was up by nearly thirds from RUB 825 billion in July 2022.

The increase in MOEX’s FX turnover is primarily caused by the uptick in FX swaps, used mostly for liquidity management and hedging of foreign currency portfolios. Overall, the spot trades increased by 5.1% to RUB 8.6 trillion, while swap trades and forwards totaled RUB 18.8 trillion.

Moscow Exchange’s derivatives are offering lines up swaps, FX swaps, cross-currency swaps, FX forwards and options with maturities from 3 days to 5 years.

Other business highlights show that the standout performers in terms of growth were the precious metals, the bonds, and the equity markets.

The Derivatives Market recorded a trading volume of RUB 6 trillion in July 2023, while the Money Market also saw a 30% increase in turnover to RUB 65.2 trillion, and the CCP-cleared repo segment added 36.7% to reach RUB 32.4 trillion, including the GCC repo segment that grew by 48.8% to RUB 18.1 trillion.

Lastly, the Precious Metals Market experienced a substantial upswing, with turnover in precious metals (spot and swaps) increasing by 5.3 times to RUB 53.5 billion, with RUB 52.5 billion in gold and RUB 1.0 billion in silver.

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