FX volumes rise 10pct at Moscow Exchange in June

abdelaziz Fathi

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for June 2022 – the latest readings showed a rebound across the board for multiple segments given higher volatility.

Moscow Exchange (MOEX)

In terms of the most recent figures, total on-exchange FX volume came in at RUB 17.8 trillion ($310 billion), up 10 percent from RUB 16.1 trillion ($250 billion) in May 2022. Compared with volumes from the prior year, this figure was down 34 percent when weighed against RUB 26.8 trillion in June 2021.

Average daily volumes reached RUB 847 billion ($14.53 billion) last month, down 5 percent from RUB 892 billion ($14.1 billion) in May. Year-over-year, the ADV figure was also down 31 percent from RUB 1.21 trillion in June 2021.

Today’s report follows on the heels of a previous report over two months ago showing mixed FX performance across MOEX, when it has resumed publishing its monthly operational metrics after a halt following the nation’s invasion of Ukraine.

Part of this confusion in FX turnover could be attributed to a stronger Ruble. Russia’s currency surged to multi-year highs against the US dollar as the country managed to pay back creditors and avoid a default. Although the numbers mask some ugly truths for the Russian economy, but ruble has gone from an all-time low in March to the world’s best performing currency this year.

Other business highlights show that Money Market turnover was RUB 48.4 trillion, down from RUB 55.4 trillion in May. However, the figure was up by 23 percent when compared to the previous year. ADTV was RUB 3,075.0 billion (June 2021: RUB 1,709.1 billion). The CCP-cleared repo segment surged by two thirds, including the GCC repo segment which increased by 69 percent to RUB 10.9 trillion.

Turnover in precious metals (spot and swaps) was RUB 8.7 billion (June 2021: RUB 27.7 billion), of which RUB 8.5 billion (2.7 t) was gold and RUB 0.1 billion (2.6 t) was silver.

Read this next

Interviews

Sterling Trading Tech (STT) discusses their Risk & Margin System at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Chief Customer Officer Keith Cacciola and Managing Director of Business Development Andrew Actman about STT’s competitive advantages, the challenges their clients face today, the firm’s product roadmap and new leadership at STT.

Institutional FX

Swedish online brokerage pioneer Nordnet deploys Citi Securities Lending Access platform

“Nordnet was one of the first online brokers in Sweden and has since expanded into a pan-Nordic leading digital platform for savings and investments. We are proud to add this collaborative initiative to our ever-growing list of market innovations for our customers.”

Digital Assets

Elwood integrates Fireblocks to further connect digital asset ecosystem

“As a first port of call, the integration of Fireblocks will enhance the portfolio management system experience for clients, providing users with a comprehensive view of their current and historical digital asset positions across all venues, including their Fireblocks movements and balances.”

Industry News

OKX to open office in Australia, starts rivalry with Kraken in Formula 1

“Our ambition is straightforward – to become the leading crypto platform in the world. We see Australia as an indispensable part of this strategy and a key growth market.”

Executive Moves

Freemarket taps Greg Sherwin as CTO of international payments and FX-focused fintech

“At Freemarket, we are focused on providing the best optimized cross-border payments and currency exchange service to our customers and Greg’s exceptional technology expertise will help us deliver even more for our customers and support their future growth and success.”

Digital Assets

Boerse Stuttgart Digital secures BaFin authorization for crypto custody

“This is the first time that an established market participant has been licensed to hold cryptocurrencies in custody without any acquisitions. This completes the unique infrastructure we offer: of all the traditional service providers operating in the European crypto market, we are now the only one-stop-shop that’s fully regulated by BaFin in Germany for brokerage, trading, and custody of digital assets. For banks, brokers, asset managers, and family offices, this makes us the infrastructure partner of choice.”

Executive Moves

Capital.com hires Simone Manni as Head of Marketing, Europe

“I am proud to join Capital.com, a dynamic, fast-growing FinTech company harnessing technology to disrupt traditional access to financial markets. My focus over the next few years will be to grow Capital.com’s market share across western Europe and to gain a stronger foothold in countries like Italy and Germany which boasts a mature and sophisticated trading community.”

Retail FX

Axi extends partnership deal with Manchester City

FX broker Axi, previously known as AxiTrader, has renewed its flagship sponsorship deal with soccer giant Manchester City.

Digital Assets

Russia delays digital ruble pilot to May

Russia has postponed its central bank digital currency (CBDC) pilot indefinitely, which was originally scheduled for April 1, as it awaits specific legislation to be voted before the “crypto ruble” trial.

<