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

Technology

BankiFi raises $4.8m to bring embedded banking platform to North America

“Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality.”

Executive Moves

Shieldpay hires ex-Payoneer Chris Andrews as Head of Sales

“We’ll be expanding our position in existing markets and accelerating growth into new verticals, whilst building on our direct and indirect channels.”

Digital Assets

Crypto.com secures preliminary approval to operate in Canada

Crypto.com, one of the longest-established crypto platforms, has become the first digital asset platform to sign a Pre-‘Registration Undertaking’ with the Ontario Securities Commission (OSC) in Canada.

Retail FX

CySEC hits IC Markets One with regulatory warning

The Cyprus Securities and Exchange Commission has once again stepped up its fight against unauthorized brokers.

Uncategorized

XTAGE now offers bitcoin and ether trading to 3.6M Brazilian investors

Brazilian financial services giant XP has officially launched its crypto trading platform XTAGE, which was built on major American stock exchange Nasdaq’s trading technology.

Institutional FX

FX volume drops 7pct at CLS Group in July 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in July.

Digital Assets

Web3 startup PIP integrates with Binance ecosystem

Web3 payment provider PIP has announced integration with the Binance ecosystem, which allows the firm to vastly develop and propose needed products and improvements that are worthy of competing with others chains.

Industry News

Celsius $750m insurance claims are fraud, says lawyer seeking EU crypto superfund

“It is an intentional deception in aid of a billion-dollar securities offering.”

Institutional FX

DGCX brokers authorized to provide derivatives trading and clearing services

The DFM is looking to provide multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from its diversified base of local and international investors.

<