MOEX’s FX volumes jump 34pct YoY in June

abdelaziz Fathi

Moscow Exchange (MOEX), the largest exchange group in Russia, has reported notable growth in trading volumes across its markets in June 2023. The bourse’s total turnover surged by 32% compared to June 2022, reaching a remarkable figure of RUB 97.3 trillion, as opposed to RUB 73.5 trillion in the same period last year.

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

In terms of the most recent figures, total on-exchange FX volume came in at RUB 23.8 trillion ($262 billion), up 13 percent from RUB 21 trillion ($260 billion) in May 2023. Compared with volumes from the prior year, this figure was up by 34 percent when weighed against RUB 17.8 trillion in June 2022.

Average daily volumes reached RUB 1.133 trillion last month, up 13 percent from RUB 1.001 trillion in May. Year-over-year, the ADV figure was up by more than a third from RUB 847 billion in June 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 12.9% to RUB 8.4 trillion, while swap trades and forwards totaled RUB 15.4 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 Precious Metals venue witnessed an impressive surge, growing by 3.3 times.

The Equity and Bond Market, which comprises both equity shares and bond trading, showed remarkable growth. The total trading volume for the bond market more than tripled, which stocks turnover jumped by 90 percent.

MOEX reopened trading for certain stocks in late March after the bourse shutdown since February 2022 after the US and its Western allies unleashed a barrage of sanctions against Russia that crippled its economy and tanked the value of its national currency.

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