Moscow Exchange reports YoY growth in trading volumes

abdelaziz Fathi

Moscow Exchange (MOEX), the largest exchange group in Russia, has reported notable growth in trading volumes across its markets in May 2023. The bourse’s total turnover surged by 20.5% compared to May 2022, reaching a remarkable figure of RUB 94.2 trillion, as opposed to RUB 78.2 trillion in the same period last year.

FX trading at MOEX, however, continued its downward route in May as monthly volumes dropped from a month earlier.

In terms of the most recent figures, total on-exchange FX volume came in at RUB 21 trillion ($260 billion), down 4 percent from 21.9 trillion ($280 billion) in April 2023. Compared with volumes from the prior year, this figure was up by 31 percent when weighed against RUB 16.1 trillion in May 2022.

Average daily volumes reached RUB 1.001 trillion last month, down 8.4 percent from RUB 1.093 trillion in April. Year-over-year, the ADV figure was up 12.2 percent from RUB 1.04 trillion in May 2022.

The drop in MOEX’s FX turnover is primarily caused by the fall in FX swaps, used mostly for liquidity management and hedging of foreign currency portfolios. Overall, the spot trades accounted for RUB 7.9 trillion, while swap trades and forwards totaled RUB 13.1 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 Market witnessed an impressive surge, growing by 6.3 times. The Bond Market and the Equity Market also experienced substantial growth, increasing by 3.5 times and 3.1 times, respectively.

The Equity and Bond Market, which comprises both equity shares and bond trading, showed remarkable growth. The total trading volume for this market more than tripled, reaching RUB 3,212.3 billion in May 2023, compared to RUB 995.4 billion in May 2022, excluding overnight bonds.

In the Equity segment, trading volume for shares, DRs (Depositary Receipts), and investment fund units grew by 3.1 times, amounting to RUB 1,825.6 billion in May 2023, as opposed to RUB 596.9 billion in May 2022. The average daily trading volume (ADTV) for this segment reached RUB 86.9 billion, compared to RUB 33.2 billion in the same period last year.

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