Moscow Exchange still enjoys solid market making volumes

abdelaziz Fathi

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for November 2022 – the latest readings showed flat performance across the board for multiple segments.

Moscow Exchange (MOEX)

In terms of the most recent figures, total on-exchange FX volume came in at RUB 14.8 trillion ($235 billion), slightly down from RUB 14.9 trillion in October 2022. Compared with volumes from the prior year, this figure was down 43 percent when weighed against RUB 26.1 trillion in November 2021.

Average daily volumes reached RUB 704 billion ($11.2 billion) last month, down from RUB 710 billion in October. Year-over-year, the ADV figure was also down 42 percent from RUB 1.24 trillion in November 2021.

Today’s metrics follow on the heels of previous reports over ten 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 52.4 trillion, up 3 percent from RUB 50.1 trillion in October. The figure was also up by 25 percent when compared to RUB 41.9 trillion the previous year. ADTV was RUB 2.49 trillion (October 2022: RUB 2.38 trillion), while the CCP-cleared repo segment added 4.0 percent to reach RUB 26.3 trillion, including the GCC repo segment which grew 11.2 percent to reach RUB 10.3 trillion.

Turnover in precious metals (spot and swaps) was RUB 13.6 billion (up 27 percent vs previous month, October 2022: RUB 10.7 billion), of which RUB 13.4 billion (4.0 t) was gold and RUB 0.2 billion (4.5 t) was silver.

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