Russia’s bourse reports $280 billion in July FX volume

abdelaziz Fathi

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for July 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 17.3 trillion ($280 billion), down from RUB 17.8 trillion ($310 billion) in June 2022. Compared with volumes from the prior year, this figure was down 33 percent when weighed against RUB 25.8 trillion in July 2021.

Average daily volumes reached RUB 823 billion ($13.44 billion) last month, down 3 percent from RUB 847 billion ($14.53 billion) in June. Year-over-year, the ADV figure was also down 30 percent from RUB 1.71 trillion in July 2021.

Today’s metrics follow on the heels of previous reports over three 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 50.2 trillion, up 4 percent from RUB 48.4 trillion in June. The figure was also up by 13 percent when compared to RUB 44.6 trillion the previous year. ADTV was RUB 2,389.6 billion (June 2021: RUB 2,302.7 billion), while the CCP-cleared repo segment added 4.0 percent to reach RUB 23.7 trillion, including the GCC repo segment which grew 11.2 percent to reach RUB 12.1 trillion.

Turnover in precious metals (spot and swaps) was RUB 10.1 billion (up 17 percent vs previous month, June 2022: RUB 8.7 billion), of which RUB 9.8 billion (3.1 t) was gold and RUB 0.3 billion (6.7 t) was silver.

Read this next

Institutional FX

BNY Mellon to leverage Baton System’s CCP network on its ECPO service

“The union of Baton’s extensive CCP connectivity with the ground-breaking functionality of BNY Mellon’s ECPO service forms a powerful offering to cleared derivatives market participants.”

Institutional FX

NYSE and Tel Aviv Stock Exchange to promote dual listings

“This major step is intended to foster collaborations between the two exchanges and to encourage the dual listing of Israeli companies in their home market and on the NYSE.”

Technology

TT’s KRM22 selected as risk technology partner of Chicago-based RCM

“Broad product coverage and effective risk analytics performance are essential to proper implementation of risk management and risk analysis.”

Industry News

DXtrade FX/ CFD Platform Integrated with Your Bourse for Turnkey Liquidity

DXtrade brokers received access to 30+ major banks and Tier 2 liquidity providers with Your Bourse.

Executive Moves

Wave hires Harumi Urata-Thompson as CFO of SEC-regulated crypto investment company

“With extensive experience leading teams across both the traditional finance and digital asset sectors, Harumi is well-equipped to provide our team with the immediate strategic insights needed to optimize our financial operations. She is a fantastic addition to our team as we continue to strengthen our position as one of the leading digital asset managers and to deliver sophisticated financial services to our clients.”

Retail FX

TRADE.com enters United States as brokerage obtains license from FINRA

“We intend to be fully operational as a brokerage house in the U.S. by the end of H1 2023 and look forward to forging long term relationships with new business partners and clients.”

Technology

Pico launches Corvil Cloud Analytics as trading industry moves into cloud

“Since Corvil Cloud Analytics is software only, this accelerates our deployments and also provides an expedited avenue for proof-of-concept use cases. It’s now easier than ever for clients to access the platform so they can see firsthand what makes Corvil an industry leader in data analytics.”

Executive Moves

Finalto recruits Antony Parsons as head of liquidity

Finalto, the financial trading division of Gopher Investments, is making a broader push into the liquidity provision space, culminating in a new appointment focused on expanding the business into new markets.

Digital Assets

Huobi introduces Tether’s stablecoins pegged to euro, gold

Huobi, the world’s sixth-largest crypto exchange by trading volume, is set to introduce for its clients two stablecoins representing ownership of physical gold and Euro-pegged tokens.

<