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.

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