FX market activity at Moscow Exchange takes 43.3% drop in January MoM, but remains most active market

Moscow Exchange publishes trading volumes for the first month of 2015. The FX market was again the most active in January.

Despite this, January’s FX market trading activity at Moscow Exchange weighed in at 14.3 trln rubles, representing a 43.3% drop compared with the stratospheric figures achieved just one month previously in December 2014.

December’s FX market volumes came to a remarkable 25.6 trillion rubles, up some 31% from November’s very steady 18.7 trillion, making the FX and derivatives market the venue’s most active month since its establishment.

One of the factors which likely contributed toward this downward dynamic is Russia’s increase in interest rates to 17%, which caused a devaluation of the ruble, and subsequent downgrading by Standard and Poors of Russia to near junk status.


Equity & Bond Market

Secondary market turnover in stocks, RDRs, and investment fund units was RUB 724.4 bln (January 2014: RUB 699.5 bln). The average daily turnover was RUB 38.1 bln (January 2014: RUB 36.8 bln).

Secondary corporate, regional, and sovereign bond turnover was RUB 273.5 bln (January 2014: RUB 685.9 bln). The average daily turnover was RUB 14.4 bln (January 2014: RUB 36.1 bln).

A total of 20 new bond issues with a combined value of RUB 437.3 bln were placed in January.

Derivatives Market

Derivatives Market turnover rose 2.8% YoY to RUB 4.1 trln (January 2014: RUB 4.0 trln), or 73.9 mln contracts (January 2014: 92.3 mln contracts), of which RUB 71.6 mln were futures and RUB 2.2 mln were options.

Open interest at the end of the month was RUB 633.0 bln (January 2014: RUB 585.1 bln).

FX market

FX Market turnover increased 8.1% YoY to RUB 14.3 trln (January 2014: RUB 13.2 trln), including spot trades of RUB 5.5 trln and swap trades of RUB 8.7 trln.

The FX Market’s average daily turnover was RUB 750.5 bln (USD 11.6 bln) (January 2014: RUB 694.3 bln).

Money Market

Money Market turnover totalled RUB 12.9 trln (January 2014: RUB 16.4 trln). The average daily turnover was RUB 676.4 bln (January 2014: RUB 865.8 bln).

The volume of repo transactions with the CCP was RUB 2.0 trln (January 2014: RUB 1.0 trln), with the average daily turnover growing twofold YoY to RUB 107.0 bln.

Precious Metals Market

Trading in precious metals totalled RUB 2.1 bln, up 660% YoY. Turnover was

RUB 2.1 bln (743 kg) for gold and RUB 8.2 mln (213 kg) for silver. Forty-nine organisations participated in the Precious Metals Market, namely 40 banks and nine investment companies. Moscow Exchange launched its Precious Metals Market at the end of 2013.

For the official announcement from Moscow Exchange, click here.

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