Moscow Exchange sees little change in daily FX volumes in May

Moscow Exchange, or Moskovskaya Birzha OAO (MCX:MOEX), has just reported its operating metrics for May 2015, with the month seeing a marginal rise in daily FX volumes and a pronounced drop in monthly Forex volumes. The controversy is easily explained by the fact that May is a month traditionally associated with several holidays in Russia, hence – with fewer business days.

But let’s check out the particular metrics.

  • Average daily Forex volumes amounted to RUB 1.18 trillion (USD 22.5 billion) in May 2015, which is up 0.9% from the RUB 1.17 trillion recorded in April 2015.
  • The Forex ADV in May 2015 compared favourably with the result from May 2014, when the Forex ADV was RUB 836.3 billion.
  • The monthly volumes did not offer a good bit of news when compared to the result seen in April 2015. But, as previously stated, this is all attributed to seasonal factors and the holidays period in particular.
  • Monthly FX volumes in May 2015 amounted to RUB 21.2 trillion, down 17.2% from April 2015. On an annual basis, the result recorded in May 2015 was 26.5% stronger than in May 2014.

Below you can see how the Forex volumes is distributed in terms of swap and spot trades.


And now let’s take a look at the fortunes of the other sectors.

Equity & Bond Market

Secondary market turnover in stocks, RDRs and investment fund units was RUB 641.6 bln. (May 2014: RUB 824.4bln). The average daily turnover was RUB 35.6 bln (May 2014: RUB 41.2 bln).

Secondary corporate, regional and sovereign bond turnover increased 12% YoY to RUB 610.6 bln (May 2014: RUB 544.5 bln). The average daily turnover was RUB 33.9 bln (May 2014: RUB 27.2 bln).

A total of 20 new bond issues with a combined value of RUB 248.2 bln were placed in May.

Derivatives Market

Derivatives Market volumes rose 33.1% YoY to RUB 4.4 trln (May 2014: RUB 3.3 trln), or 93.3 mln contracts (May 2014: 81.5 mln contracts), of which 90.3 mln contracts were futures and 3.0 mln contracts were options.

Open interest at the end of the month was RUB 449.2 bln (May 2014: RUB 520.1 bln).

Money Market

Money Market turnover (including repo with a basket of securities in NSD) totalled RUB 16.4 trln (May 2014: RUB 19.3 trln). The average daily turnover was RUB 913.5 bln (May 2014: RUB 966.4 bln).

The volume of repo transactions with the CCP was RUB 3.3 trln (May 2014: RUB 1.5 trln), with the average daily turnover increasing by 240% YoY to RUB 182.3 bln.

Precious Metals Market

Trading volumes on the Precious Metals Market increased 12.4x to RUB 7.1 bln. Turnover was RUB 7.0 bln (3.6 t) for gold and RUB 2.4 mln (88.9 kg) for silver. Fifty-five companies (forty-six banks and nine investment companies) traded on the market during May.

To view the official press release, click here.

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