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Russian FX traders lose a bit of appetite towards the end of an otherwise very active year
The FX market turnover on the Moscow Exchange is continuing its drop in activity. They have reported their volume metrics figures for the month of November and the result is a drop of about 12% to RUB 12.3 trillion ($ 370 billion). However year on year figures remain steady with growth when compared to November 2012 amounting to 22%.
Spot trading accounted for RUB 4.6 trillion ($138 billion) and swap trades have added the remaining RUB 7.7 trillion ($ 231 billion). Seasonality does not seem to be a big factor in this data, but since the growth this year has been quite steady it is only normal that we observe some kind of a slowdown in trading operations on the Russian forex markets.
Low global volatility might also be contributing to the activity pullback as emerging markets currencies have recovered from their slump in September when the Federal Reserve held off its tapering efforts.
To see the Moscow Exchange’s press release on November trading volumes click here.
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