FX volumes rise 10pct at Moscow Exchange in June

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for June 2022 – the latest readings showed a rebound across the board for multiple segments given higher volatility.

Moscow Exchange (MOEX)

In terms of the most recent figures, total on-exchange FX volume came in at RUB 17.8 trillion ($310 billion), up 10 percent from RUB 16.1 trillion ($250 billion) in May 2022. Compared with volumes from the prior year, this figure was down 34 percent when weighed against RUB 26.8 trillion in June 2021.

Average daily volumes reached RUB 847 billion ($14.53 billion) last month, down 5 percent from RUB 892 billion ($14.1 billion) in May. Year-over-year, the ADV figure was also down 31 percent from RUB 1.21 trillion in June 2021.

Today’s report follows on the heels of a previous report over two 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 48.4 trillion, down from RUB 55.4 trillion in May. However, the figure was up by 23 percent when compared to the previous year. ADTV was RUB 3,075.0 billion (June 2021: RUB 1,709.1 billion). The CCP-cleared repo segment surged by two thirds, including the GCC repo segment which increased by 69 percent to RUB 10.9 trillion.

Turnover in precious metals (spot and swaps) was RUB 8.7 billion (June 2021: RUB 27.7 billion), of which RUB 8.5 billion (2.7 t) was gold and RUB 0.1 billion (2.6 t) was silver.