Moscow Stock Exchange announces higher FX volumes for March

The Moscow Stock Exchange, Russia’s largest exchange group, has resumed publishing its monthly operational metrics after a nearly month-long hiatus following the nation’s invasion of Ukraine.

Moscow Stock Exchange (MOEX)

The MOEX reopened trading in some stocks at the end of March after the stock market had been closed since February after the United States and its Western allies unleashed a barrage of sanctions against Russia that crippled its economy and sent the value of its stock plummeting. national currency.

In particular, FX volumes were once again firmly entrenched in the month-over-month uptrend.

Average daily volumes reached 1.95 trillion rubles ($23.45 billion) last month, from 1.72 trillion rubles in February, Moex said in a statement. Year-over-year, the ADV figure increased from 1.44 trillion rubles ($19.5 billion) in March 2021.

However, total MOEX turnover in the foreign exchange market also reached 41 trillion rubles ($492 billion) in March 2022, up 29% from 31.9 trillion rubles ($424 billion). dollars) traded in March 2021. Compared to the volumes of the previous month, this figure was up 19% from 34.5 trillion rubles in February.

The metrics show that spot volumes, in particular, continue to rise, and the momentum seen throughout February continued into March. On the other hand, the drop in FX revenue from the MOEX is mainly caused by the drop in FX swaps, used mainly for liquidity management and hedging of currency portfolios. In 2020, FX swaps accounted for almost 50% of total FX market turnover, according to the BIS triennial survey.

Russia’s largest exchange attributed the growth to its new products and upcoming regulatory changes, which helped boost the share of interest rate swaps in total market turnover to 40%. Moscow Exchange Derivatives offers ranges of swaps, foreign exchange swaps, currency swaps, foreign exchange forwards and options with maturities from 3 days to 5 years.

The MOEX, in particular, continues to develop its infrastructure as part of a state-backed campaign to make Russia’s largest institutional trading platform one of the world’s leading financial centers.

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