MOEX Sees 4.4% Decline in November FX Trading Demand

Moscow Exchange (MOEX) has reported an 11.7 percent year-over-year jump in its trading volume for November 2021, according to the recently published key trading metrics of the Russian exchange. In absolute terms, the monthly volume increased to RUB 91 trillion from RUB 81.4 trillion recorded in November 2020.

However, the exchange witnessed a dip in foreign exchange (forex) trading demand. The total trading volume for the month from the FX market came in at RUB 26.1 trillion, which is almost 4.4 percent lower than the same month in the previous year. Out of the total, the exchange recorded FX spot trades to be RUB 9.2 trillion, whereas swaps and forwards together were recorded at RUB 16.9 trillion.

The average daily trading volume (ADTV) from the FX market came in at RUB 1.2 trillion. This is compared to RUB 1.36 trillion in November last year.

Other Markets Surged

However, the overall demand on the exchange was pushed higher by growth in trading volumes across the derivatives market, equity market and money market.

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As detailed in the official announcement, the trading volumes in the derivatives market saw the highest upward leap in the month, surging 44.1 percent to a record RUB 17.6 trillion. In total, 223.7 million derivatives contracts were exchanged during the month, out of which 216.9 million contracts were futures and 6.8 million contracts were options.

ADTV for derivatives jumped to RUB 838 billion from RUB 610.5 billion.

In the equities market, the trading volume with shares, DRs and investment fund units jumped by 29.1 percent to RUB 3.2 trillion, while the ADTV increased by 22.9 percent to RUB 153.7 billion. Furthermore, the money market turnover witnessed a jump of 19.2 percent to RUB 41.9 trillion with an ADTV of RUB 1.99 trillion.