Spot foreign exchange on the
Moscow Exchange (MOEX), Russia’s largest exchange group, declined 10%
month-over-month (MoM) in April to RUB 7.6 trillion ($96 billion). This tallies
with drops in spot FX volumes across major trading venues in other
regions. However, compared
year-over-year, the exchange’s spot FX trading grew 8.1%, with swaps and
forwards volumes reaching RUB 14.3 trillion ($180.5 billion). Overall, MOEX’s FX market
turnover slumped 11% MoM to RUB 21.9 trillion ($276 billion), which is down from RUB
24.7 trillion ($312 billion) a month earlier. Year-over-year, the decrease is
only marginal at a decrease of 0.5% from RUB 4.2 trillion ($53 billion). In addition, the average daily
trading volume of forex on MOEX decreased 3% from RUB 1,121.7 billion
to RUB 1,093.6 billion. However, when compared to the same period last year,
the volume gained 4%, rising from 1,049.1 billion.Institutional Spot FX Slows
across RegionsMeanwhile, Finance Magnates reports that
major trading venues in America and Europe reported a significant drop in their
spot forex volumes in April 2023. For instance, at Cboe FX, an American spot
forex trading platform, volumes declined 29% MoM to $793 billion.
FXSpotStream, a New Jersey-based multibank price streaming service for
instruments such as forex spot and swaps, posted $1.1 trillion in April,
representing a decrease of 28% MoM in spot FX volume.Furthermore, Germany-based 360T,
one of Europe’s largest institutional forex trading platforms, saw its total
volumes for April tumble by 21% to $507 billion in March. Moreover, the April total volume is lower than the $530.9 billion generated by the trading platform in February.In Asia, Tokyo
Financial Exchange-operated Click 365 endured the biggest impact with its FX daily futures contracts volume nosediving 43.3% MoM.How Other MOEX Markets PerformedMoreover, the equity and bond markets,
derivatives, money and precious metals markets of MOEX saw lower trading
activities in April, pushing the top Russian exchange group’s overall volume
14% lower to RUB 90.3 trillion ($1.14 trillion). For instance, in the equity
and bond market, total trading volume, excluding overnight bonds, decreased 5% MoM to RUB 3,186.0 billion. However, on a year-over-year
basis, the volume rose two-fold from RUB 1,446.0 billion. In addition, overall
volumes on MOEX when compared YoY gained 2.6%, rising from RUB 88 trillion
($1.1 trillion) from the prior year period.Meanwhile, MOEX grew its FX market income 35% in 2022 despite a drop of 17% in forex demand during the year.BlackBull adds DXtrade; Gate.io’s new license; read today’s news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.
