Moscow Exchange (MOEX) has disclosed its financial performance for the month of February 2024, revealing remarkable growth in trading volumes compared to the same period last year.
FX Market Witnesses Remarkable Surge
According to the released data, the total trading volumes across MOEX's markets surged to RUB 111.4 trillion in February, marking a substantial increase from RUB 83.6 trillion recorded in the preceding year’s February.
In the Foreign Exchange (FX) Market, which constitutes a significant portion of MOEX's activities, trading volume witnessed a robust expansion. In February 2024, FX trading volume reached RUB 27.7 trillion, displaying a notable surge from RUB 19.4 trillion recorded in the corresponding period of the last year.
The breakdown of FX trading activities for February reveals that spot trades accounted for RUB 10.2 trillion, while swap trades and forwards amounted to RUB 17.5 trillion, underscoring the diversified nature of trading instruments employed on the platform.
Analysts attribute this surge in trading volumes to several factors, including increased investor participation, evolving market dynamics, and geopolitical developments that have influenced currency markets and investment strategies.
MOEX's Net Profit Soars to RUB 60.8 Billion in 2023
Earlier, MOEX published its 2023 financial results, boasting significant growth in trading volumes and fee income from its FX Market, as reported by Finance Magnates. The net profit soared to RUB 60.8 billion, marking a substantial uptick from the previous year. Total trading volumes on MOEX's FX Market hit RUB 328 trillion in 2023, up 22.5% from the year prior. The increase was fueled by a rise of 31.4% in swap trade volumes, with spot volumes increasing 7.5%. Fee and commission income from the FX Market surged 30.4% year-on-year to RUB 7.4 billion.
MOEX attributed the faster growth in fees to shifts in trading mix and an asymmetric tariff structure implemented in August 2022 favoring liquidity providers in the spot market. The exchange expanded into digital asset trading, hosting primary offerings and secondary market trades of digital assets in 2023. Overall, MOEX's positive financial performance saw an improvement of 67.5% in net profit, reaching RUB 60.8 billion, with total operating income up 25.3% to RUB 105 billion. Fee and commission income escalated 39.4% to RUB 52.2 billion, constituting 50% of total operating income.
