MOEX's November Financial Report: FX Market Surges with 136.48% Y-o-Y

Monday, 04/12/2023 | 17:57 GMT by Tareq Sikder

The exchange experienced an increase in total trading volumes, reaching RUB 126.1 trillion.

Precious metals trading soared to RUB 50.9 billion, marking a rise of 274.26% Y-o-Y.

Moscow Exchange (MOEX) has released its financial results for November. The exchange witnessed substantial growth in total trading volumes, reaching RUB 126.1 trillion compared to RUB 74.8 trillion in the same period last year, which signifies a gain of approximately 68.56%.

November 2023 Financial Highlights

The Equity and Bond Market reported a trading volume of RUB 4,683.8 billion, reflecting a notable rise from RUB 3,169.5 billion in November 2022. This figure excludes overnight bonds. Trading volume in shares, DRs, and investment fund units reached RUB 2,130.9 billion, with an average daily trading volume (ADTV) of RUB 96.9 billion. The turnover in bonds amounted to RUB 2,553 billion, with an ADTV of RUB 116 billion.

November saw the placement of 82 issues valued at RUB 3,205.3 billion, including overnight bonds accounting for RUB 2,294.1 billion. The Derivatives Market experienced robust trading activity, reaching RUB 7.4 trillion in November 2023, a significant rise from RUB 3.1 trillion in the corresponding period last year. Additionally, ADTV stood at RUB 338.4 billion.

The FX Market showcased remarkable progress, with a substantial surge in trading volume reaching RUB 35.1 trillion, a significant leap from the RUB 14.8 trillion recorded in November 2022. This reflects an impressive growth of approximately 136.48% over the year. Spot trading volumes amounted to RUB 9.9 trillion, while swap trades and forwards reached RUB 25.2 trillion. Moreover, ADTV recorded a notable increase to RUB 1,595.3 billion.

The Money Market witnessed a turnover of RUB 76.5 trillion, showing substantial growth from RUB 52.4 trillion in November 2022. Yet, ADTV reached RUB 3,479.2 billion. The CCP-cleared repo segment, including the GCC repo segment, reached RUB 38.5 trillion, with the GCC repo segment accounting for RUB 22.9 trillion.

The turnover in precious metals, encompassing spot and swaps, experienced a substantial flow, reaching RUB 50.9 billion in November 2023, marking a remarkable increase of approximately 274.26% compared to RUB 13.6 billion in the same period of the previous year, November 2022. Gold trading reached RUB 50.1 billion (8.9 tons), and silver totaled RUB 0.8 billion (11.7 tons).

MOEX’s Q2 2023 Financial Report

Earlier, Finance Magnates reported that MOEX had exhibited strong financial performance in Q2 2023, witnessing significant growth in fees and commission income from the forex market, reaching RUB 1.6 billion, an increase of 39.8% Y-o-Y. This surge was driven by a quarterly uptick of 9.5% in FX trading volume, totaling RUB 66.7 billion.

Despite a dip of 10% in overall operating income, the exchange's pre-tax profit improved 46.7% Y-o-Y to RUB 15.1 billion. Fees and commissions income soared 48.1% Y-o-Y to RUB 11.93 billion, showcasing the exchange's resilience and growth in various market segments, including equities, bonds, and money markets. The cost-to-income ratio also improved 0.9 percentage points to 28.3%, indicating operational efficiency.