Demand for
spot foreign exchange on the Moscow Exchange (MOEX) rose modestly to RUB 7.9
trillion ($98 billion) in May,
which is a 4% gain over the previous month’s RUB 7.6 trillion ($94 billion). The
increase from Russia’s
largest exchange group tallies with higher spot volumes posted by other major
institutional FX trading venues around the world.
According
to trading volumes for May released on Friday, MOEX achieved a slight increase in
spot FX volumes last month despite a 4% decrease in the overall FX market.
Total forex volumes during the month came in at RUB 21 trillion ($260 billion), dropping
from RUB 21.9 trillion ($271 billion) in the prior month. In addition, swap trades
and forwards totaled RUB 13.1 trillion ($162 billion) last month, descending from RUB 14.3 trillion ($177 billion) a month
earlier.
Comparatively, MOEX’s FX
total forex market volume failed to beat stronger market activities in March
when aggregate volume reached RUB 24.7 trillion ($306 billion). However, when compared year-over-year,
overall FX volume in March soared by 31% from RUB 16.1 trillion ($199 billion) in May
2022.
Moreover,
the average daily trading volume (ADTV) of forex activities on MOEX shrank by 8% to
RUB 1,001.6 billion ($12 billion), which is down from RUB 1,093.6 billion ($14 billion) in the
previous month. However, compared year-over-year, the ADTV expanded by 12% from
RUB 892.3 billion ($11 billion) in May 2022.
Institutional
Spot FX Demand Soars in May
Globally,
activities in spot FX among institutional investors picked up in May, topping lower demands recorded
in April. For
instance, Cboe FX, an American spot FX trading platform , handled 18.2% more
spot trading volume last month, with total trades valued at $938.9 billion.
Another American platform, FXSpotStream, which is New Jersey-based provider of multibank price
streaming services for FX spot and swaps, saw $1.28
trillion in total
monthly trading volumes in May. This represents an increase of 16% compared to $1.1 trillion
in April.
In Europe,
Deutsche Börse’s 360T, one of continent’s biggest institutional FX trading
platforms, returned a 17% growth in spot volume, with trades valued at $593.6
billion in May. The volume jumped from $507 billion in the prior month.
Furthermore, Japan’s
Click 365 reported a similar growth pattern as the total volume of FX daily futures
contracts traded on the platform swelled by 31.4% to 24 million. This came at a daily average of 108,365 contracts. However,
year-over-year, the Tokyo Financial Exchange-operated platform’s volume slumped
by 17.3%.
Meanwhile, despite the increases in spot volumes in May, Cboe FX, FXSpotStream and 360T
failed to outnumber trading activities from March 2023.
Demand for
spot foreign exchange on the Moscow Exchange (MOEX) rose modestly to RUB 7.9
trillion ($98 billion) in May,
which is a 4% gain over the previous month’s RUB 7.6 trillion ($94 billion). The
increase from Russia’s
largest exchange group tallies with higher spot volumes posted by other major
institutional FX trading venues around the world.
According
to trading volumes for May released on Friday, MOEX achieved a slight increase in
spot FX volumes last month despite a 4% decrease in the overall FX market.
Total forex volumes during the month came in at RUB 21 trillion ($260 billion), dropping
from RUB 21.9 trillion ($271 billion) in the prior month. In addition, swap trades
and forwards totaled RUB 13.1 trillion ($162 billion) last month, descending from RUB 14.3 trillion ($177 billion) a month
earlier.
Comparatively, MOEX’s FX
total forex market volume failed to beat stronger market activities in March
when aggregate volume reached RUB 24.7 trillion ($306 billion). However, when compared year-over-year,
overall FX volume in March soared by 31% from RUB 16.1 trillion ($199 billion) in May
2022.
Moreover,
the average daily trading volume (ADTV) of forex activities on MOEX shrank by 8% to
RUB 1,001.6 billion ($12 billion), which is down from RUB 1,093.6 billion ($14 billion) in the
previous month. However, compared year-over-year, the ADTV expanded by 12% from
RUB 892.3 billion ($11 billion) in May 2022.
Institutional
Spot FX Demand Soars in May
Globally,
activities in spot FX among institutional investors picked up in May, topping lower demands recorded
in April. For
instance, Cboe FX, an American spot FX trading platform , handled 18.2% more
spot trading volume last month, with total trades valued at $938.9 billion.
Another American platform, FXSpotStream, which is New Jersey-based provider of multibank price
streaming services for FX spot and swaps, saw $1.28
trillion in total
monthly trading volumes in May. This represents an increase of 16% compared to $1.1 trillion
in April.
In Europe,
Deutsche Börse’s 360T, one of continent’s biggest institutional FX trading
platforms, returned a 17% growth in spot volume, with trades valued at $593.6
billion in May. The volume jumped from $507 billion in the prior month.
Furthermore, Japan’s
Click 365 reported a similar growth pattern as the total volume of FX daily futures
contracts traded on the platform swelled by 31.4% to 24 million. This came at a daily average of 108,365 contracts. However,
year-over-year, the Tokyo Financial Exchange-operated platform’s volume slumped
by 17.3%.
Meanwhile, despite the increases in spot volumes in May, Cboe FX, FXSpotStream and 360T
failed to outnumber trading activities from March 2023.
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- Source: https://www.financemagnates.com//institutional-forex/moexs-spot-fx-sees-modest-uptick-as-global-volumes-rebound-in-may/
