Moscow Exchange reports booming securities, FX trade despite economic downturn

By Andrei Skvarsky.

Moscow Exchange has reported vast increases in securities and foreign exchange (FX) trade for 2014 despite Russia’s steady movement towards recession that year.

The bourse’s derivatives and FX markets showed the best performance, the exchange said in a statement in comparing statistics for December 2014 with those for December 2013.

The derivatives market recorded a turnover increase of 137% to 8.5 trillion rubles ($130bn at today’s exchange rate) from 3.6 trillion rubles ($55bn).

The ruble plummeted from about 33 to more than 60 to the dollar during 2014.

A total of 168.9m contracts were signed in the derivatives market compared with 83.9m in 2013, including 7.6-trillion-ruble futures and 971bn-ruble options deals.

Volumes of FX derivatives trade rose by a factor of 4.7 to 5.7 trillion rubles and those of FX options trade rocketed by a factor of 54 to 748.4bn from 13.9bn rubles.

FX market recorded a turnover boost of 52% to 25.6 trillion rubles.

Secondary market turnovers in stocks, Russian depositary receipts (RDRs) and investment fund units swelled by similar percentages.

The money market showed a relatively minor increase overall though the volume of repo transactions with the central counterparty rose by a factor of 3.6.

Secondary corporate, regional, and sovereign bond turnovers showed minor declines.

All the markets covered by the statement posted turnovers of between 457.3bn and 25.6 trillion rubles except for the precious metals market, which was launched by Moscow Exchange at the end of 2013 and had a turnover of 4.5bn rubles ($70m at today’s rate).

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