Following our report earlier today that Moscow Exchange reported record fee and commission income for 2017, the Russian trading exchange operator continued its strong start into 2018, with a healthy volumes report for February.
Total trading volume across Moscow Exchange’s markets rose by 4.2% in February 2018 to RUB 66.6 trln.
The key growth drivers were the Bond Market (+135.8%) and Equity Market (+37.9%). Turnover also grew on the Derivatives Market (+14.4%), Money Market (+11.8%) and FX Market (+6.6% in the spot segment).
Equity and Bond Market
Total trading volumes on the Equity and Bond Market increased by 93.3% to RUB 2,948.7 bln (February 2017: RUB 1,525.4 bln), hereinafter exclusive of short-term bonds.
Turnover in shares, RDRs and investment fund units rose by 37.9% to RUB 913.6 bln (February 2017: RUB 662.3 bln). The average daily turnover was RUB 48.1 bln (February 2017: RUB 34.9 bln).
Turnover in corporate, regional and sovereign bonds increased by 135.8% to RUB 2,035.1 bln (February 2017: RUB 863.1 bln). The average daily trading volume (ADTV) was RUB 107.1 bln (February 2017: RUB 45.4 bln).
49 new bond issues with a combined value of RUB 1,769.8 bln (of which overnight bonds accounted for RUB 800.7 bln) were placed in February.
Derivatives Market
Derivatives Market volumes added 14.4% and amounted to RUB 7.4 trln (February 2017: RUB 6.5 trln) or 127.0 mln contracts (February 2017: 113.8 mln), of which 119.2 mln contracts were futures and 7.8 mln contracts were options.
The biggest contributors to trading volume growth were index futures (+32.2% to RUB 2 trln) and commodity futures (+43.6% to RUB 1.4 trln). Turnover in options grew by 39.9% to RUB 765 bln.
Open interest at the end of the month reached RUB 958.2 bln (February 2017: RUB 803.0 bln).
FX Market
FX Market turnover was RUB 28.3 trln (February 2017: RUB 28.9 trln), including spot trades totaling RUB 6.7 trln (+6.6%) and swap trades and forwards together totaling RUB 21.7 trln.
The FX Market`s average daily turnover was RUB 1,492.1 bln (USD 26.3 bln) compared to RUB 1,519.5 bln (USD 26.0 bln) in February 2017.
Money Market
Money Market turnover increased by 11.8% to RUB 26.5 trln (February 2017: RUB 23.7 trln). ADTV was RUB 1,394.6 bln (February 2017: RUB 1,247.9 bln).
The volume of repo transactions with the CCP was RUB 15.0 trln (February 2017: RUB 14.5 trln).
Commodities Market
Total turnover in precious metals amounted to RUB 6.1 bln (February 2017: RUB 8.6 bln), of which RUB 6.0 bln (2.5 t) was gold and RUB 28.8 mln (961 kg) was silver.
The total trading volume of agricultural products (grain and sugar) was RUB 1.4 mln.