Trading volume on Russian stock Exchange growing-Moscow Exchange
2022.12.20 03:28
Trading volume on Russian stock Exchange growing-Moscow Exchange
Budrigannews.com – Moscow Exchange, Russia’s largest bourse, reported on Monday that for the second year in a row, trading volumes exceeded 1 quadrillion roubles (or $14.44 trillion), in part due to increased repo operations turnover.
“This year has been difficult. According to Yuri Denisov, head of MOEX Group, which manages the Moscow Exchange, “markets faced unprecedented challenges.” The total trading volume has exceeded one quadrillion roubles since the beginning of 2022.
He stated, “The main contribution to this result was the money market, which redistributed money on the market and provided liquidity to all traders,” pointing out that shorter time frames for placing funds—from a week and month to overnight—had led to an increase in trading volumes and turnover.
On December 16, the quadrillion mark was reached. For the year 2021, the total was 1,009 trillion roubles.
Shortly after Russia sent tens of thousands of troops into Ukraine and Western sanctions ravaged Russian markets, some trading on the Moscow Exchange was halted.
Moscow Exchange, like its rival SPB Exchange, is now targeting markets outside of the West for growth in 2023.
Denisov stated that the bourse would begin trading the ruble alongside the Egyptian pound, the Azeri manat, and the Emirati dirham.
From 0.5% in the beginning of 2022, the proportion of trading volume in currencies of so-called friendly nations—those nations that have not imposed sanctions on Russia—jumped to 34% in November.
Denisov stated, “The dollar’s share in spot transactions has halved, to 42% from 84%.” He added that trading volumes have increased 41 times.
Destinations like Egypt and Turkey, which do not have direct flights to much of Europe, are becoming increasingly popular with Russian tourists, increasing the need for conversion options.
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According to Kirill Pestov, managing director of the exchange’s business development department, “this year we have seen a 17-fold increase in turnover in Turkish lira, partly due to demand for the Turkish currency from tourists.”
