Moscow Exchange Trading Volumes in March 2021

In March 2021, total trading volumes across Moscow Exchange’s markets was RUB 90.4 trln (RUB 98.8 in March 2020).

Year-on-year growth was shown by the Derivatives Market (+5.1%), Precious Metals Market (up 10.5x) and the Standardized OTC Derivatives Market (up 7.4x). There was abnormally high trading volume in March 2020 amid the COVID-19 pandemic, resulting in a pronounced base effect for March 2021.

Compared to February 2021, volumes grew on all major markets: Derivatives Market (+37%), FX Market (+33.1%), Equity Market (+19.5%), Bond Market (+18.4%) and Money Market (+16%).

Equity & Bond Market

Total trading volume on the Equity and Bond Market in March 2021 was RUB 4,408.7 bln (March 2020: RUB 5,183.7 bln), hereinafter excluding overnight bonds.

Trading volume in shares, DRs and investment fund units was RUB 2,671.3 bln (March 2020: RUB 3,080.7 bln). ADTV was RUB 121.4 bln (March 2020: RUB 146.7 bln).

Turnover in corporate, regional and sovereign bonds was RUB 1,737.4 bln (March 2020: RUB 2,103.0 bln). ADTV was RUB 79.0 bln (March 2020: RUB 100.1 bln).

Seventy new bond issues with a combined value of RUB 1,174.3 bln (of which overnight bonds accounted for RUB 361.9 bln) were placed in March 2020.

Derivatives Market

Derivatives Market volumes increased by 5.1% to reach a record RUB 16.4 trln (March 2020: RUB 15.6 trln) or 221.9 mln contracts (March 2020: 278.7 mln), of which 216.7 mln contracts were futures and 5.2 mln contracts were options. ADTV was RUB 747.0 bln (March 2020: RUB 744.7 bln).

Open interest at the end of the month was RUB 737.0 bln (March 2020: RUB 407.0 bln).

Standardized OTC Derivatives Market volume grew 7.4 times and reached RUB 192.0 bln.

FX Market

FX Market trading volume was RUB 31.9 trln (March 2020: RUB 36.3 trln), with spot trades amounting to RUB 10.1 trln and swap trades and forwards totaling RUB 21.8 trln.

The FX Market’s ADTV was RUB 1,449.8 bln (USD 19.5 bln), compared to RUB 1,727.1 bln (USD 23.6 bln) in March 2020.

Money Market

Money Market turnover was RUB 37.0 trln (March 2020: RUB 40.4 trln). ADTV was RUB 1,683.8 bln (March 2020: RUB 1,923.1 bln).

The CCP-cleared repo segment reached RUB 22.3 trln, including the GCC repo segment which totalled RUB 6.0 trln.

Precious Metals Market

Turnover in precious metals (spot and swaps) surged more than tenfold to RUB 24.1 bln (March 2020: RUB 2.3 bln), of which RUB 23.8 bln (5.6 t) was gold and RUB 0.3 bln (4.2 t) was silver.