Moscow Exchange & EXNESS Announce Lower Trading Volumes in November
Moscow Exchange saw its foreign exchange volumes decline in November, with 18.7 trillion trades that included swap trades amounting to 11.8 trillion rubles and spot trades valued at 18.7 trillion, compared with October’s volumes of 21.7 trillion rubles
This translates into an average daily volume of 986.6 billion (USD 21.5 billion), which is higher than October’s average daily volume of 944.4 billion rubles ($23.1 billion) and 850.3 billion rubles ($22.4 billion). This means that on dollar terms, the average volumes fell. However, on ruble terms, the volumes rose. The full results can be found on Moscow Exchange’s website.
Meanwhile, EXNESS also reported that trading volumes fell to $163.7 billion in November, a far-cry from a record-high of $198.8 billion set in October. This represents a decline of 18.9 percent.
EXNESS recorded trading volumes of $192.4 billion in September, the first time the company reported a monthly trading figure exceeding $190 billion.
The company, however, has reported substantial improvement since it was founded. It has already made successful inroads into the Chinese market, which is considered as extremely lucrative.
Elsewhere, the Bank of Russia has warned that it doesn’t regulate any FX business or undertaking in Russia. The central bank, which is the supreme regulator that oversees Russian financial markets, on Monday cautioned that it doesn’t regulate Forex brokers.
Currently, Russia has no laws governing OTC Forex sector, hence Forex brokers operating in the country aren’t required to obtain licenses.
The warning followed increasing cases of Forex firms claiming to be regulated by the central bank soliciting Russian clients. The caveat also warned that several fraudulent Forex firms were operating in the Russian market and that investors should exercise prudent judgment to avoid losing their money.