Exchange transactions in ‘toxic’ currencies trend downwards
In February, the proportion of the US dollar/ruble pair in exchange trading dropped to its multi-year low of 36%.
The average daily amount of OFZ trading in the secondary market increased nearly twofold by January 2023 and by 11% as of the beginning of 2022 Q4. The average daily amounts of corporate bond trading returned to their record highs of late 2022.
Despite new sanctions, the MOEX Index added 1.2% as of the end of last month. Since early 2023, there have been increasingly more cases in the market of third listing level shares when volatility and trading volumes of low-liquidity securities soar for a short while, then declining again. The Bank of Russia, jointly with the Moscow Exchange, is studying possible mechanisms to prevent this trend from spreading.
More details are available in the new issue of the Financial Market Risks Review.