CCP-cleared repo achieves record volume of RUB 13.3 trln in April

In April 2016, trading volumes of repo with the CCP reached RUB 13.3 trln, a record since its launch in February 2013. The proportion of repo turnover cleared across the CCP accounted for 62% of the total repo market. The average daily trading volume was RUB 632.4 bln, up 220% YoY.  

Centrally cleared repo in foreign currency, launched by Moscow Exchange in June 2015, demonstrated strong growth. In April, turnover in this instrument reached a monthly record of USD 42.2 bln, up 25% MoM. Trading volumes of repo in Eurobonds (launched in 2014) is also growing rapidly, with centrally cleared repos and inter-dealer repos in this type of security reaching RUB 7.4 trln in April, up 260% YoY.

A new product, repo in general collateral certificate (GCC), is expanding fast. Launched in February 2016, turnover totaled RUB 23.8 in April, up 280% MoM. More than 550 transactions were executed during the month. 49 market participants have connected to trade the product; six market makers maintain quotes on a daily basis. The list of eligible assets will be extended soon by creating two separate pools, one for shares and one for government bonds.

 In April, Money Market turnover increased 40% to RUB 24.5 trln (April 2015: RUB 17.5 trln), including repo turnover of RUB 21.5 trln (April 2015: RUB 15.6 trln). Repo with collateral management was RUB 3.7 trln (April 2015: RUB 3.9 trln). 

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