EMTA: Emerging markets trading volume rises to $4.45 trillion in 2009

By Christine Van Dusen

Atlanta, March 8 - Emerging markets trading volume grew 7% to $4.45 trillion in 2009, reflecting a rebound in the marketplace following the global recession and credit crisis, according to a new report from industry trade association EMTA.

Trading volumes grew steadily throughout the year and totaled $1.42 trillion in the fourth quarter, up from $1.12 trillion in the third quarter, $985 billion in the second quarter and $915 billion in the first quarter.

Trading in local markets instruments grew just 1% to $2.87 trillion on 2009, with Hong Kong once again leading at $557 billion. Other frequently traded local instruments included Brazil with $548 billion and Turkey with $301 billion.

Eurobond volumes grew more in 2009, finishing the year at $1.51 trillion. That's up 18% from $1.28 trillion in 2008. More than half the activity was in sovereign debt issues: $925 billion in 2009 versus $856 billion a year earlier.

Corporate bond trading rose 32% to $514 billion from 2008 to 2009.

The most frequently traded emerging-market eurobonds in 2009 included Russia's 2030 bond with a trading volume of $56 billion, Brazil's 2040 bond with $44 billion, Venezuela's 2027 bond with $27 billion and Argentina's par and discount bonds with $15 billion and $14 billion, respectively.

In the fourth quarter of 2009, new issues from Qatar and Lithuania were among the top 10 frequently traded instruments, according to the report.

Brazilian instruments were the most frequently traded, with $747 billion of trading volume in 2009, down 12% from $847 billion in 2008. Hong Kong came in second, with $590 billion in 2009, a 148% increase from the $238 billion reported in 2008. Turkey took third place, with $401 billion, up from $370 billion in 2008.

Other frequently traded instruments included securities from Mexico ($250 billion), Russia ($201 billion), Argentina ($190 billion) and Poland ($179 billion).

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