Banks, prime brokers and trading venues shun ruble trades

FXPBs turn away derivatives bets as spot platforms block ruble trades and NDF fixings go dark

A protestor in Ukraine holding a peace sign

The financial sector is scrambling to cut its exposure to the Russian ruble. Dealers are attempting to unwind existing positions with sanctioned Russian banks, while foreign exchange prime brokers (FXPBs) have been turning away new derivatives trades linked to the currency.

A senior FX trader at a large dealer says clients are seeking to exit ruble risk, while the bank was also trying to unwind positions with Russian banks.

“It’s hard not to see most banks in the near term having unwound

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