Banks split ruble forwards books on Russia sanctions fears

Traders say market for deliverable forwards has "disappeared"

100 ruble note

Fears that sanctions on Russia could prevent settlement of ruble-denominated trades have revealed hidden risks in bank portfolios, where deliverable and non-deliverable forwards (NDFs) have often been traded as a single book. With end-users switching en masse to NDFs in recent weeks, the prices of the two have diverged, forcing banks to separate them.

"It has been a complete dislocation. In this last week, we've had to split out all the portfolios into deliverable and non-deliverable trades, as

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: