Russia-Ukraine conflict
The biggest Russian ETFs are filled with cash, US assets
ETFs issued by BlackRock, DWS and VanEck have sold nearly all of their ‘uninvestable’ Russia stock
How Russian stocks still meet EU rules for ‘good governance’
Loose SFDR definitions leave room for Russian state-owned firms to remain in article 8 funds
‘Broken’ euro FX options market facing liquidity concerns
Traders worry about market depth as surge in put buying sees risk reversals hit extremes
Top 10 operational risks for 2022
The biggest op risks for the year ahead, as chosen by senior industry practitioners
CDS committee to rule on scope of eligible Russian debt
Group will determine whether bonds with ruble payment options can trigger the contracts
CCPs urged to widen collateral net as commodities spike
Broader acceptance of emissions certificates and letters of credit could relieve margin pressure
Aaron Brown: war could usher in new sanctions era, hurting US
Investors must think long-term, warns risk expert; west may lose out to crypto and new financial hubs
Top 10 op risks 2022: geopolitical risk takes centre stage
Ukraine invasion, western sanctions and Russian response seen driving big rise in cyber and supply chain risks
‘Dead’ derivatives market leaves big Russia dealers unhedged
VTB and Sberbank face directional exposure to local corporates after mass unwinds by foreign banks
US watchdog urges banks to uphold cross-border trust
Federal regulators assess financial spillover from Russian offensive as volatility surges and sanctions bite
Russia GDRs face extinction on sanctions and market closures
Around 100 programmes hang in the balance after BNY Mellon resigns as depository bank for VTB
Moscow Exchange closure leaves equity swap contracts in limbo
Isda plans to issue guidance on the application of commonly used disruption event clauses
Raiffeisen’s Russia assets hit new high at end-2021
The Austrian lender kept growing its balance sheet in the country even as Moscow’s manoeuvres put it on a path to all-sweeping sanctions
Credit default swaps on Russian companies face uncertain future
With CDS auctions on sanctioned companies unlikely, traders may have to rely on dealer estimates
Ruble NDF pricing rupture alarms traders
Conflict sparks big dislocation between ruble NDF and spot, threatening hedges and clouding valuations
VTB Bank’s timely sale of RCB Bank stake raises questions
The new ownership structure is currently pending approval from the ECB
Russia’s foreign currency debt pile at risk of default
Sanctions could block coupon payments on $200bn of externally held foreign currency bonds
Russia sanctions throw derivatives market into disarray
Lawyers say western banks face illegality terminations; industry groups plan deliverable ruble workaround
SRB faces tough choices over Sberbank Europe failure
Both resolution or liquidation could lead to losses for public purse, depending on client base
Sanctions threaten top pension funds’ Russia assets
Top global pension funds might dump Moscow-linked holdings in response to Ukraine invasion
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
Russian banks draw over 3trn rubles at 1-day repo auction
Country’s central bank allotted full amount on offer, the highest amount since 2014
Russia sanctions put spotlight on banks’ dirty laundry
As punitive measures against Moscow increase, so do the risks to banks from financial crime
Europe’s banks brace for Russia-backed cyber retaliation
Beefed-up sanctions on Russia’s largest banks spark IT security alert; 100s of computers brought down in Ukraine