Review of 2022: the return of volatility

Russia and the Fed set markets ablaze, while SA-CCR shook up FX swaps

When Russia launched its unprovoked invasion of Ukraine on February 24, it was one of those rare moments when everything just stops. The shock put European markets into a tailspin, as the world mulled the implications on everything from oil and the pace of interest rate rises, to whether it was legal to own Russian bonds.

There were countless knock-on effects, and the FX markets had their fair share. Electronic platforms had to quickly decide whether to suspend trading in the spot currency or

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