Emta facing calls from FX industry for alternative RUB fixings

Sources also concerned about Ukrainian NDF fixing, which hasn’t changed since invasion began


Foreign exchange market participants are scrambling to work out if they should use a new fixing for ruble non-deliverable forwards (NDFs), amid growing concerns at the disconnect between the current onshore fixing and the offshore spot market.

Three FX market sources with knowledge of the discussions say the Emerging Markets Trading Association (Emta) is meeting with several industry groups to determine if an alternative fixing should be used for new and existing contracts.

Some are also

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