Barclays PLC (LSE:BARC) traders have reportedly been doing very well out of market volatility in emerging markets since Russia invaded Ukraine.
Ahead of its quarterly trading update on Thursday, reports emerged that the bank benefited from increased emerging markets trading revenue of around £500mln in the first quarter of 2022, with traders operating actively in the currency and credit-default swaps markets, according to a Bloomberg report.
Emerging markets currencies and rates trading generated about £400mln pounds last quarter, with roughly half coming from bets on currencies from Central and Eastern Europe, the Middle East and Africa, according to Barclays insiders.
Barclays’s emerging markets credit desk made in the region of £100mln, driven by the surge in Russian and Ukrainian credit default swaps, sources told the news agency.