Russians could try to use cryptocurrencies to dodge sanctions following the invasion of Ukraine, but a move into the mainstream by crypto exchange heads hungry for fiat currency wealth will complicate evasion tactics.

In the raging crisis between Russia and Ukraine, fixed income bankers picking over a disrupted new issuance market are finding echoes of the start of the coronavirus pandemic. But they warn that the conflict is only worsening inflation concerns – and that central banks are in a bigger bind than ever.

For Putin, the threat of expulsion from Swift carries far less weight than it did in 2014. Russia’s own system for transfer of financial messages can now settle domestic transactions, but the move would still trigger a deep recession in the country.

Russia’s incursion dispels vain hopes of manageable tail risk and heralds a bear market correction.

Energy price volatility driven by war in Ukraine could deliver a windfall to banks such as Goldman Sachs that retain scale in commodity trading. Profits from dealing can also be made without triggering ESG or sanctions-related pain.

If regulated investors are to buy bonds on blockchain, incumbent infrastructure providers such as CSDs must embrace the very technology that threatens their traditional role.

Even the most optimistic observers anticipate a few bumps along the road as the securities lending industry adapts to the new settlement discipline regime imposed under the CSDR.

Public blockchains have been shown to allow near immediate settlement of new issues. Why aren’t the primary markets embracing them?

The rates sell-off is making it more expensive for high-yield and high-grade borrowers to access the bond markets. Maturities on offer are shortening, and it could be about to get much worse.

After a generation of low inflation, rising consumer and business costs have leapt to the top of the list of factors influencing FX pricing.

The specialist loan servicer and portfolio manager has grown fast but sees high demand from banks and investors to manage illiquid credit.

SoftBank’s likely choice of the US to list Arm might say something about UK equity investor culture, but using it as evidence that London reform efforts are failing is a step too far.

The next decade will be one of exceptional value creation in the birthplace of private banking. European entrepreneurs are handing the reins of mid-sized Mittelstand firms to the next generation, while others sell out to global investors and venture capital firms.

A city packed with private banks is quietly serving the needs of a large and wealthy part of northern Germany, yet it remains generally unnoticed as a wealth management powerhouse.

The launch of ISY Bank spearheads a new cloud-banking strategy at the Italian lender as it seeks to reduce costs, counter fintech and target international retail growth.

Share buybacks are suddenly commonplace in European banking, as supervisors are more wary about touching dividends – and because banks lack better use for their new capital surpluses.

In his first year as chief executive, Andrea Orcel has backed out of a deal to buy Banca Monte dei Paschi di Siena and prioritized capital distributions at UniCredit. However, his flirtation with an acquisition in Russia has shown that the bank can still raise eyebrows. Orcel talks to Euromoney about the bank’s biggest opportunities and how M&A can help realize them.

Trading update does little to answer concerns around underlying performance and a slowdown in wealth management.

Early in the Covid crisis, CACIB avoided the big equity derivatives losses its local rivals suffered. Chief executive Jacques Ripoll tells Euromoney how the bank plans to take advantage of the rise of sustainable finance, which plays to its long-standing expertise in infrastructure and energy.

Nicolas Cailly, head of payments and cash management at Societe Generale, is responsible for growing the French bank’s cash-management franchise. He tells Euromoney why the bank’s new treasury offering is a step forward for TMS implementation.

Brought in to help clean up Credit Suisse, the high-profile Portuguese banker has been forced to quit to preserve what is left of its reputation.

Douglas Flint, former HSBC chair and current chairman of Abrdn, talks to Euromoney about climate change, his hope for the future and how he convinced CEO Stephen Bird to join the firm over fish and chips and a pint in an Edinburgh pub.

It took all of six days of the new year before the tone was set: XP Inc’s announcement of its acquisition of Banco Modal. The deal will need regulatory approval, but is being warmly endorsed by the target’s management and its minority shareholder, Credit Suisse.

As legacy banks plough billions into fintech, their valuations – especially compared to standalone fintech players – are far from seeing the desired benefit. Spin-offs and subsidiary IPOs are part of a growing push to make these fintech investments more independent and visible, and to force a sum-of-parts valuation. Is the answer to restructure into a listed financial holding company, of which the legacy bank would just be one part?

LeasePlan’s absorption by Societe Generale-owned ALD comes at the same time as rumours of a takeover by SocGen of ING France, potentially adding to digital bank Boursorama’s growth.

Many observers remain unconvinced about the Scottish government’s official currency if the country were ever to gain independence.

The Swiss firm’s decision to sell specialist Zurich-based wealth manager Wergen & Partner is the latest in a series of M&A deals. Expect more activity as private banks expand into new markets, or exit non-core markets to focus resources and invest in technology.

Sustainable account allows corporates to measure the impact of the sustainable finance assets their deposits are referenced against.

The digital banking expert and recently appointed chair of the UK board of Zip is confident that the buy-now-pay-later sector has nothing to fear from forthcoming regulation.

BNP Paribas has in effect ruled out using the proceeds of its US retail bank sale on big bank M&A in Europe.