![Risk.net](https://www.risk.net/sites/default/files/styles/print_logo/public/2018-09/print-logo.png?itok=1TpHrpuP)
Law firm of the year: Allen & Overy
Risk Awards 2023: A&O helps guide CDS market through multi-billion-dollar Russia default
![Left to right: Paul Allan, Emma Dwyer and David Lucking Left to right: Paul Allan, Emma Dwyer and David Lucking](/sites/default/files/styles/free_crop/public/2023-01/Law-firm-of-the-year-2023.jpg.webp?itok=MbOrKJUv)
Among the many consequences of its invasion of Ukraine was Russia defaulting on its sovereign debt, an event that posed the biggest challenge to the credit default swap (CDS) market since the global financial crisis.
Given the size of Russia’s economy and global markets’ exposure to it, a default under any circumstances would have been a major credit event. It was estimated that, in March 2022 – a week into the war – gross notional swaps outstanding were in the region of $40 billion, while JP
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Awards
Joining the dots: banks leverage tech advancements for the future of regulatory reporting
The continued evolution of regulatory frameworks is creating mounting challenges for capital markets firms in achieving comprehensive and cost-effectiveawa compliance reporting. Regnology discusses how firms are starting to use a synthesis of emerging…
Markets Technology Awards 2024 winners' review
Vendors spy opportunity in demystifying and democratising – opening up markets and methods to new users
Derivatives house of the year: JP Morgan
Risk Awards 2024: Response to regional banking crisis went far beyond First Republic
Risk Awards 2024: The winners
JP Morgan wins derivatives house, lifetime award for El Karoui, Barclays wins rates
Best product for capital markets: Murex
Asia Risk Awards 2023
Technology vendor of the year: Murex
Asia Risk Awards 2023
Best structured products support system: Murex
Asia Risk Awards 2023
Energy Risk Asia Awards 2023: the winners
Winning firms demonstrate resiliency and robust risk management amid testing times