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

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

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Environmental products house of the year: ENGIE

ENGIE is driving change in energy transition, with a strong focus on renewable energy and the liberalisation of power markets in Apac, which presents significant long-term growth opportunities. In recognition of its efforts, ENGIE GEMS has been named…

Newcomer of the year: Topaz Technology

Jon Fox and former colleagues formed Topaz Technology in 2015. Having seen many different systems and, in some cases, written and built a few themselves, there was always something missing, leading them to build a system that unifies risk reporting and…

Technology vendor of the year: Murex

As a technology vendor, Murex places adaptability front and centre of everything it does, constantly enriching its MX.3 platform to ensure institutions can respond to new market opportunities as soon as they spot them

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