Margining added to liquidity stress after Ukraine invasion

The Bank for International Settlements, Basel

Photo: Ulrich Roth

- Central Banking Newsdesk
- 13 Sep 2023

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“Tumultuous” conditions in European energy markets after Russia invaded Ukraine in 2022 led to tighter margining and a decline in liquidity, analysis by the Bank for International Settlements finds.

The BIS bulletin article explores how the severe shock to energy prices rippled through derivatives markets. Margins jumped to “extraordinarily high levels”, say authors Fernando Avalos, Wenqian Huang and Kevin Tracol. This had a knock-on effect in tightening liquidity conditions, leading several

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