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City of London

Barclays Traders Made Over $600 Million in Emerging-Market Havoc

Bank made money on Russian, Ukrainian credit default swaps
Barclays is due to report its first-quarter earnings this week

Photographer: Luke MacGregor/Bloomberg

By

Stefania Spezzati,

Laura Benitez, and

Abhinav Ramnarayan

April 25, 2022, 2:24 PM UTC

Barclays Plc saw a surge in emerging-markets trading last quarter, with revenue climbing to about 500 million pounds ($644 million) amid volatility spurred by Russia’s invasion in Ukraine.

The increase came as the bank’s traders seized on turbulent currency markets and big moves in credit-default swaps, according to people familiar with the performance, who asked not to be identified because the firm has yet to report first-quarter results. The bank is due to post its latest earnings on April 28.