Goldman Sachs (GS) and JPMorgan Chase (JPM) are facilitating investor interest in Russian-related assets by offering ruble-linked derivative contracts, Bloomberg News reported Wednesday, citing people familiar with the matter.
These contracts, called non-deliverable forwards, or NDFs, allow traders to profit from a surge in the ruble's value without directly accessing rubles, which is prohibited under Western sanctions, Bloomberg said.
The banks have been publishing NDF quotes "in a way that they hadn't been before," the report said, citing a portfolio manager at GAM UK.
Goldman Sachs and JPMorgan Chase didn't immediately reply to MT Newswires' request for comments.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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