×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: london stock exchange | vtb capital | clearing default | sanction

London Stock Exchange Places VTB Capital in Clearing Default

London Stock Exchange Places VTB Capital in Clearing Default
London Stock Exchange (Getty Images)

Thursday, 03 March 2022 09:06 AM EST

The London Stock Exchange Group's clearing arm LCH said on Thursday it had placed VTB Capital, the trading arm of Russia's VTB Bank, in default as a clearing member.

It is the latest sign of how a raft of sanctions introduced by Britain, the United States and European Union in response to Russia's invasion of Ukraine are hitting Russian banks.

"LCH Limited issued a default notice today, 3 March 2022, in respect of VTB Capital PLC, which is a non-FCM clearing member and was participating in the LCH EquityClear service," LCH said in a notice to all of its members.

VTB did not immediately respond to a request for comment.

A person familiar with the situation said the sums involved in the default were limited and would be covered in the first instance by using the margin or cash VTB Capital had posted against its share trading activity.

The default was not expected to mean tapping the LCH default fund, the person said.

Last Friday LSEG suspended VTB Capital's membership of the exchange, meaning it could no longer buy and sell stocks listed on the platform.

Regulators are preparing for a possible closure of the European arm of VTB Bank, Reuters reported on Thursday.

LSEG said on Thursday it has now suspended 28 of its Russian company listings in response to the sanctions and the need to maintain an orderly market. Some of the listings have lost nearly all of their value.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
The London Stock Exchange Group's clearing arm LCH said on Thursday it had placed VTB Capital, the trading arm of Russia's VTB Bank, in default as a clearing member.
london stock exchange, vtb capital, clearing default, sanction
242
2022-06-03
Thursday, 03 March 2022 09:06 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved