When Russia launched its unprovoked invasion of Ukraine on February 24, it was one of those rare moments when everything just stops. The shock put European markets into a tailspin, as the world mulled the implications on everything from oil and the pace of interest rate rises, to whether it was legal to own Russian bonds.
There were countless knock-on effects, and the FX markets had their fair share. Electronic platforms had to quickly decide whether to suspend trading in the spot currency or