Private credit is no longer defined solely by large direct lending platforms. A new wave of specialized managers is carving out opportunities in asset-based finance, structured credit, and niche lending strategies. As banking sector consolidation continues, non-bank lenders are stepping in with tailored solutions that bridge public and private markets while addressing underserved sectors. The line between public and private markets continues to blur as investors seek yield in areas once dominated by traditional institutions. This evolution is driving innovation across asset-backed securities, specialty finance, and middle-market lending, where disciplined underwriting and active portfolio management are key to resilience. As these once-niche strategies move mainstream, investors are rethinking how to balance liquidity, transparency, and return potential across both public and private credit opportunities. How are managers leveraging insights from public markets to enhance performance and risk management in private credit strategies? What role will asset-based and structured finance play in shaping the convergence between public and private markets? 

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The EU official close to the talks said the Commission’s options paper was not ready yet, but there were only two realistic ways to provide the 130-140 billion euros ($152-163 billion) Ukraine is likely to need.

One was to use the frozen Russian assets, as proposed by the Commission. Russia said last month any such move would be illegal and threatened to deliver a “painful response”.

The other was for EU governments to borrow the funds on the market, but this would involve paying interest.

Most of the Russian assets frozen in Europe are on the accounts of Belgian securities depository Euroclear. Since Moscow’s invasion of Ukraine in February 2022, almost all of the securities have matured and become cash.

The option involving frozen assets would mean the EU would replace the Russian cash on Euroclear accounts with zero-coupon AAA bonds issued by the European Commission.

The cash would then go to Kyiv, which would only repay the loan if it eventually gets war reparations from Russia, effectively making the loan a grant and making Russian reparations available before the war ends. The option is called the Reparations Loan, because it would be linked to Russia paying reparations.

PREFERENCE FOR USE OF RUSSIAN FROZEN ASSETS

Under that arrangement, the only financial contribution on the part of European Union governments would be to guarantee the Commission loans issued for Euroclear. The risk that the guarantees would be called upon is very small because EU governments themselves decide when to release the frozen Russian assets.

“In my mind EU leaders will opt for the reparations loan model,” the senior EU official said.

But Belgium, which is home to Euroclear, believes it would be liable in case of a successful Russian lawsuit against the company. It wants EU governments to pledge they would come up with the necessary cash to repay Moscow within three days if a court ever decided that the assets must be returned.

EU government officials say that, even though it was unlikely ever to be needed, mobilising potentially more than 100 billion euros in three days would be a big challenge for the EU.

Belgium also wants the Commission to produce a solid legal base for the whole operation to minimise the risk of a lost lawsuit and has asked other EU countries that hold frozen Russian assets to join the scheme to spread responsibility.

The Commission is now in talks with Belgium to address its demands with a view to securing support of EU leaders for the plan in December.

The other option would be for EU governments to borrow on the market and pass the cash on to Ukraine.

This is for them a far less appealing option because it would increase debt levels of many already highly indebted EU countries and entail paying annual interest for the duration of the loan, either by Ukraine, which can ill afford it, or by the EU.
($1 = 0.8575 euros)

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Global Finance magazine has named its annual FX Tech Awards as part of the Gordon Platt Foreign Exchange Awards 2026. This awards program honors companies that conceive fresh ideas and demonstrate exceptional skill in designing or deploying technology to improve foreign exchange.

These awards are named in honor of Gordon Platt, who was the driving force behind this program for many years.

An exclusive report on this program will be published in the January 2026 print and digital editions, as well as online at GFMag.com. It will also include Global Finance’s 26th annual World’s Best Foreign Exchange Banks Awards.

Winning organizations will be honored at Global Finance’s Gordon Platt Foreign Exchange and Best SME Bank Awards Ceremony in London – Date and Location TBD.

Global Finance’s regional experts considered bank and technology provider submissions and used their own research and knowledge to make shortlists in all regions and categories, before applying a custom algorithm, which includes market share, scope of global coverage, innovative features, competitive pricing, and customer service to help choose the 2026 FX Tech Award winners.

“Global Finance’s 2026 FX Tech Award winners are redefining what’s possible in foreign exchange technology,” said Joseph Giarraputo, founder and editorial director of Global Finance. “By delivering smarter, faster, and more secure solutions, these innovators are shaping the future of finance. Global Finance is proud to honor their outstanding contributions.”

The complete list of Global Finance’s 2026 FX Tech Awards follows.

For editorial information please contact: Andrea Fiano, editor, email: afiano@gfmag.com

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About Global Finance

Global Finance, founded in 1987, has a circulation of 50,000 readers in 185 countries, territories and districts. Global Finance’s audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Its website — GFMag.com — offers analysis and articles that are the legacy of 38 years of experience in international financial markets. Global Finance is headquartered in New York, with offices around the world. Global Finance regularly selects the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.

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