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‘Clearly top tier’, Clifford Chance’s transactional and advisory futures practice has expertise in metals, oil and energy, and the area of carbon credits is a developing focus. Clients include Euronext.LIFFE, LCH.Clearnet, Cargill and Macquarie Bank. ‘Very commercial’ partner Tim Plews co-leads the finance and capital markets practice, and risk management expert Dermot Turing is also recommended.

Denton Wilde Sapte LLP is strong in metals and first rate in energy futures, with regulatory, commercial and some litigious capability. It acted on the establishment of NYMEX London and advised Shell as backer to the issuer of LSE exchange-traded contracts pegged to carbon prices on ICE Futures and ECX. Robert Finney, Chris Borg and Brett Hillis are recommended.

‘Excellent - a market leader’, Simmons & Simmons’ comprehensive futures practice handles contentious and non-contentious matters, including advising on futures funds. It advised new client Fortis Bank on US-UK commodity derivatives trading; assisted clients with post-Lehman futures exposures; and is representing Marex Financial in US$100m default and closeout proceedings against a Brazilian sugar trader. Practice head Jonathan Melrose is ‘ideal for complex issues’; litigator Robert Turner is ‘excellent both in court and arbitration’; and Darren Fox and Charlotte Stalin are also recommended.

Berwin Leighton Paisner LLP’s ‘very strong financial services team’ is especially prominent in metals. It advised new client Elkem Aluminium on London Metal Exchange brokerage contracts, while other clients include BNP Paribas and Natixis Commodity Markets. Team leader Jonathan Marsh is ‘very commercially aware’ and ‘probably the best external lawyer out there’ for futures. He drafted detailed market abuse guidance for The Futures and Options Association (FOA).

Norton Rose LLP is ‘a strong regulatory practice’ with significant commercial relationships with the likes of BP, Drax, Low Carbon Initiative and ScottishPower. It also recently advised Euronext.LIFFE and ICE Futures. Practice head Jonathan Herbst was prominent on the MiFID drafting committee.

Field Fisher Waterhouse LLP offers transactional and regulatory advice to the likes of Banca IMI, Danske Bank, Gartmore, Mitsui Bussan Commodities Limited, and Sanctum. Guy Usher is ‘tried and tested’ and ‘very commercial’.

Alongside commodity trading and shipping expertise, Ince & Co is recommended for freight futures contracts and disputes, and oil derivative products. Denys Hickey is ideal for ‘a big case worth fighting’.

‘Intelligent and committed’, Barnabas Reynolds leads Shearman & Sterling LLP’s futures team. It helped to establish ICE Clear Europe, a new UK-based derivatives clearing house.

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