United Kingdom > London > Finance > Derivatives and structured products
Index of tables
Derivatives and structured products
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- Baker & McKenzie LLP
- CMS Cameron McKenna LLP
- Field Fisher Waterhouse LLP
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Hogan Lovells International LLP - Shearman & Sterling LLP
- Sidley Austin LLP
- Slaughter and May
- White & Case LLP
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- Berwin Leighton Paisner LLP
- Cadwalader, Wickersham & Taft LLP
- Eversheds LLP
- Herbert Smith LLP
- Milbank, Tweed, Hadley & McCloy LLP
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Morrison & Foerster (UK) LLP -
Reed Smith - SNR Denton
- Weil, Gotshal & Manges
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Bryan Cave - Burges Salmon LLP (Bristol)
- DLA Piper UK LLP
- Fried, Frank, Harris, Shriver & Jacobson (London) LLP
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K&L Gates LLP
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Leading individuals
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- Pauline Ashall - Linklaters LLP
- Parya Badie - Allen & Overy LLP
- David Benton - Allen & Overy LLP
- Mark Brown - Linklaters LLP
- Patrick Clancy - Shearman & Sterling LLP
- Andrew Coats - Clifford Chance
- James Coiley - Ashurst
- Matthew Dening - Sidley Austin LLP
- Will Dibble - CMS Cameron McKenna LLP
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James Doyle -
Hogan Lovells International LLP - Anthony Drake-Brockman - Allen & Overy LLP
- Simon Firth - Linklaters LLP
- Laurence Garside - Norton Rose LLP
- Chris Georgiou - Ashurst
- Simon Haddock - Allen & Overy LLP
- Jason Harding - CMS Cameron McKenna LLP
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David Hudd -
Hogan Lovells International LLP - John Jakeways - Freshfields Bruckhaus Deringer LLP
- Paul Lewis - Linklaters LLP
- Jonathan Master - Eversheds LLP
- Habib Motani - Clifford Chance
- Edward Murray - Allen & Overy LLP
- Dean Naumowicz - Norton Rose LLP
- Ed Parker - Mayer Brown International LLP
- Paul-Michael Rebus - Eversheds LLP
- David Roylance - Simmons & Simmons LLP
- Simeon Rudin - Freshfields Bruckhaus Deringer LLP
- Jonathan Shann - Freshfields Bruckhaus Deringer LLP
- Deepak Sitlani - Linklaters LLP
- Graham Soar - Burges Salmon LLP
- Bruce Somer - Baker & McKenzie LLP
- Richard Tredgett - Allen & Overy LLP
- Guy Usher - Field Fisher Waterhouse LLP
- Elizabeth Uwaifo - Sidley Austin LLP
- Michael Voisin - Linklaters LLP
- David Wainer - Allen & Overy LLP
- James Warbey - Milbank, Tweed, Hadley & McCloy LLP
- Allan Yip - Simmons & Simmons LLP
Allen & Overy LLP ‘sets the standard’. Leading an outstanding team, David Benton – ‘part of the ISDA royalty’ – recently advised ISDA on the stress testing of derivatives rules. Edward Murray, ISDA’s representative on the UK Treasury’s Banking Liaison panel, has been advising on claims arising from the collapse of Icelandic banks; Anthony Drake-Brockman advises issuers on new retail product regulation; Richard Tredgett is among the partners advising the likes of Barclays and Citibank on strategic equity deals; David Wainer advised Macquarie on multi-product issuance platforms; Simon Haddock assisted in devising an innovative web-based default management product; and Parya Badie is ‘a star, and an exceptional talent’ in equity derivatives.
Known for high quality and innovation, Linklaters LLP is ‘one of the best, and highly accomplished’. The team, led by Mark Fletcher, has many stars, including Simon Firth, who ‘commands a great deal of respect’; Deepak Sitlani, ‘a great problem solver’; Mark Brown, who is ‘knowledgeable, accessible, and able to see issues from the client’s perspective’; Paul Lewis, who is ‘a leading name for fund-linked derivatives’, and advises the European Financial Stability Fund; Pauline Ashall, who advises the administrators of Lehman Brothers; and David Phillips, who stands out for longevity deals on both the buy-side and sell-side. A ‘market leader’, and ‘excellent at regulatory and retail matters’, the firm is advising ISDA on equity derivatives definitions, with Michael Voisin heavily involved.
‘Versatile, global, and one of the deepest practices around’, Ashurst’s team includes credit derivatives and repack expert James Coiley; retail structured products specialist Michael Logie; Chris Tang, for structured notes; and Jonathan Haines, for securities lending and equity derivatives. Coiley represented Crédit Agricole on the disposal of credit correlation market risk through a bespoke prime brokerage platform, and LCH.Clearnet in implementing its CDS clearing service. Chris Georgiou is recommended for credit derivatives and structured funding work.
‘Very good on regulatory issues’, Clifford Chance’s team has ‘a deep understanding of the subject’. The ‘commercially minded and focused’ Christopher Walsh excels on structured products, including covered bonds. Andrew Coats advised Deutsche Bank on a longevity swap relating to £3bn of Rolls-Royce’s pension fund liabilities. Derivatives specialist Habib Motani advised on over 20 equity derivatives transactions for the likes of Citi and Goldman Sachs, and was key to formulating ISDA’s documentation for Islamic Profit Rate Swaps. Also recommended are derivatives and credit risk specialist Claude Brown; and Matthew Grigg, for credit-linked, equity-linked and fund-linked deals.
Mayer Brown International LLP ‘goes from strength to strength – its partner coverage, responsiveness, technical ability and industry knowledge add up to a strong offering’. ‘One of the first division of firms for structured finance regulatory matters’, its US experts give it ‘a significant advantage over London-based firms’. Co-head of global derivatives Ed Parker’s ‘encyclopaedic knowledge means he knows the technical points inside out’. Chris Arnold is ‘technically excellent and easy to deal with’. The firm advises ISDA on European issues, and as official US counsel. It is ‘one of the “go-to” firms for credit derivatives, structured credit and emerging markets work – a good alternative to the Magic Circle’.
Norton Rose LLP has ‘an extremely well-run practice, combining bespoke solutions with a client-friendly manner’. Dean Naumowicz (‘a leader in his field’ who is ‘able to find complex, innovative solutions’) and ‘good diplomatic communicator’ Laurence Garside regularly advise BNP Paribas as hedging provider for structured products. Regulatory specialist Jonathan Herbst and Islamic derivatives expert Farmida Bi are also highly recommended. The firm recently advised the Chicago Mercantile Exchange on the clearing of OTC derivatives.
Jonathan Hammond’s financial markets team at Simmons & Simmons LLP combines specialist buy-side and sell-side derivatives expertise. Allan Yip represented Allianz Insurance on liquidity swaps for a €750m insurance asset portfolio. Sean Bulmer advised Deutsche Bank on retail structured products in Italy, Belgium and Germany. David Roylance advised on synthetic collateral swap obligations, and acted for an international investment bank on its total return swap facility. André Allee stands out for transactional and regulatory advice.
Baker & McKenzie LLP provides ‘solid advice backed by in-depth industry knowledge’. Bruce Somer gives advice ‘tailored exactly to clients ’ needs’, and acts for a variety of end users, funds and financial institutions including Agricultural Bank of China, UBS and Carlsberg. The firm’s emerging markets focus enables it to handle ‘any asset class in exotic jurisdictions’. Jonathan Walsh and Christopher Hogan are also recommended.
Structured finance is a real growth area for CMS Cameron McKenna LLP, which hired the ‘technically strong’ Mike Munro and James Parker, who has ‘detailed knowledge and a good grasp of actuarial as well as legal concepts’; both joined from Barlow Lyde & Gilbert LLP. The ‘very analytical’ Will Dibble is noted for ‘excellent work at a reasonable price’, and Jason Harding is also very highly rated. The team provides a ‘good-quality service, thorough understanding of specialist areas and real dedication’, and counts leading investment banks and insurers as clients.
Guy Usher’s ‘big and successful practice’ at Field Fisher Waterhouse LLP now has four full-time derivatives partners, the other three being Daniel Franks, who joined from Allen & Overy LLP, Edward Miller and Ronit Grant. The firm is lead derivatives counsel to structured equity and fund derivative vehicle Lehman Brothers Finance, with Miller and litigator Duncan Black recently advising on structured notes involved in the Anthracite dispute. Grant and Usher advised Empire Resources on closing derivatives trades with MF Global.
David Hudd’s team at Hogan Lovells International LLP ‘distinguishes itself as first port of call on innovative, highly complex products’. James Doyle has ‘encyclopaedic market knowledge and excellent client rapport’ and is an expert in his field, as is Kit Johnson. Hudd advised BNP Paribas on the €20bn SecurAsset structured products programme and its equity derivatives platforms. Doyle represented FMS Wertmanagement on the transfer of €173bn derivatives portfolios from Hypo Real Estate.
Clifford Atkins’ team at Shearman & Sterling LLP is at the heart of the derivatives space, through its work for ICE Clear. Patrick Clancy (‘very experienced’, and ‘a tough negotiator’), Ian Harvey-Samuel and Julian Tucker are ‘absolutely top notch, responsive and technically excellent’. Clancy and Harvey-Samuel advised Bank of America Merrill Lynch on its downgrade review of structured finance documentation.
The ‘high-quality’ team at Sidley Austin LLP features Matthew Dening, Elizabeth Uwaifo, Paul Matthews and Howard Waterman, who are known for innovative transactions. Recent examples include a £3bn longevity risk transfer for a leading reinsurance company, and assisting on the hedging of a $500m covered bond for Standard Chartered.
‘One never doubts the commitment’ of Richard Levitt’s team at Slaughter and May, with many versatile partners able to contribute on complex and innovative transactions; its advice is ‘of the highest order’. The firm is active for corporate end users, and increasingly acts for banks including Goldman Sachs. Levitt advised AEGON on a €12bn longevity swap, while David Bicknell led on closing out Icelandic bank Glitnir’s derivatives portfolio.
A renowned innovator in emerging markets, White & Case LLP also advises many European banks on deleveraging activities and new regulations. Gavin McLean stands out for complex structured products, and the ‘hands-on and direct’ Ingrid York is an ‘up-and-coming star’ for derivatives, including Islamic products. David Barwise is now based in Singapore.
Matthew Kellett’s banking and capital markets group at Berwin Leighton Paisner LLP has broad structured finance experience, with James Duncan a standout figure. Lucy Oddy worked on large hedging projects such as Lloyds Banking Group’s £900m Project Royal loan portfolio for Goldman Sachs. The team excels in OTC and securitised derivatives for corporates and financial institutions.
At Cadwalader, Wickersham & Taft LLP, Angus Duncan recently advised Natixis on a $270m cat bonds issue, while Nick Shiren represented many issuers of structured bonds in relation to the bankruptcy of their collateral manager. Senior associate Robert Cannon is ‘resourceful and client oriented’.
Predominantly a buy-side practice, Eversheds LLP increasingly acts for sell-side clients including Santander on hedging matters. Structured finance specialist Paul-Michael Rebus and derivatives experts Jonathan Master and Antony Thomlinson count easyJet and BNP Paribas as clients. Master recently advised Co-operative Bank on derivatives documentation and regulation.
Jake Jackaman’s team at Herbert Smith LLP is ‘technically very strong, from partner through to associate’. Dina Albagli advised Jefferies International on derivatives aspects of its $430m acquisition of Prudential Bache. The firm represents clients such as Citi and Morgan Stanley on derivatives matters, with credit and equity deals to the fore, and advises extensively on OTC clearing.
Milbank, Tweed, Hadley & McCloy LLP is ‘the best-kept secret in transactional derivatives and structured products’. James Warbey ‘has become a “go-to” lawyer for clients, who value his accurate grasp of complex exotics and equity derivatives’; he is ‘the ISDA technician’s technician’. John Goldfinch has ‘mature judgement in weighing risk and opportunity’. The duo recently advised Virgin Media on its $550m liquidity management programme.
Morrison & Foerster (UK) LLP can draw on the expertise of versatile partners Peter Green, Jeremy Jennings-Mares and Elana Hahn, who has a superb track record in structured finance. Jennings-Mares advised Silicon Valley Bank on hedging for a £14m financing. Other clients include Natixis and Goldman Sachs.
Reed Smith brought in Tamara Box from Berwin Leighton Paisner LLP to lead its structured finance team, in which specialists Scott Cameron and Leon Stephenson stand out. Clients include Bank of New York Mellon and UniCredit.
Thomas Parachini’s team at SNR Denton is ‘exemplary in all areas’. Matthew Sapte stands out for restructurings and Islamic derivatives, and Rosali Pretorius and Edward Hickman are recommended for advice to banks.
Weil, Gotshal & Manges’ lawyers ‘regularly go the extra mile’. Jacky Kelly heads the team, which includes Steven Ong, who is ‘very knowledgeable, especially on non-conforming deals’, and Mirella Hart. Ong advised the administrators of MF Global on derivatives aspects of its bankruptcy.
Bryan Cave’s Marty Rolle ‘demonstrates a good understanding of the intricacies of derivatives structures, and ensures clients do what is right for them rather than the banks’. Ed Marlow is also recommended. Merrill Lynch is a client.
At Burges Salmon LLP, Graham Soar leads a team noted for its ‘efficiency, commerciality and grasp of complex issues’, and advises clients including Emirates Group. Richard Leeming has a ‘nimble mind’ and ‘thinks like a banker’, and advises clients such as Imperial Tobacco on complex derivatives.
The team at DLA Piper UK LLP continues to expand; Martin Bartlam joined from Orrick, Herrington & Sutcliffe (Europe) LLP, along with Mark McGiddy from Deutsche Bank and John Delamere from Shearman & Sterling LLP. The firm advised Pilkington Group on a £1bn longevity swap.
‘Outstanding firm’ Fried, Frank, Harris, Shriver & Jacobson (London) LLP is ‘more innovative than many others’. Sian Withey and Rob McBride provide ‘quick and practical solutions in highly technical areas’; McBride is ‘very calm, and brings a great sense of humour’. The firm has advised Goldman Sachs as hedging counterparty on many European leveraged finance deals.
K&L Gates LLP’s team is ‘very professional and knowledgeable’. Trevor Beadle and Andrew Petersen have ‘considerable experience, and good reputations’. Stephen Moller advised Otkritie Securities on equity derivatives documentation for the Russian Trading System.
Katten Muchin Rosenman UK LLP’s Carolyn Jackson is highlighted for her ‘depth of practical experience’; she has a background as a derivatives trader and previously headed Allen & Overy LLP’s US regulatory practice in Europe. Her niche is advising exchanges, clearing houses and major end users on US derivatives regulation.
Christopher Lawrence leads ‘a strong practice’ at Macfarlanes LLP, and recently advised Castle Trust Capital on property index swaps in a new retail investment product. Rachel Kelly heads the structured finance practice. Newly promoted partner Will Sykes is ‘excellent on technical detail, and extremely commercial’.
Olswang’s Charles Kerrigan is ‘thorough and practical, with a measured approach and unassuming dynamism’. Highlights included advising Kaupthing Bank on the closeout of derivatives positions.
SJ Berwin LLP is ‘very strong, balancing commercial understanding and pure legal capabilities’. Vanessa Therrode advised Alfa Overseas on redeeming $222m secured notes held by Deutsche Bank. Also recommended are Nick Brocklesby, for disputes; and Andrew Bliss, who joined from Sidley Austin LLP.