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Linklaters Business Services

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Work 020 7456 2000
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Abu Dhabi, Amsterdam, Antwerp, Bangkok, Beijing, Berlin and 25 more

Toby Gray

Work 020 7456 5615
Linklaters Business Services

Work Department

Capital markets.


Specialist in capital markets transactions including structured finance transactions, repackagings, asset backed financings, collateralised debt obligations, credit derivatives and other derivative products. Also has experience with European and Asian debt and equity transactions.


Trainee solicitor Linklaters, London 1996-97; trainee solicitor Linklaters, Tokyo 1997-98; assistant solicitor, capital markets department, Linklaters, Tokyo 1998-2000; assistant solicitor, capital markets department, Linklaters, London 2000-02; managing associate, capital markets department, Linklaters, London 2002-05; partner Linklaters, London 2005-06; partner Linklaters, Tokyo 2006-08; partner Linklaters, Hong Kong 2008-12; partner Linklaters, London 2012 to date.


University of Bristol (1990-93 LLB); College of Law, Chester (1993-94).

London: Finance

Derivatives and structured products

Within: Derivatives and structured products

Linklaters LLP is 'the very best in the market', according to one client who remarks that 'for complex, innovative, cross-border work it would be our first port of call'. The firm is 'very good at keeping on top on new regulations its business acumen and industry knowledge are second-to-none'. The firm's prominent position in market-defining issues is evidenced by its work for ISDA on the impact of Brexit on the derivatives market and documentation. Deepak Sitlani and Mark Brown, who is 'hugely experienced and hardworking, and shows very impressive attention to detail', were the main partners involved. Key partner Vinay Samani has more than 20 years’ experience in debt, equity and structured finance transactions, and frequently acts for both financial institutions and corporates. One client describes him as '100% reliable; he understands how the market works and what his clients need, and he marries a relaxed, common-sense approach with in-depth technical knowledge'. Paul Lewis, who is now head of UK derivatives and structured products, focuses mainly on margin implementation for non-cleared derivatives, but also handles matters relating to the application of blockchain and smart contract technology. One client remarks that he is 'definitely the right person to lead the firm towards innovative technology solutions, as he has always been forward-looking'. Lewis and David Phillips advised BNP Paribas, Citigroup, Credit Suisse and JPMorgan on new issuance under the markets first single-issuer, multi-dealer repackaging programme. The firm's deep bench of talent includes global head of capital markets Michael Voisin; Simon Firth, who acted for British Business Bank in the provision of guarantees to United Trust Bank; Toby Gray and Matthew Monahan for repackagings and credit-linked notes, who exhibit 'good response times, good knowledge and are willing to co-operate under tight deadlines'; 'very strong partner' and rising star Mark Drury, who is 'solution-oriented and not afraid to tell it like it is'; and counsel Doug Shaw.

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