Derivatives (including commodities) in London
The derivatives and structured finance practice at Allen & Overy LLP is active in transactional matters in every asset class, including commodities, and has the deepest bench of talent of any firm in the City. Widely regarded as a thought leader in the derivatives market, the firm has continued to innovate with the launch of Margin Xchange - a system that consolidates and codifies the firm's extensive expertise in initial margin negotiations within industry leading technology to create a market utility to enable all institutions to implement their initial margin requirements. The firm's work includes complex financing structures for illiquid assets, portfolio transfers, advice on the changing regulatory framework, and more traditional derivatives and structured finance transactions. Among the many standout partners in Tony Drake-Brockman's team are Parya Badie in the structured equity group who is a market leader and expert in hedging documentation and intercreditor issues; Guy Antrobus who has been heavily involved in ISDA’s work on Initial Margin Credit Support documentation; head of global international capital markets David Benton; regulatory specialist Paul Cluley; leading adviser to ISDA Emma Dwyer; David Wainer and David Wakeling , who led the development of MarginMatrix. Up-and-coming partner Tom Roberts is a founding partner of the firm's Market Innovations Group.
Other key lawyers:
“Tony Drake-Brockman is the standout partner for his combination of in-depth knowledge of derivative payoffs and structures, and a deep understanding of securities issuance programmes.”
“Parya Badie is excellent for close-outs and general derivatives advice.”
“David Benton is the market expert on credit derivatives.”
Macquarie Group Limited
International Swaps and Derivatives Association
Bank of America Merrill Lynch
- Co-ordinating all workstreams in relation to the Initial Margin repapering effort of a major global dealer in response to the Uncleared Margin Working Group on Margining Requirements rules.
- Advise major financial institutions, buy-side participants, market infrastructure providers (clearinghouses, trade repositories and trade associations) on all aspects of European Market Infrastructure Regulation and its interpretation, including counterparty and transaction scope issues, availability of exemptions or transitionals, intragroup exemption applications, equivalence determinations and market practice.
- Advised Bank of America Merrill Lynch (BAML) and Morgan Stanley (MS) in connection with the finance and structuring of the acquisition by Chinese carmaker Geely of a 9.69% stake in Daimler AG, which was structured by way of equity total return swap transactions provided by both banks and a funded equity collar transaction, with complex acquisition and hedging arrangements between BAML and MS.
- Acted for Société Générale on the purchase of Commerzbank’s Equity, Markets and Commodities business, most significantly, the equity derivatives trading, market-making and structured product business in Germany.
- Advised MLI as hedge execution bank in relation to the syndicated hedging programme entered into in connection with the acquisition of Aluminium Dunkerque by Liberty House Group.
Clifford Chance LLP has a strong bench of practitioners, many of whom are recognised as leaders in the field. Among them are co-heads of the London derivatives and structured products group Andrew Coats and Paget Dare Bryan, whose broad practices cover repackaging programmes, derivatives, structured securities, retail-targeted securities offerings, credit derivatives and margin lending, structured repo and securities lending, derivatives related disposals and fund or asset management related derivatives projects. Among the others are veteran practitioner Habib Motani and Jessica Littlewood , who handles ISDA-based OTC derivative transactions, including interest and currency hedging for securitisation, covered bond and secured financing transactions, as well as repos and securities lending transactions. Timothy Cleary who is 'great, very thorough and hands-on, especially in synthetic reg cap trades'and Anne Drakeford ,whose practice covers a full range of financial market products and transactional securities, including OTC fixed income and equity based derivatives, are also well-regarded. The firm's combined expertise spans the complete spectrum of asset classes involving structured finance, securitisation and derivatives, as well as innovative area such as fintech.
Andrew Coats; Paget Dare Bryan
Bank of America Merrill Lynch
'At the very top of the market', remarks a client of Linklaters LLP who adds that 'on our most complicated trades we find their cross-border ability very useful and they are excellent at keeping on top of new regulations'. The firm is regarded as one of the leaders in derivatives clearing and related regulatory advice, margin requirements for non-centrally cleared OTC derivatives, complex CLOs, synthetic securitisations, ESMA-compliant balance sheet securitised derivatives, bespoke repackagings, longevity derivatives, fund-linked derivatives, complex equity derivatives and commodity title transfer financings. ' Industry leader' Deepak Sitlani, who is a key adviser to ISDA, leads the derivatives and structured products practice, in which standout partners include leading securitised and OTC derivatives expert Vinay Samani; Simon Firth who 'literally wrote the book on derivatives'; Paul Lewis , who has a particular focus on margin implementation for non-cleared derivatives; global head of capital markets Michael Voisin; and up-and-coming partner Mark Drury , whose broad practice covers exchange-traded and OTC derivatives, repackaged notes, hedge and mutual fund-linked products, cash and synthetic CLOs/CDOs and fund derivatives.
Other key lawyers:
“Linklaters is the best firm for Repackaged Note issuance because it essentially created the market standard and continues to provide leading advice and support.”
“Toby Gray is an exceptional lawyer with outstanding legal skills and the ability to balance the legal and commercial elements of each transaction. He is personable, approachable and valued by the bank’s clients.”
“Vinay Samani is a substantial asset, adept at dealing with complex matters . He is an outstanding lawyer with a deep understanding of the market and his clients’ needs. He adopts a calm, constructive approach and backs this up with deep technical knowledge.
“Managing associate Michael Solaimani can be relied on as if he were a partner. He is exceptionally clever, precise and hardworking.”
“Deepak Sitlani is the industry leader, far above all other partners at all other law firms. He has an encyclopaedic knowledge of derivatives markets and ISDA documentation. He is also very talented from a relationship management side.”
“Simon Firth is an industry leader, who literally wrote the book on derivatives.”
“Paul Lewis is particularly good in tech and smart contracts. He is a pleasure to work with.”
“Phoebe Coutts is a rising star on the associate side – super-smart and efficient, giving great practical advice.”
“The firm has deep and extensive technical knowledge of the repack and structured market, and an impressive ability to think through commercial issues and leverage experience.”
“We use the firm on our most complicated, technical trades. There is a wealth of knowledge and experience, particularly at partner and counsel level, which differentiates the practice from the rest of the market.”
“Mark Drury is a future leader. An excellent negotiator with a broad range of experience and expertise ranging from cleared derivatives and futures through to fund-linked products and fund financing.”
“Leanne Banfield, recently promoted to counsel, is excellent with clients and is really starting to make a name for herself in the industry.”
:Structured commodity funding transactions require unique knowledge and the lawyers at Linklaters are far and away the experts in this space. You always want to engage Linklaters before your clients do.”
“Michael Voisin is innovative in the derivatives space, developing new legal analysis in the clearing area that has transformed English legal opinion.”
“Mark Brown is incredibly intelligent, a huge resource.”
“Paul Lewis is an innovator in the legal technology area and has helped us navigate some emerging legal issues related to smart contracts.”
“Deepak Sitlani brings the whole thing together – he is a ‘go-to’ lawyer for all things derivatives. He is detailed and intelligent, has great sense of judgment and knows what is important to clients.”
International Swaps and Derivatives Association, Inc.
- Advising ISDA as global counsel in connection with the industry consultation and drafting of the “next generation” of ISDA initial margin (IM) collateral documentation.
- Advising ISDA on interest rate reform and, in particular, new fallbacks in derivatives for key interbank offered rates, such as LIBOR, which is expected to be discontinued after the end of 2021.
- Acted for ISDA on the ISDA Benchmarks Supplement, which provides market participants with the ability to enhance contractual robustness for certain derivatives which reference interest rate, equity, fx and commodities benchmarks.
- Advised the dealers – including BNP Paribas, Citigroup, Credit Suisse and JPMorgan – on all new issuances of the first single-issuer, multi-dealer, repackaging programme and with the ongoing operation of the platform.
Simmons & Simmons has a large team of experts and senior partners advising across the full range of commodities and derivatives transactions, and it continues to expand its range of expertise. The firm stands out for having great depth of expertise on both the buy-side and the sell-side of the derivatives market. It is a key adviser to the hedge fund and institutional asset manager community, as well as acting for numerous international investment banks across the full range of asset classes including credit, equity, commodity, rates and FX, and funding wrappers including OTC, cleared and exchange-traded derivatives. Head of derivatives Allan Yip acts primarily for buy-side firms and advises asset managers on all aspects of their trading relationships with market counterparties. Sean Bulmer handles securitised and OTC derivatives transactions as well as SPV structured finance transactions. Matthew Hebburn joined from Allen & Overy LLP to spearhead the firm's sell-side OTC derivatives practice. Regulatory expert Rosali Pretorius has more than 20 years’ experience in advising on broker-dealer, asset management and bank regulation as well as derivatives and funds. Associate Oliver West is a rising star. On the commodity derivatives side, Jonathan Melrose leads the practice and specialises in UK and European regulation. Counsel Joanna Williams is also recommended, while managing associate Marcin Perzanowski joined from Mayer Brown International LLP.
Allan Yip; Jonathan Melrose
Other key lawyers:
‘Practical and technical from a buy-side perspective.”
“Provides consistent, high-quality advice across a range of topics and agreements. The efficiency of the team enables them to meet the evolving deadlines and demands of our business.”
“Allan Yip is responsive, knowledgeable and provides exceptional coverage to our firm.”
“Responsive and pragmatic, with a good spread of coverage between partners and associates.”
- Acted for Brevan Howard in respect of all its counterparty relationships and documentation, negotiating key documentation against all the significant investment banks in the market.
- Advising a number of leading multinational investment banks on the ongoing development of the first initiative to standardise repackaging documentation.
Ashurst has one of the leading derivatives practices in London thanks to its deep bench of recognised specialists in key asset classes. Its broad portfolio of work includes advice on regulatory reform and clearing, hedging transactions, credit derivatives, strategic equity derivatives, repos, securities lending and structured funding, as well as Islamic derivatives, commodity derivatives, prime brokerage and margin loans. Practice head Michael Logie's group handles transactional and advisory work on all major OTC derivative product types affected by new margin rules, and has significant experience assisting clients with regulations such as European Market Infrastructure Regulation (EMIR) and Dodd-Frank. James Coiley is known for his expertise in credit derivatives, repackaging of financial assets, total return swaps and other collateralised funding structures. Jonathan Haines is a leading OTC derivatives specialist acting for major dealers in the market. Newly promoted partners James Knight, who advises banks on the structuring and documentation of complex financing transactions, and Kerion Ball, who has a particular focus on commodity and corporate equity derivatives and bespoke commodity and equity-linked financings, are highly recommended.
“They stick to the brief and provide on-point advice.”
“Kerion Ball is an excellent structured credit lawyer.”
Bank of America Merrill Lynch
Frontier Clearing Corporation BV
National Australia Bank
Royal Bank of Scotland
Insight Investment Management
Chorus Capital Management
Pacific Alliance Group
- Advised Credit Suisse as platform counsel in relation to its pan-European Structured Products Programme.
- Advised an investment bank on the provision of financing to a distressed credit fund to permit the advance of a loan to an underlying borrower
- Advised an international banking group as funding provider on the provision of financing to an investment bank.
- Advising a financial markets development institution on the establishment of a clearing facility for a country-specific derivatives market.
- Advised a major British bank on its ring-fencing project involving the due diligence of, among other things, its portfolio of non-English law governed derivatives master agreements and novations thereof to its wholesale and investment banking affiliate.
The capital markets and derivatives practice at CMS is adept in a broad range of products. It acts for leading global investment banks in the retail structured products market, handles proprietary indices and compliance with the IOSCO principles and EU Benchmark Regulation, and has in-depth knowledge of credit derivatives including credit-linked notes. In the equity derivatives market, it acts for both sell-side and buy-side clients in complex financings such as collars and margin loans. The firm is also a leading adviser on regulatory matters, notably EMIR and new ISDA documentation for variation and initial margin. Another key pillar of the practice is advising major investment banks on structured repos, stock lending, margin loans and other types of lending secured on loans or securities. The team, led by Will Dibble and featuring leading light Jason Harding 'has first-class industry and sector knowledge and takes the time to really understand the client's pressure points, offering practical and operationally viable solutions'.
Other key lawyers:
Jason Harding; Jason Brooks; Neil Hamilton
“The team truly works in partnership with clients and is adept at project managing large scale transactions efficiently and with both a practical mindset and full cost transparency. Partner-level commitment is excellent, delivering consistent quality.”
“Will Dibble is my ‘go-to’ partner for all derivatives related instructions. He has excellent depth of knowledge and, crucially, is well attuned to the operational and practical needs of clients. Unlike some peer firms, partner-level engagement and commitment is exceptional.”
“Will Dibble is the ‘go-to’ partner for benchmark indices and for proprietary indices generally. For general derivatives matters, he offers swift, practical and value for money advice.”
Legal & General
Lloyds Banking Group
National Australia Bank
Pension Insurance Corporation
- Setting up an Irish Stock Exchange listed structured MTN programme and several structured Note Issuances (mainly bespoke credit linked notes).
- Ongoing advice to the Deutsche Bank rates and structured credit teams on loan hedging, M&A deal contingent swaps, structured repo and stocklending transactions.
- Advising JPMorgan in London, New York, Hong Kong and Australia in relation to its retail structured product issues (including notes, warrants and certificates linked to various asset classes), on its complex (“exotic”) and hybrid structured products and credit-linked note issuances.
Herbert Smith Freehills LLP focuses on high-end, complex and multi-jurisdictional transactions for both buy-side and sell-side clients across a wide variety of underlying structures and jurisdictions. The practice covers rates and FX, equities, commodities and credit derivatives for financial institutions, funds and corporates, as well as structured finance transactions and transactions undertaken to achieve regulatory benefits that include the use of derivatives. The firm also runs advice on derivatives regulatory reform, including clearing and margining under European Market Infrastructure Regulation. Margin lending transactions in the form of equity derivatives, repos, total return swaps and loans utilising derivatives techniques for both banks and end users feature prominently in its work. Michael Poulton runs the international securitisation and structured finance practice, with the firm also having a strong focus on derivatives in the context of transactions for insurance companies, and extensive commodity derivatives expertise.The newly promoted Nick May, who is head of the derivatives practice, is a standout partner. Clients praise the 'very good team work and 'can-do' attitude from very commercial lawyers'.
Other key lawyers:
Jake Jackaman; Nick May; Joy Amis
Agricultural Bank of China
- Advised Fidelity on a broad range of derivatives matters, including clearing under EMIR, exchange-traded derivatives, prime brokerage, bespoke and standard variation margin structures (including a bespoke security arrangement under New York law), derivative trading arrangements for new fund structures and EMIR compliance
Hogan Lovells International LLP is known for handling a broad mix of innovative, first-of-kind and high-value matters in the derivatives and structured finance market. It is one of the few firms with a dedicated trustee practice and, alongside traditional asset classes, it also handles shari'ah-compliant derivatives. It also advises banks, insurance companies, pension schemes and asset managers on amendments to their derivatives documentation as part of the implementation of new derivatives regulations in Europe. 'The team is able to advise on any derivatives matter and its knowledge is incredibly wide and detailed', remarks a client. Global head of the international debt capital markets practice James Doyle focuses on sophisticated financial products including synthetic products, securitised and OTC derivatives, structured repo and securities lending arrangements and repackagings. David Hudd advises on all types of debt capital markets and structured finance transactions, including derivatives and securitizations. Jennifer O’Connell , who joined from Crédit Agricole CIB, also specialises in structured products and derivatives. On the corporate trustee side, Kit Johnson is the key contact.
“James Doyle is not only an excellent solicitor, but he is also a pleasure to work with, particularly given the complexity of the matters on which he advises.”
“I would recommend James Doyle and his team to any institution requiring high quality derivatives advice.”
“I am always impressed with the breadth of knowledge and I enjoy working with such a high-quality team of engaged and pleasant people.”
“The firm has the ability to fuse derivatives advice with sector specific regulatory advice.”
“Jennifer O’Connell is very responsive and pragmatic.”
“I like the exceptional availability of partners, very high-quality advice always delivered in a timely manner, and very good value for money.”
“James Doyle has a top-class work ethic, leadership and product knowledge – he is a great guy to have on your side! Counsel Neil Kurzon is technically excellent, calm and patient.”
- Advised long standing client Crédit Agricole CIB (who worked in partnership with International Finance Corporation) on an innovative transaction that will allow the Bank to expand its trade finance activities, and lend an additional $510 million to support health, education and other key services, as well as infrastructure projects, in emerging markets.
The structured finance, securitisation and derivatives practice at Latham & Watkins has a core derivatives team that handles structured equity, credit and emerging markets transactions for major financial institutions and corporate and fund clients. It has in-depth knowledge of swaps, options, forwards, repos, stock loans, securitised derivatives and structured notes across all asset classes. In structured equity, the firm acts for major international investment banks, corporates and funds in the Middle East, Europe, the United States and Asia. Its recent work include advising two global investment banks on the use of equity derivatives to facilitate two high-profile acquisitions of stakes in listed companies in Europe and Asia. It was also involved in developing market standard collateral structures for use in The Kingdom of Saudi Arabia. Global practice chair Sanjev Warna-Kula-Suriya handles OTC and exchange-traded derivatives as part of his broad finance practice. Key partner Dean Naumowicz has extensive experience advising on a wide range of derivatives and structured products including credit, equity, and commodity transactions. Up-and-coming partner Shatha Ali and counsel Simeon Rudin also play central roles in the practice.
Sanjev Warna-kula-suriya; Dean Naumowicz
Ares Management LLC
AXA Investment Managers
Bank of America Merrill Lynch
Black Diamond Capital Management LLC
Citibank Global Markets Inc.
Fortress Investment Group
Mizuho Securities Company Ltd
Och-Ziff Capital Managemenet
SoftBank Group Corporation
Banque Saudi Fransi
Mayer Brown International LLP's derivatives, structured products and securitisation group is home to recognised derivatives specialists, among whom is global practice head Edmund "Ed" Parker. Parker has been involved in key market innovations, including OTC weather and catastrophe derivatives, and has advised leading banks and custodians on uncleared derivatives initial margin custody arrangements arising from the new margin rules under the European Market Infrastructure Regulation (EMIR). Key partner Chris Arnold is currently advising ISDA’s newly-formed Sanctions Working Group and is leading on ISDA’s International Financial Institutions Opinions initiative. The practice is at the cutting edge of the derivatives market and it has an impressive buy-side client base advising hedge funds, asset managers, pension funds, insurance companies and multinationals. The firm's combination of US and English law capability in London enables it to handle cross-border transaction work and advise key market players on changes in US and European regulatory markets, including the Dodd-Frank Act.
Other key lawyers:
Chris Arnold; Nanak Keswani
- European counsel for ISDA, the New York-based trade organisation of participants in the market for over-the-counter derivatives, in the recently-formed, ISDA Sanctions Working Group.
Part of the broader capital markets group, the derivatives and structured products practice at Norton Rose Fulbright handles a broad portfolio of transactional work across numerous asset classes, including commodities, and is a leading practice for regulatory advice. Leading light Daniel Franks is 'outstanding - technically excellent but also commercial and pragmatic'. He specialises in assisting investment banks including Goldman Sachs and JPMorgan with derivatives, repos, stock lending, collateral, netting, structured products and regulatory capital and funding transactions. Key partner Nigel Dickinson focuses on OTC derivatives, structured products and structured finance transactions for investment banks. Jonathan Herbst and Hannah Meakin are highly recommended for advice on derivatives regulation. In the structured trade and commodity finance market, which requires significant expertise in commodity derivatives, the firm advises banks, development finance institutions, traders, producers and exporters. The firm's capacity for complex and innovative transactions was evidenced in 2018 by its work for HSBC, Credit Suisse and Deutsche Bank AG in a $3.8bn syndicated repurchase transaction with the Central Bank of Egypt.
Andrew Carmichael; Daniel Franks; Nigel Dickinson
“A very knowledgeable and capable team that is technically excellent and very easy to deal with. It has the ability to present technical legal issues in a way that makes it easy for non-lawyers to understand.”
“Daniel Franks talks in plain English and is very client-friendly. He is a nice guy to boot! ”
“Norton Rose Fulbright is materially superior. Hannah Meakin has encyclopaedic knowledge of the law and, crucially, good knowledge of regulator and peer attitudes. She is also quick to respond to enquiries.”
Bank of America Merrill Lynch
Bank of Ireland
Royal Bank of Canada
- Represented HSBC Bank plc, Credit Suisse AG, London branch and Deutsche Bank AG, London branch on a multibillion-dollar financing for Egypt using syndicated repos.
- Advised Merrill Lynch International in relation to a complex credit-linked repackaging transaction.
- Advised JP Morgan in relation to asset swap facilities for Blackrock European CLO VI DAC.
- Advised a global investment bank on its participation in the ENABLE Guarantee programme of the British Business Bank and The Secretary of State for Business, Energy and Industrial Strategy of Her Majesty’s Government.
- Advising a cryptocurrency / technology start-up in relation to the establishment of a cryptocurrency exchange platform.
Reed Smith LLP
Reed Smith LLP provides advice to a diverse range of market participants on all derivative asset classes, with the London practice working closely with finance teams in New York, Hong Kong and Singapore. The firm handles equity derivatives, structured credit, complex treasury management products and complex regulatory capital matters, as well as advising on new regulation. It also has a niche in social impact derivatives, acting for sovereigns and supranationals in large scale financings. Tamara Box, Claude Brown, Nick Stainthorpe and James Fisher are among the key derivatives partners in London. Brown has more than 30 years’ experience as both a lawyer and a banker. A key pillar of the practice is its leading position in the commodity derivatives market, in which it has leading practitioners Chris Borg and Brett Hillis. The firm is known for its expertise in both exchange-traded derivatives, and for its advice to exchanges and derivatives trading platforms. Prajakt Samant leads the firm’s relationship with a leading exchange. Senior associate Simone Goligorsky is a rising star.
Other key lawyers:
“An enthusiastic team in which the lawyers have good knowledge of their areas. They are very client-focused and think through client needs very well.”
“The firm has a great platform that is very integrated and provides full coverage, with expertise across all areas. It is a world leader in all areas of commodities. I find the lawyers to be straight shooters who communicate well and don’t play games.”
“Prajakt Samant is a very smart cookie with an excellent bedside manner. He is very knowledgeable and commercial, a pleasure to deal with.”
“Simone Goligorsky is a ‘go-to’ lawyer, with a wide skill-set who is part of our internal team, despite being an external lawyer.”
Shearman & Sterling LLP is a key adviser to market infrastructure entities such as exchanges and clearinghouses and is a leading player in the commodity derivatives market. The firm assists the biggest exchange clearing group for commodities with new products, disputes, rulebooks, collateral issues and much more. In the broader derivatives market, the firm benefits from offering both English and New York law advice from London. It also has niche expertise acting for lenders and borrowers in equity financing transactions involving equity derivatives and margin loans. Among the firm's standout practitioners are head of the financial institutions advisory and financial regulatory practice Barney Reynolds; derivatives and structured products group head Patrick Clancy; derivatives and structured products specialist James Duncan; and the highly experienced Thomas Donegan who assists banks, hedge funds, clearinghouses, exchanges and corporates on UK and EU financial regulatory matters. Counsel Leona McManus and associate Sara Couling also play central roles in the practice.
Barney Reynolds; Patrick Clancy
“We were really impressed with ‘out of the box’ solutions the firm provided. The advice was very practical.”
“Thomas Donegan is an exceptional lawyer, very pragmatic.”
ICE Clear Europe Limited and ICE Futures Europe
Abu Dhabi Global Market (ADGM)
ICE Futures U.S.
ICE Clear Netherlands
Ardagh Group S.A.
Italo Nuovo Trasporto Viaggiatori S.P.A.
Cyrus Capital Partners, LLC
Cyprus Co-operative Bank
ICE Benchmark Administration
- Following ICE’s acquisition of the Holland Clearing House, the firm advised ICE on drafting their new rulebook.
- Advising a major UK headquartered bank on its Brexit analysis and strategy, which involves advising on the correct legal, regulatory and options strategies for lobbying and developing strategies, structures and options for contingency planning.
- Advising a global financial group on UK on-shoring of EU legislation, which includes reviewing all published statutory instruments, FCA papers and PRA papers concerning the on-shoring of EU legislation.
Baker McKenzie's structured capital markets group has a strong reputation in complex cross-border transactions in the areas of securitisation, structured finance and derivatives. It is also a leading adviser on corporate trust matters in securitisation and other structured transactions. Its diverse client base includes international financial institutions and multinational corporates seeking to fund assets originated in multiple jurisdictions, as well as individual counterparties, among which are leading buy-side market participants. Its derivatives work includes highly complex transactions and esoteric and bespoke structured deals. Corporate trust partner Simon Porter leads the group but leading light Matthew Dening, who joined in 2018 from Sidley Austin LLP, is global chair of the firm's derivatives practice. Dening focuses his practice primarily on the structuring and regulation of cross-border structured finance transactions involving derivatives, repos and securities lending. Phung Pham , who sits on the firm's global derivatives steering committee, handles a broad range of transactional and regulatory matters.
Other key lawyers:
‘The team delivers a very quick turnaround with excellent communication between team members, practical advice and a focus on keeping the costs down.’
‘Matthew Dening and associate Iolie Calochristos are hands on in the service they provide. They have an exceptional level of knowledge and the suggestions they provide are truly very commercially-oriented.’
Bank of America Merrill Lynch
Deutsche Trustee Company Limited
Link Asset Services
The Bank of New York Mellon
The Bank of Tokyo Mitsubishi
- The derivatives and project teams in the Energy, Mining and Infrastructure (EMI) sector assisted Ellomay Capital Limited with the development of a tradeable derivative instrument to hedge the expected price for electricity to be generated by a proposed solar power development in Spain.
- Advising Link Asset Services (UK) Limited in connection with the default of the Debussy CMBS structure following the collapse of Toys’R’Us.
- Advising BNP Paribas (BNP) and Citigroup (Citi) as transaction counsel in connection with the issue of £402.8m notes by Turbo Finance 8 PLC.
- Advised Homeloan Management Ltd as Back-up Servicer for a warehouse transaction.
- Advising the Finalbion Group in connection with the issue of notes by Finalbion S.V. S.A., which are backed by factoring receivables, reverse factoring / supply chain finance receivables and loan receivables originated by the Originator or group entities.
Bryan Cave Leighton Paisner LLP
Bryan Cave Leighton Paisner LLP handles derivatives in futures, OTC, cleared and securitised format. It also advises on stock-lending and repo transactions. Its experience covers the full range of asset classes, including interest rate, equity, credit, FX, commodities and longevity. Practice head Tariq Rasheed leads 'a relatively small but highly cohesive and efficient team covering OTC derivatives', and has become a key adviser to Goldman Sachs on both flow derivatives and complex matters such as deal-contingent hedging and initial margin negotiations. Rising star senior associate Iman Roy specialises in structured finance, derivatives and debt capital markets, advising investment banks, trustees and corporates. He is qualified in India and also has experience in Hong Kong. Another key pillar of the practice is its experience in the hedging aspects of complex securitisations and restructurings.
Other key lawyers:
Iman Roy; Shahd Bessisso
“Efforts are not duplicated and all levels of legal advice and transactional work are appropriately delegated to the right level of expertise with an excellent level of responsiveness. The firm provides timely and thoughtful legal advice with value for money.”
“Tariq Rasheed is very knowledgeable, highly responsive and provides efficient quality control over his team, combined with a thorough involvement in the detail.”
“Iman Roy is a skilled negotiator with a deep understanding of ISDA documentation and OTC derivative regulation, with the ability to develop and maintain excellent client relationships.”
Commonwealth Bank of Australia
United Bank of Israel
- Assisting Goldman Sachs with negotiating a broad range of derivatives agreements (including ISDA Master Agreements, Cleared Derivatives Execution Agreements, and initial and variation margin collateral documentation).
- Assisting the Singapore and Hong Kong branches of Deutsche Bank AG with negotiating its prime brokerage documentation.
- Advising the treasury departments of The Norinchukin Bank’s London and New Branches in respect of its repo transactions.
- Assisting major Israeli banks United Bank of Israel and Bank Hapoalim B.M. in derivatives negotiations and regulatory queries.
- Advising OCBC and UOB, two of the biggest Singaporean banks and their respective London branches, on derivatives transactions and key regulatory matters, particularly MiFID II, SFTR, benchmark reform and FCA permissions.
The derivatives, commodities, trade and upstream finance group at Dentons has extended its capability with the addition of two new partners. Yusuf Battiwala, who is is a recognised expert in derivatives, joined from Allen & Overy LLP. He handles OTC derivatives, repos and securities lending. Luke Whitmore, previously at Fieldfisher, has a similar practice but with a particular focus on the prime brokerage and futures market. The practice group led by Matthew Sapte handles all aspects of derivatives across the full range of asset classes, including interest rate, FX, credit, equity and commodity derivatives. Its work includes master documentation negotiations, clearing, hedging on financings and securitisations, and a range of highly structured derivatives transactions. It also assists clients with innovative funding structures utilising derivatives and has a prominent role in emerging market derivatives transactions.
“Matthew Sapte and Yusuf Battiwala are very knowledgeable and helpful.”
Emirates Islamic Bank
Dubai Islamic Bank
Arab Banking Corporation (Bank ABC)
Abu Dhabi Commercial Bank
Emirates NBD Capital
First Abu Dhabi Bank
- Advising Emirates NBD on around 10 shari’ah-compliant derivatives transactions.
- Advising Emirates Islamic Bank on 4 shari’ah-compliant derivatives transactions.
The capital markets and structured investment group at DLA Piper has 'deep expertise in structured finance transactions and a particular capability in derivatives transactions', according to one client. The firm is best known for assisting multinational banks and financial investors in growth securitisation markets and for advising on structured finance and derivatives products internationally. Primarily a securitisation specialist, Vincent Keaveny also advises banks and end-users of derivatives products, repos and stock lending in hedging and balance sheet management transactions. Martin Bartlam has more than 25 years' experience in international structured deals involving securitisations, capital markets products and derivatives. Ronan Mellon predominantly handles CLOs for issuers, arrangers, investment managers and investors, but has in-depth knowledge of credit derivatives and hedging arrangements. Mark Dwyer's recent work includes advising Merlin Entertainments on the repapering of its ISDA Agreements and parent company guarantees.
Martin Bartlam; Vincent Keaveny; Mark Dwyer
Other key lawyers:
“Martin Bartlam has commercial savvy and is great in a crisis. At senior associate level Marcus Lovatt is a steady pair of hands and is unflappable.”
Ares Management LLC
Aspect Capital Limited
Accunia Fondsmaeglerselskab A/S
Frontera Capital B.V.
Banca IMI S.p.A.
Merlin Entertainments Plc
Saar Capital Limited
Mosel Capital Limited
Green Deal Finance Company
- Advised Merlin on repapering its ISDA Agreements and parent company guarantees – prepared templates and negotiated the contracts with 10 banking counterparties.
Fieldfisher handles work in all asset classes for a broad range of market participants. Its work in derivatives, repos, stock lending and structured products transactions has earned it a reputation as a leading adviser to both the institutional asset manager sector and the UK prime brokerage market. The firm's Condor ALS offering is an alternative legal solutions platform that offers clients a range of customisable and low-cost services for large derivatives and financial markets documentation projects. Guy Usher leads the finance group and has more than 25 years' experience in the derivatives market. The firm is 'growing in leaps and bounds'. It recruited partners Matthew Williams, who focuses on energy trading, and Lis Blunsdon, who handles trade and regulatory matters, from Orrick, Herrington & Sutcliffe (Europe) LLP to boost its capability in commodity derivatives.
Macfarlanes LLP has 'a practice built to service the hedge fund and prime brokerage industry - they know all the market standards, all the innovation and have seen every negotiating position going'. The firm has one of the City's most prominent buy-side practices, due in part to the fact that most of its team has significant in-house experience. Practice head William Sykes advises investment and hedge funds, banks,and high-net-worth clients on derivatives and structured products. He has experience in trading, custody, brokerage and clearing agreements for both derivative products and physical commodities and advises sell-side and buy-side clients across a range of asset classes. He leads a group of 'technical partners who are execution-focused'. One such partner is Christopher Acton, who is purely focused on the buy-side and acts for hedge funds, managed account platforms and proprietary trading houses, on prime brokerage, derivatives and regulatory matters in Europe.
Other key lawyers:
Chris Acton; Rob Daniell
” Strong market knowledge, user-friendly, commercial and cost-efficient.”
“Chris Acton is a problem-solver. He is not afraid to ask difficult questions of the other side but efficiently gets the job done.”
“Will Sykes and his team are excellent at guiding clients through the maze of regulation and commercial considerations. He is able to explain matters in a way that even the most unfamiliar clients can understand.”
“Highly responsive, pragmatic and accurate with advice and output. They bring to the table a deep understanding of the market and deep reserves of direct in-house sell-side and buy-side experience. This allows us to target our efforts and progress negotiations fast.They really understand what is important to you – and to your counterparties.”
“Will Sykes and Rob Daniell are standout buy-side derivatives and trading documentation advisers, with years of experience on both sides of the fence.”
“Mike Harwood-Smith is an up-coming star. He is smart, commercial and responsive.”
Epiris Managers LLP
- Advised a $75bn Swiss asset manager on updating its funds’ trading relationships with banks and brokers as a result of structural issues due to Brexit.
- Advised an Epiris vehicle in relation to the acquisition of the UK magazine division of Time Inc.
Milbank has a full-service transactional derivatives practice that acts for a range of issuers, dealers and end-users in repos, stock loans, structured notes and finance-linked hedging, as well as advising on the evolving regulatory environment. A key focus areas for the London group is loan portfolio financing structures used by investors to create customised leverage and gain exposure to economic risk in relation to a portfolio of loans without having to purchase those loans. The team also handles bespoke funding and regulatory capital transactions involving the transfer of portfolio credit risk to one or more investors. James Warbey is head of the firm’s alternative investments group and has an exceptional track record in structured finance and derivatives. Partner John Goldfinch frequently handles credit-linked notes, credit default swaps and loan portfolio total return swap financings. Rising star senior associate Jennifer Ellis also plays a key role in the practice.
Cairn Loan Investments
PGIM (formerly Pramerica)
AXA Investment Managers, INC
Bardon Hill (formerly Halcyon)
Investcorp Credit Management EU Limited
Athens International Airport S.A.
- Advised PGIM in its capacity as Collateral Manager in relation to the perfect asset swaps to be entered into in connection with a new Sterling CLO issued by Dryden 63 CLO B.V..
- Advised KKR Credit Advisors (Ireland) Unlimited Company as Investment Manager in relation to asset swaps entered into in connection with a new European CLO issuance by Avoca CLO XIX DAC.
- Advised Athens International Airport S.A. as issuer of up to $665.6m bond loans connected with a 20-year extension of the original concession granted to manage and operate Athens International Airport.
- Advised Investcorp Credit Management EU Limited as Portfolio Manager in relation to perfect asset swaps to be entered into in connection with a European CLO issued by Harvest CLO XV DAC.
- Advised Cairn Loan Investments LLP as Investment Manager in relation to perfect asset swaps to be entered into in connection with a European CLO issued by Cairn CLO X B.V..
Slaughter and May has a multi-specialist finance practice in which lawyers handle more than one type of work, though derivatives and structured finance are key pillars of the practice. The firm is well known for advising the treasury departments of corporate clients, notably on equity derivatives and structured finance transactions involving derivatives, as well as having significant experience in relation to dispute resolution and regulatory investigations. Its work for corporate clients encompasses all aspects of hedging and regulatory advice. Its extensive M&A work frequently involves equity derivatives such as portfolio total return swaps to transfer benefit and risk, or equity-backed collar financings, on which it increasingly advises banks. Lead partners Oliver Wicker and Ed Fife act for financial services providers, investment funds and corporates.
Other key lawyers:
Ed Fife; Azadeh Nassiri; Andrew McClean; Christopher McCabe; David Thomas
“The team is very attentive to the client’s needs and acts as a true trusted adviser with a client’s best interest in mind.”
“Ed Fife provides outside the box thinking and pushes the envelope to get the best possible outcome. He went above and beyond what was expected.”
“Their experience allows them to advise on where a compromise will work and where it will be a challenge. As a client, we might still want to challenge but at least we negotiate from a position of having sound market knowledge.”
“Christopher McCabe’s guidance makes it easy as a client to form a view as to what is essential and what is ‘nice to have’, which makes the negotiation of contracts much easier.”
The Central Bank of Egypt
CEVA Logistics A.G.
Oesterreichische Kontrollbank A.G.
- Advised the Central Bank of Egypt on a repurchase transaction with a consortium of international banks in order to increase liquidity and the size of its international reserves.
- Represented Next plc in relation to a substitution of issuer under Next’s existing bonds and credit facilities.
- Represented CEVA Logistics AG in relation to its hedging arrangements (including an initial “hedge auction”) as part of CEVA’s comprehensive $1.4bn refinancing
- Advised Oesterreichische Kontrollbank A.G. on the negotiation of a significant number of ISDA Master Agreements and Credit Support Annexes, and advised it in relation to a clearing addendum with an international bank.
'Commercial, fast, accurate - best-in-class', says a client of Travers Smith LLP, which advises investment managers, private equity funds, challenger and foreign-headquartered banks, blue-chip pension schemes, funds, corporates and financial institutions on derivatives, repo, securities lending and investment products, and associated regulation. Head of derivatives and structured products Jonathan Gilmour is 'a terrific attorney - responsive, commercial and efficient'. He handles transactional and advisory work and is regarded as a key adviser to buy-side clients. Sebastian Reger is an expert in longevity transactions, with which he assists insurance companies, pension schemes and collateral managers. Peter Hughes handles investment and structured products, focusing on the derivatives aspects, as well as collateral and credit support and bespoke transactions to hedge exposures. Vanessa Kalijnikoff Battaglia and the 'very personable' Joseph Wren are rising star senior associates.
Jonathan Gilmour; Matthew Ayre
“There is extensive experience across the whole team. They always seem to be able to bring in a specialist team member to cover the issues that arise.”
“Joseph Wren is a stand-out senior associate who supports us, but the whole team are strong. They are always responsive, always meet deadlines and advice is always clear.”
“Their technical skills are excellent and their approach to the job is always driven by a problem-solving attitude and an understanding of the commercial aspects. Our first choice of English counsel for this types of transactions.”
“We have greatly enjoyed working with Jonathan Gilmour and Vanessa Kalijnikoff Battaglia. The fact that they are pleasant people helped a lot in developing our relationship and creating a positive working environment.”
“They have an unwavering dedication to this area and to understanding the way in which different areas of the derivatives industry is impacted by incoming legislation and regulatory change. Whilst new relative to other firms, they have the clear commitment to perform at the highest levels.”
“Jonathan Gilmour has worked tirelessly to create this department and has managed to train a number of skilled and highly talented associates. He is very personable and considerate and a pleasure to work with.”
“Joseph Wren has great charm and ambition. He is conscientious, committed and will continue to be a fundamental part of this growing team.”
Micro Focus International PLC
Allianz Global Investors GmbH
Brown Brothers Harriman
Bridgepoint Advisers Limited
British Steel Pension Scheme
Generation Investment Management LLP
Vodafone Group Pension Scheme
Montagu Private Equity LLP
Aberdeen Asset Managers
London Metal Exchange
Ares Management Limited
- The high-profile separation of the British Steel Pension Scheme from the Tata Steel business.
- The implementation of the Allianz Global Investors securities lending platform.
- Advising The Nortel Networks UK Pension Plan on a £2.4bn buy-out transaction entered into with Legal and General Assurance Society.
- Working with Italian Legal Services to advise DBRS on a number of Italian securitisation transactions involving banks including JP Morgan, Santander and BNP Paribas.
- Advising Bridgepoint on fund structuring for its flagship Europe funds, as well as its domestically-focussed Development Capital funds.
Weil, Gotshal & Manges (London) LLP is particularly highly regarded for its dominant position in the CLO market and, in 2018, it was the leading firm in the European CLO market for the third year in a row, acting for asset collateral managers. In the derivatives market, the firm not only provides advice on the structuring of CLOs, but also assists clients with the use of derivatives in M&A transactions, and provides currency and interest rate hedging for structured finance vehicles, corporates and banks. It also handles repo funding structures and credit default swaps, and has a specialist team to service the derivatives needs of private equity and corporate clients. In the practice led by Jacky Kelly, newly promoted partner Alexander Martin handles dervatives in the context of CLOs and associate Andrew Lauder, who joined from Allen & Overy LLP, advises on a broad range of OTC derivatives and structured capital markets transactions.
Blackstone / GSO
Apollo Management International / Redding Ridge
Lloyds Banking Group
Deutsche Asset Management
- Advising on derivatives aspects of VINCI Airports SAS (France) (an indirect subsidiary of VINCI SA) in its £2.9bn ($3.7bn) acquisition of a majority stake in Gatwick Airport Limited (VINCI’s high-profile investment into Gatwick airport).
- Advising on swap transactions entered into by structured finance vehicles in relation to CLOs and securitisations.
- Advice to numerous clients including Brookfield, Ellerman and Estee Lauder on bank resolution regulation and European Market Infrastructure Regulations (EMIR) aspects of swap documents.
- Advising major international pension funds and investment funds with regards to hedging matters on significant acquisitions in 2018.
- Advising major investment funds on the repo financing of the retention notes held in their respective CLO transactions.
White & Case LLP has a strong CLO practice, for which its structured finance team provides extensive advice on derivatives. This includes its role in the innovative area of sustainable CLOs, with which the firm assisted the G20 Sustainable Finance Study Group. The broader derivatives practice is led by Ingrid York and it advises on derivatives for both investment and hedging purposes. Its work covers interest rate, credit, equity, currency and commodity derivatives, as well as regulatory capital transactions, repurchase agreements, securities lending, synthetic investments, credit enhancers and Islamic derivatives. Its team of regulatory specialists, coupled with its ability to provide both US and English law advice from London, put the firm in a prominent position to advise clients on matters of compliance. Richard Blackburn frequently advises banks, funds and corporates in relation to OTC derivatives, including shari'ah-compliant instruments. Associate Nathaniel Crowley also plays a central role in the firm's derivatives work.
Other key lawyers:
Bank of America Merrill Lynch
Crédit Agricole Corporate and Investment Bank
European Investment Fund
G20 Sustainable Finance Study Group (SFSG)
National Bank of Greece
- Represented, as sole legal counsel, BNP Paribas in respect of its European perfect asset swap business.
- Represented BNP Paribas as initial purchaser and sole arranger of the €321.30 million reset of Contego CLO III for Five Arrows Managers (a Rothschild & Co. Group company), and separately acted for BNP Paribas in its capacity as hedge counterparty.
- Representation of JPMorgan Securities plc as placement agent and settlement agent on the redemption and refinancing of the existing rated notes.
- Acting for Morgan Stanley & Co. International Plc as Arranger, Initial Purchaser and Placement Agent on the redemption of the existing rated notes.
- Represented BNP Paribas as initial purchaser and sole arranger of the €411.7 million Jubilee CLO 2018-XX for Alcentra and separately acted for BNP Paribas in its capacity as hedge counterparty.
Burges Salmon LLP in Bristol has an impressive client base that includes FTSE100 corporates and global brands. The firm's derivatives practice is best known for advising blue-chip clients on the borrower side on highly complex matters, including bespoke ISDA agreements. It also acts for investment funds and pension fund trustees that use derivatives to manage their risk. Many of its clients are based in the UK but the firm has substantially increased its portfolio of work for overseas clients in structured equity derivatives for retail funds, the negotiation of ISDA Master Agreements, clearing agreements and regulatory advice. Lead partner Graham Soar handles corporate banking, project finance, derivatives, securitisation and debt capital markets work. He has particular expertise in energy-related finance and real estate financing.
Other key lawyers:
National Express Group plc
Julian Hodge Bank
Premier Fund Managers
Villa Plus Limited
- Advising FirstGroup on a large number of transactions which include a range of derivatives matters, including negotiation of ISDA master agreements and related credit support arrangements and advising on commodities derivatives transactions and arrangements.
- Advising National Express on a significant number of ISDAs and ISDA Master Agreements.
- Advising new client Metropolitan Life Insurance Company on a transaction involving a significant investment facility, including embedded derivatives, to an SPV backed by a multinational asset manager for the acquisition of a BVI company owning 11 Pilgrim Street, Ludgate, London
- Advising on various CSA amendment agreements to existing ISDA master agreements, to include both the legal and commercial investment strategy aspects.
Cadwalader, Wickersham & Taft LLP's capital markets (securitization and asset-based finance) group focuses predominantly on securitisation and structured products, but it is also home to significant specialist expertise in derivatives. Nick Shiren focuses primarily on derivatives, CLOs and other loan funding structures. He is qualified in the UK, the US and in Australia, and his work includes in-depth advice on changing regulation in both Europe and the US. Though mainly focused on CLOs, David Quirolo is recognised as a leading adviser on regulatory developments across Europe, and he frequently represents the Loan Markets Association (LMA).
Suzanne Bell; Robert Cannon; Stephen Day; Claire Puddicombe; David Quirolo; Nick Shiren; Daniel Tobias
Deutsche Bank AG
Dechert LLP has a core team of professionals within its financial services group who advise on the full range of matters relating to derivatives and structured products transactions. Its lawyers combine derivatives work with fund formation and regulatory advice, giving the firm a uniquely buy-side perspective. The practice is led by Gus Black, who is co-head of the global financial services practice, and lead London derivatives and funds partner Abigail Bell, who handles brokerage, custody and other trading and financing arrangements and structures including ISDAs, exchange-traded and clearing arrangements, repos, securities lending, and committed and uncommitted credit facilities. Bell's clients range from hedge fund start-ups to global asset managers, private equity funds and retail funds domiciled world-wide. Rising star associate Karen Stretch focuses exclusively on derivatives. The firm also advises on regulatory developments, including the impact of EMIR, SFTR, MiFID II, MiFIR and AIFMD.
Gus Black; Abigail Bell
Other key lawyers:
“Dechert provides professional advices specifically tailored for client needs. The team we worked with has extensive experiences and was able to provide advice in complicated situations.”
“The team has always been on hand to assist with our legal requirements and has been very diligent in providing us the top quality advice.”
“The combination of funds and derivatives knowledge is useful for our practice.”
“Karen Stretch is very responsive and knowledgeable.”
The derivatives and structured products team in Gide Loyrette Nouel LLP's London office advises on all types of derivatives, as well as repo transactions and securities lending, from vanilla products to complex standalone transactions. Among these are high-profile strategic equity derivatives and structured credit derivatives transactions, as well as structured repo and reverse repo transactions, refinancing structured notes. The practice acts for global investment banks, fund managers and corporates in the UK, France and numerous emerging markets. Head of banking and finance Dimitrios Logizidis and head of the derivatives sub-practice group Karine Imbrosciano are the key partners. Imbrosciano, who specialises in OTC derivatives and structured products, is qualified both as an English solicitor and French Avocat à la Cour and advises on both English- and French-law transactions.
Dimitrios Logizidis; Karine Imbrosciano
Other key lawyers:
- Advised SNCF Réseau in relation to the impact of various structures contemplated for the restructuring of the financial debt on the derivatives transactions currently in place.
- Advised Europcar Mobility Group on the renewal, extension and restructuring of Europcar’s €1.7bn car fleet securitisation transaction.
The London office of Katten is part of the firm's transatlantic practice, which advises on regulatory, compliance, transactional, documentation and structural matters. The firm is adept at futures, cleared and uncleared swaps, including their use in structured products. Among its clients are investment firms, including broker-dealers; end users such as proprietary trading groups, hedge funds, commodity pools, pension plans, corporations and municipalities; clearinghouses, exchanges, multilateral trading facilities and swap execution facilities. It also works with intermediaries; clearing firms; alternative investment fund managers; and swap dealers in the US and EU. Regulatory expert John Ahern joined from Jones Day in early 2018 to lead the financial services practice. Carolyn Jackson provides US financial regulatory legal advice to commercial banks, investment banks, trade associations and OTC derivatives service providers. Nathaniel Lalone and Neil Robson are also recommended for regulatory and compliance advice.
Morrison & Foerster LLP has a strong transactional practice that works closely with the firm's banking, regulatory, ERISA, tax and capital markets teams to assist clients with ongoing regulatory change in the market. Its key strengths lie in equity derivatives as part of large cross-border capital markets and M&A transactions; regulatory advice; and risk mitigation for non-cleared derivative products. Vladimir Maly leads the derivatives group and handles a wide range of derivatives and structured products in the context of corporate finance, capital markets and M&A activity. Partner Jeremy Jennings-Mares has a transactional practice focused on securities, structured products, derivatives and structured financings. His areas of specialism include credit-linked, fund-linked and equity-linked OTC derivatives. Senior of counsel Peter Green focuses primarily on structured credit, structured products and derivatives transactions, often for investment banks and corporate issuers.
Bank of America Merrill Lynch
CVC Capital Partners
Royal Bank of Canada
Royal Bank of Scotland
Tiberius Asset Management
- Advising a number of investment banks on derivatives matters relating to financial regulatory reform, including MiFID 2/MiFIR and Basel III.
- Advising Oxygen on its regulatory set up and obtaining all required licences, as well as their compliance programme.
- Representing Adara GmBH, a security and utility token exchange, in connection with obtaining various regulatory licences required in connection with the launch of a trading platform allowing for trading of various assets.
The energy sector is a core focus for Orrick, Herrington & Sutcliffe (Europe) LLP, which is adept in energy-related commodities and derivatives work, and also has a presence in the metals trading market. Practice head Edward Humphries is not only an expert in trading, structured trading, financing, regulation and M&A in the energy sector, but is also active in other commodities markets. He is the relationship partner for some of the firm's key energy clients including ENGIE Global Markets, JPMorgan, Mercuria and Trailstone UK Limited. James Atkin, who works in both London and Tokyo, recently joined from Vinson & Elkins RLLP to help expand the firm's oil and gas and commodities presence in Asia, with a focus on Japanese trading houses. Managing associate Matthew Stott also plays a central role in the London practice.
“Our experience has been good, without exception. A strengths is its network, so that the right partners for a particular task are contacted quickly.”
“We have had nothing but courteous, knowledgeable and fair dealings with the firm.”
“Edward Humphries has gone the extra mile for us on a number of deals and has been a pleasure to work with.”
Axpo Trading AG
Castleton Commodities Inc.
SOCAR Trading SA
ENGIE Global Markets
Trailstone UK Limited
IPM Energy Trading Limited
Mitsui Bussan Commodities Ltd
- Advised Blackrock in the drafting and negotiation of a 197.4 MW 15-year power purchase agreement (PPA) with Alcoa, the Norwegian aluminium producer.
- Advising Axpo Trading on multiple LNG purchase and sale arrangements, gas sales agreements and LNG charter parties with various confidential counterparties.
- Advised IPM Energy on a full re-negotiation of the trading and hedging service arrangements with Energy Capital Partners as the latter sought to refinance its Saltend thermal power plant.
- Continues to advise ENGIE Global Markets (EGM) as lead external counsel on the negotiation of all power, gas and carbon trading agreements.
- Advising Storengy on matters associated with its Stublach underground gas storage facility, including the development of physical storage services contract terms and gas transfer arrangements relating to product repurchase agreements.
Ropes & Gray LLP has one partner who advises asset managers, alternative credit providers, hedge fund managers and private equity firms. Among these clients are Altice and Western Asset Management. The practice is also growing its portfolio of work for major investment banks. In 2018, Anna Lawry advised on innovative structures including credit enhancement for an emerging market NPL portfolio financing through a rolling FX hedging programme, and a bespoke scheme for interest rate hedging. The firm is also known for its advice on regulatory matters, particularly in regard to issues affecting asset managers. Lawry has more than 15 years' experience in derivatives in all the major asset classes, both OTC or on-exchange, and associated ISDA, collateral, brokerage, clearing and custody arrangements.
“Excellent cross-border co-ordination, with the ability to work incredibly well with asset managers that have global footprints and address derivatives regulatory issues across different fund ranges and types.”
“Anna Lawry shows an impressive ability to distil difficult legal analysis into practical everyday guidance.”
“A strong team that is very knowledgable and commercially-oriented.”
“Anna Lawry stands out with vast knowledge and great attention to detail.”
Western Asset Management
SIFMA Asset Management Group
- Adviding Altice on hedging for $6.75bn refinancing in connection with the combination of Altice USA’s Suddenlink and Optimum businesses under a single credit silo.
- Advising on the establishment of an agency stock lending program, and related custody arrangements.
- Advising a global fixed income asset manager on derivatives and securities financing matters.
- Advising a global alternative investment manager on establishing bespoke OTC derivatives collateral documentation for use by a UK UCITS segregated account and ultimately other clients.
- Advising a PE investment firm on a number of FX and interest rate hedging transactions for their funds, and special purpose vehicles entering into “NAV” financings in respect of their portfolio investments.
Eversheds Sutherland (International) LLP focuses predominantly on representing buy-side clients and it is a leading adviser to authorised funds complying with new regulations affecting the derivatives market. Among its clients are numerous investment funds and pension schemes, which it assists with trading and hedging matters. The practice also acts for banks and building societies in balance sheet management. Jonathan Master leads the UK derivatives practice and his recent work includes advising hedge funds on ISDA agreements and other related derivatives documentation. Key partner Richard Batchelor, principal associate Jamie Dunlop and senior associate Paul Denham, who advises banks, building societies, asset managers and corporate buy-side entities on derivatives and securities finance transactions, play key roles in the practice.
Freshfields Bruckhaus Deringer LLP
Freshfields Bruckhaus Deringer LLP advises on innovative structured finance deals involving derivatives. Its diverse client base encompasses investment banks, alternative capital providers, commercial banks, large corporates, investors, portfolio managers, insurers and rating agents. Richard Hart is the key partner. He specialises in structured finance transactions, often with a cross-border focus, for both financial institutions and end-users, as well as investment managers and sovereign entities. His recent work includes structuring hedging solutions for a wide variety of financings, including securitisations, leveraged buyouts and project financings.