Rising Stars

Capital markets: structured finance, derivatives and securitisation: Foreign firms in Singapore

Clifford Chance

Clifford Chance fields a deep bench and wide-ranging practice in Singapore that is well placed to handle transactional matters involving over-the-counter (OTC) and exchange traded derivatives, as well as structured products. The team attracts instructions from an array of EU, US, Singapore, Chinese and other regional banks, and is also often retained by stocks and futures exchanges and clearing houses, trade repositories, brokers, corporates, and sovereign wealth funds, among other clients. Its broad regulatory capabilities are also noteworthy; clients regularly turn to the group for advice on ongoing global reforms and the future of financial markets across the Asia Pacific region. On this front, the firm’s in-depth knowledge of matters concerning the interaction between Singapore and global regulation is unparalleled. It maintains a strong relationship with the Monetary Authority of Singapore (MAS), having provided legal industry consultation on new regulations relating to clearing of derivatives, margin for uncleared swaps, licensing regimes and product definitions to the Securities and Futures Act. The group is jointly led by five partners: Paul Landless, who has a strong track record in structured transactions, including commodities trading; financial services regulatory expert Lena Ng; Johannes Juette, who specialises in US federal securities law; debt capital markets partner Gareth Deiner; and Kabir Singh, whose experience includes derivaties-related disputes. The recommended Miles Binney specialises in financial markets, derivatives and trading.

Practice head(s):

Paul Landless; Lena Ng; Johannes Juette; Gareth Deiner; Kabir Singh

Other key lawyers:

Janice Goh; Miles Binney


‘The team is always keen on new projects, new initiatives and to share their knowledge of what is happening in the market.’

‘Paul Landless and Miles Binney are easy to work with and always happy to discuss and find a solution.’

Key clients



Standard Chartered

CME Group

Futures Industry Association (FIA)


Work highlights

  • Advising the start-up Contour on its blockchain-based messaging platform for letters of credit and other trade finance instruments.
  • Advising Citi, ING and Standard Chartered as joint global coordinators, lead managers and bookrunners on Clifford Capital’s US$400m Bayfront Infrastructure Capital II cash CLO of APAC, Middle East and South American infrastructure and project finance loans.
  • Advised the consortium establishing the Partior platform on the corporate establishment, joint venture arrangements, regulatory aspects (including engagement with the Monetary Authority of Singapore (MAS)), technology licensing, compliance and antitrust aspects.

Norton Rose Fulbright

With one of the longest standing practices in Asian finance law, Norton Rose Fulbright‘s Singapore group brings together transactional and regulatory expertise in derivatives and structured products across the US, Middle East, Europe and Asia. The team, which has traditionally provided assistance to leading financial institutions, especially Asia-Pacific, Middle Eastern and Islamic banking clients, has been advising a growing number of other derivatives users, commodity producers, and trustee entities. The practice reported a recent uptick in regulatory and advisory work concerning the local implementation of global reforms, financial markets entities licensing and regulatory obligations across the region. Islamic derivatives and new Islamic trading products are areas of particular strength for the team, which is under the leadership of Colin Rice, an English law qualified and registered foreign lawyer practising Singapore law. Rice’s ‘pragmatic legal advice‘ in the areas of derivative-linked debt securities, Islamic products, margin loans, hedging transactions and structured commodity financings is praised by clients.

Practice head(s):

Colin Rice

Other key lawyers:

Nivedita Raghavan; Francesca North


‘As part of a global network, the Singapore NRF team taps into the available knowledge. This knowledge is able to be leveraged in the advice provided. They do not work in a localised bubble.’

‘Colin Rice in the NRF Singapore structured finance team is the most practical lawyer I have come across. He understands the environment in which his clients operate and provides practical and pragmatic legal advice.’

‘Very knowledgeable and fast in responses; helpful and always willing to go the extra mile for clients; always add value to the tasks entrusted.’

‘We’ve worked with Colin Rice on various matters over this year and would commend him on the quality of the service and advice he has provided to us. Colin is commercially astute and provides practical and viable solutions/advice that is much needed from a top quality law firm. We really appreciate Colin going the extra mile when working with us on very tight deadlines to get us past the line.’

‘Colin Rice is incredibly proactive and has a clear commercial understanding of the issues facing his clients. His professionalism and pragmatic approach to problem-solving is highly valued by his clients.’

‘Norton Rose has a strong financing practice and works closely across teams to deliver a seamless service to clients.’

Key clients

Al Rajhi Bank

Anglo American


Bank of Communications Limited

Barclays Bank plc

BP Singapore Pte. Ltd

BHP Billiton



Credit Suisse

EFG Bank



First Abu Dhabi Bank

HSBC Bank plc

IG Markets Ltd

Kotak Mahindra Bank

Louis Dreyfus Company

Macquarie Bank Limited




Societe Generale

Standard Chartered Bank

Sumitomo Mitsui Banking Corporation

The Northern Trust Company

United Overseas Bank

Work highlights

  • Advised the International Finance Corporation (IFC) on hedging aspects of a sustainability-linked financing for five Singapore incorporated subsidiaries of Precious Shipping Public Company Limited (PSL).