The CMS capital markets group is ‘extremely responsive and flexible’, and its expanding workload on derivatives and structured products for investment banks, clearing banks, insurers, alongside asset and investment managers, corporate clients, trustees and pension schemes cements its strong market position. Head of capital markets and derivatives Chris Clark is called upon by corporates, major investment banks, and other financial institutions to advise on OTC derivatives, DCM transactions and structured products, with a specific focus on derivative securities and regulatory issues. Will Dibble and ’technical, commercial and pragmatic’ David McCallum, who made partner in 2025, are ‘go-to partners for credit-linked structured products’. The ’extremely approachable’ Michael Cavers has notable expertise in retail structured products, and securitisation, hedging for clients including BNP Paribas. Dibble recently acted for Deutsche Bank AG London as lead counsel on its programmes for credit-linked securities, and for Citigroup in the establishment of proprietary indices on assets including commodities, gold and futures contracts.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
'Some excellent, market leading partners (Will Dibble, David McCallum). Great pricing for top-level service. Specialist skills in indices and structured notes where they are market leaders.'
'Will Dibble and David McCallum - very responsive, market leaders in indices and structured notes, show real dedication to, and deep understanding of, our business.'
‘Will Dibble is a go-to partner for structured products across asset classes - he is particularly good in the field of credit-linked structured products - he is both very technical and commercial/pragmatic at the same time.'
- 'David McCallum - new partner - well-deserved recent promotion to partner - David has grown up professionally under the wing of Will Dibble - just like Will, David is technical, commercial and pragmatic in his advice. He's my go-to junior partner for credit linked structured products.’
‘We have found the CMS financial services team extremely responsive and flexible, with the ability to assist on a diverse range of matters. They go the extra mile to deliver with a great commercial sensibility.’
‘The individuals we work with provide an excellent service. They are all experts in their field, extremely easy to contact and always respond promptly to any queries raised. Michael Cavers is extremely approachable, easily contactable and always delivers - no matter how challenging the task or the time-frame within which it is required.’
Key clients
- J.P. Morgan
- Goldman Sachs International
- Deutsche Bank AG London
- Abu Dhabi Islamic Bank
- HSBC
- BNP Paribas
- Deutsche Bank
- Barclays Bank
- Citigroup Global Markets Limited
- National Gas Transmission
- Bank of America
- Nadara
Work highlights
Advised Goldman Sachs International in relation to Benchmark Regulation implementation, third party allocator agreements and drafting new index methodologies in relation to multiple asset classes, including rates and equity along with innovative offerings in the actively managed product space.
Advised JP Morgan in London and New York on its retail structured product issues linked to various asset classes, including its complex (“exotic”) and hybrid structured products and credit linked note issuances.
Acted as lead counsel for the Abu Dhabi Islamic Bank in the development of its retail fractional sukuk programme, being the first of its kind in the UAE to offer to retail investors.
Lawyers
Hall of Fame
The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.
Practice head
Chris Clark
Other key lawyers
Will Dibble; Michael Cavers; David McCallum; George Gledhill