A&O Shearman is ‘at the top of technical expertise across the derivatives space, and has a very deep team of technically excellent senior lawyers‘. Active across the entire suite of products and asset classes, the firm remains a key source of innovation and thought leadership. The practice is ‘great at guiding their clients through complex legal issues and providing different practical solutions‘. Guy Antrobus ‘helps clients focus on making key difficult commercial decisions‘. The ‘amazing‘ Parya Badie recently acted for fund manager Glennmont Partners in a €1bn structured finance deal backed by sustainable infrastructure projects in Europe and the UK. Securitised derivatives specialist Andrew Sulston and newly promoted Tanya O’Hagan are ‘technically excellent, responsive and commercially minded, and proactively think of innovative solutions‘. Daniel Shurman, who has expertise in equity financings, margin loans, and repo and stock lending transactions, technology and resourcing solutions developer Tom Roberts, and head of the Markets Innovation Group David Wakeling are key drivers of innovation in the market. Ross Stewart returned to London from Hong Kong, bringing his long experience in equity financing (in margin loan and derivatives format), structured finance and repackaging transactions. Up-and-coming partner Paul Allan is ‘one of the key credit derivatives lawyers in the market and combines impeccable technical skills with a commercial approach to transactions‘. Paul Cluley, Tony Drake-Brockman and Richard Tredgett all retired in 2022. Noteworthy additions from the merger with Shearman & Sterling include of counsel Patrick Clancy, who is a widely acknowledged expert in both English law derivatives and complex and bespoke structured finance products, and counsel Sara Couling, who is ‘delightful to work with and a great problem solver‘. Since publication, practice lead Emma Dwyer has moved to Fieldfisher.
Derivatives and structured products in London
A&O Shearman
Other key lawyers:
Guy Antrobus; Parya Badie; Andrew Sulston; Daniel Shurman; Tom Roberts; David Wakeling; Ross Stewart; Paul Allan; Teresa Khoo
Testimonials
‘A&O is at the top of technical expertise across the derivatives space, and has a very deep team of technically excellent senior lawyers.’
‘Guy Antrobus is a key partner for acting as a sounding board and working collaboratively in designing complex products and solutions.’
‘Paul Allan has rapidly carved out a position as one of the key credit derivatives lawyers in the market, and combines impeccable technical skills with a commercial approach to transactions. He stands out for client service and the ability to deliver products on time timescales without compromising technical excellence and accuracy.’
‘This team has huge experience of structured derivatives and markets trading financial products. They are great at guiding their clients through complex legal issues and providing different practical solutions to enable the client to consider the most appropriate way of balancing different, frequently conflicting, risks/commercial outcomes within a transaction.’
‘Guy Antrobus – very good technical lawyer. Goes to the heart of the issues directly and helps clients focus on making key difficult commercial decisions in light of all the relevant factors. A number of their competitors present risk options on transactions but do not necessarily go deeper to understanding the clients’ motivations to guide them on the technical and practical legal impact of the potential options available.’
‘Paul Allan – very deep expertise on CDS including market practice and approach and so able to provide good colour on technical and difficult issues.’
‘Very strong team with great strength and depth. Excellent experience across all asset classes and products with an A1 roster of subject matter experts in related topics.’
‘Guy Antrobus brings a huge amount of commercial and legal knowledge to the table. Very solutions driven.’
Key clients
Credit Derivatives Determinations Committee
Glennmont Partners
Alternative Reference Rates Committee (ARRC)
LCH SwapAgent
Work highlights
- Advised the Credit Derivatives Determinations Committee on the settlement of credit derivative transactions (CDS) referencing the Russian Federation.
- Advised Glennmont Partners, one of Europe’s largest fund managers belonging to Nuveen group and focusing on green and sustainable investments, acting as protection seller, on an on-balance sheet securitisation in respect of a EUR1bn loan portfolio owned by a major EU bank relating to sustainable infrastructure projects in Europe and the UK.
- Prior to the publication by the International Swaps and Derivatives Association of standardised documentation for trading verified (voluntary) carbon credits, the firm helped a major financial institution develop template documentation for trading voluntary carbon credits under an ISDA Master Agreement. The documentation allowed for physically-settled spot and forward trading of voluntary carbon credits, was designed for use with a range of market counterparties and was agnostic as which registry the underlying voluntary carbon credits were registered on.
Ashurst
Ashurst is highly regarded for both its derivatives and structured products expertise, and clients praise the depth of its bench in London, which includes eight transactional partners and five regulatory specialists. The combination of skills enables the firm to provide end-to-end advice on structured finance matters, as well as taking on huge projects, such as Santander's entire bank LIBOR transition programme. The firm counts top-tier investment banks as clients, among them BNP Paribas and Morgan Stanley, and it has one of the busiest repackaging practices in the City. Head of global markets Michael Logie, who one client believes is 'the pre-eminent structured products lawyer in London', oversees the work of the derivatives and structured products teams. He is a key adviser to Goldman Sachs on its global structured products business under English law. Standout partner James Coiley is 'highly pragmatic, very client-focused, and willing to think outside the box to provide solutions for complex issues'. Structured finance expert Daniel Franks assisted the International Securities Lending Association (ISLA) with amendments to its Global Master Securities Lending Agreement for use with digital assets. Jonathan Haines, who advises financial institutions on securities financing and derivatives, 'has distinct expertise and knowledge in respect to prime brokerage services and his ability to find solutions to technical legal issues is invaluable'. Structured products expert Jasmine Tiw, OTC fixed income derivatives specialist James Knight, and commodity and corporate equity derivatives partner Kerion Ball are all leaders in their fields.
Practice head(s):
Michael Logie
Other key lawyers:
James Coiley; Daniel Franks; Jasmine Tiw; James Knight; Kerion Ball; Jeffrey Yow; Jonathan Haines
Testimonials
‘Jonathan Haines has distinct expertise and knowledge in respect to prime brokerage services and equity derivative transaction matters. His vast experience and ability to find solutions to technical legal issues has been invaluable.’
‘Jeffrey Yow is the standout senior associate – a true rising star.’
‘Michael Logie is the pre-eminent structured products lawyer in London.’
Key clients
Barclays
BNP Paribas
Citigroup Inc.
Credit Suisse
Goldman Sachs
JPMorgan
Santander
Morgan Stanley
ISLA
Equitix
Nomura
Work highlights
- The transition from LIBOR to alternative reference rates is one of the most complex challenges for global financial markets in recent times. The firm’s successful delivery of a large-scale project for Santander to achieve this transition has been recognised with the award for ‘Innovation in Multi-disciplinary Teams’ at the Financial Times Innovative Lawyers Awards Europe 2022.
- Advising multiple players in the digital finance space including ISLA on its strategy and approach to amending the Global Master Securities Lending Agreement for use with digital assets and advising several investment banks on their participation in the HQLAx fintech platform.
- Advisers to Goldman Sachs’ and Barclays (and other banks) in relation to their global structured products businesses. We play a prominent role with these clients in light of the size and importance of these businesses to Goldman Sachs and Barclays, and taking into account the highly regulated nature of the structured products industry.
Clifford Chance LLP
Clifford Chance LLP has 'outstanding lawyers who never overpromise and underdeliver', and clients remark that 'in addition to their legal expertise, they are also quick to point out the impact that specific regulatory or legal developments may have'. The firm handles the full spectrum of instruments and asset classes, but it particularly well known for its knowledge of the synthetic securitisation market, and its understanding of regulatory matters. The 'incredibly constructive' Timothy Cleary leads the practice, which is known for 'strong market knowledge, regulatory expertise and commercial awareness'. Jessica Littlewood is a market-leading expert on synthetic CLOs. Andrew Coats handles repackaging programmes, derivatives, structured securities and retail-targeted securities offerings. Paget Dare Bryan leads the derivatives group and is known for his knowledge of repackagings, credit and equity derivatives, total return swaps, and structured repo and securities lending. Anne Drakeford's work encompasses OTC fixed income, credit and equity based derivatives. Key partners Faizal Khan and Will Winterton frequently advise on bespoke equity-linked financing structures using derivatives, repo, securities lending and loan documentation frameworks. Up-and-coming partner Jeremy Walter is 'outstanding, a clear thinker who is able to think outside the box'.
Practice head(s):
Timothy Cleary
Other key lawyers:
Paget Dare Bryan; Andrew Coats; Jessica Littlewood; Andrew Coats; Anne Drakeford; Faizal Khan; Will Winterton; Jeremy Walter; Michael Brown; Clemens-Emanuel Gutwenger
Testimonials
‘Clifford Chance have outstanding lawyers who never overpromise and underdeliver. In addition to their legal expertise, they are also quick to point out the impact that specific regulatory or legal developments may have on business.’
‘In the last few years, Clifford Chance invested quite a lot in improving their project management capabilities. Their team in Newcastle has proven to be a reliable and helpful resource in complex, multi-jurisdictional projects.’
‘Our key contact at Clifford Chance has been Jeremy Walter, a partner in the derivatives practice. He is extremely knowledgeable and experienced both about financial services regulation, as well as recent market trends. He is approachable and well-connected with markets participants in the area of derivatives, which is an advantage.’
‘Michael Brown and Clemens-Emanuel Gutwenger have good analytical skills and know our industry very well. They respond quickly to our email requests and questions and are happy to go an extra mile to meet their clients’ expectations and demands.’
‘Deep knowledge and experience in securities finance.’
‘Jeremy Walter is outstanding. He’s been fundamental in helping shape our operating model. Clear thinker and able to think outside the box. Great understanding of securities finance market.’
‘Strong market knowledge, regulatory expertise and commercial awareness.’
‘Excellent commercial and legal input from Tim Cleary.’
Work highlights
- Worked with the Society of Lloyd’s and the Prudential Regulatory Authority to add flexibility to Lloyd’s existing insurance linked securities platform through the addition of a second ILS vehicle and creation market standard template documentation with scope to accommodate various forms of investment (Notes or Preference Shares) and investment models to expand participation to a much broader range of capital markets investors.
- Advising HQLAᵡ on their collaboration with Fnality to complete an innovative delivery-versus-payment (DvP) repo settlement proof of concept that promises to deliver efficiencies to the industry and move it closer to intraday settlement through the use of DLT.
- Advising real estate fund groups on the creation of innovative contractual and structural frameworks allowing for the flexible and efficient FX hedging arrangements which optimise collateral requirements whilst still maintaining the segregation required between individual funds and investors.
Linklaters LLP
The derivatives and structured products group at Linklaters LLP has ‘deep technical knowledge allied to commercial understanding and acumen‘. The firm has deep experience across the board, but is a market-leader in key aspects of the market, among them synthetic securitisations and strategic equity derivatives. The firm is also a primary adviser to key industry body ISDA. ‘Whenever you speak with them, they give you their full attention and never give the impression that they’re pushed for time‘, say clients of the group led by Deepak Sitlani. That group contains some of the leading names in the market, among them Matthew Monahan, Toby Gray and David Phillips, who handle OTC and securitised derivatives, and provide ‘ensure timely and high-quality service‘; Doug Shaw focuses on OTC derivatives and regulatory change; derivatives specialists Simon Firth and Pauline Ashall, who are key advisers to ISDA; and Mark Brown, who previously worked in the Tokyo office and led the Asian structured finance practice, now leads the Firm’s Islamic derivatives practice from London, advising on murabaha, mudaraba and wakala structures. The firm has some of the most experienced partners in their respective fields, including Vinay Samani, who has ‘supreme experience of repack capability‘, and Michael Voisin, who is is widely acknowledged to be an authority on financial markets law and practice. Mark Drury left the team in 2024.
Practice head(s):
Deepak Sitlani
Other key lawyers:
Matthew Monahan; David Phillips; Doug Shaw; Simon Firth; Pauline Ashall; Mark Brown; Vinay Samani; Toby Gray; Michael Voisin; Leanne Banfield; Richard Hay; James Joseph; Michael Solaimani; Ruhi Patil; Phoebe Coutts; Suzanna Brunton
Testimonials
‘The team led by Vinay Samani has deep technical knowledge allied to commercial understanding and acumen.’
‘Vinay Samani – supreme experience of repack capability.’
‘They have a huge depth of knowledge and experience and provide sensible, commercial advice. The team are incredibly responsive and always make themselves available at short notice.’
‘Individual members of the team are empathetic and friendly. They must have a large number of active matters going on any given day, but whenever you speak with them, they give you their full attention and never give the impression that they’re pushed for time.’
‘Linklaters has a very broad and deep understanding of both technical and practical issues that face the market, and their role as counsel to ISDA on many derivatives matters gives them invaluable insight.’
‘Deepak Sitlani is an excellent leader of the Linklaters team, not only being an excellent technical lawyer and practical adviser, but also in the way he runs his team and treats his associates.’
‘Extremely strong practice with A1 industry knowledge and experience. The team has worked on many innovative “first to market” products and have a proactive, best foot forward attitude. In particular I am impressed with the calibre of the junior associates in comparison to peer firms.’
‘I regularly work with David Philips, Leanne Banfield and James Joseph. They are a key partner to our business, having a deep understanding of the products and commercial challenges. The team really goes the extra mile to deliver best in class service and legal product.’
Key clients
International Swaps and Derivatives Association Inc. (ISDA)
The International Securities Lending Association (ISLA)
Work highlights
- Drafting and finalising the new 2022 Verified Carbon Credit Transactions Definitions and related template confirmations for physically settled spot, forward and options contracts for ISDA.
- Advised the International Securities Lending Association (ISLA) on the drafting of their The Future of the Securities Lending Market: On the Cusp of Transformation White Paper, the third in the series. This paper considered how technological change, in the form of digitalisation and common data representations, may provide an opportunity and framework to standardise and streamline inefficiencies in legacy pro-cesses and practices.
Dentons
The derivatives practice at Dentons 'punches above its weight', and clients note that 'the team goes out of its way to really understand the business and operational mechanics behind transactions to really allow the contractual terms to match the commercial reality'. The firm climbs the ranking this year due to the strength of its work for major banks, though it is also a key adviser to corporates and funds. Practice head Matthew Sapte is adept in all derivatives asset classes, including ESG-related instruments and Islamic finance. He recently acted for Absolute Collateral in establishing a conventional and Sharia-compliant repo trading platform. Standout partner Luke Whitmore is 'a fantastic sounding board for new ideas and structures and has a real thirst for the new and innovative ideas'. He has extensive experience in the prime brokerage and futures markets, and is a key adviser to leading investment banks on matters such as rates and foreign exchange swap transactions with private equity funds and other structured funds. His recent work also includes advising sell-side clients on the impact of Russian sanctions on derivative positions and the ability to terminate.
Practice head(s):
Matthew Sapte
Other key lawyers:
Luke Whitmore
Testimonials
‘Dentons’ derivatives practice continues to bat above its weight. They are quick to provide answers and example language to give you a sense of what you may be looking for, and their globality enables consistency across provision of opinions and jurisdictional surveys, with the London team taking the lead on coordination. The team go out of their way to really understand the business and operational mechanics behind transactions before putting pen to paper to really allow the contractual terms to match the commercial reality.’
‘Luke Whitmore is a standout partner. His ability to engage with all manner of business functions from legal to operations to risk and to break down and explain complex legal issues is superb. He has great market practice and really becomes part of your in-house team when you engage him. He’s a fantastic sounding board for new ideas and structures and has a real thirst for the new and innovative ideas we throw at him, particularly in the digital asset space.’
‘The Dentons team punches above its weight. The practice is solid across the derivatives/structured products area, with great expertise in the developing/emerging markets area, which not all firms possess. The team’s knowledge of the repo/securities lending space is also commendable. Their advice in that realm is good and reflects an actual knowledge of market trends and practice that is hard to find. The prime brokerage and clearing market experience is also an asset. It’s a specialised area that most firms don’t cover well; the team is expert advising on the documentation issues.’
Key clients
Absolute Collateral
Citibank
First Abu Dhabi Bank (FAB)
Emirates NBD
MUFG
Société Générale
Invesco Asset Management Limited
Abu Dhabi Islamic Bank
National Bank of Bahrain
Deutsche Bank
SMBC
Bank of Montreal
Benteler Training
Macquarie Bank Limited
Leonteq Securities AG
Ebury
Frasers Group
Sev.en Energy
Northern Trust
ABSA Bank Limited
NBC Global Finance Limited
Work highlights
- Acting for Leonteq in establishing a Sharia compliant structured Trust Certificate issuance programme (with multiple structured product functionality).
- Acting for Absolute Collateral to establish a conventional and Sharia compliant repo trading platform.
Fieldfisher
Fieldfisher has ‘broad experience in the derivatives space and good mixture of young talent and experience‘. The firm acts for both buy-side and sell-side clients, among them global investment banks, smaller regional banks and broker/dealers, hedge funds, and traditional asset managers. It has market-leading expertise in repo, securities lending and structured derivative transactions, a strong presence in emerging markets transactions, and has pushed innovative legal technology solutions such as its Condor alternative legal services platform. Practice head Guy Usher has ‘masses of experience developed over many financial and world crises, and an understanding of how to lead the industry‘. He recently worked with key partner Edward Miller, who ‘can lead tough negotiations on complex issues in a very efficient manner‘, to assist Bank of America Securities with documenting a structural change in its US prime brokerage platform with respect to cash and securities lending ahead of a proposed merger. Emma Spiers has extensive experience of deal-contingent derivatives transactions and finance-linked hedging arrangements. Up-and-coming partner Jenny Warren ‘will run with a matter to completion with minimal interaction with the client, so time is never wasted‘. The firm hired Sebastian Reger from Travers Smith LLP in 2023.
Practice head(s):
Guy Usher
Other key lawyers:
Emma Spiers; Edward Miller; Jenny Warren; Sebastian Reger
Testimonials
‘Partner-led; highly responsive and practical advice.’
‘Jenny Warren looks after all our derivatives work. She has a deep understanding of our business and hence can adapt advice accordingly without instructions. Technical knowledge is also excellent and, most helpfully, Jenny will run with a matter to completion with minimal interaction with us so time is never wasted.’
‘Broad experience in the derivatives space and good mixture of young talent and experience. New billing methods were adapted without any issues.’
‘Edward Miller is highly experienced and can lead tough negotiations on complex issues in a very efficient manner.’
‘The team is very practical and has supported our in-house derivatives team on a number of issues from producing an invaluable close out guide with templates to legal opinions.’
‘Guy Usher and Edward Miller, have been derivatives experts for an incredibly long time. With that length of time comes masses of experience developed over many financial and world crises. Its during these times that you want to go to industry experts who have either seen these situations before or have a deep understanding of likely outcomes. With this level of experience also comes an understanding of how to lead the industry, certainly asset managers in industry working groups and developing a better position for our clients.’
Key clients
Baillie Gifford
Bank of America
Nomura
Citigroup
Commerzbank
UniCredit
Goldman Sachs International
ICBC Standard Bank Plc
Intesa Sanpaolo S.p.A
Jefferies International Limited
Work highlights
- Advised a global investment bank on the entry into a deal-contingent hedging transaction in connection with certain licenses being granted in the context of the acquisition of Tom Ford by Estée Lauder.
- Appointed to undertake a significant proportion of the Bank of America group’s ‘Phase 6’ regulatory initial margin documentation exercise.
- Advised Citi (a major investment bank) in its capacity as hedge provider in relation to the financing aspects of a EUR 750 million acquisition.
Hogan Lovells International LLP
Hogan Lovells International LLP has 'a very capable and experienced team with good knowledge of the market and regulation'. The firm handles the full range of derivatives transactions, though it is particularly strong in structured finance and structured finance-related derivatives, having established and updated many securitisation and repackaging programs containing swaps and repos. It also stands out for its regulatory expertise, as well as its capability in commodity derivatives. Global head of corporate and finance James Doyle leads the practice and is adept in securitised derivatives, repackagings, funding structures, and regulatory issues. Jennifer O’Connell is 'an experienced derivatives and structured finance partner, who is hands-on and effective'. She recently advised Teneo and the Special Administrators of Sova Capital on derivatives, securities lending, repo issues arising from its administration. The firm is one of the few to have a dedicated trustee practice, and Kit Johnson is a highly regarded practitioner. Bryony Widdup, who joined from DLA Piper at the end of 2022, brings significant expertise in digital assets including token structuring and issuance.
Practice head(s):
James Doyle
Other key lawyers:
Jennifer O’Connell; Kit Johnson; Nicholas Watmough; Bryony Widdup
Testimonials
‘A very capable and experienced team with good knowledge of the market and regulation.’
‘Jennifer O’Connell has excellent organisational skills and is good at getting to the heart of a matter quickly.’
‘Jennifer O’Connell is an experienced derivatives and structured finance partner, who is hands-on and effective.’
‘Jennifer O’Connell and Nicholas Watmough are both a pleasure to work with, supportive and effective.’
‘Hogan Lovells is a core capital markets law firm. It is important to us for HL to have excellent English and French law lawyers.‘
‘Jennifer O’Connell is very results-oriented.’
Key clients
African-Export Import Bank
Bank of New York Mellon
BNP Paribas
Credit Agricole
Goldman Sachs
Jaguar Land Rover
Natixis
Societe Generale
RiverRock European Capital Partners
Teneo Financial Advisory
Work highlights
- Advised Teneo and the special administrators of investment bank Sova Capital Ltd (the Company), pursuant to the Investment Bank Special Administration Regulations 2011.
- Advising on the annual update of Goldman Sachs International Guaranteed Senior Secured Notes Programme and management of supplements and issuance off the programme
- Advising BNPP on the annual update of their ground breaking programme for secured structured products through a Luxembourg securitisation company, SecurAsset S.A., and in relation to numerous structured product drawdowns under the SecurAsset programme.
Mayer Brown International LLP
Mayer Brown International LLP is regarded as having one of the leading derivatives practices in London, and it has a stellar client roster. The firm is a key adviser to Bank of America on derivatives and repo financing transactions, and continues to assist global banks with LIBOR transition matters. Acknowledged derivatives expert Edmund Parker is head of a four-partner group following the recruitment of Musonda Kapotwe from Barclays, who joins the vastly experienced Chris Arnold and the newly promoted Nanak Keswani. Kapotwe has significant transactional experience advising on the impact of UK financial services regulation on banking, capital markets and derivative transactions. A key strand of Arnold's work is acting as counsel to ISDA, which has recently included advice on issues arising in the derivatives market as a result of the global imposition of sanctions following Russia's invasion of Ukraine. He also acted for regular client BNP Paribas on on a first-to-market ESG-linked repo transaction with Italian lender Cassa depositi e prestiti S.p.A.
Practice head(s):
Edmund Parker
Other key lawyers:
Chris Arnold; Nanak Keswani; Musonda Kapotwe
Key clients
Banco Nacional de Mexico (BANAMEX)
Barclays Bank plc
BNP Paribas
HSBC
Bank of America
JP Morgan
Standard Chartered Bank
Northern Trust
International Swaps and Derivatives Association (ISDA)
Societe Generale
Leonteq
Credit Suisse
Japan International Cooperation Agency
Nordea Bank
Australia and New Zealand Banking Group
Hiltermann Lease
Landesbank Baden-Württemberg
Unicredit
Macquarie
Work highlights
- Acted as ISDA’s counsel in respect of all issues arising in the derivatives market as a result of the global imposition of sanctions following Russia’s invasion of Ukraine.
- Advised regular client BNP Paribas on a first-to-market ESG-linked repo transaction with Italian lender Cassa depositi e prestiti S.p.A. (“CDP”).
Norton Rose Fulbright
Norton Rose Fulbright 'has built a strong derivatives and structured finance practice, drawing top talent away from the Magic Circle'. The firm undertakes both transactional and advisory work across a wide variety of asset classes, though it is best known for its work on repackaging transactions. Nigel Dickinson and up-and-coming partner Yusuf Battiwala are the standout practitioners. Dickinson 'occupies a league of his own in the market for complex asset repackaging, with unparalleled product and market knowledge'. He assisted JP Morgan with hedging transactions related to a static RMBS transaction backed by buy-to-let mortgage loans secured on UK properties. Battiwala recently acted for Goldman Sachs in multiple market access total return swap transactions that transactions provide counterparties with the ability to synthetically access local currency bonds in emerging market jurisdictions. Global head of financial services and regulation Jonathan Herbst, market infrastructure, derivatives and fintech specialist Hannah Mean, covered bond and structured finance partner David Shearer, and Peter Noble, who frequently acts for Canadian issuers in establishing structured securities programmes, are also central to the practice.
Practice head(s):
Nigel Dickinson; Yusuf Battiwala
Other key lawyers:
Peter Young; David Shearer; Hannah Meakin; Jonathan Herbst; James Kent
Testimonials
‘Nigel Dickinson has built a strong derivatives and structured finance practice at NRF. I am impressed at how Nigel has developed and retained a deep bench of individuals: most of his associates have been with him for most if not all of their careers. In an increasingly talent-tight environment, this indicates the esteem in which Nigel is held in the market and what he is like to work with.’
‘We like how seamlessly Nigel Dickinson’s DSF team are able to leverage expertise from elsewhere in the firm when needed – e.g. we recently repackaged a complex loan for which Nigel involved an excellent banking partner: the level of teamwork was outstanding and was critical to our deal execution.’
‘Nigel Dickinson occupies a league of his own in the market for complex asset repackaging: unparalleled product and market knowledge, economically very sophisticated, and a master at running complicated and difficult transactions. Nigel is particularly available and responsive for a partner who heads up a large practice group, and this is invaluable when instructing NRF on complex document-heavy transactions with several parties.’
Key clients
JP Morgan
MUFG
Bank of America Merrill Lynch
Bank of Ireland
BNP Paribas
First Abu Dhabi Bank
Mitsubishi UFJ Financial Group
Natixis
Piraeus Bank
Prime Capital
Citigroup
Macquarie Bank
Goldman Sachs International
Standard Chartered Bank
Morgan Stanley
Work highlights
- Advised Citigroup Global Markets Ltd (CGML) on its participation in the inaugural financing transaction with the United Nations’ Liquidity and Sustainability Facility (LSF) announced on Saturday 12 November 2022 at COP27.
- Advised a group of international banks – Citigroup, NATIXIS and Macquarie – in relation to the hedging of a complex mining project-financing transaction including (i) secured commodity hedging (pre-close) entered into with Sandfire Resources (ES), S.L., which was then novated into Minas De Aguas Tenidas S.A. (“MATSA”) when the related acquisition completed and following this (ii) secured commodity, interest rate and FX hedging entered into with MATSA.
- Advising Goldman Sachs on all of its Islamic repo to maturity transactions with various GCC and Turkish counterparties. The transactions are innovative whereby the repo to maturity features are packaged within a Sharia-compliant wrapper.
Reed Smith LLP
Reed Smith LLP has a strong practice across the full spectrum of complex structured finance work, with a market-leading footprint in commodity derivatives work. The firm frequently handles the counterparty negotiations for some of the world’s leading investment banks, as well as advising on innovative debt programmes, securities lending arrangements, and convertible bonds. The practice led by EMEA managing partner Tamara Box also works closely with leading industry associations on regulatory reforms and implementation. Commodities derivatives partner Prajakt Samant, Claude Brown and Brett Hillis, regulatory specialist Chris Borg, and structured finance expert Nick Stainthorpe are all highly regarded in the market. Daniel Birch, who handles structured trade and commodity financing, and up-and-coming partner Sarah Caldwell also play central roles in the practice. Derivatives partner Tariq Rasheed, who advises on clearing, prime brokerage arrangements and structured products, and senior associate Iman Roy, who handles derivatives regulatory matters, joined from from Bryan Cave Leighton Paisner in 2023.
Practice head(s):
Tamara Box
Other key lawyers:
Prajakt Samant; Chris Borg; Claude Brown; Brett Hillis; Nick Stainthorpe; Daniel Birch; Jennifer Ellis; Sarah Caldwell; Tariq Rasheed; Iman Roy; Mark Drury
Simmons & Simmons
At Simmons & Simmons, ‘the focus on client service is strong with a responsive approach on all matters no matter how big or small‘. The firm has a broad derivatives practice that spans flow hedging work as well as innovative areas such as ESG-linked instruments. It has a thriving synthetic securitisation practice and is also known for the strength of its repack team. Paul Browne, who focuses on structured products, leads the team which ‘goes beyond normal service and thinks outside of a box to find solutions‘. Browne led a team that advised Global X, Management Company, LLC on on the successful establishment and listing of an exchange-traded product programme linked to cryptoassets. The firm has a deep bench of specialists, among them Eucharia Bragg, who handle collateral arrangements, repos and securities lending; Sean Bulmer, who deals with repackaging transactions; Alan Davies, of whom clients remark ‘there is nothing he has not seen or can take a view on‘; and David Toole, who is a key adviser on synthetic securitisation and risk transfer products. Up-and-coming partner Oliver West ‘offers first-class client service‘ on facility and securitisation hedging. Newly promoted partner Marcin Perzanowski is praised for his knowledge of OTC and structured derivatives. Allan Yip retired in 2023.
Practice head(s):
Paul Browne
Other key lawyers:
Michael Lorraine; Sean Bulmer; David Toole; Eucharia Bragg; Oliver West; Marcin Perzanowski; Alan Davies; Thomas Shen
Testimonials
‘They understand structured and repacked transactions very well. If you are looking for a law firm to assist you to establish your Loan/Notes Repack programme look nowhere else – go to Simmons & Simmons.’
‘Solution-driven approach, industry knowledge and insight makes them different. Alan Davies and his team are highly professional. They understand their job and know exactly what to do to resolve complex problems. In summary, they are highly business oriented and solution providers for complex issues.’
‘Strong team with some excellent individuals. Focus on client service is strong with a responsive approach on all matters no matter how big or small. Excellent value for money for legal product.’
Key clients
European Investment Fund
PGGM (Swedish pension fund) and Alecta (Swedish pension fund)
Morgan Stanley, Deutsche Bank, Nomura, BBVA, Mediobanca
PGGM (Dutch pension fund) and Alecta (Swedish pension fund)
The Bank of New York Mellon
Cirdan Capital Management Limited
Putnam Advisory Company, LLC
Sancus Credit Advisors LP
Intertrust
African Export Import Bank (Afreximbank)
Work highlights
- Advising PGGM on investing in notes linked to performance of the €2.5 billion credit portfolio originated by Nordea.
- Advising Global X Management Company, LLC on the successful establishment and listing of an exchange traded product (ETP) programme linked to cryptoassets.
- Advising BNYM as Custodian and Collateral Manager in respect the structuring of the Liquidity and Sustainability Facility (LSF) and the inaugural transaction concluded under it. The LSF was designed by the United Nations Economic Commission for Africa (ECA) in collaboration with African Export-Import Bank (Afreximbank) as part of its Sustainable Development Goals agenda, and its establishment was announced at COP 27.
Travers Smith LLP
Travers Smith LLP has 'highly intelligent, incredibly responsive, client-focused, outcomes-driven and dedicated lawyers'. The firm is principally focused on derivatives matters for buy-side clients, though it is also a leading adviser on financial services regulatory issues. More recently, the firm has become taken a more prominent role in advising on fintech and ESG-related matters in the context of derivatives. Practice head Jonathan Gilmour brings 'excellent technical skills, practical and clear advice' to client matters. Gilmour and emerging partner talent Joseph Wren (whose 'straightforward approach provides comfort to trustees') assisted a leading asset manager with various derivatives and structured products matters, both at fund level and at the level of its portfolio companies, in particular in relation to European Market Infrastructure Regulation, Securities Financing Transactions Regulation, and the Central Securities Depositories Regulation. Peter Hughes, who focuses o pension funding and covenant mandates, and senior counsel Cindy Smith (whose 'attention to detail is exceptional'), play key roles in the practice. Sebastian Reger joined Fieldfisher in 2023.
Practice head(s):
Jonathan Gilmour
Other key lawyers:
Joseph Wren; Pater Hughes; Cindy Smith; Nicholas Baines; Sana Dossa
Testimonials
‘Very deep understanding and experience of derivative regulations as it applies to fund managers in the UK.’
‘Jonathan Gilmour – excellent technical skills, practical and clear advice in a complicated area of regulation and law.’
‘The Travers Smith derivatives/structured products consists of highly intelligent, incredibly responsive, client-focused, outcomes-driven and dedicated lawyers. If you are looking for UK finance law advice, lawyers that are responsive and switched-on, and a team that seems to genuinely care about your business and solving your problems, look no further.’
‘Jonathan Gilmour is a standout, first-rate lawyer, who combines intelligence and dedication with his experience and interest in his clients’ business, to produce stellar work every time.’
‘Thoughtful around broader industry trends and not just the individual client requirements. Clear subject matter experts. We have mainly benefitted from regulatory advice where there knowledge has helped shape some of our considerations on structuring.’
‘Cindy Smith was our main contact. Her attention to detail was exceptional and she was firm in her position throughout to protect the company’s interests.’
‘Jonathan Gilmour is exceptional. His passion for matters relating to sustainability and impact, and his dedication to embedding them within the legal profession, is inspiring. He is always willing to help; balances incredible attention to detail with high levels of efficiency; and is kind, friendly and professional.’
‘The team is flexible and responsive; effortlessly supporting projects at short notice and providing clear, practical advice especially where there is commercial sensitivity.’
Key clients
Inflexion
DiscoverIE
BAE Systems
AXA UK Pension Trustees Limited
Bittrex Global
Trustee of the British Steel Pension Scheme
Montagu Private Equity LLP
Cinven
Livingbridge
Mabanaft Limited
Silicon Valley Bank Limited
Oakbrook Capital Limited
Pay.UK
Associated British Foods Pension Scheme
Oaktree Capital Management
IBM
London Stock Exchange
NEST Corporation
Pemberton Capital Advisors LLP
Bridgepoint Advisers
Work highlights
- Advised British Steel in connection with the transfer of the management of a portfolio of £9.9bn of assets, including interest rate, inflation, equity, credit, FX derivatives and repo transactions.
- Advised Cinven on the establishment of their fund-level FX hedging platform for fund VII and contractual derivatives arrangements with a panel of FX counterparts.
- Advised Bittrex’s Liechtenstein-based digital currency exchange on the development of their template documentation to allow for the lending of digital assets on their platform.
White & Case LLP
White & Case LLP is 'technically excellent, and always provides timely and commercial advice'. One clients praises the group's 'constant commitment to providing maximum possible value and exhaustive attention to detail'. The firm handles the full suite of derivatives work, encompassing interest rate, credit, equity, currency and commodity derivatives, regulatory capital transactions, repurchase agreements, securities lending, synthetic investments and Islamic derivatives. The practice led by Ingrid York, who is 'calm and incisive, and has an encyclopaedic knowledge of derivatives', also excels in repackaging and structured note transactions. York and regulatory partner Jonathan Rogers advised the Liquidity and Sustainability Facility Designated Activity Company (LSF) on its inaugural $100m repo transaction with Afreximbank and Citi to provide liquidity to African sovereign Eurobonds. York is supported by a strong partner group and a growing team of associates. Anthony Colegrave is dual-qualified in England & Wales and South Africa, and focuses primarily on equity derivatives and hedging solutions. Debashis Dey advises banks, corporates and governments on structured finance and Tom Falkus has a broad practice that includes secured loan transactions. Associate Phillan Amin is highly recommended for OTC derivatives, structured finance, repurchase transactions, and hedging issues.
Practice head(s):
Ingrid York
Other key lawyers:
Anthony Colegrave; Phillan Amin; Debashis Dey; Tom Falkus; Jonathan Rogers
Testimonials
‘I have found the team to be incredibly proactive and knowledgeable, both in terms of the core legal and commercial issues at play.’
‘Ingrid York is an excellent lawyer, who has an encyclopaedic knowledge of derivatives. She is calm and incisive and we enjoy working with her.’
‘Go-to firm. Technically excellent. Always provides timely and commercial advice.’
‘Ingrid York: Work product always excellent. Exceptional product knowledge. Very user-friendly. Highly rated by business clients. Always available. Trusted adviser.’
‘WA core capital markets practice for us. Very responsive, solid legal advice, very result-oriented. Happy to provide training for our in-house lawyers.’
‘Ingrid York is great at structured transactions, complex derivatives, sustainability derivatives and carbon trading.’
‘Ingrid York has excellent technical skills as well as experience of the market and a practical commercial approach. She is a go-to person for complex financial structures.’
‘Technical knowledge, the firm global reach and its commitment to pro bono work. Capability to leverage a large global team on the spot to close complex transactions. But most importantly, it is the firm culture.’
Key clients
Alpha Bank
Bank of America Merrill Lynch
BNP Paribas
Citibank
Centerbridge
Crédit Agricole Corporate and Investment Bank
Credit Suisse
Deutsche Bank
Elliott Advisors
Eurobank
European Investment Fund
Investec
Liquidity and Sustainability Facility DAC (the “LSF”)
National Bank of Greece
Piraeus Bank
Qatar National Bank
Societe Generale
United Arab Emirates Central Bank
Work highlights
- Provided pro bono advice to the Liquidity and Sustainability Facility DAC (LSF) on its inaugural US$100 million repo transaction with Afreximbank and Citi, which was announced at COP27 and aims to bring liquidity to a diversified basket of African sovereign Eurobonds.
- Advised The Hertz Corporation in connection with the extension of their European securitisation platform to finance their Italian rental fleet and increase the facility to €1.1 billion.
Baker McKenzie
Baker McKenzie has 'a client-focused team that is always responsive and up to date on legal developments', and clients note that the lawyers 'value long-term relationships way above what a particular mandate means in terms of fees'. 'Their advice is efficient, on-point and targeted to our needs', say clients of global chair of banking and finance Matthew Dening , who also leads the derivatives group, and 'accurate and efficient' of counsel Iolie Calochristos. Head of structured capital markets Simon Porter also oversees the firm's structured finance activity. Dening, whose 'approach is always to add value and be helpful', recently assisted MKM Building Supplies with interest rate caps entered into with two leading derivatives dealers in connection with a £260m revolving facility agreement. Structured finance and derivatives partner Jeremy Levy also plays a key role in the practice.
Practice head(s):
Matthew Dening; Simon Porter
Other key lawyers:
Adam Gardener; Iolie Calochristos; Jeremy Levy
Testimonials
‘They are client-focused and a relationship team. Always responsive and up to date on legal developments.’
‘They value a long-term relationships way above what the particular mandate means in terms of fees.’
‘Very commercial and efficient.’
Key clients
AIG
Allied Irish Banks/AIB
Banca IMI
Banco do Brasil
Bank of China (UK) Limited
Bank of Cyprus
Bank One Ltd
BP Plc
Citibank N.A.
DNB Bank ASA
Fifth Third Capital Markets
Gulf International Bank
Hitachi Ltd
HSBC Bank plc
Industrial and Commercial Bank of China
ING
LBBW
Morgan Stanley
MUFG
Natixis
Novator Capital Ltd
The Olayan Group
Santander
Standard Chartered Bank
Societe Generale
Sony Europe
UBS
Wells Fargo Bank N.A
Western Union
African Export-Import Bank
Work highlights
- Advising Afreximbank as the first lender under a loan/repurchase programme established for The Liquidity and Sustainability Facility (LSF) Designated Activity Company, an orphan vehicle established under the auspices of the United Nations to facilitate the improvement of the liquidity of sovereign bonds issued by African nations.
- Advising on Salary Finance’s inaugural securitisation which may also be the first securitisation involving consumer receivables granted through a salary sacrifice scheme.
- Advising on MKM Building Supplies (a Bain portfolio company) in relation to interest rate caps entered into with two leading derivatives dealers in connection with a revolving facility agreement.
Cadwalader, Wickersham & Taft LLP
Cadwalader, Wickersham & Taft LLP is recommended for its 'understanding of the market, clients' business and their investors', and clients note that the lawyers provide 'strong support, availability and thinking outside of the box'. Among the many parties involved in structured finance, Robert Cannon stands out for work on CDOs, CLOs, mortgage securitisations and commercial paper conduits. He recently acted for GC Securities in a £100m catastrophe bond transaction. David Quirolo is an expert on CLOs, CFOs, securitisation, asset finance and repackaging transactions. Sabah Nawaz advises banks, private equity funds, pension funds and corporate borrowers on cross-border structured finance transactions. Nick Shiren is a recognised derivatives expert, especially in credit default swaps, credit-linked notes, and total return swaps. Claire Puddicombe, Daniel Tobias and newly promoted partner Alex Collins are also have key roles in the practice.
Practice head(s):
Robert Cannon; Sabah Nawaz; Claire Puddicombe; David Quirolo; Nick Shiren; Daniel Tobias
Other key lawyers:
Alex Collins
Testimonials
‘Understanding of the market, clients’ business and their investors.’
‘Strong support, availability and thinking outside of the box.’
Key clients
Premium Credit Limited
Santander Consumer Oy Finance
Emil Frey
Belmont Green Finance Limited
GC Securities
Natixis
Work highlights
- Advised a wide range of investment banks, as arrangers and sponsors, investment managers and investors on 40 CLO transactions at a value in excess of €16 Billion, earning Cadwalader Creditflux’s Top European Arranger Counsel.
CMS
The structured finance practice at CMS is 'very responsive and works very hard delivering the best results for the client'. The firm is active across retail structured products, proprietary indices, credit derivatives and regulatory matters. Practice head Chris Clark ' is not only knowledgeable but also provides excellent advice'. He advised Goldman Sachs on Benchmark Regulation implementation, third-party allocator agreements and the drafting new index methodologies across multiple asset classes. Will Dibble is the standout partner and clients describe him as 'a market leader in indices and credit products, always giving excellent service'. He frequently assists JP Morgan with retail structured products issuance, and complex hybrid structured products. Jason Harding, who is a key adviser to Legal and General Investment Management, Michael Cavers, who frequently acts for Morgan Stanley, and James Parker, who focuses on risk transfer in the pensions and longevity risk area, all play key roles in the practice. Jason Brooks moved to Paul Hastings LLP.
Practice head(s):
Chris Clark
Other key lawyers:
Will Dibble; Jason Harding; James Parker; Thomas Lockley; Michael Cavers; David McCallum
Testimonials
‘Great responsiveness, always willing to go the extra mile. Good bank of associates. Excellent, market leading expertise.’
‘Will Dibble – a market leader in indices and credit products, Will is a real partner to our business, always giving excellent service.’
‘David McCallum is a technically excellent counsel who is able to deal with the most complex matters.’
Key clients
J.P Morgan Securities plc (and LLC in NY, (Asia Pacific) in Hong Kong and Tokyo)
Goldman Sachs International
Deutsche Bank
Morgan Stanley & Co. International plc
Citigroup
HSBC
BNP Paribas
Pension Insurance Corporation
BA Pensions
Church Commissioners for England
Northumbrian Water
Legal and General Investment Management
Universities Superannuation Scheme
Barclays Bank UK Retirement Fund
Banco Sabadell
Statnett
Wellcome Trust
National Grid
Railpen
Dechert LLP
Dechert LLP is a prominent adviser to fund managers on derivatives, though it also acts for investment banks, commercial banks, private equity funds and credit funds on transactional matters, brokerage and regulatory matters. Gus Black, co-chair of the firm's global financial services group and a fund formation specialist, oversees the derivatives group in London, in which John McGrath and Karen Stretch are the standout partners. Stretch, whose work encompasses transactional derivatives and advice on regulatory compliance, 'has a unique capability to synthesise complex issues into salient solutions'. McGrath, whose work spans both transactional matters and advice on disputes concerning derivatives, continues to advise Fondazione Enasarco on the closeout of derivatives positions following the collapse of Lehman Brothers. Senior associate Richard Chapman, who joined from AB Derivatives Advisors Limited, handles prime brokerage, derivatives, trading documentation and associated regulatory issues.
Practice head(s):
Gus Black
Other key lawyers:
John McGrath; Karen Stretch; Richard Chapman
Testimonials
‘Dechert has always been a collaborative firm which is quite refreshing. Partners in London seek input from their colleagues in New York, Washington, DC and Singapore as needed to respond to the complex set of questions posed to them to answer. This is an invaluable service that provides a comprehensive set of legal responses that assist the client in executing their complex business models.’
‘Karen Stretch is by far the best attorney I have worked with in my career. She is efficient with you use of time and understands specifically what her client needs. She has a unique capability to synthesise complex issues into salient solutions for her clients. Her ability to think broadly around concepts her clients have not considered is highly valued. Karen is a delight to work with and has delivered high-quality analysis and work product over many years. She exceeds the level of service of her peers with an extraordinary emotional intelligence that connects deeply with her clients. I am very happy with her service and will continue to use her for all our derivatives work.‘
‘Dechert’s derivatives team provide the perfect balance of current legal and regulatory knowledge combined with understanding of commercial impact on asset management business. This combination makes Dechert a go-to firm for us on all aspects of derivatives and related regulation, from day-to-day queries, to periodic regulatory updates and project work.’
‘The individuals we work with are knowledgeable, approachable, explain complex concepts well and deliver timely advice.’
‘Richard Chapman is one of London’s most talented derivatives lawyers.’
‘Karen Stretch is our go-to person when we face difficulties in reviewing/negotiating derivatives and structured products terms. Karen is always helpful in addressing our concerns (both legal and commercial sometimes) in these areas, she and the Dechert team can always help us spot the most crucial terms and assist us to get more favorable positions in our negotiations in the terms of the financial products.’
Key clients
Cheyne Capital Management (UK) LLP
Work highlights
- Continue to advise Fondazione Enasarco on its long-running dispute with Lehman Brothers Finance SA concerning the close out of a derivative transaction within one of the most complex structured products to be considered by the English courts.
DLA Piper
DLA Piper has ‘a great commercial overlay with high-class associates and partners able to tackle an immense range of challenges in a timely manner‘. The firm advises multinational banks, corporates, insurance companies and large funds on a broad range of derivatives and structured products, including total return swaps, pre-hedging solutions, ISDA documentation and regulatory matters. Global co-chair of financial services Mark Dwyer oversees the practice, in which up-and-coming partner Marcus Lovatt is highly regarded for his ‘wise head, steady hand, and constructive approach‘. He acted for NatWest Markets as swap counterparty as part of a platform for €500m in public Dutch RMBS transactions. Associate Patrick Lightbown, who is praised for his ‘impressive composure, diligence, and skill‘, also played a key role in that matter. Steven Krivinskas, who has broad experience in structured finance and debt capital markets, also plays a key role in the practice. Finance, projects and restructuring partner Martin Bartlam left for an in-house position in late 2023.
Practice head(s):
Mark Dwyer
Other key lawyers:
Steven Krivinskas; Patrick Lightbown; Marcus Lovatt
Testimonials
‘We have worked with the DLA team extensively over several years. They take the time and care to understand the key drivers of our business and the legal positions that matter to us.’
‘Marcus Lovatt has a wise head, a steady hand, and a constructive approach that has supported transactions through many tricky moments. A class act.’
‘Patrick Lightbown is a talented associate making a great name for himself. Often pulled in multiple directions on a number of transactions but reacts with impressive composure, diligence, and skill.’
‘A great commercial overlay with high class associates and partners able to tackle an immense range of challenges in a timely manner.’
‘Marcus Lovatt uses his commercial insight to bring top quality advice on what matters in order to work to the desired outcome. Patrick Lightbown brings a truly exceptional ability to negotiate and clarity to complex issues. One to watch!’
Key clients
NatWest Markets
ISDA
Morgan Stanley & Co
Lanvin Group Holdings Limited / Fosun International
Aareal Bank
Work highlights
- Acting for ISDA in producing an update of an English law legal entity opinion for Nordic Investment Bank.
- Acted for Morgan Stanley as dealer in relation to annual updates to the Alphabeta Access Products Ltd Certificate Programme and Weser Capital Limited Certificate Programme and issuances off those programmes. The programmes are listed on the regulated market of Euronext Dublin.
- Advising NatWest Markets N.V., as swap counterparty, in providing a balance guaranteed swap to Dutch Property Finance 2022-2 B.V. over its Automated Treasury Solutions platform as part of a circa EUR 500 million public Dutch RMBS transaction rated by DBRS and S&P.
Freshfields Bruckhaus Deringer LLP
Freshfields Bruckhaus Deringer LLP joins the ranking this year having continued to invest in the expansion of its derivatives and structured products group. In a major coup for a firm refocusing on its finance capability, it hired James Duncan from Shearman & Sterling LLP in mid-2023, thus adding market-leading experience in cross-border transactions, including buy-side and sell-side, strategic equity solutions and equity financings. Lead partner Richard Hart has a particular focus on structured equity transactions, including strategic margin lending and OTC derivatives based transactions, as well as prime brokerage, structured stock-lending and repo transactions, and a broad range of hedging matters. He recently advised BT on setting up a programme facing three different investment banks to hedge the risk on the BT share price faced by BT’s employee benefit trust. Structured finance partner Flora McLean frequently handles bespoke transactions with a regulatory capital or tax angle.
Practice head(s):
Richard Hart
Other key lawyers:
James Duncan; Flora McLean
Key clients
HSBC Bank plc
Barclays Bank plc
Bank of America NA
JPMorgan Chase Bank N.A.
Republic of Estonia
London Stock Exchange plc
BT plc
Neptune Energy Group Holdings Limited
Work highlights
- Advised BT on its employee share option scheme hedging programme, facing 3 counterparty banks.
- Advising HSBC as lender on a USD500m term basket margin loan facility.
- Advised Neptune Energy on their full range of derivatives and trading arrangements, including with respect to emissions trading.
Gide Loyrette Nouel LLP
Gide Loyrette Nouel LLP has a strong derivatives practice in both Paris and London, the latter being home to both practice head Karine Imbrosciano and lead banking and finance partner Dimitrios Logizidis. The firm handles structuring, documentation, collateralisation and regulatory issues arising from derivatives and structured products transactions across a diverse range of asset classes, among them equity, credit, fixed income, fund, commodity, energy, inflation, weather, and property derivatives, repos and securities lending deals. Its clients are investment banks, financial sponsors and corporates, among them Citigroup and Natixis. Imbrosciano and Logizidis recently assisted Europcar Mobility Group with a €450m securitisation programme, which involved the negotiation of complex hedging arrangements.
Practice head(s):
Karine Imbrosciano; Dimitrios Logizidis
Key clients
Citigroup
Europcar
Goldman Sachs International
J.P. Morgan
KGHM Polska Miedz
Meridiam
Natixis
Société Générale
Tikehau Investment Management
Work highlights
- Advised Europcar Mobility Group in the setting-up and structuration of the securitisation program of Europcar Group UK.
- Assisted global investor and asset manager, Meridiam, as Sponsor, and Asonha Energie, the operator in charge of the development of project as Borrower, on the hedging aspects of the financing in relation to the public-private partnership project for the generation of energy via the new hydroelectric dam of Kinguélé Aval in Gabon.
- Advised Europcar Mobility Group in the setting-up and structuration of the securitisation program of Fox Rent A Car in the United States.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP focuses on complex year derivatives transactions for high-profile clients, among them Deutsche Bank. The team led by standout partner Nick May also acts for corporates, funds and insurance companies in matters concerning a wide variety of underlying products and jurisdictions, including emerging markets. Its work includes strategy equity transactions involving derivatives technology, as well as margin loans, credit-based pre-payment triggers and collateralisation terms. May and of counsel Nick Rutter recently advised Deutsche Bank on a landmark €1bn financing to Turkish energy company Botas, which involved complex complex financing techniques such as credit-based LTV margin pre-payment triggers. May also advised Phoenix Group on a major collateral optimisation project, which involved repapering ISDA/CSA arrangements across 15 or more counterparties.
Practice head(s):
Nick May
Other key lawyers:
Nick Rutter
Key clients
Deutsche Bank
Phoenix Life Limited
Morgan Stanley
Citigroup
Project financings (various clients including the NeuConnect Interconnector project)
Fidelity Investment Management Limited
Securitisations (various clients including Pepper Mortgages and LendInvest)
Scotiabank
Societe Generale
MBK Partners
Work highlights
- Advised Deutsche Bank on a landmark €1 billion financing to Botas, a Turkish energy company.
- Advised Phoenix Group on a high-value collateral optimisation project.
- Advised a consortium of 15 hedging banks on the £3 billion NeuConnect interconnector project financing.
Latham & Watkins
Latham & Watkins climbs the ranking due its continuing role in complex and bespoke transactions, particularly in the strategic equity space. The firm also stands out for its work on credit derivatives in corporate debt restructurings and M&A transactions. It advises clients, among them some the world’s largest investment banks, on the full range of OTC and exchange-traded derivatives, and regulatory matters, as well as complex investigations and litigation matters involving derivatives. Jeremy Green, who handles corporate equity derivatives and structured equity financing, and Dean Naumowicz, who works on credit, equity, and commodity transactions, are the key practitioners. Naumowicz, who is ‘one of the best lawyers, spot on, technically excellent, able to exactly understand clients’ needs‘, acted for EIG, a leading institutional investor to the global energy and infrastructure sectors, on hedging and finance arrangements for its definitive agreement to acquire a 25% stake in Repsol Upstream, a newly-formed global exploration and production company.
Practice head(s):
Jeremy Green; Dean Naumowicz
Testimonials
‘The team is very technical yet also commercially minded. If there is a deadline they will meet it – their response time far exceeds most other firms we work with. In relation to billing, they were willing to listen to our requirements and came up with a solution that works for both the firm and the client.’
‘Dean Naumowicz is an excellent professional in the derivatives and margin loan field, one of the best lawyers I’ve ever seen. Spot on, technically excellent, able to exactly understand client needs both in terms of analysis and structuring and, very importantly, a very good negotiator!’
‘A fantastic team, they have a long standing expertise in complex strategic equity transactions and they are committed to assist their clients no matter the time and day.’
‘Dean Naumowicz is a true trusted advisor, he ensures that every aspect of a transaction is managed timely and appropriately, he coordinates a wide variety of stakeholders and is exceptionally good at gaining the clients’ confidence.’
Macfarlanes LLP
Macfarlanes LLP provides 'strong technical expertise, commercially pragmatic advice, and great value for money'. The firm has one of the most prominent buy-side practices in the London market, and its work spans prime brokerage, derivatives, repos, clearing, and debt trading. Will Sykes (who has 'a deep and unparalleled understanding of prime brokerage and financing documentation') and Chris Acton (who is 'able to cut through the technical rules to give pragmatic and commercial advice') lead the practice. Acton and senior counsel Rob Daniell assisted Spanish defence and technology company SAPA Placencia Holding with an equity collar confirmation entered into with ING Group in order to partially finance the acquisition of shares of Spanish IT and defence systems company Indra Sistemas .Richard Fletcher, who advises numerous financial institutions, corporates, fund managers, investors, servicers and trustees, and hedge fund adviser Christine Long also play central roles in the practice.
Practice head(s):
Will Sykes; Chris Acton
Other key lawyers:
Richard Fletcher; Rob Daniell; Christine Long; Alex Coyne
Testimonials
‘Strong technical expertise and provide commercially pragmatic advice. Great value for money.’
‘We have worked with Macfarlanes on a number of different projects over the years and they are consistently excellent.’
‘A deep bench of talented associates led by a very hands-on and experienced partner in Will Sykes.’
‘Will Sykes has a deep and unparalleled understanding of prime brokerage and financing documentation, developed and refined over a number of years of close work with key clients. He is able to leverage this experience to provide clients with up to date insights on trends and “market standard” practices’
‘Macfarlanes has a very experienced team on all legal fields of expertise relevant for an institutional investor. The team’s approach is consistently a good balance of knowledge with practicality in getting to a close.’
‘The team is unique in having so much experience in working with hedge funds and trading firms on their derivative work.’
‘Chris Acton is exceptional. He is able to cut through the technical rules to give pragmatic and commercial advice.’
‘Alex Coyne is extremely knowledgeable, responsive and we place total confidence in his abilities. He employs a robust commercial approach to all matters on which he’s engaged and that suits us very well.’
Key clients
BT Pension Scheme Trustees Limited
Man Group plc
Goldman Sachs
Tesco Pension Investments
Hayfin
Work highlights
- Advising SAPA Placencia Holding, S.L. on an equity collar confirmation entered into with ING Group in order to partially finance the acquisition of 5,200,000 shares of Spanish information technology and defence systems company Indra Sistemas, S.A.
Milbank
At Milbank, 'the team is very knowledgeable and very willing to help find the best solutions in a complex financing'. Clients praise the firm's 'in-depth knowledge of the derivatives framework, efficient communication, and problem solving'. Lead partner James Warbey is an acknowledged derivatives expert and he recently worked with associate Adrian Kwok to assist Athens International Airport S.A. with its issuance of more than €1.1bn in bond loans, which required extensive hedging arrangements. Key partner Claire Bridcut handles bespoke structured lending deals, together with portfolio total return and credit default swaps. For National Bank of Greece and Piraeus Bank, special counsel Robert Wyse-Jackson assisted Warbey with complex hedging arrangements in connection with the €680m financing for the development and expansion of the Skouries gold minimum project in Greece.
Practice head(s):
James Warbey
Other key lawyers:
Claire Bridcut; Robert Wyse Jackson; Adrian Kwok
Testimonials
‘The team has shown themselves to be very knowledgeable and very willing to help find the best solutions in a complex financing.’
‘Very good knowledge of the required documents, understanding on customers needs and proposals are focusing on satisfaction of customer, quick response to customers’ queries and generally efficient communication with customer and counterparties.’
‘In-depth knowledge of derivative framework and particular issues, efficient communication, problem solving.’
Key clients
Athens International Airport S.A.
Fibre Networks Ireland Limited
Green Investment Group (Macquarie Asset Management) and Norsk Hydro ASA
National Bank of Greece S.A. and Piraeus Bank S.A.
PT Amman Mineral Nusa Tengarra
NBC Capital and Dara Aviation Finance Limited
JBIC, KEXIM, BNP Paribas Fortis SA/NV, Mizuho Bank, Ltd. and SCB
Pimco
Citibank N.A.
DBS Bank, Bank Mandiri, CIMB Bank, ANZ Bank
Standard Chartered, Japan Bank for International Corporation, NEXI, The International Finance Corporation, Egyptian commercial banks, the International Finance Corporation, Sumitomo Mitsu Banking Corporation, Sumitomo Mitsui Trust Bank Limited (London Branch) and Gulf International Bank
Work highlights
- Advised a consortium of lenders and hedge providers in connection with a US$800 million finance package to support the construction and operation of the 505MW Amunet wind farm– the largest wind farm in Egypt, which will help reduce Egypt’s carbon footprint by 1.7 million tons of greenhouse gases annually.
- Advised Athens International Airport S.A. in relation to the derivatives aspects of its issuance of over €1.1 billion bond loans made available to it for the management and operation of Athens International Airport.
- Advised Pimco in connection with its exposure to Russian CDS contracts in relation to the default by the Russian Federation of interest payments under its sovereign bonds.
Paul Hastings LLP
Although it is best known for its CLO practice, Paul Hastings LLP climbs the ranking this year having invested in its team and broadened the scope of its work across the derivatives and structured products space. Jason Brooks joined the team from CMS in June 2022 to lead the structured credit practice, bringing extensive experience as an adviser to investment and retail banks, financial institutions, and corporates, particularly on derivative-linked and asset-based securities matters. Clients note that he is 'one of the best partners in the market, able to deal with our most complex structures'. Brooks joins Christian Parker, who specialises in structured bond and fund products and generally acting for credit fund managers, and CLO and risk retention specialist Cameron Saylor. Brooks recently advised UniCredit AG on a new Irish main market listing of UniCredit’s key TransAlp repackaging programme and trades thereunder.
Practice head(s):
Jason Brooks
Other key lawyers:
Christian Parker; Cameron Saylor; Diala Minott
Testimonials
‘Fantastic responsiveness, nothing is too much trouble – this is a standout team. Technically excellent and capable of dealing with our most complex matters.’
‘Jason Brooks is a market leading partner with a wealth of experience. He is one of the best partners in the market in the DSF space – able to deal with our most complex structures.’
Key clients
BNPP
UniCredit
Morgan Stanley
Six Point Capital
Work highlights
- Advising BNPP on a regular flow of securitisation linked hedging transactions.
- Updated a new Irish main market listing of UniCredit’s key TransAlp repackaging programme and trades thereunder.
- Repackaging transactions and programme modifications and updates under the Alphabeta and Memel repackaging programmes, including listing, for Morgan Stanley.
A&O Shearman
At Shearman & Sterling LLP, the derivatives and structured products practice has gone through some changes of late, with former practice head James Duncan moving to Freshfields Bruckhaus Deringer LLP and key partner Leona McManus joining Squire Patton Boggs. The firm nevertheless retains significant expertise thanks to of counsel Patrick Clancy, who is a widely acknowledged expert in both English law derivatives and complex and bespoke structured finance products, and counsel Sara Couling, who is 'delightful to work with and a great problem solver'. Couling was a key member of the team that advised Ardagh Group's treasury team on hedging matters arising from its recent issuance of high yield green notes, as well as many other parts of the company's complex multibillion-euro financing structure. Clancy recent assisted IFC with derivatives aspects of the $652.3m financing of the Central Termica de Temane power project in Mozambique.
Practice head(s):
Patrick Clancy
Other key lawyers:
Sara Couling
Testimonials
‘Sara Couling is delightful to work with and a great problem solver.’
‘We have been using Shearman to review, advise, and negotiate multiple ISDAs and related documents. We highly value their expertise in this area and ability to point out any terms and conditions that are inconsistent with previously negotiated documents.’
‘Despite the time zone differences, the team will respond to any questions/requests we have quite quickly. We also appreciate their patience in explaining legal items to individuals without legal backgrounds.’
Key clients
Ardagh
International Finance Corporation (IFC)
BBVA
Abu Dhabi Global Market
Work highlights
- Advising Liberty Global on its acquisition of 1,335 million shares in Vodafone Group representing 4.92% of the outstanding share capital.
- Preparation of and/or updating and extending netting and collateral opinions for ISDA and its members on the law of the Abu Dhabi Global Market.
- Advising BBVA in connection with the update of its EUR 6,000,000,000 structured medium term securities programme.
Sidley Austin LLP
At Sidley Austin LLP, ‘the service provided is excellent, extremely responsive and proactive‘. ‘A crucial factor is their ability to handle complex and sophisticated matters, their pragmatic approach to getting the job done, and commercial awareness‘, says a client of the practice led by structured products partner Rupert Wall. He recently acted for Bank of America in two separate structured financings involving underlying middle market/direct-lending loans held within two separate and complicated fund structures. The deals had a cumulative value in excess of £1bn. Senior counsel Nick Brittain is a recognised derivatives specialist and senior associate Netanya Clixby is a key adviser to both buy-side and sell-side clients on derivatives and trading documentation.
Practice head(s):
Rupert Wall
Other key lawyers:
Nick Brittain; Netanya Clixby; Ellina Zinatullina
Testimonials
‘We predominantly work with Rupert Wall and Ellina Zinatullina at Sidley on our structured products. The service provided is excellent, extremely responsive and proactive, leading with the way on our behalf with our counterparty’s counsel. A crucial factor is their ability to handle complex and sophisticated matters, their pragmatic approach to getting the job done, and commercial awareness, singles them out as a top-tier firm in this space.’
‘We have worked with Netanya Clixby to execute a series of ISDAs and master schedules over multiple rounds of financing and I have her to be professional, well versed in the substance and technical details, and very responsive. Netanya was quite adept at working with multiple parties on a tight timeline to execute the necessary documents required.’
Key clients
Bank of America
Deutsche Bank
HIG Capital
Jaja Finance
Intermediate Capital Group
Investec Bank PLC
Zenith
Permira
Spire Management / Spire Partners
Work highlights
- Advising Bank of America (“BofA”) on structured products relating to middle market / direct-lending loans managed by a large global asset manager with funds provided by very large global sovereign wealth funds.
- Advised Deutsche Bank as sole transaction and structuring counsel on a series of structured repack transactions involving the issuance of structured notes repackaging long-dated inflation linked CRE leases (so called triple-net leases).
- Advising Spire Partners on all of its fund-related derivatives and repos.
Slaughter and May
Slaughter and May has 'very broad experience of transactions in the market giving the ability to advise on latest developments'. Oliver Wicker and Guy O’Keefe are the key partners in the derivatives and structured products work, and client praise their 'commercial and pragmatic approach with the ability to focus on and resolve key issues quickly'. The firm is a key adviser to high-profile corporate treasury clients on regulatory activities and derivatives matters. Ed Fife advises corporates, governmental entities and financial institutions, among them the Central Bank of Egypt and TreasurySpring Management, on secured lending and derivatives transactions, while Richard Jones (who has 'a good business understanding and is good at driving processes forward') handles derivative and servicing arrangements relating to securitisations.
Practice head(s):
Oliver Wicker; Guy O’Keefe
Other key lawyers:
Ed Fife; Jansy Man; Richard Jones
Testimonials
‘The team was appropriately staffed by senior individuals who were dedicated to my matter and provided the perfect level of reactivity. They offered very good value for money and left me entirely satisfied with their services.’
‘Very broad experience of transactions in the market giving the ability to advise on latest developments.’
‘Commercial and pragmatic approach with the ability to focus on and resolve key issues quickly. Approachable and easy to deal with.’
‘The team puts the client at the centre, is knowledgeable, responds on time and provides good value for money in my view.’
‘I appreciate working with Richard Jones. He is knowledgeable, has a good business understanding and is good at driving processes forward.’
‘I worked mainly with Jansy Man. She was very commercial and agile in finding solutions. She understood our concerns immediately and was very reactive.’
Key clients
NewDay
Lendco
Squire Patton Boggs
Squire Patton Boggs joins the ranking this year having made an astute hire in Leona McManus from Shearman & Sterling LLP in 2022. Clients note that she 'provides timely, concise and practical advice, and is someone who works collaboratively with other teams'. They go on to remark that the firm's 'wealth of experience and the extensive network in the field of derivatives and structured products means they can come up with practical and innovative solutions to every problem'. McManus works closely with the firm's growing commodities, shipping and project finance teams, and she is playing a key role in the firm's push into the private equity and structured finance space. The practice acts for all types of end users and dealers of derivatives, and assists with the structuring and negotiation of complex and bespoke financing arrangements under the ISDA, GMRA, GMSLA or LMA framework documentation.
Practice head(s):
Leona McManus
Testimonials
‘Leona McManus is a great lawyer and a pleasure to work with. She provides timely, concise and practical advice on the matters we have worked together on. She is also an approachable person and someone who works collaboratively with other teams. I look forward to working with her again.’
‘Leona McManus has worked with us for many years and we value her expertise and diligence.’
‘The wealth of experience and the extensive network in the field of derivatives and structured products means they can come up with practical and innovative solutions to every problem.’
‘Depth of knowledge, grasp of complexity and high standard of deliverability.’
‘Leona McManus demands recognition for her focus, commitment and drive to provide the best result.’
‘The practice is largely new but shows a lot of promise with Leona McManus at the helm.’
‘Leona McManus provides precise and pragmatic advice. She is also resourceful and great on client care.’
‘I have worked with Leona McManus whilst she was with her previous firm. She went over and above to get a difficult deal closed and was highly knowledgeable of the subject matter.’
Weil, Gotshal & Manges (London) LLP
Weil, Gotshal & Manges (London) LLP is known for being 'very accessible, and finding a good balance between simply recapping points of negotiation, and providing a view on importance and relevance'. Jacky Kelly leads the structured finance practice and, though best known for her work on CLOs, also handles repo and TRS funding for some of the practice's anchor clients. Counsel Andrew Lauder has a broad derivatives practice that sees him advise on OTC transactions and structured capital markets deals. Clients note that he is 'always on hand to give good advice, and has a good grounding in the product detail, rather than just legal detail'. Both Kelly and Lauder are key advisers to swap counterparties, including global banks, and originators such as Guggenheim Partners and M&G on swap transactions entered into by structured finance vehicles in relation to securitisations and CLOs.
Practice head(s):
Jacky Kelly
Other key lawyers:
Andrew Lauder
Testimonials
‘The team have always been very accessible, and find a good balance between simply recapping points of negotiation, and providing a view on importance and relevance.’
‘Andrew Lauder has always been on hand to give good advice, and has a good grounding in the product detail, rather than just legal detail, which enables him to give a balanced view on which elements of a negotiation are key to focus on.’
‘I really enjoy working with this team – Jacky Kelly is very responsive, knowledgeable and commercial in her advice. I rely on her advice and counsel on many different matters. I am always confident that she will get the deal done. I know that I am in safe hands with the Weil team as the whole team is excellent.’
‘Andrew Lauder is very knowledgeable in the derivative space and provides clear explanation of the products and the market positions – really great to have on our side.’
Key clients
Montagu Private Equity
CVC Capital Partners
Advent International
Bain Capital
Brookfield
Antin Infrastructure Partners
Ontario Teachers
Apollo / Redding Ridge
M&G
Guggenheim Partners
Lloyds
Santander
Work highlights
- Acting for the lenders and hedge counterparties in connection with a refinancing of debt incurred by Island Energy Group (the leading natural gas and LPG distribution and supply business located in Guernsey, Jersey and the Isle of Man) owned by Ancala Partners LLP.
- Acting for a private fund on a repo facility with a European bank to finance a portfolio of EU CLO investments, and a separate Master TRS Facility with another European bank to finance a portfolio of loans and bonds.
- Acting for CVC on hedging arrangements in connection with the financing of its acquisitions of a stake in the French Football league.
Addleshaw Goddard
Addleshaw Goddard is ‘quick to respond, focuses on the aims of the client and finds positive solutions to obtain that aim, rather than a robotic, generic legal service‘. The firm is known for its strength in real estate finance, particularly securitisation, but its structured finance expertise extends to ISDA and EMIR issues, bespoke hedging transactions, netting matters, and securitised derivatives. Lead partner Rachel Kelly is ‘considered in her approach and listens to clients requirements not trying to fit into a box‘. Kelly and Carl Posern acted for Virgin Money and other borrowers in the update of loans and derivatives to new post-LIBOR reference rates. Legal directors Paul Denham, who is a buy-side derivatives specialist and is ‘at the top of his game and understands future potential challenges‘, and the ‘very diligent and reliable‘ Carl Baker also play central roles in the practice.
Practice head(s):
Rachel Kelly
Other key lawyers:
Carl Baker; Carl Posern; Paul Denham
Testimonials
‘Friendly approach for non-expert audiences.’
‘Sophisticated legal advisors in complex financial products, extending to market-leading and innovative crypto/blockchain-based structures.’
‘Rachel Kelly is a standout advisor in the structured finance space who has carved out experience in the crypto/blockchain/fintech sectors, advising on market-leading structures.’
‘The team is quick to respond, focuses on the aims of the client and finds positive solutions to obtain that aim, rather than a robotic, generic legal service. The team is flexible, uses previous experience and knowledge of our firm to provide context to legal solutions and has become a trusted partner for our business.’
‘The firm recently added Paul Denham to their derivatives practice which has been a very welcome addition. Paul has always been at the top of his game, understands future potential challenges and makes sure he is available at all times. We find that the firm sees us a long-term partner and our relationship is that of a true partnership, rather than a pure transactional service relationship.’
‘Paul Denham is our key contact and the reason we moved our work to the firm – he is expert in ISDAs and derivatives work and is very user-friendly.’
‘Engaging and personable, the team take the time to understand your needs and position their advice accordingly.’
‘Well experienced and well organized.’
Work highlights
- Acted as lead counsel to Virgin Money to provide an innovative automated solution, transitioning hundreds of its customers to RFRs.
Alston & Bird LLP
Alston & Bird LLP continues to build its presence in London for structured and warehouse finance transactions, and clients remark that the practice is 'hands-on and joined up, and it works extremely well'. James Fisher is the key partner in London and he works closely with colleagues in the US to advise corporate trust clients on structured finance transactions. Clients note that he is 'hugely responsive, and possesses that rare mix of being both incredibly commercial and technical at the same time', and they rely heavily on his 'deep, long-standing experience, exceptional market intel and very strong market expertise'.
Practice head(s):
James Fisher
Testimonials
‘We look for counsel we can really partner with and depend on in the long term. I have met more partners at Alston than any other law firm in the last two years, which demonstrates just how hands on and joined up the practice areas are. As a global service provider, the fit with Alston as a global law firm works extremely well.’
‘James Fisher is hugely responsive, and possesses that rare mix of being both incredibly commercial and technical at the same time. He offers the us deep long standing experience, exceptional market intel and very strong market expertise. He is always willing to think outside of the box. He very much understands the pitfalls and nuisances of being a service provider which in turn puts us at ease when transacting on particularly complex deals.’
Key clients
Wilmington Trust
Intertrust Group
Apex Group
CSC
Burges Salmon LLP
The structured finance practice at Burges Salmon LLP is ‘proficient, with great attention to detail, and gets the job done‘. Clients note that ‘the team is highly knowledgeable and work around the client’s needs‘. The firm is a key adviser on derivatives matters for numerous high-profile clients such as Lloyds Bank, Investec Bank, and Barratt Homes. Experienced partner Graham Soar leads the practice and is frequently called upon to advise on the negotiation of ISDA master agreements and related credit support agreements. He recently worked with director Alistair Rattray to assist Investec with £30m senior secured term loan facilities made available to SWEN Impact Fund for Transition (SWIFT) for the purpose of financing its investment in a portfolio of anaerobic digestion (AD) assets in the UK. The loan featured a loan-linked swap and required advice on a suite of ISDA, intercreditor and facility documentation to implement the hedging policy.
Practice head(s):
Graham Soar
Other key lawyers:
Alistair Rattray
Testimonials
‘We’ve worked with Burges Salmon for a number of years – they are proficient, display great attention to detail and get the job done.’
‘The team is highly knowledgeable and work around the client’s needs. They’re engaging and always available for support. We’ve found them to be useful counsel for various pieces of advice.’
Key clients
Investec Bank plc
Lloyds Bank Plc
Julian Hodge Bank
Barratt Homes
Work highlights
- Advised Investec Bank on the senior secured term loan facilities made available to SWEN Impact Fund for Transition (SWIFT) for the purpose of financing its investment in a portfolio of anaerobic digestion (AD) assets in the UK.
Crowell & Moring U.K. LLP
Crowell & Moring U.K. LLP joins the ranking having built its presence in the structured finance space since hiring a team from McGuireWoods London LLP in 2021. Partners Jennifer Kafcas and Charles Wakiwaka have become key advisers to investment banks, commercial banks, alternative capital providers, corporates, and private equity funds on a range of instruments, among them deal-contingent transactions, finance-linked swaps, and private equity fund and holdco structured hedging transactions. Since arriving at the firm, they have handled more than 225 structured derivatives products for clients, among them Goldman Sachs and Citibank, in an aggregate notional amount of approximately £12bn.
Practice head(s):
Jennifer Kafcas; Charles Wakiwaka
Key clients
Banco Santander S.A.
Bank of America
Citibank
Goldman Sachs
Investec Bank plc
JS Capital LLC
MUFG Bank
Nomura International Plc
Work highlights
- Handled over 225 structured derivatives products for Banco Santander S.A., Bank of America, Citibank, Goldman Sachs, Investec Bank plc, JS Capital LLC, MUFG Bank, Nomura International Plc in with an aggregate notional amount of approximately £12 billion.
Eversheds Sutherland (International) LLP
Eversheds Sutherland (International) LLP is known for 'excellent relationship management and expertise across all finance areas in multiple jurisdictions', and clients praise its 'strong technical and market knowledge'. Focused on advising buy-side clients, the firm frequently acts for investment funds and their managers, insurance companies, corporates and pension schemes. Head of financial services Michaela Walker oversees the work of the derivatives group, in which Jonathan Master and Richard Batchelor are the standout practitioners. Batchelor recently provided JB Drax Honoré with regulatory advice on its global derivatives activities, covering the implementation of UK EMIR, reverse solicitation issues, and compliance with DFSA regulation. Clients also praise Jamie Dunlop for his availability and responsiveness.
Practice head(s):
Michaela Walker
Other key lawyers:
Jonathan Master; Richard Batchelor; Jamie Dunlop
Testimonials
‘Excellent relationship management and expertise across all finance areas in multiple jurisdictions’
‘Strong technical and market knowledge.’
‘Jamie Dunlop – good availability and responsive.’
Key clients
American Express
Chetwood Financial
HSBC Global Asset Management
JB Drax Honoré
Nomura Asset Management UK
Phoenix
Sonnedix UK Services Limited
Northern Trust Management Services Limited
Tesco Pension Scheme
The Prudential Assurance Company Limited
Katten
Katten is known for its 'deep knowledge of the international regulatory environment coupled with a strong understanding and appreciation of clients' commercial objectives', and clients praise the 'responsiveness and effectiveness of advice'. The firm is well versed in both exchange-traded and OTC derivatives transactions, on which it advises both sell-side and buy-side clients. The firm is also a key adviser on regulatory matters affecting the derivatives market, including MiFIR, Dodd-Frank and EMIR. Carolyn Jackson, who is a former manager of the New York trading desk of several investment banks and the former executive director of ISDA, Nathaniel Lalone (who has 'unique knowledge of US, UK and European regulation') and Neil Robson are the key financial markets regulatory partners in London.
Other key lawyers:
Carolyn Jackson; Nathaniel Lalone; Neil Robson; Christopher Collins
Testimonials
‘Deep knowledge of the international regulatory environment coupled with a strong understanding and appreciation of clients’ commercial objectives.’
‘Responsiveness and effectiveness of advice.’
‘Katten has a small team but delivers like a large team. They have excellent technical expertise and broad market knowledge.’
‘Nate Lalone has a unique knowledge of US, UK and European regulation. A one stop shop for global advice. Chris Collins is noteworthy as an individual developing a broad industry expertise.’
‘Carolyn Jackson – great go-to partner and has got to know our business and derivatives activities very well.’
‘The Katten team combines a deep knowledge of the law with a practical understanding of the market. Its members are not just excellent lawyers but some have actual industry experience. This enables them to provide very practical advice very efficiently.’
‘They are highly skilled and very responsive. The level of service they provide is exceptional. Carolyn Jackson and Neil Robson are industry leaders.’
Morrison Foerster
Morrison Foerster is ‘creative, commercial and solutions-driven‘ and provides ‘in-depth advice on complex issues‘, and displays strength in advising on transatlantic transactional and regulatory matters. Derivatives and commodities partners Polly Ehrman and former senior adviser at the Bank of England Sam Riley also play key roles in the practice. Clients remark that ‘they have in-depth knowledge of a large variety of derivatives and margin loan structures and their advice combines top-quality legal analysis with market knowledge and commercial understanding‘. Vladimir Maly left for McDermott Will & Emery UK LLP in July 2023.
Other key lawyers:
Polly Ehrman; Sam Riley
Testimonials
‘What makes the practice unique is that it is my go-to place for advice on complex issues related to crypto in general, trading issues, multi-jurisdictional regulatory analysis, structuring of liquidity solutions. They are creative, commercial and solutions-driven. The starting point is in-depth advice on complex issues, and any related question or challenge can be solved across the available skills in the team.’
‘Expertise, expertise, expertise!’
‘Amazing team to work with – friendly and very helpful.’
‘A very strong team of experts in any complex transaction in the strategic equity space. They have in-depth knowledge of a large variety of derivatives and margin loan structures and their advice combines top quality legal analysis and drafting with market knowledge and commercial understanding.’
‘Polly Ehrman is an exceptional lawyer who will go all the way to advise and assist their clients in achieving sound and technically excellent results. Transactions are managed timely and efficiently. They are always available to assist and support their clients and very pleasant to work with.’
‘Polly Ehrman is always showing a high level of work ethics and standards, is available at short notice, has a great commercial understanding, and is able to move quickly in providing clear, concise and to the point advice.’
‘Extremely client focused and very user friendly. They understand our business and have great experience and access to specialists – both in other jurisdictions and in very technical areas such as sanctions and US securities.’
Key clients
AXA Investment Managers
Bank of Montreal and BMO Capital Markets
CIBC
ING
Santander
SoftBank Group
Royal Bank of Canada and RBC Capital Markets
Tiberius Asset Management
Work highlights
- Advising various middle-market banks on derivatives matters relating to financial regulatory reform, including the Dodd-Frank Act.
- Advising a number of investment banks on derivatives matters relating to financial regulatory reform, including MiFID 2/MiFIR and Basel III.
Ropes & Gray
Ropes & Gray is a popular choice among asset managers, alternative credit providers, hedge fund managers and private equity firms, for which it handles high-value and innovative derivatives matters. Clients of lead partner Anna Lawry remark that 'her knowledge, ability to issue spot issues, and ability to add value are second to none'. Lawry focuses exclusively on derivatives, in particular the regulatory regime governing the market, and has a strong track record in advising on transactions across all major asset classes, both OTC and exchange-traded. She also assist clients with ISDA, collateral, brokerage, clearing and custody issues. The London team also works closely with colleagues in the US to advise on cross-border matters.
Practice head(s):
Anna Lawry
Testimonials
‘We work mainly with Anna Lawry, and her knowledge, ability to issue-spot, and ability to add value is second to none.’