Firms To Watch: Derivatives and structured products

Kirkland & Ellis International LLP started building its structured finance capability in 2024, and Suril Patel is fast becoming a key adviser to the firm’s stellar array of PE funds, as well as institutional investors, financial institutions and borrowers, on credit default swaps, derivatives compliance, and much more.

Derivatives and structured products in London

A&O Shearman

A&O Shearman ‘has a deep technical and commercial knowledge on complex derivatives’. Practice head Guy Antrobus, who focuses on risk transfer transactions and synthetic securitisations, leads a practice packed with well-established practitioners and emerging partner talent, whose expertise spans the entire waterfront of the market. Parya Badie ‘sets the gold standard for excellence in legal practice’, and has a long and successful track record in complex and highly structured trades with a particular emphasis on significant risk transfer products, bespoke funding trades and structured credit. Ross Stewart is seen by one client as ‘the pre-eminent structured derivatives partner in the market’, showcasing particular expertise in equity financing. The ‘exceptional’ Paul Allan concentrates on credit derivatives, strategic equity transactions and securitisation hedging, while Sara Couling ‘provides timely, concise and practical advice’ on derivatives in leveraged, acquisition, infrastructure and project financing transactions. Tanya O’Hagan is praised for her ‘top-class legal skills and commercial attitude’, and stands out for advice on structured credit, repacks, capital relief trades, emerging markets and sustainability-linked deals. Of Counsel Patrick Clancy is a highly experienced figure recommended for his capabilities in equity financing transactions.

Responsables de la pratique:

Guy Antrobus


Autres avocats clés:

Parya Badie; Ross Stewart; Paul Allan; Sara Couling; Tanya O’Hagan; Robert Simmons; Patrick Clancy


Les références

‘Global reach and seamless connectivity between teams enable them to deliver consistent high-quality service across the different jurisdictions. Beyond providing sound legal advice they excel in applying a commercial lens to complex issues.’

‘I thoroughly enjoy working with Sara Couling. She is always available and provides timely, concise and practical advice on complex matters. She remains calm and in control even when deals are stressful which I really appreciate. Sara and others at the firm work collaboratively and efficiently. I know I can call on Sara if I need urgent advice. She will respond promptly and with good advice.’

‘The team is business-friendly – providing sound legal advice and highlighting relevant risks and supports the business in identifying the risks which are most important on relevant transactions. Guy Antrobus and his team are the go-to.’

Principaux clients

European Investment Fund (EIF)


European Investment Bank (EIB)


Principaux dossiers


  • Advised the European Investment Fund (EIF) and the European Investment Bank (EIB) on Norway’s first green on-balance sheet Simple, Transparent and Standardized securitizations (STS), which closed in December 2024.

Ashurst

Ashurst is ‘creative in finding legal solutions’, and stands out for its ‘flexibility and pragmatic, solution-driven mindset’. Alex Biles leads the global markets team that spans across UK and the US jurisdictions, and he oversees the derivatives and structured products practice led by James Coiley and Michael Logie, who provides ‘excellent pragmatic and commercial advice’. The firm has one of the largest practices in the City, and is a trusted advisor to leading investment banks, as well as a host of major buy-side clients and private capital managers. Among its standout practitioners are Daniel Franks, who handles the full range of complex derivatives, structured finance, securities lending and repos; James Knight, who ‘goes above and beyond to ensure his clients are kept happy’ and advises leading investment banks on credit, rates and equity derivatives; and Kerion Ball works on capital-driven synthetic risk transfer transactions, as well as commodity and equity-linked derivatives. Jeffrey Yow is ‘a rising star and a go-to counsel for structured products’.

Responsables de la pratique:

Alex Biles; James Coiley; Michael Logie


Autres avocats clés:

Daniel Franks; James Knight; Kerion Ball; Jeffrey Yow; Yang Wang


Les références

‘Michael Logie – the best structured products partner in London – excellent pragmatic and commercial advice – always available and a calm voice during stressful times.’

‘The team is expert-led by James Coiley and James Knight and brings a high level of legal and commercial understanding to complex transactions. The team is creative in finding legal solutions and is very good at thinking around issues. The team is also very responsive and is adept at prioritising work to meet multiple demands in single transactions and across a broader transaction portfolio.’

‘James Coiley and James Knight are very approachable, user friendly and responsive, bringing a high level of legal / technical understanding to transactions.’

Principaux clients

Citigroup


J.P. Morgan


Deutsche Bank AG


Nomura International PLC


Shawbrook Bank Limited


Societe Generale


Principaux dossiers


  • Advising Shawbrook Bank Limited on its GBP£150,000,000 risk mitigation arrangement (by way of financial guarantee) with the British Business Bank (« BBB ») under BBB’s Enable Build Guarantee Scheme.
  • Advising Deutsche Bank AG on its risk sharing facility (by way of unfunded risk participation) of up to EUR€350,000,000 with the International Finance Corporation (« IFC »).
  • Advising Nomura International PLC in relation to a circa $255mn « combo-repo » transaction facing Banco Santander, whereby Nomura provided repo financing to Santander supported by additional pledge credit support in order to deal with wrong-way risk.

Clifford Chance LLP

Clifford Chance LLP stands out for ‘exceptional client services, availability and quality of execution’ across the full range of derivatives and structured products, from simple hedging to synthetic securitisation, and all associated regulatory matters. Practice head Timothy Cleary sets the tone with his in-depth knowledge of synthetic securitisation, and significant risk transfer. He frequently assists Santander with its synthetic instruments, with recent work covering retail mortgages, consumer loans, auto loans, SME loans and large corporate loans. Jessica Littlewood also excels in synthetic securitisation and risk transfer trades, and her recent deals include structured notes for UBS AG. Paget Dare Bryan‘s work includes repackagings, credit and equity derivatives, FX and interest rate hedging, and total return swaps. Anne Drakeford handles everything from credit and equity-based derivatives to bespoke structured solutions and synthetic CDOs. Will Winterton is an expert on counterparty risk management, margin and clearing issues. Daniel Shurman joined from A&O Shearman in 2024 to boost the firm’s focus on strategic equity solutions.

Responsables de la pratique:

Timothy Cleary


Autres avocats clés:

Paget Dare Bryan; Jessica Littlewood; Anne Drakeford; Will Winterton; Daniel Shurman; Michael Brown; Katy Parkes; Brij Patel


Les références

‘Depth of specific knowledge and expertise in complex structured finance solutions in the EU and the UK, specifically with regard to regulatory frameworks.’

‘The team keeps abreast of developments in risk capital application under BIS rules for OTC and exchange-traded derivatives, thus allowing optimisation in risk capital allocation for these activities.’

‘We have used the team extensively on securities financing transactions and they have been excellent on coordinating this multi-jurisdictional project. We have found the team to be approachable, friendly and very capable.’

Linklaters LLP

The ‘outstanding team’ at Linklaters LLP has ‘first-class legal skills and is best in the market at matter management’, according to one client. ‘This is one of the strongest and most technically proficient teams’, notes another. Practice heads Jeremy Gewirtz and Chris Staples, jointly steer the global commodities group, and exemplify that skill level. Additionally, the ‘technically strong’ Leanne Banfield excels in sustainable and credit-linked instruments; Vinay Samani is heavily involved in establishing carbon trading businesses; and Deepak Sitlani is ‘experienced, respected, and has incredibly deep market knowledge’. The ‘exceptionally talented’ Simon Firth and Michael Voisin are market stalwarts with extensive experience in market infrastructure, fintech and complex derivatives and structured products. The firm has a strong practice in OTC derivatives, and provides top-tier advice on regulatory matters, and it has notable expertise in equity derivative products, on which Doug Shaw is a recognised expert.

Responsables de la pratique:

Jeremy Gewirtz; Chris Staples


Autres avocats clés:

Leanne Banfield; Vinay Samani; Deepak Sitlani; David Phillips; Simon Firth; Michael Voisin; Doug Shaw


Les références

‘Outstanding team. First-class legal skills and (in my view) best in the market at matter management.’

‘David Phillips, Vinay Samani and Leanne Banfield are great to work with. Very available and responsive. The associates are certainly the most capable we work with too.’

‘Deep expertise in all areas of derivatives, across products and jurisdictions.’

Principaux clients

International Swaps and Derivatives Association Inc. (ISDA)


Principaux dossiers


  • Counselled ISDA- drafting and finalising the ISDA Sustainability-linked Derivatives Confirmations, a follow on from the Sustainability-linked Derivatives Clause Library.

CMS

The CMS capital markets group is ‘extremely responsive and flexible’, and its expanding workload on derivatives and structured products for investment banks, clearing banks, insurers, alongside asset and investment managers, corporate clients, trustees and pension schemes cements its strong market position. Head of capital markets and derivatives Chris Clark is called upon by corporates, major investment banks, and other financial institutions to advise on OTC derivatives, DCM transactions and structured products, with a specific focus on derivative securities and regulatory issues. Will Dibble and ‘technical, commercial and pragmatic’ David McCallum, who made partner in 2025, are ‘go-to partners for credit-linked structured products’. The ‘extremely approachable’ Michael Cavers has notable expertise in retail structured products, and securitisation, hedging for clients including BNP Paribas. Dibble recently acted for Deutsche Bank AG London as lead counsel on its programmes for credit-linked securities, and for Citigroup in the establishment of proprietary indices on assets including commodities, gold and futures contracts.

Responsables de la pratique:

Chris Clark


Autres avocats clés:

Will Dibble; Michael Cavers; David McCallum; George Gledhill


Les références

‘Some excellent, market leading partners (Will Dibble, David McCallum). Great pricing for top-level service. Specialist skills in indices and structured notes where they are market leaders.’

‘Will Dibble and David McCallum – very responsive, market leaders in indices and structured notes, show real dedication to, and deep understanding of, our business.’

‘Will Dibble is a go-to partner for structured products across asset classes – he is particularly good in the field of credit-linked structured products – he is both very technical and commercial/pragmatic at the same time.’

Principaux clients

J.P. Morgan


Goldman Sachs International


Deutsche Bank AG London


Abu Dhabi Islamic Bank


HSBC


BNP Paribas


Deutsche Bank


Barclays Bank


Citigroup Global Markets Limited


National Gas Transmission


Bank of America


Nadara


Pension Insurance Corporation


Principaux dossiers


  • Advised Goldman Sachs International in relation to Benchmark Regulation implementation, third party allocator agreements and drafting new index methodologies in relation to multiple asset classes, including rates and equity along with innovative offerings in the actively managed product space.
  • Advised JP Morgan in London and New York on its retail structured product issues linked to various asset classes, including its complex (“exotic”) and hybrid structured products and credit linked note issuances.
  • Acted as lead counsel for the Abu Dhabi Islamic Bank in the development of its retail fractional sukuk programme, being the first of its kind in the UAE to offer to retail investors.

Dentons

Dentons is ‘quickly becoming a force to be reckoned with for both project and document management’ work. The firm is able to leverage its global footprint and the broad experience of its London team to not only handle day-to-day derivatives work in developed and emerging markets, but also carve out a prominent role in emerging areas such as carbon and ESG derivatives, and play a key role in the development of complex structured products. Head of derivatives Matthew Sapte has ‘a wealth of experience’ in structured finance. He recently assisted Abu Dhabi Islamic Bank with the development of a sharia-compliant repo template document as a key tool to increase liquidity for Islamic banks. ‘Phenomenal partner’ Luke Whitmore is ‘always willing to brainstorm ideas’, while Toby Gray is a highly regarded specialist in complex securitised derivative products, with a particular emphasis on synthetic securitisation, SPV-based structured finance transactions, and bespoke repackagings. Counsel Ruhi Patil specialises in synthetic securitisations, repack programmes, and credit derivatives. Karine Imbrosciano joined the firm in September 2025.

Responsables de la pratique:

Matthew Sapte


Autres avocats clés:

Luke Whitmore; Toby Gray; Ruhi Patil; Karine Imbrosciano


Les références

‘The derivatives group at Dentons is quickly becoming a force to be reckoned with for both project and document management and highly technical digital asset work. The paralegal function is exceptional for speed of document negotiation projects and legal opinion management and very cost effective for in-house counsel. The partners and associates are rapidly coming up to speed in the digital asset space and transactional documents relating to venues and prime brokers.’

‘Luke Whitmore is a phenomenal partner in this team. His training of associates and paralegals is clear in their work output. He is always willing to brainstorm ideas and it really feels like he is part of your in-house team with the way he grasps internal mechanisms, systems and controls. He is fantastic to collaborate with. He is also great at managing the global Dentons franchise and ensuring that you get full service on crossborder matters. It’s useful to have him following those deals alongside your team and chasing up or questioning points where necessary. A solid all rounder.’

‘A highly skilled and responsive team who can handle a wide range of derivatives matters at very reasonable cost.’

Principaux clients

BNP Paribas


Wells Fargo


Lloyds Bank


Natixis


Landesbank Baden-Württemberg


Janus Henderson


Linear Investments Limited


Titan Asset Management


Emirates NBD


Leonteq Securities


Societe Generale


PGGM Vermogensbeheer B.V.


Principaux dossiers


  • Acted for various repo counterparties to Ahli United Bank (AUB) as it restructured its funding arrangements to be Sharia compliant following AUB’s acquisition by Kuwait Finance House.
  • Acted for ADIB to develop a Sharia compliant repo template document (using a double wa’ad, and not a collateralised Murabaha structure).

Fieldfisher

The structured finance group at Fieldfisher is ‘diligent and makes complex issues easy to understand’. Alongside high volumes of derivatives work across all asset classes, from commodities to crypto assets, the firm is helping to develop the ever-more complex universe of market infrastructure, and handles sophisticated structured products. Emma Spiers leads the practice, which still benefits from the decades of experience of Guy Usher. The division has hired well in recent years; Emma Dwyer ‘consistently demonstrates deep expertise, unwavering reliability and a creative approach’, and Sebastian Reger has boosted its capability in regulatory matters, and advice to clients in the pensions, credit funds, and fintech sectors. In 2025, Shanthi Vignasen joined from A&O Shearman to add significant expertise in advising both banks and buy-side clients on complex structured finance and derivatives transactions in the interest rate, FX, commodities, equities, and longevity markets. Edward Miller stands out for repos and stock lending trades, and Jenny Warren is an emerging talent in structured repo trades and synthetic securitisations.

Responsables de la pratique:

Emma Spiers


Autres avocats clés:

Guy Usher; Emma Dwyer; Shanthi Vignasen; Sebastian Reger; Edward Miller; Jenny Warren; Steven Burrows


Les références

‘The team are a pleasure to work with. You always enjoy working with Fieldfisher. They are diligent and make complex issues easy to understand.’

‘Emma Spiers – I always enjoy working with Emma. She has a great personality to work with and will fight your corner on a negotiation if required. Edward Miller – very technically strong on derivatives and margin.’

‘I have worked with Emma Dwyer and Steven Burrows and on numerous regulatory matters. They consistently demonstrate deep expertise, unwavering reliability and a creative approach to problem solving. Expertise in Capital Requirements Regulation (CRR) Article 305(2) “look-through” opinions is particularly standout. These opinions enable firms clearing trades through central counterparties (CCPs) to apply optimal risk weighting for exposures on cleared transactions – provided strict conditions are met.’

Principaux clients

Bank of America


Citigroup


FIA (major derivatives and clearing trade association)


Goldman Sachs


ICBC Standard Bank


Jefferies


LCH (a member of the London Stock Exchange Group)


Munich Re


Nomura


UniCredit


Principaux dossiers


  • Acted as lead counsel to the Trustees of a major UK pension scheme on the restructuring of a complex legacy transaction with a deal value of approximately over GBP £1 billion.
  • Worked with the FIA on its response to the ESMA consultation paper to help shape the scope of the active account requirements under EMIR 3.0.
  • Performed due diligence on Credit Suisse’s sale of a bespoke portfolio of equity derivative transactions to assist our client in pricing this portfolio and the various bespoke features thereunder.

Freshfields

Freshfields provides ‘best-in-class advice’, and clients praise the firm’s ‘dedicated team and in-depth expertise’. The firm’s stellar corporate client-base puts it in pole position to advise on equity-related matters such as margin loans, collar financings, and derivatives-based stake-builds, as well as hedging solutions. In addition to blue-chip corporates and banks, the firm is increasingly acting for private capital providers on their usage of derivatives and structured products. Richard Hart leads the derivatives and structured products group. Hart, and standout partner James Duncan, are heavily involved in strategic equity financing transactions, including margin loans, derivatives, and structured share buyback transactions. Hart also works on OTC derivatives, and both cash and synthetic prime brokerage trades for major financial institutions, corporates and sponsors. Structured finance specialist Flora McLean frequently assists on bespoke transactions with regulatory capital or tax angles, including secured lending, stock lending, repos and prime brokerage matters.

Responsables de la pratique:

Richard Hart


Autres avocats clés:

James Duncan; Flora McLean; Matthew Dodwell


Les références

‘Derivatives and structured finance team offer the best-in-class advice.’

‘Richard Hart and Matthew Dodwell offer technical and pragmatic advice.’

‘Trusted experts with detailed knowledge that is clearly explained to clients. Identification of pragmatic solutions to complications.’

Principaux clients

UBS AG


Principaux dossiers


  • Advised UBS on the impact of the merger and subsequent cross-group integration on the derivatives and other traded product arrangements for both the legacy UBS and CS groups.

Hogan Lovells International LLP

Hogan Lovells International LLP has ‘a broad practice group of experienced and knowledgeable partners’, not least global head of corporate and finance James Doyle, who focuses primarily on the interface between derivatives and structured finance. He frequently advises on securitised derivatives, repackagings, funding structures, and associated regulatory matters. In a London team that works in close co-operation with colleagues in Paris, Frankfurt and Milan, Jennifer O’Connell is a standout partner. She has a broad practice that spans structured products, derivatives, repackagings, and hedging as part of structured finance or lending transactions. Clients note that she is ‘very hands-on and contactable’. Kit Johnson is among the most prominent trustee specialists in London. A prime example of the firm’s complex work is O’Connell’s advice to Crédit Agricole Corporate and Investment Bank on its structured products platform, which includes annual updates.

Responsables de la pratique:

James Doyle


Autres avocats clés:

Jennifer O’Connell; Kit Johnson


Les références

‘A broad practice group of experienced and knowledgeable partners.’

‘Jennifer O’Connell is very hands on and contactable. She is approachable and friendly and makes sure the whole transaction/project runs smoothly and well.’

‘The firm has excellent coverage across London and Paris, including English lawyers in France, who are dual qualified in France too.’

‘Jennifer O’Connell in London is very pragmatic and result-oriented.’

Principaux clients

African Export Import Bank


Cardano


BNP Paribas


Credit Agricole


Goldman Sachs


Leonteq


Natixis


Société Générale


Citigroup


Smurfit Westrock


Dream Point Capital


Bank of Montreal


Jaguar Land Rover


Principaux dossiers


  • Advised BNPP on the annual update of their groundbreaking 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.
  • Advised on the annual update of GSI’s Guaranteed Senior Secured Notes Programme and management of supplements and issuance off the programme during the annual cycle.
  • Acted as legal advisers to BNP Paribas S.A., Lloyds Bank Corporate Markets Plc and Morgan Stanley & Co International PLC in their capacities as certain of the super senior swap providers to Thames Water Utilities Limited in relation to the Part 26A Restructuring Plan proposed by Thames Water Utilities Holdings Limited.

Mayer Brown International LLP

Mayer Brown International LLP is best known for its pure derivatives work, but over the years it has increased its structured products workload and is frequently involved in securitisation. A prime example is its work for Banco Santander Chile in the Project Patagonia risk-sharing facility, a capital relief transaction to help the bank increase mortgage lending to women, and which references a $500m portfolio of corporate loans. Practice head Edmund Parker led that specific transaction, while Nanak Keswani ‘fully understands commercial imperatives and financial considerations’, concentrating his practice on OTC derivatives, repos and structured credit, alongside frequently advising banks, end users and service providers on repacks, structured repos and more. Musonda Kapotwe is an expert on financial services regulation. Peter Pears, who is best known for his DCM skills, is highly active in structured notes, which includes work on structured products programmes for North American and European banks, as well as repack programmes and associated regulatory matters.

Responsables de la pratique:

Edmund Parker


Autres avocats clés:

Nanak Keswani; Musonda Kapotwe; Peter Pears; David O’Connor


Les références

‘They have been our main counsel on the back-leverage side and have a very detailed understanding of our structures.’

‘Nanak Keswani – What sets him apart in particular is that he fully understands commercial imperatives and financial considerations and how they may translate to the documentation. David O’Connor – Gives pragmatic advice and knows which points to push on.’

Principaux clients

Australia and New Zealand Banking Group


Barclays Bank plc


Bank of Montreal


BNP Paribas


Citi México (i.e. Banco Citi México, S.A., Institución de Banca Múltiple, Grupo Financiero Citi México)”


HSBC


ISDA (International Swaps and Derivatives Association)


Japan International Cooperation Agency


JP Morgan


Landesbank Baden-Württemberg


National Bank of Canada


Northern Trust


Nordea Bank


Macquarie


Standard Chartered Bank


Unicredit


Principaux dossiers


  • Advised an array of clients globally on the provision of ISDA netting opinions relating to international financial institutions (IFIs) that enter derivatives transactions under the ISDA Master Agreement and related collateral arrangements, drawing on the ISDA IFI Opinions, which are comprehensive and authoritative base opinions covering the general legal framework and principles applicable to IFIs under English law and New York law.
  • Represented Banco Santander Chile in an innovative credit risk sharing facility, involving collaboration with IFC and PGGM to achieve capital relief for the bank while increasing mortgage lending to women in Chile, a financially underserved segment.
  • Advised Santander in relation to an issuance of two series of credit-linked notes, Series 2024-A and 2024-B. Series 2024-A and Series 2024-B were related to one of the Santander’s core business lines in recent years has been its automobile loan business.

Norton Rose Fulbright

Norton Rose Fulbright provides ‘excellent support, insight and expertise across all aspects of bilateral derivatives’. The firm has many strings to its bow, among them strong banking relationships for structured total return swap and repo financing, in-depth emerging markets sovereign financing knowledge, and market-leading Islamic derivatives insight. Nigel Dickinson, who is a key adviser to investment banks on complex, cutting-edge transactions, and derivatives, repo transactions and structured products specialist Yusuf Battiwala, who is 'user-friendly, always available, provides commercially focused advice', lead the practice. Dickinson recently assisted Natixis and a syndicate of hedge providers with a $375m multi-sourced financing and hedging programme. Global head of financial services and regulation Jonathan Herbst is particularly adept in custody and clearing. Hannah Meakin is a highly regarded regulatory expert, who focuses on market infrastructure, derivatives and fintech. Newly promoted James Kent is ‘extremely responsive and keen to get involved’. He handles OTC derivatives, securities financing transactions and structured notes across multiple asset classes, including equities, credit and interest rates.

Responsables de la pratique:

Nigel Dickinson; Yusuf Battiwala


Autres avocats clés:

Hannah Meakin; Jonathan Herbst; James Kent; Sean Bruns


Les références

‘We started using NRF since James Kent joined, he is a great addition to the team.’

‘James Kent is extremely responsive and keen to get involved.’

‘Norton Rose’s DSP team is amongst the best, offering excellent support, insight and expertise across all aspects of bilateral derivatives and financing transactions, Notes and other Structured Products. They have excellent understanding of the commercial drivers of any transaction, deep market knowledge, regulatory foresight and the technical acumen needed to best position us in all of our negotiations.’

Principaux clients

JPMorgan


Bank of America


Goldman Sachs International


First Abu Dhabi Bank


Standard Chartered


Bank of Ireland


Natixis


NatWest Markets


British Business Bank


CME Group


Ministry of Finance, The Republic of Angola


Abu Dhabi Commercial Bank


Piraeus Bank


Euroclear


Principaux dossiers


  • Advised the International Capital Markets Association (ICMA) and the International Islamic Financial Market (IIFM) on developing an industry standard Islamic repo agreement.
  • Advised a syndicate of hedge banks in relation to the hedging aspects of the project financing of the 1.1 GW Inch Cape offshore wind farm.
  • Advised a large syndicate of hedge providers in connection with the US$375 million multi-sourced financing and hedging programme and US$140 million cost overrun facility for the development of the El Espino open pit copper mine located in the Coquimbo Region, Chile.

Reed Smith LLP

Clients of Reed Smith LLP appreciate its ‘level of engagement and ability to adjust to ongoing requests and amendments in complex international transactions’. Tamara Box oversees the work of the structured finance group, which includes vastly experienced partners Claude Brown, who is heavily involved in cutting-edge ESG matters, and Brett Hillis, who handles a broad range of energy, commodity and environmental products, alongside regulatory specialist Chris Borg. Brown helped structure master documentation for flexible FX forward for Volopa Financial Services. ‘Excellent problem solver’ Nick Stainthorpe and Daniel Birch are highly respected for their structured finance expertise. The multi-talented Tariq Rasheed, who works on derivatives, clearing, prime brokerage arrangements and structured products, recently assisted Bank of America Merrill Lynch on facility-linked hedging, securitisation swaps and deal-contingent hedging. Elizabeth Stroud is a recognised derivatives specialist with in-house investment bank experience. She combines ‘top-quality technical legal expertise with great industry knowledge’. Iman Roy is a key adviser to corporates on derivatives regulation.

Responsables de la pratique:

Tamara Box


Autres avocats clés:

Claude Brown; Brett Hillis; Chris Borg; Nick Stainthorpe; Daniel Birch; Tariq Rasheed; Elizabeth Stroud; Iman Roy


Les références

‘Top-quality legal advice, some of the best technical expertise I’ve seen in the market, and great industry knowledge.’

‘Liz Stroud is an exceptional lawyer, combining top-quality technical legal expertise with great industry knowledge.’

‘The level of engagement and ability to adjust to ongoing requests and amendments in complex international transactions stands out against other law firms we have worked with.’

Principaux clients

BRAC International Holdings B.V. (“BRAC International”)


Sidley Austin LLP

Sidley Austin LLP may not have the largest team in London, but the quality of its work in derivatives and structured products in undeniable. The group, led by Rupert Wall, ‘benefits from his exceptional skills and knowledge in his field’. Wall is head of the firm’s global finance group, and he is sought after for advice on repacks and structured note issuances, as well as regulatory capital and liability management trades. He recently assisted HIG Capital with amendments to an existing structured fund financing backed by private credit loans and involving the issuance of structured notes from a Luxembourg issuer. He is ably supported by the ‘extremely helpful and knowledgeable’ Netanya Clixby, who is a trusted adviser to numerous buy-side and sell-aide clients on ISDA master agreements, prime brokerage documentation, securities lending and repurchase agreements.

Responsables de la pratique:

Rupert Wall


Autres avocats clés:

Netanya Clixby; Alex Kraemer


Les références

‘The team lead by Rupert Wall benefits from his exceptional skills and knowledge in his field of practice, commercial approach and pragmatism. The team is made of talented lawyers, very responsive, that tend to be supportive of local counsel’s work and to drive deals efficiently through completion.’

‘On top of Rupert Wall who is an inspiring leader in his field of practice, we would like to mention Alex Kraemer specifically for his energy, his availability, pragmatism and technical capabilities. More generally, the team is great to work with and very collaborative.’

‘This practice relies on the legal expertise and knowledge of partner Rupert Wall, who is very well know as a leading professional in the field of practice. Rupert is extremely commercial and hands on when the need arises. The practice is made of a strong team of responsive lawyers that are hands on and proactive to get the deal done even under difficult conditions and tight timelines.’

Principaux clients

ICG


Morgan Stanley IM


Permira Credit


HIG Capital


Apollo Funds


Permira Private Equity


DWS


HIG Capital


Polar Capital


Principaux dossiers


  • Advised Apollo on the structuring and negotiation of a bespoke securities forward transaction over a position in securitised notes.
  • Advised Golub on a range of derivatives matters, as primary counsel on their English law and U.S. derivatives trading and repurchase documents.
  • Advised new client LGT on their structured products and structured fund financings.

Simmons & Simmons

At Simmons & Simmons, ‘the advice has been outstanding’, according to clients. The firm has a deep bench of experienced lawyers, who cover the entire waterfront of structured finance, from complex structured products to simple derivatives hedging. Its clients include big players on both the buy side and the sell side. Craig Bisson is head of derivatives and trading, while Michael Lorraine leads the structured finance and derivatives group. Bisson focuses on financial services law and regulation, with a focus on investments. Market stalwart Paul Browne recently advised UBS on a first-of-a-kind carbon finance transaction. Synthetic securitisation expert Matthew Monahan acted for PGGM in a risk-sharing transaction referencing a portfolio of up to PLN 7bn of corporate loans. Monahan is a key adviser to global investment banks on repackaging trades, as is the ‘practical and technically excellent’ Eucharia Bragg. The ‘highly efficient and always available’ Oliver West, and the ‘enormously helpful’ Marcin Perzanowski also play pivotal roles in the practice. Joseph Wren has recently joined the firm.

Responsables de la pratique:

Craig Bisson; Michael Lorraine


Autres avocats clés:

Oliver West; Paul Browne; Matthew Monahan; Eucharia Bragg; Marcin Perzanowski; Joseoph Wren


Les références

‘A collaborative team, easy to work with and with good subject matter expertise. Generally very responsive and with good engagement. Works well with the internal legal team, with constructive challenge on both sides and a lack of big egos (which is refreshing).’

‘Good corporate knowledge, real sense of « one team » within Simmons, no hogging of files, advice sought from, and referral to other partners, as a matter requires. Joined up and coordinated advice, great depth of knowledge and real emphasis on the client relationship across the piece. Takes the time to read in on matters and brief other partners on matters.’

‘The Simmons team has good technical expertise and are efficient and great to work with.’

Principaux clients

UBS


DWS


21 Shares AG


PGGM


BBVA


British Business Bank


HANetf Limited


The Bank of New York


Laser Digital


Travers Smith LLP

Travers Smith LLP ‘stands head and shoulders above its peers’, primarily combining ‘their legal expertise with outstanding commercial understanding and industry insight’, according to one client. The firm is best known for its buy-side practice, and it acts for insurance companies, asset managers, funds, fintechs, pension schemes and blue-chip corporates on derivatives matters, though it is increasingly acting for banks. ‘Very attentive and thoughtful’ practice head Jonathan Gilmour handles both derivatives and structured products, and he frequently assists sophisticated financial institutions, investment and asset managers, PE houses, challenger banks, and occupational pension schemes with complex matters. He recently worked with emerging talent Nicholas Baines on secured fuel and unsecured foreign exchange hedging arrangements for infrastructure manager Ancala Partners LLP. Peter Hughes assisted Bentley Motors with its £880m buy-in of the Rolls-Royce & Bentley pension fund, which required new arrangements concerning the scheme’s existing longevity swap. Sana Dossa is also highly regarded.

Responsables de la pratique:

Jonathan Gilmour


Autres avocats clés:

Nicholas Baines; Sana Dossa; Peter Hughes; Elinor Samuel


Les références

‘Jonathan Gilmour is very responsive and makes himself readily available, offering commercial solutions in a calm and reassuring manner. The associate support, particularly Nicholas Baines, is strong and of a high quality.’

‘The Travers team stands head and shoulders above its peers through its ability to combine their legal expertise with outstanding commercial understanding and industry insight. Top quality advice and very impressive delivery times.’

‘Jonathan Gilmour is very attentive and thoughtful – he thinks of everything.’

Principaux clients

Ancala Partners LLP


Ares Management Limited


Atlas SP Partners LP


BAE Systems Pension Fund Trustees Limited


BC Partners LLP


Bentley Motors Limited


Cinven


Copper Markets


GTC Infrastructure Limited / BUUK Infrastructure Group


Riyad Bank


Principaux dossiers


  • Advised long-standing client and leading infrastructure manager, Ancala Partners LLP on various secured fuel and unsecured foreign exchange hedging arrangements in respect of its portfolio companies.
  • Advised BAE Pension Schemes in respect of the ongoing management and structuring of its £23bn investment portfolio, including its existing bilateral, derivatives, repo, securities lending and structured finance trading relationships as well as new GSAM agency agreements as and when they get approved for use by the scheme.
  • Advised Atlas’s private funds business and legacy business on various matters relating to its derivatives trading activities, including; executing transactions in the US on a substituted compliance basis, interest rate hedging for an exposure in excess of $3.6bn and EMIR compliance (including determining the extent of the EMIR group).

White & Case LLP

White & Case LLP‘s London finance division has huge range across structured finance. Its work spans investment and hedging transactions across interest rate, credit, equity, currency, and commodity derivatives, as well as regulatory capital trades, repos, securities lending, synthetic investments, and Islamic derivatives in developed and emerging markets. Its client base has similar breadth, encompassing sovereign entities, corporates, and financial institutions. Practice head Ingrid York is ‘the pre-eminent expert in the market for carbon trading and complex derivatives’. She leads a ‘personable, available and approachable’ group that includes Anthony Colegrave, whose qualification in South African law sees him active in many cross-border transactions and who is known for his ‘deep industry knowledge and out-of-the-box thinking’, and Tom Falkus, who is a key adviser to credit funds, originators, asset managers, sponsors and investors. Debashis Dey, who works from both London and Dubai, also plays a pivotal role in the practice. Coming up through the ranks is Phillan Amin, who specialises in OTC derivatives, structured finance, and repos. Lara Taylor, noted for her focus on OTC derivatives and finance-linked hedging, is also recommended.

Responsables de la pratique:

Ingrid York


Autres avocats clés:

Antony Colgrave; Tom Falkus; Debashis Dey; Phillan Amin; Lara Taylor


Les références

‘Very specialised expertise in derivatives, carbon trading, synthetic and securitisation.’

‘Ingrid York is the pre-eminent expert in the market for carbon trading and complex derivatives. Phillan Amin is an excellent associate.’

‘The team is technically excellent and a pleasure to work with.’

‘Ingrid York is very impressive, hands-on, with practical advice and great industry knowledge.’

‘The W&C team is strong and solid. It combines good technical skills, with commercial acumen and timely delivery.’

‘The team as a whole was very knowledgeable on the subjects around the contracts we required them to draw up. They were personable, available and approachable. They were protective of our interests and highlighted risks where needed. The team moved quickly, which is where they stand out from other legal firms I have had to interact with in the past. They understood our sense of urgency and helped us to meet tight deadlines, especially on the first contract.’

‘I worked with Ingrid York on drawing up our first carbon credit contract and she was such a pleasure to work with that I recommended White & Case for two more contracts (carbon credits and CORC’s). Lara Taylor was the Associate and she’s a hard worker. While I would never encourage work after hours as a work/life balance is important, there were a few times that she responded after hours and I could see that she put the time and effort in to respond quickly.’

‘Anthony Colegrave, Sylvia Julius, under Ingrid York’s leadership, provide a second-to-none service when it comes to derivatives, their deep industry knowledge and out of the box thinking make all the difference for our transactions and our project management. The high level of recognition they have achieved within the industry makes for seameless interactions with our clients in-house and external legal counsels.’

Principaux clients

The Liquidity and Sustainability Facility


Sonnedix


European Investment Fund


European Investment Bank


BNP Paribas


Crédit Agricole Corporate and Investment Bank


Goldman Sachs


Societe Generale


Frontera Capital Group Limited


Baker McKenzie

The structured capital markets group at Baker McKenzie is ‘highly cost-effective and extremely prompt’. It is particularly active for buy-side clients, among them sovereign wealth funds, hedge funds, pension schemes, and large multinationals. It is also sought after for both transactional and regulatory advice by investment banks and private equity firms. Head of structured capital markets Simon Porter has skilled individuals in his team, including James Tanner, who is ‘a master in the field’. Alongside his main focus on securitisation, he handles derivatives and structured products, and cross-border restructurings. Iolie Calochristos focuses on OTC derivatives and structured products, including interest rate and currency swaps and options, total return swaps, equity derivatives, securities lending transactions, and repos. Matthew Dening now works from the Riyadh office.

Responsables de la pratique:

Simon Porter


Autres avocats clés:

Matthew Dening; Iolie Calochristos; James Tanner


Les références

‘James Tanner is by far our go-to lawyer for any deal or non-deal concerns. He is a master in the field and has an outstanding understanding of the commercial requirements which makes the real difference between him and other lawyers from other firms. Any new relevant transaction we would need enter we would want James to be our advisor for it.’

‘The Bakers team provides full court support to our innovative repackaging programme which has been set up to facilitate institutional investor access to African credits. They are able to support on the drafting and execution of loans as well as the subsequent repackagings. The team is highly cost-effective and extremely prompt on document production.’

‘James Tanner leads the team and is highly responsive and always ahead of schedule on documentation.’

Principaux clients

Advent International


Afreximbank


Ahlstrom-Munksjo Oy


Aptiv Global Operations Limited


Atalaya


Banca IMI


Blackstar Capital


BNP Paribas Trust Corporation UK Limited


Bradesco Bank


Cobham Limited


Commerzbank


Computershare


Credit Agricole


Demica


Deutsche Trustee Company Limited


Evri


Fairfax


Finalbion


Fintex Capital


First Rand Bank


GLAS


HSBC


ING


Intesa


Kantar


Mashreqbank


Natixis


Natwest Markets


Nets A/S


NIBC


Ratepay


Santander


SMBC


Société Générale


Standard Chartered Bank


The Bank of Tokyo Mitsubishi


TMF Trustee Limited


UBS, London Branch


US Bank


Wells Fargo Bank


Woodside Corporate Services Limited


Principaux dossiers


  • Advising Afreximbank as the (currently sole) lender under a loan/repurchase programme established for The Liquidity and Sustainability Facility (the LSF) Designated Activity Company.
  • Advising HSBC as Bond Trustee in the administration of healthcare group NMC and issuer of USD450 million convertible bonds.
  • Advised GLAS (Global Loan Agency Services) in connection with the consensual restructuring of Consolis Group, a European manufacturer of precast concrete elements providing highly engineered and sustainable solutions for the building and utilities sectors, as between the Group’s sponsor, noteholders, revolving credit facility lenders and PIK lenders.

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP has ‘comprehensive knowledge’ on the structured finance market, and although its primary focus is on CLOs and ABS, its London team retains significant expertise in derivatives and structured products. Besides CLOs, Robert Cannon‘s work for arrangers, originators and asset managers encompasses CDOs. Nick Shiren is vastly experienced in derivatives, including credit default swaps, credit-linked notes, total return swaps, currency and interest rate swaps, repos and more. He is a key adviser to leading investment banks, arrangers, issuers and collateral managers in transactions throughout Europe and the US. Emerging talent Sabah Nawaz assists banks, sponsors, originators and issuers with a diverse range of international structured finance, securitisation, debt capital markets, refinancing and restructuring transactions.

Responsables de la pratique:

Robert Cannon; Nick Shiren; Sabah Nawaz


Les références

‘Comprehensive knowledge.’

Principaux clients

Atlas SP


Goldman Sachs


J.P. Morgan


Premium Credit Limited


Dechert LLP

Dechert LLP ‘s structured finance practice handles everything from structured products and derivatives trades to litigation and enforcement. In the global financial services group- led by Gus Black- there is a strong bench of derivatives specialists. Karen Stretch ‘understands how to engage and guide clients effectively’. She handles advisory and transactional derivatives, regulatory compliance matters, trading and benchmarks, and fund finance and capital markets transactions. She is a key adviser to Cheyne Capital Management on its open and closed-ended fund products. John McGrath is sought after by both banks and buy-side clients for advice on enforcement and restructuring of derivatives, securitisations and other structured financings. Abigail Bell has notable expertise in hedge and hybrid structures. Counsel Richard Chapman provides ‘flexible, cost-effective advice with no compromise on quality’.

Responsables de la pratique:

Gus Black


Autres avocats clés:

Karen Stretch; John McGrath; Abigail Bell; Richard Chapman


Les références

‘Karen Stretch is our go-to external counsel for derivatives. She is responsive and technically solid.’

‘Finding the right individual to plan, execute, and deliver throughout your journey is essential. Karen Stretch at Dechert is an absolutely excellent and capable professional who understands how to engage and guide clients effectively. She works well with Richard Chapman, ensuring smooth transitions at appropriate points, with both professionals remaining fully informed and involved.’

‘The team has an excellent working knowledge of the legal documents we present them with. They are available to answer questions and if they don’t have the answer, are able to find out quickly.’

Principaux clients

Fondazione Enasarco


Cheyne Capital Management (UK) LLP


Principaux dossiers


  • Advised Cheyne Capital Management (UK) LLP on a range of derivatives, trading and related regulatory matters.
  • Acted for Fondazione Enasarco in its long-running dispute with Lehman Brothers Finance SA (the Swiss Lehman Brothers entity) 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 an extensive global platform in which London is a key centre for structured finance. Global co-chair of the financial services sector Mark Dwyer handles a broad array of banking and debt capital markets transactions, as well as complex derivatives and structured finance matters. He is currently advising ISDA on the update of an IFI legal opinion on Nordic Investment Bank. Marcus Lovatt is the standout derivatives expert and has extensive knowledge of interest and currency rate swaps, forwards, credit derivatives, and total return swaps. Working with Patrick Lightbown he acted for NatWest Markets N.V. as hedge counterparty in its provision of an interest rate derivative into a securitisation of Dutch mortgages. Steven Krivisnkas is a key adviser to both financial institutions and borrowers.

Responsables de la pratique:

Mark Dwyer; Marcus Lovatt; Steven Krivinskas


Autres avocats clés:

Patrick Lightbown


Les références

‘Marcus Lovatt understands our business and our needs very well and is able to find good compromises workable for both ourselves and our clients.’

Principaux clients

Morgan Stanley & Co International Plc


Foreign, Commonwealth & Development Office, UK


Together Financial Services Limited


NatWest Markets


Plata Finance Limited


ISDA


YouGov plc


Morgan Stanley & Co International Plc


Foreign, Commonwealth & Development Office, UK


Together Financial Services Limited


NatWest Markets


Plata Finance Limited


ISDA


YouGov plc


Morgan Stanley & Co International Plc


Foreign, Commonwealth & Development Office, UK


Together Financial Services Limited


NatWest Markets


Plata Finance Limited


ISDA


YouGov plc


Principaux dossiers


  • Advised the Foreign, Commonwealth & Development Office (FCDO) on its participation in The Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP).
  • Advised Together Money on all derivatives aspects of the refinancing of its existing GBP 1.5 billion Charles Street private warehouse facility into two new revolving warehouse facilities.
  • Advised Plata Finance Limited, an unsecured consumer lending platform which launched in 2022, on all derivatives aspects of its inaugural public securitisation – a £250,000,000 securitisation of unsecured consumer loans made to UK borrowers.

Gide Loyrette Nouel LLP

Gide Loyrette Nouel LLP has a strong cross-office structured finance offering that gives it ‘a strong advantage for European multi-location clients’. Active in both mature and emerging markets, the firm is adept in high-profile strategic equity derivatives and risk management transactions for investment banks, financial sponsors and corporates. It is also highly regarded for structured credit derivatives, structured repos and reverse repo transactions to refinance structured notes and ABS transactions. Within the banking and finance group led by Dimitrios Logizidis, associate Laureen Trachez is praised for her ‘great availability and solid knowledge’. They recently handled hedging arrangements for a €1.5bn debt refinancing. Karine Imbrosciano left the firm in September 2025.

Responsables de la pratique:

Dimitrios Logizidis


Autres avocats clés:

Laureen Trachez


Les références

‘Gide is showing strong collaboration skills across their legal experts across several locations, making it a strong advantage for European multi-location based clients.’

‘Laureen Trachez has demonstrated great availability and solid knowledge all along her delivered advice.’

Principaux clients

J.P. Morgan


Goldman Sachs International


Citigroup


DWS Asset Management


Vauban Infrastructure Partners


Roquette Frères


Europcar


AEA International Holding / International SOS


KGHM Polska Miedz


Société Générale


Principaux dossiers


  • Advised the consortium formed by Vauban Infrastructure Partners (Vauban) and Caisse des Dépôts et Consignations (CDC) on the hedging arrangements in the context of the refinancing of the existing debt as part of the acquisition by Vauban and CDC of the entire share capital of Coriance, which is, with a portfolio of more than 40 district heating and cooling networks, the 3rd largest player in the French market.
  • Advised Giarole on the interest rate hedging arrangements in respect of the refinancing of the Matarnia Retail Park in Gdansk, Poland, between FREY, a commercial property investor and developer listed on Euronext and active in France, Spain and Portugal, and BNP Paribas Bank Polska S.A through a €50 million loan.
  • Advised Qemetica (formerly CIECH S.A.), a Polish chemical company, on various hedging and derivatives transactions, including hedging arrangements in the context of a PLN 3.4 billion loan agreement with a consortium of 10 Polish and international banks.

Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP has ‘a very responsive team, committed to the client and transactions’. The recent merger with US law firm Kramer Levin brings together a buy-side focused US practice with a London sell-side group that has ‘very knowledgeable lawyers and is highly reputed in the City’. Lead partner Nick May and counsel Nick Rutter are the standout practitioners, with their work comprising highly structured, complex and multi-jurisdictional transactions for multinational investment banks, blue-chip corporates, fund managers, and insurance companies. The firm has notable expertise in strategic equity derivatives, and its broad exposure to the energy sector brings significant structured finance work from that industry.

Responsables de la pratique:

Nick May


Autres avocats clés:

Nick Rutter


Les références

‘Excellent subject domain; very knowledgeable lawyers and highly reputed in the City, which is very helpful in legal negotiations. Very responsive team, committed to the client and transactions. Were able to scale the team to include competent lawyers in other jurisdictions when needed.’

‘Nick May and Nick Rutter are very knowledgeable and responsive. Great verbal, drafting and negotiating skills.’

Principaux clients

Deutsche Bank (Emerging Markets Desk)


BevCo


Morgan Stanley


BP and Sponsors


Securitisation Clients (various clients including Santander, ColCap and LendInvest)


Deutsche Bank (Financing Desk)


Rivage Investment Management


Deutsche Bank (Repo Desk)


Mercuria


Tandem Bank


Principaux dossiers


  • Advised Deutsche Bank on the restructuring and upsize of its €1,500,000,000 structured financing transaction with a Turkish bank.
  • Advised BP and sponsors on the complex hedging aspects of the GBP multi-billion NEP/NZT CCUS project financing transaction.
  • Advised BevCo on the €200mn disposal of a stake in a listed Spanish real estate company.

Jones Day

Jones Day has built a strong platform in London, which is now a key hub in its global financial markets practice. Chris Arnold leads the London derivatives practice, which works closely with colleagues in Paris and New York. Globally, the firm is on the panels of more than 40 banks, including all major French banking groups, as well as many of the largest US investment banks. The pan-European structured finance group works as a fully integrated team across key financial centres in France, Germany, Italy, the UK and Spain to provide seamless service. Arnold recently advised Standard & Poor’s as Standard Reference Obligation Administrator to the Credit Derivatives Determinations Committees (DCs) responsible for making determinations affecting the global CDS market. Seasoned practitioner Ed Nalbantian has a strong focus on OTC derivatives.

Responsables de la pratique:

Chris Arnold


Autres avocats clés:

Ed Nalbantian


Les références

‘As a global derivatives practice, Jones Day offers a particularly strong team both on the transactional and contentious side of the equation. Representation of Lehman post its collapse in 2008 has brought with it an insider view of relevant derivatives market practice and documentation. And at entry level, particularly in the USA, the firm continues to overachieve in its recruitment of talent.’

‘While several leading derivatives experts, like Ed Nalbantian, have graduated to senior counsel status, the recruitment of star talent, like Chris Arnold, keeps the team with the benefit of top-ranked talent. And in my experience the global derivatives practice is a well-integrated one, so that Chris can draw on the considerable talent and offer of support of stars in Paris and New York. These are highly experienced players, well respected by their peers and competitors.’

Principaux clients

Bank of America


Standard & Poor’s


Latham & Watkins

Latham & Watkins continues to build its structured finance offering in London, its latest move being the hire of the CLO team from A&O Shearman. That team will work alongside a well-established derivatives, equities and structured products group led by corporate equity derivatives and structured equity financing specialist Jeremy Green and Dean Naumowicz, who frequently assists banks with hedging, acquisition, and financing strategies relating to equity positions. The partners are supported by a strong team of counsels in the form of Delyth Hughes and Yana Nastyushenko, as well as six associates. The team recently advised Vertex Bioenergy on the hedging of a long-term sustainability linked financing.

Responsables de la pratique:

Jeremy Green; Dean Naumowicz


Autres avocats clés:

Delyth Hughes; Yana Nastyushenko


Macfarlanes LLP

Macfarlanes LLP ‘stands out for their deep sector knowledge with a very client-facing and pragmatic approach’. The firm maintains a strong buy-side focus, and is a key adviser to investment and hedge funds, banks, pension funds and insurers, high-net-worth individuals and corporates on trading, hedging and financing transactions. It increasingly acts for credit funds on SRT financing solutions including the use of repo, TRS and other instruments to transfer risk. The ‘accessible, commercially pragmatic’ Will Sykes and Chris Acton, who ‘can always be relied upon in a crunch’, are the lead partners. Their team continues to look after the trading needs of US, UK, European, UAE and HK market participants, thanks to an in-depth knowledge of local regulations.

Responsables de la pratique:

William Sykes; Christopher Acton


Autres avocats clés:

Edward Karsten; Richard Fletcher


Les références

‘The whole team from partners to associates display a high level of technical competence, instilling confidence from the get go.’

‘Practical and commercially pragmatic – great value for money overall.’

‘Will Sykes is great to work with – accessible, commercially pragmatic and provides quality advice.’

Principaux clients

Hayfin Capital Management


AlbaCore Capital


Marshall Wace


Aspect Capital


Man Group


Legal & General Investment Management


Winton Capital


Systematica Investments


Polus Capital


Thélème Partners


Cross Ocean


Florin Court Capital


Pictet Group


Jane Street Capital


Franklin Templeton


Principal Global


Columbia Threadneedle


Principaux dossiers


  • Provided transactional advise to Legal & General on £900m buy-in with the ICI Pension Fund.

Milbank

Milbank ‘provides excellent service, with good market knowledge and strong advocacy’. The structured credit group is heavily involved in large-scale hedging transactions, bespoke regulatory capital, and equity derivatives matters. The firm is also adept in advising financial institutions on bespoke funding and regulatory capital structures, as well as the transfer of credit risk using synthetic securitisation structures. It also acts for borrowers, lenders and hedge providers in deals with an ESG and natural resources focus. The ‘truly top-notch’ James Warbey is ‘super-responsive and solutions-oriented’. The ‘very hands-on’ Robert Wyse Jackson continues to make his mark in complex cross-border structured finance and derivatives transactions. He frequently assists hedge counterparties and sponsors on project, leveraged and aviation financings. Alex Martin joined from Latham & Watkins to add more broad structured finance expertise.

Responsables de la pratique:

James Warbey


Autres avocats clés:

Robert Wyse Jackson; Alex Martin; Lauren Beattie


Les références

‘Main contact is Rob Wyse Jackson – he is very hands on for his experience level, and « gets it » quickly if there is a key point – he is also a pleasure to work with.’

‘Good client management skills and commercial understanding of our objectives.’

‘James Warbey and his team are truly top-notch. Super responsive, solutions oriented.’

Principaux clients

Deutsche Bank, ING Bank, and UniCredit


Zegona Communications plc


Together Financial Services Limited (Issuer)


KKR Credit Advisors (Ireland) Unlimited Company


Nassau Global Credit (UK) LLP, as Collateral Manager


Paul Hastings LLP

Clients of Paul Hastings LLP remark that ‘from partner to associate, everyone is engaged’, adding that the lawyers are ‘on top of their game and yet fun to work with’. The London structured credit practice works closely with the expanding US-based derivatives team, providing coordinated cross-border structured finance advice to the likes of Morgan Stanley, Natixis, and Rand Merchant Bank. For the latter, lead partner Jason Brooks, who is ‘a great guy who is always ready to help on a deal’, handled e-packaging transactions and programme modifications to their Plover repack programme, demonstrating the strength of the firm’s repackaging practice in emerging markets. Clients appreciate the ‘commercial acumen, responsiveness’ of Brooks and his team.

Responsables de la pratique:

Jason Brooks


Autres avocats clés:

Adeline Tsui


Les références

‘Jason is particular good in the following fields – we love working with him: excellent technical expertise across different derivative product types. Regulatory knowledge is very good. Documentation skills are great.’

Commercial acumen, responsiveness.’

‘Jason Brooks is a great guy who is always ready to help on a deal.’

Principaux clients

Morgan Stanley


Rand Merchant Bank


SixPoint Capital


BNPP


SMBC


Natixis


Principaux dossiers


  • Advised Morgan Stanley on repackaging transactions and programme modifications and updates under the Alphabeta and Memel repackaging programmes, including listing.
  • Advised Rand Merchant Bank on e-packaging transactions and programme modifications to their Plover repack programme.
  • Advised Deutsche Bank, Natixis, SMBC, Morgan Stanley, and others on hedging arrangements for finance deals.

Ropes & Gray LLP

Ropes & Gray LLP continues to leverage its in-depth real estate knowledge, a growing funds client base, and its ability to handle novel and bespoke transactions to cement its position as a prominent buy-side adviser. Lead partner Anna Lawry- in the asset management group- advises on OTC and on-exchange derivatives, as well as ISDA, collateral, brokerage, clearing and custody arrangements. As well as hedging transactions, she is also well-versed in cross-border synthetic investments, leveraged derivatives, structured financings, and repackagings.

Responsables de la pratique:

Anna Lawry


Slaughter and May

Slaughter and May continues to be involved in complex credit protection, CDS and repo work, as well as an array of transactional and regulatory matters for major banks, insurers, and blue-chip UK corporates.  Ed Fife recently advised international energy and services company Centrica Plc on reporting obligation for back-to-back intragroup derivative transactions under UK EMIR, delegated reporting arrangements and the potential consequences of failing to report such transactions in accordance with relevant requirements. Richard Jones advises on derivatives in the context of securitisations, structured finance transactions, loan finance and general corporate treasury purposes. Caroline Phillips is a key adviser to sponsors, corporates and financial institutions.

Autres avocats clés:

Ed Fife; Richard Jones; Caroline Phillips


Principaux clients

Centrica Plc


TreasurySpring Management


Volvo Treasury AB


Arm Limited


Deutsche Bank AG, London


Diageo


Central Bank of Egypt


Principaux dossiers


  • Advised Centrica Plc on the reporting obligation for these back-to-back intragroup derivative transactions under UK EMIR, delegated reporting arrangements and the potential consequences of failing to report such transactions in accordance with relevant requirements.
  • Advised Volvo Treasury AB in relation to the establishment and, where necessary, amendment of their ISDA Master Agreements with a number of counterparties, spanning a wide range of jurisdictions.
  • Assisted TreasurySpring with the negotiation of their documents with a particular focus on (1) ensuring as much consistency across all of TreasurySpring ’s existing GMRAs and GMSLAs insofar as possible (for operational ease) and (2) updating historical arrangements so as to align with current market practice.

Squire Patton Boggs

Squire Patton Boggs has ‘deep expertise and a proactive approach.’ In the financial services practice- led by Paula LairdLeona McManus is the standout partner for derivatives and structured finance issues. Clients remark that McManus ‘knows the products, the market and the law’. She focuses on English law derivative transactions across all asset classes, as well as complex and bespoke structured finance products. She has particular expertise in equity financing transactions, involving margin loans and equity collar financings, and has in-depth knowledge on the use of derivatives technology in project finance, shipping finance, infrastructure finance, leveraged finance and acquisition finance, including Islamic hedging instruments. She advised long-standing client ECI Partners LLP on acquisition financing for its buyout of pensions specialist service provider IGG.

Responsables de la pratique:

Paula Laird; Leona McManus


Les références

‘Deep expertise and generally proactive approach.’

‘Leona McManus – committment to achieving the best outcomes for clients.’

‘Very responsive.’

Principaux clients

ECI Partners LLP


Weil, Gotshal & Manges (London) LLP

At Weil, Gotshal & Manges (London) LLP, ‘the team is small but very focused and proactive’. The London office is best known for its work on CLOs, and Jacky Kelly is widely regarded as having ‘the perfect balance of skills, experience and credibility’. She leads the structured finance group, in which Andrew Lauder is the standout adviser on derivatives and structured products. His work spans advice on hedging by issuer SPVs, regulatory matters, representing swap counterparties, repos, and TRS funding structures. He is also adept in credit default swaps and synthetic securitisations, frequently handling complex issues relating to credit event trigger analysis, swap payment calculations and the impact on transactions. He recently acted for Astorg Partners on deal-contingent hedging for a take-private transaction.

Responsables de la pratique:

Jacky Kelly


Autres avocats clés:

Andrew Lauder


Les références

‘Team is small but very focused and proactive. The team understands well the clients need and provide great services.’

‘Jacky Kelly is highly experienced and knows how to get deals done constructively. There is no superfluous discussions and she is very efficient and commercial. Perfect balance of skills, experience and credibility.’

Principaux 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


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


Pemberton Asset Management


RBC BlueBay Asset Management


Brigade Capital


Fair Oaks Capital


Corinthia Global Management


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


Pemberton Asset Management


RBC BlueBay Asset Management


Brigade Capital


Fair Oaks Capital


Corinthia Global Management


Principaux dossiers


  • Advised hedge counterparties and originators/issuers on numerous swap transactions entered into by structured finance vehicles in relation to securitisations and CLOs.
  • Provided general derivatives advice for various private equity and corporate clients.
  • Advised lenders and hedge counterparties on the financing and related hedging arrangements in connection with the acquisition by iCON Infrastructure Partners of Alliance Care.

Addleshaw Goddard

Addleshaw Goddard provides ‘practical and efficient solutions’ to transactional and regulatory issues. The ‘innovative, diligent’ Carl Posern and the ‘thorough and precise’ Paul Denham are the lead transactional specialists, advising on a variety of derivatives matters across asset classes, notably credit derivatives, foreign exchange, swap portfolio sales and complex collateral structures, as well as synthetic securitisations. The group frequently assists on product development, structuring and documentation of transactions for clients in the Middle East. Former Bank of England Deputy General Counsel Tess Kelly joined in 2024 to bolster the firm’s financial regulatory capability.

Responsables de la pratique:

Carl Posern


Autres avocats clés:

Paul Denham; Tess Kelly


Les références

‘Solid and deep knowledge on all aspects of derivatives including regulatory requirements combined with practical and efficient solutions. Particularly strong on use of technology to drive efficiencies.’

‘Paul Denham was a safe pair of hands to guide us through the derivative aspects of a large and complex transaction using innovative approaches. He was always focused on practical solutions and outcomes to the various issues that arose.’

‘Paul Denham is a great professional. Readily available, cooperative, supportive and with a commercial mindset. He provided great advice, going above and beyond what was requested. Excellent.’

Principaux clients

Virgin Money


ICBC London


The Norinchukin Bank


JP Morgan Asset Management


Nationwide Building Society


Pension Insurance Corporation


B2C2


Coventry Building Society


The Co-operative Group


Marex Financial


Lloyds Bank Commercial Banking


Principaux dossiers


  • Advised Nationwide Building Society and Virgin Money on derivatives aspects of Nationwide’s acquisition valued the entire share capital of Virgin Money at approximately £2.9billion.
  • Advised Marex Financial in relation to its ISDA Master Agreements and credit support documentation.
  • Advised The Coventry Building Society on derivatives aspects of its £780 million cash acquisition of The Co-operative Bank.

Alston & Bird LLP

Described as ‘good to have on your side in difficult situations’ by clients, Alston & Bird LLP is highly regarded. The firm’s boutique corporate trust practice has carved out a niche in London, and works closely with the large team in the US. The department now acts for the majority of the corporate trust and agency providers in the structured products market, among them Wilmington Trust. Practice head James Fisher and New York law-qualified Natalia Souza are the bedrock of the London team, and they work with trust litigation expert Nick Brocklesby in contentious matters. Fisher ‘provides sound advice and inspires confidence’.

Responsables de la pratique:

James Fisher


Autres avocats clés:

Natalia Souza; Nick Brocklesby


Les références

‘The strength is the team itself, James Fisher and his litigation colleague, Nick Brocklesby are excellent lawyers and good to have on your side in difficult situations.’

‘If this enquiry is relating to James Fisher, James is an excellent lawyer, provides sound advice and inspires confidence in difficult situations. Very personable and easy to work with.’

Principaux clients

Apex Corporate Trustees


Wilmington Trust


Amicorp


CSC Global


BNY


Kroll Trustee Services


The Law Debenture Trust Corporation


U.S. Bank


Ocorian


GLAS


TMF


Burges Salmon LLP

Burges Salmon LLP provides ‘solid, reliable advice on real estate finance and revolving credit transactions’, and also has in-depth knowledge of derivatives in the energy and infrastructure space. Lead partner Graham Soar frequently advises on ISDA master agreements and related credit support agreements, commodities derivatives, and debt securities. Alistair Rattray also plays a key role in the practice, which acts for numerous buy-side clients, including multinational listed companies and pension fund trustees, as well as banks.

Responsables de la pratique:

Graham Soar


Autres avocats clés:

Alistair Rattray


Les références

‘Solid, reliable advice on real estate finance and revolving credit across legal and commercial, much appreciated.’

‘Ali Rattray is the main client contact and is responsible for the delivery. Ali is good to work with, focusing on the issues that we might miss or not appreciate in particular.’

Principaux clients

Atlantic Green UK Limited


Aura Power Developments Ltd


Principaux dossiers


  • Acted for Atlantic Green in securing a £152 million financing package, including the hedging arrangements, for the construction of the 624MWh Cellarhead battery energy storage system (BESS).
  • Advised renewable energy developer Aura Power as borrower on a c. £44 million project financing debt facility, including the hedging arrangements, made available by Coöperatieve Rabobank U.A, a Dutch multinational sustainable cooperative bank.
  • Advised the lending syndicate (Investec, Banco Sabadell and AIB) in relation to their c. £100 million debt financing of the Greenvolt Group, and associated hedging arrangements, which funded the acquisition of Kent Renewable Energy Limited (KREL).

Crowell & Moring U.K. LLP

Crowell & Moring U.K. LLP is praised for its ‘speed of delivery, quality of the service, and ability to think out-of-the-box'. The ‘wonderful, dedicated and very knowledgeable’ practice head Jennifer Kafcas is highly regarded for her in-depth market knowledge, and she remains a key adviser to investment banks on derivatives transactions and regulation. She works closely with Charles Wakiwaka, who advises both sell-side and buy-side clients on derivatives and structured transactions including deal-contingent instruments, repackagings, and structured notes across asset classes such as equities, credit and commodities.

Responsables de la pratique:

Jennifer Kafcas; Charles Wakiwaka


Les références

The Crowell & Moring derivatives team are one of the most efficient legal teams in this space. They provide the most competitive timings and fee quotes without compromising at all on the advice received, which is excellent.’

‘Jen Kafcas – Wonderful, dedicated and very knowledgeable as to the markets she operates in.’

‘Speed of delivery, quality of the service, ability to think out-of-the-box.’

Eversheds Sutherland (International) LLP

Eversheds Sutherland (International) LLP specialises in advising buy-side clients, among them investment funds, insurance companies, corporates and pension schemes, on derivatives to generate investment performance or to hedge risk. Head of financial services Michaela Walker oversees the work of derivatives specialist Richard Batchelor, who recently assisted Tesco PLC Pension Scheme with the derivatives aspects of the outsourcing of its investment function to Schroeders. The firm has a broad derivatives practice, but is particularly prominent in FX energy trading. Tim Fosh, who joined from Slaughter and May in 2024, is knowledgeable in financial regulatory matters.

Responsables de la pratique:

Michaela Walker


Autres avocats clés:

Richard Batchelor; Tim Fosh


Principaux clients

JB Drax Honoré


London CIV


Citibank


Octopus Energy


Next Plc


Tesco Pension Scheme


Sainsbury’s Pension Scheme


The People’s Pension Scheme


Smith Group Plc


LV=


Principaux dossiers


  • Provided full service support to JB Drax Honoré, ranging from new product design in repo and crypto derivatives, to derivatives litigation, corporate actions, banking and regulatory advice.
  • Supported Resolution Life group on a wide range of advice including transactional support on ISDA master agreements, GMRAs, regulatory advice on uncleared margin rules, and support on structured products such as SPIRE notes.
  • Provided a wide range of treasury advice to the Octopus energy group, covering, amongst other things, FX and interest rate hedging, and internal intra-group transactions.

K&L Gates LLP

K&L Gates LLP has a ‘highly responsive, efficient and collaborative’ approach to transactional and regulatory matters. Ron Feldman, who is ‘proactive and consistently adds value’, is an experienced adviser to funds, corporates, and brokerages on hedging and investment matters across equity and credit derivatives. In the investment management practice, Philip Morgan specialises in financial services regulatory matters.

Responsables de la pratique:

Ron Feldman; Philip Morgan


Les références

‘Highly responsive, efficient and collaborative – often calling to talk things through, not just relying on email. The team delivers strong value for money and stands out for clear, hands-on communication.’

‘Ron Feldman stands out for his responsiveness, clear communication and practical advice. He’s proactive, collaborative and consistently adds value.’

Principaux clients

Federated Hermes


Principaux dossiers


  • Advised Federated Hermes on the introduction of a revised post transaction regime in the EU and in the UK.

Katten Muchin Rosenman

Katten Muchin Rosenman has ‘deep industry understanding and strong technical expertise in US, EU and UK regulation’. The firm has a strong buy-side practice that spans all asset classes, including commodity derivatives, while continuing to build out its portfolio of sell-side work. It frequently acts for proprietary traders, commodity firms, crypto asset investors, alternative asset managers and hedge funds, brokers, investment banks and swap dealers, as clearinghouses and settlement banks. Carolyn Jackson and Nathaniel Lalone, who are both dual-qualified in English and New York law, lead the practice along with finance, fintech and funds specialist Neil Robson.

Responsables de la pratique:

Carolyn Jackson; Nathaniel Lalone; Neil Robson


Les références

‘The Katten team combines deep knowledge of the law with actual industry experience and an impressive understanding of the financial instruments and products. The team includes lawyers who have worked as traders and with regulators and industry groups. They know the market and provide practical advice. They are extremely responsive.’

‘Carolyn Jackson combines real world industry experience with in depth knowledge of the law and market to consistently deliver high quality and practical legal advice.’

‘Deep industry understanding and strong technical expertise in US, EU and UK regulation.’

McDermott Will & Schulte

McDermott Will & Schulte provides a ‘timely, focused and pragmatic’ service that covers the transactional, tax, and regulatory aspects of derivatives transactions. Lead partner Vlad Maly and counsel Giacomo Bertolissi are both derivatives specialists, with Maly focusing predominantly on cross-border financings and public M&A strategies, and Bertolissi advising financial institutions, corporates, and asset managers on margin loans and capital markets transactions. Clients remark that they are ‘very economical in their approach’, and ‘think outside of the box’.

Responsables de la pratique:

Vlad Maly


Les références

‘We’ve seen their product-specific advice to be timely, focused and pragmatic.’

‘McDermott has an excellent equity derivatives team. They are particularly good at providing structuring advice and finding solutions when executing a deal.’

‘Vlad Maly is the partner working on my deals. He is always available, very knowledgeable and volunteers structuring ideas.’

Pinsent Masons LLP

Pinsent Masons LLP makes its debut in the ranking having hired Igor Zyskind from Simmons & Simmons in 2024. Zyskind, who works closely with head of structured finance Edward Sunderland, is ‘a standout partner in the derivatives field, known for his proactive approach’. His work encompasses all manner of complex OTC derivatives, including interest rate, equity, FX, credit and commodity hedging instruments, as well as repos, securities lending transactions, structured debt instruments, repackagings and margin loans.

Responsables de la pratique:

Edward Sunderland; Igor Zyskind


Les références

‘Igor Zyskind has excellent expertise in derivatives and is willing to go into detail to provide valuable results; he is thinking out of the box where necessary for benefit of both, ourselves and our clients.’

‘The team is uniquely placed because of their knowledge of a variety finance products (e.g. lending as well as derivatives). they are also flexible and competitive when it comes to billing and offer a very good value for money.’

‘Igor Zyskind is a standout partner in the derivatives field, known for his proactive approach to identifying and addressing legal issues. Igor consistently demonstrated a keen ability to anticipate potential legal challenges and a result me and my colleagues as his clients are well-prepared and informed. With deep knowledge in both lending and derivatives, Igor is uniquely positioned to provide comprehensive advice on transactions that incorporate elements from both fields. He is also flexible and always available which is important when it comes to high pace transactions.’

Principaux clients

Babcock International Group Pension Scheme


ABN AMRO BANK N.V.


21Shares AG


Swiss Life


Canada Life


Aareal Bank AG


NatWest Markets Plc


Efficio Consulting


Royal & Sun Alliance Insurance Limited


HSBC Bank plc


Principaux dossiers


  • Advised Aaral Bank AG on a loan-linked hedging transaction in connection with a real estate financing to purchase a commercial property in the UK (derivatives matter).
  • Advised 21Shares AG on the approval of their prospectus by the FCA with respect to crypto-linked exchange traded notes (structured products matter).
  • Advised ABN AMRO on a loan-linked hedging with respect to a project financing arranged for a Finnish borrower.