Derivatives

We advise on the full range of over-the-counter (OTC) and exchange-traded derivatives and we cover the full spectrum of "underlyings", from plain vanilla interest rate and currency derivatives, through commodity, credit and equity-based products and derivatives linked to real estate, insurance and pensions. Our clients range from sophisticated financial institutions to occasional end-users of derivatives. We regularly work with banks, insurers, pension funds, investment funds, sovereign entities and corporates.

Our particular strength is in advising on complex and innovative derivatives products and structures, often forming part of a wider structured finance or securitisation transaction. We have advised on leveraged loan and portfolio credit default swaps, total return swaps relating to loans, bonds, asset backed securities (ABS) and equities, structured notes and repo financing structures.

Some of our transactions are driven by a desire to achieve a better balance sheet, regulatory capital or tax treatment. Others involve repackaging assets or cash flows, or hedging against a particular risk (for example, credit risk or market risk), or as a way of implementing an asset allocation strategy without disturbing the underlying asset portfolio. We have worked on transactions where a derivative (for example, a customised repurchase ("repo")) is used as a mechanism for raising funds within a structured transaction.

We also have significant experience of advising clients on derivatives within restructuring and insolvency matters as well as high profile disputes and regulatory investigations relating to derivatives and associated benchmark rates.  Much of our advice also involves a significant regulatory angle.

Our transactions often involve cross-border issues. We work closely with leading local counsel in other jurisdictions to provide a forward-thinking, high class service to our clients.

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They always find solutions that are very pragmatic and commercial in their advice. They think about issues in a creative and commercial way. Chambers UK, 2018

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