Expertise

Derivatives & Synthetic Instruments

Our Derivatives and Synthetic Instruments Desk is widely recognised as one of the principal go-to teams for high-value or high-risk trades. We have an unrivalled depth of experience, having been present in the market since the early days: from Asian currency crises, the aftermath of Russian sovereign debt default, the collapse of Long-Term Capital, to papering credit derivatives before ISDA standardised the market, to every major event since. Our clients consult with us safe in the knowledge that we have been actively engaged in shaping much of what is seen as “market practice” and that experience allows us to weigh legal, reputational and recharacterisation risks attached to transactions. We cover all products traded, with particular focus on fixed income and equities trades, either as standalone reference entities or as part of relative value or arbitrage trades, or embedded in dispersion, volatility, or basket trades. Our practice covers the full spectrum of legal services, including counterparty negotiations (whether standardised or bespoke), documenting and advising on structured transactions, remediation projects, drafting legal opinions, producing risk policies for non-standard products, and advising on disputes.