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Clifford Chance

Clifford Chance
Derivatives & Structured Products<br />

Derivatives & Structured Products

Leading global experts

Our international derivatives & structured products practice has a strong presence of professionals in all the major financial centres covering OTC, exchange traded and derivatives-based securities and other & structured finance products.

We provide expert advice to providers and end-users of all categories of derivative products and have a large derivatives & structured finance law practice, with over 150 lawyers worldwide.

Our Derivatives & Structured Products expertise

Broad expertise across the Derivatives market

We cover all forms of derivatives - OTC, exchange traded and securitised (such as structured notes), including repos and securities lending work. Our practice has securities lending and repo, derivatives, sales and trading and prime brokerage and custody experts working alongside one another in all the major financial centres covering all aspects of the derivatives and securities lending markets. We work with our clients to develop structures that satisfy both their business strategy and the appropriate legal and regulatory requirements.

Implementing major regulatory changes in the derivatives market

We are heavily involved in all developments in the derivatives market including in relation to central counterparty clearing, client clearing documentation, ISDA protocols, mandatory margin, credit, FX, equity, energy and commodity derivatives. We are the European Regulatory counsel to ISDA and advised ISDA on EMIR, the reform of the markets in financial instruments directive (MiFID2) and issues associated with Brexit. Our practice is fully integrated with the financial regulatory practice acting as a single group supported by Clifford Chances' tax and litigation practices.

Our outstanding practice in Synthetic Securitisation

We have an outstanding practice in synthetic securitisation, having been at the forefront of the re-emergence and rehabilitation of this market since the global financial crisis. We act for most of the major issuers and have been responsible for the development of virtually all the transaction structures now seen across the market. As these transactions have spread to new jurisdictions, we have been there to guide issuers through the legal and regulatory challenges. As the regulatory framework has evolved over the past decade, we have also been intimately involved, working with market participants and industry bodies such as AFME and IACPM in crafting the industry's response to these developments. Having acted for the originators on the vast majority of transactions undertaken globally over the past year, we have a depth of experience and expertise in this market.

At the forefront of developments in the Fintech sector

When it comes to innovation in the Derivatives market our global Fintech experts help organisations utilise technologies such as DLT/blockchain to transform their operations. For example, we are at the forefront of developing the digital asset derivatives market, including preparing template documentation for a number of clients as well as providing related regulatory advice.


Insights on Derivatives Call Series

Our Insights on Derivatives calls are part of our broader Insights call series, and offers a practical overview of the key issues being faced by those working in the Derivatives space. Each call lasts for around 30 minutes and focuses on a specific topic, with participants able to submit questions in real time via Webex during the call. 

Find out more

Recent client highlights

  • Advising several clients on major global IBOR transition projects. We hold a leading market position with multiple engagements supporting global banking clients in due diligence and contract remediation to prepare for the replacement of, and transition away from, IBORs.
  • Acted as originator and drafting counsel for three Greek systemic banks all synthetic securitisations that have been announced to date in the Greek market. These referenced portfolios of performing Greek SME and corporate loans which totalled a value of more than €5 billion.
  • Assisting various clients with developing the digital asset derivatives market, including assisting a number of clients with producing template documentation for use with cash settled and physically settled digital asset derivative transactions which address the unique lifecycle events that can arise in respect of a digital asset.
  • Advising a leading UK bank and a leading Asian bank on establishing its carbon trading desk and documentation including on the regulatory frameworks in the UK and EU, on trading on EU and UK emission allowances, and on characterisation under the relevant regulations.
  • Advising a US investment bank in restructuring two margin lending financing structures (of close to USD1.5bn) that related to unlisted emerging market equities resulting in a complex series of changes across the underlying funding structure, the security and the complex put options embedded within the structure.
  • Band 1: Capital Markets: Structured Finance, Securitisation & Derivatives
    Chambers Global 2022

  • Winner: Global Law Firm of the Year – Overall
    GlobalCapital Global Derivatives Awards 2021
  • Law Firm of the Year
    SCI Capital Relief Trades Awards 2021 and 2019
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