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Clifford Chance

Clifford Chance

Andrew Des Rault


Andrew Des Rault

Andrew Des Rault is an associate in Clifford Chance’s Derivatives Group in New York. He has extensive experience advising investment banks, fund managers and corporations on the structuring and documentation of derivatives and related products.

He also has experience advising market participants on the application of CFTC and SEC rules and regulations to their derivatives trading activity. Immediately prior to joining Clifford Chance, Andrew served as the Deputy General Counsel at Exos Financial, a boutique financial services firm, where he worked closely with the firm’s CEO and General Counsel and advised on a range of transactional, regulatory and corporate governance matters. Andrew also has experience as an associate at Ropes & Gray LLP (2018-2021) and Simpson Thacher (2012-2017) and served as Vice President & Assistant General Counsel in JPMorgan investment bank’s equity derivatives legal group (2017-2018).

  • Advised fund managers and corporate treasurers on interest rate and currency hedging strategies, including loan and deal-contingent hedging.
  • Advised investment banks and credit funds on repurchase and reverse repurchase agreements to finance the purchase of portfolio assets.
  • Advised investment banks, asset managers and endowments in documenting synthetic "delta 1" equity swap master confirmations.
  • Advised public companies on equity derivative strategies involving the hedging of or issuance or repurchase of their common shares, including capped call and accelerated share repurchase transactions.
  • Advised fund managers on the regulation of "commodity pools" by the CFTC and related commodity pool operator (CPO) and commodity trading advisor (CTA) registration requirements and ongoing compliance obligations.
  • Advised various market participants on the implementation of Dodd-Frank's margin, clearing and recordkeeping rules.

News and client work

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Contact details

Career and qualifications

  • B.A. from the College of the Holy Cross in 2003
  • J.D. / M.B.A. from Cornell in 2012

Professional bodies

  • Chartered Financial Analyst (CFA) Charterholder