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Capital Markets & Derivatives

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The financial crisis and its aftermath have had a considerable impact on the financial markets. There have been significant changes in the practice and regulation of capital markets, derivatives and structured finance products. Whether you are an issuer, product manufacturer, sell-side institution, corporate counterparty or investor, our dedicated Capital Markets and Derivatives team offers a wide range of transactional and advisory services for all aspects of capital markets, derivatives, structured products and structured finance transactions.

We have an extremely strong and well-balanced client base which includes leading investment banks, clearing banks and asset and investment managers, as well as a large variety of institutional and corporate clients, trustees and pension schemes. The team forms a part of CMS’ International Capital Markets practice comprising more than 100 lawyers across multiple jurisdictions.

We have expertise in the following product areas: eurobonds, securitisations, high-yield bonds, project bonds and CDOs; securitised derivatives and structured products; OTC derivatives; clearing; repos and stock lending; strategic equity derivatives and equity financing; proprietary indices; insurance risk and capital hedging of bank lending and securitisation transactions; financial guarantees; regulatory advice and regulatory capital; restructuring and insolvency; master agreement negotiations; prime brokerage; finding and liquidity transactions; and repackagings. 

“They are very responsive, client-centric and attuned to the commercial drivers and risk tolerances of the business.”

Chambers UK 2022, Capital Markets
Delivering true depth of expertise and resources across the globe
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Highlights of our experience in Capital Markets & Derivatives in the UK
A US investment bank on a wide range of retail structured product transactions linked to a number of underlying asset classes.A large European corporate on a range of complex structured equity derivatives...
07/12/2023
COP28: how the law can unite, act and deliver the UN SDGs
The law, and the work of lawyers, should enable countries, communities and companies to deliver the changes needed to achieve the UN SDGs and the Paris Agreement. As COP28 urges us to unite, act and deliver, Advocates for International Development (A

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26/02/2024
Law Commission’s draft Digital Assets Bill – welcome news for the UK
Following an extensive consultation and publication of its final report in June 2023, the Law Commission has now published its draft Digital Assets Bill (the “Bill”). The Bill is designed “to ensure...
20/02/2024
Economic Crime and Corporate Transparency Act 2023: changes expected to...
From Spring 2024 we expect the role of Companies House and the Registrar of Companies (Registrar) to change significantly from simply incorporating companies and being a largely passive information recipient...
14/02/2024
Revised UK Corporate Governance Code and Guidance – what you need to know
On 22 January 2024, the Financial Reporting Council (“FRC”) published the new version of its UK Corporate Governance Code (the “2024 Code”), with the aim of enhancing transparency and ac­count­ab­il­ity...
09/02/2024
The New QCA Corporate Governance Code 2023 – what you need to know
As a reminder, the Quoted Companies Alliance (QCA) published an updated version of its QCA Corporate Governance Code (2023 Code) in November 2023. The QCA Code is designed to provide growth companies...
08/01/2024
Switzerland and the UK sign agreement on mutual recognition in financial...
On 21 December 2023, the Swiss Federal Council and HM Treasury in the UK announced the signing of an agreement on mutual recognition in specific areas of financial services between Switzerland and the UK referred to as the Berne Financial Services Agreement (the Agreement). The conclusion of this ground-breaking Agreement is the culmination of more than two years of negotiations following the signing of a Joint Statement on 30 June 2020 aiming at enhancing cooperation in financial services between Switzerland and the UK. 
29/11/2023
FCA’s Policy Statement 23/16: Sustainability Disclosure Requirements (SDR)...
Further to the FCA’s CP22/20 the FCA has published, on 28 November, its final rules and guidance to help consumers navigate the market for sustainable investment products (“PS23/16”).There is a...
09/11/2023
FRC U-turns on proposed changes to the UK Corporate Governance Code
In another surprise move in the normally placid world of corporate governance, the FRC provided an important policy update in response to the King’s Speech on 7 November 2023 – which failed to include...
07/11/2023
Financial services outsourcings and AI
With the AI summit last week in Bletchley Park where a world-first agreement has been made between the UK, EU, US and China on the opportunities and risks posed by AI, we thought it was a good time to...
07/11/2023
Another step towards transparency: the Economic Crime and Corporate Transparency...
The Economic Crime and Corporate Transparency Act 2023 (ECCTA), which gained Royal Assent on 26 October 2023, is part of a package of reforms aimed at tackling economic crime and preventing the abuse...
06/11/2023
FCA provides warning on market sounding regime
On 31 October 2023, the Financial Conduct Authority (FCA) published Market Watch No. 75, sharing some observations about the market soundings procedure under the UK Market Abuse Regulation (UK MAR), and...
03/11/2023
UK Cryptoasset Regulation: three key updates
On 30 October 2023, HM Treasury (“HMT”) published 3 key updates on its proposed approach to regulating cryptoassets under the UK’s financial services regulatory framework, namely:Response to feedback...
30/10/2023
AI in financial services: industry feedback published and other developments
On 26 October 2023, the Bank of England (“BoE”), Prudential Regulation Authority (“PRA”) and Financial Conduct Authority (“FCA”) (together, the “Supervisory Authorities”) published a joint...