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Brexit Market Impact Group

Overview

Travers Smith’s cross-disciplinary ‘Market Impact Group’ is drawn from legal specialists who are all leaders in their fields and have first-hand experience in advising clients in the financial sector at times of market stress.

Whether you are on the sell-side or buy-side, a global custodian, an operator of financial market infrastructure or a provider of payment or other banking services, we can help you navigate and manage the likely pitfalls ahead – whether through recovery and resolution, default avoidance and management or risk control and mitigation.

Our seasoned team has long experience of working closely together to advise on the broad range of issues that affect market participants, both in contentious and non-contentious scenarios. Our deep and broad sector knowledge includes extensive experience of handling high-profile, challenging and technical assignments for market participants, including mandates for the Joint Administrators of Lehman Brothers International (Europe) (in administration) after the financial crash of 2008 and acting for the Oversight Committee of the Bank of England in its wide-ranging investigation into the foreign exchange market.

Our work and our representation on trade associations and expert market groups give us a detailed knowledge of the workings of the financial markets. It helps us to advise not only on where the law and regulation stand, but also to help shape how law and regulation will develop - skills that are particularly pertinent as clients in the financial sector manage the repercussions of Brexit.

Our group offers advice and representation in relation to the following:

  • Custody
  • Clearing, settlement and financial market infrastructure
  • Derivatives and structured products
  • Prime brokerage, repo and securities lending
  • Financial collateral
  • Insolvency, recovery and resolution
  • All types of financial markets disputes and regulatory investigations

 

Brexit Market Impact Group select experience

Acting and advising Joint Administrators of Lehman Brothers International (Europe) (in administration) in its settlement with Citigroup concerning assets valued at over US$2.5bn; and in a large number of disputes relating to termination, valuation, set-off and other issues in relation to transactions entered into under ISDAs, OSLAs, GMRAs, GMSLAs and other framework agreements

Acting for the Joint Liquidators of Lehman Brothers (Luxembourg) S.A. (in liquidation) in connection with the recovery of amounts owed to it under certain stock lending agreements, equity warrant programmes and total return swaps with a number of counterparties

Advising the Oversight Committee of the Bank of England (together with Lord Grabiner QC) in connection with its investigation into the role of Bank officials in relation to conduct issues in the foreign exchange market

Assisting on the legislative proposals for the dematerialisation of the Hong Kong securities markets

Advising Euroclear UK & Ireland on the development of its US dollar central bank money model for the UK’s securities markets

Devising the legal and regulatory model for the dematerialisation of the UK's money markets (for which we won 'Corporate Team of the Year' in the Lawyer Awards)

Negotiating and advising on English law collateral, security and other credit support arrangements

Advising on the structure and documentation of bespoke transactions to hedge exposure to key market risks, including inflation, FX and longevity (encompassing collateralised longevity insurance transactions)

Negotiating and advising on ISDA, GMRA, GMSLA and similar documentation and on the impact of related regulation (including EMIR and SFTR)

Advising central banks on credit, liquidity and collateral issues arising out their market operations

Advising central securities depositories and other market participants on the implications of the new CSD Regulation

Advising the Bank of England on the bank liquidation of Southsea Mortgage and Investment Company, the first use of the 'bank insolvency procedure'

Advising on contingency planning, distress scenarios, disputes and litigation relating to financial instruments

Advising on investment management, custody, clearing and collateral management arrangements and on pension scheme funding arrangements

Advising on the impact of recovery/resolution and ring-fencing regimes on financial market infrastructure

Advising on the use and development of disruptive technologies, such as distributed ledger solutions

Advising operators of financial market infrastructure on managing participant default, finality and other systemic risk issues

Advising UK and other European cash and derivatives markets on the introduction of central counterparty, competitive clearing and netting services

Your Brexit Market Impact Contacts

Read Mark Evans Profile
Mark Evans
Read Jonathan Gilmour Profile
Jonathan Gilmour
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