Futures & Prime Brokerage

We have negotiated on behalf of our clients with many of the main investment banks/brokers, and this experience helps us to understand how to get our clients' priorities across during negotiations with these investment banks/brokers.

Futures

We have extensive experience in the legal and regulatory requirements relating to exchange traded derivatives.

We assist with:

clearing agreements (Futures and Options Association Standard or bespoke) including issues such as set-off and netting.

complex give-up agreements including synthetic give-up agreements, parent guarantees, confidentiality and novation agreements.

complex margin and margin collateral and dealings with custodians.

dealing with foreign lawyers on jurisdiction specific requirements in emerging markets exchanges such as Brazil, Russia, Korea and Mexico.

dealings, negotiations with UK exchanges such as the London Metal Exchange, LFFE NYSE, Eurex, ICE and also with the London Clearing House.

Prime Brokerage

Prime Brokers recently came under the spotlight by FSA which imposed regulatory duties to issue warnings to their clients as to the impact of taking title transfer of collateral from such clients. This resulted from the collapse of Lehmans and specifically prime broker clients now re-negotiate the level of rights of rehypothecation given to Prime Brokers.

We assist with:

negotiating such agreements specifically rights of rehypothecation (whether title transfer of rights of use) given in favour of Prime Brokers and related finance documentation.

negotiating Stock Lending Agreements and custody and sub-custody agreements related to the relevant funds under the prime broker arrangement.

establishing funds through our close contacts in jurisdictions such as Cayman Islands, BVI, Luxembourg and Ireland.

negotiating fixed income prime brokerage agreements and the related ISDA Mater Agreements and Give Up Agreements