Capital Markets Partner, Global Practice Head, London
“I advise on financial market infrastructure and complex derivatives and structured products, with a particular focus on derivatives execution and clearing, offering clients simple, commercially workable solutions to their most complicated problems.”
Education and qualifications
As global head of the firm’s Capital Markets practice, Michael is widely acknowledged as an authority on derivatives law and practice. He advises on financial markets infrastructure entities and sophisticated financial products, including securitised, OTC and exchange traded derivatives, repackagings, investment fund products (including CPPI products), collateralised debt obligations, regulatory capital raising for financial institutions, and note and warrant programmes. He also advises on the regulatory capital treatment of exposures to financial entities and products.
Michael’s particular specialisms include clearing of derivatives, financial market infrastructure, regulatory capital treatment of derivatives, equity derivatives (including investment fund derivatives), longevity derivatives, hybrid (multi-asset class) derivatives, proprietary financial indices/benchmarks and synthetic products, as well as related Fintech applications.
Michael led the firm’s derivatives and structured products practice between 2002 and 2010 and was also the firm’s global knowledge and learning partner for four years until 2012. Michael has been a board member of the Futures Industry Association since 2016. Michael developed the firm’s knowledge and thought leadership relating to the Eurozone crisis and has since been closely involved in the development of the firm’s knowledge in relation to cryptoassets, smart contracts and settlement finality.
Michael has led on many market-leading derivatives-related activities. These include advising:
- on OTC and exchange traded derivatives clearing relating to numerous central counterparties (CCPs) as well as the ISDA/FIA Client Cleared OTC Derivatives Addendum, the FIA Module and proprietary client clearing documentation
- Benchmark reform, Brexit and UK bank ringfencing
- as the lead partner on the development of the CCP Risk Review for FIA
- on the drafting of the claim resolution agreement between Lehman Brothers International (Europe) (in administration) and certain of its trust asset creditors
- ISDA on the 2011 ISDA Equity Derivatives Definitions
Michael sits on the global board of the Futures Industry Association.
He regularly speaks at ISDA and FIA conferences.