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David Wakeling

Partner, Head of MIG

London

Wakeling David
David Wakeling

Partner, Head of MIG

London

David heads A&O's Markets Innovation Group (MIG), a group of lawyers and developers who are focused on the creation of innovative solutions for clients to meet large-scale legal and regulatory challenges.

David was shortlisted as one of the most Innovative Lawyers in Europe by the Financial Times. He was picked as a "Rising Star" of up-and-coming executives under 40 in finance by Financial News, a Dow Jones publication. David has also been named in The Lawyer Hot 100.

David has created and chaired industry initiatives and working groups relating to various large-scale challenges, most recently with respect to the transition away from LIBOR and other interest rates.

David recently devised:

  • IBOR Matrix- a system designed to facilitate the transition away from LIBOR and other interest rates, involving a cutting edge approach to the use of artificial intelligence.
  • Brexit Matrix- a system designed to implement a large financial institution’s Brexit strategy, covering core areas of the business, including lending, derivatives, stock lending, clearing and repos;
  • Bond Matrix- a system which reviews bond documentation using artificial intelligence; and
  • Master Matrix- a system which codifies trading terms for derivatives, repo and stock lending transactions, allowing data to be integrated at a systems level by buy-side clients.

Previously, David also created Margin Matrix™, an online regulatory compliance tool, and spearheaded a joint venture with Deloitte to help several global banks with the negotiation of thousands of contracts which have been auto generated by the system. Margin Matrix was ranked "Standout" in the FT Innovative Lawyer Awards.

He also created Default Management, an online tool which helps manage major counterparty defaults, and OpinionNet, an on-line tool for the delivery of netting opinions. These were ranked "highly commended" and "commended" (respectively) in the FT Innovative Lawyers Awards.

David specialises in derivatives and structured finance transactions linked to credit, equity, rates, currencies and commodities, including with sovereign counterparties. He has advised leading financial institutions on major counterparty defaults, on the integration or disposal of derivatives businesses and the clearing of derivatives. David is a member of various ISDA working group committees. He has advised leading financial institutions on their Eurozone crisis contingency planning and on banking crises in Greece, Portugal and Cyprus. Most recently, David has advised financial institutions at an industry and individual level on issues relating to LIBOR.

Related articles

Publications: 05 October 2021

LIBOR transition and loan hedging: basis risk and how to deal with it

Global LIBOR transition efforts continue apace.  However, switching hedged loans to risk free rates is a particularly challenging area.  We discuss what borrowers, lenders and hedge providers really…

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Publications: 29 April 2021

LIBOR Transition – Legislative Solutions

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Publications: 16 October 2020

Global regulatory developments in the London Interbank Offered Rate

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Experience highlights

Office

London

Allen & Overy LLP
One Bishops Square
London
E1 6AD

View office →

Qualifications

Professional

Admitted as solicitor, England and Wales, 2003

Academic

BA (Hons), Law, University of Southampton, 1999

Recognition

Pro-bono experience

  • David is a founder and trustee of Alice’s Arc, a children’s cancer charity and has advised on its incorporation, its governance and on certain areas of EU law relating to drug trials.