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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:

  • IBORMatrix- 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.
  • BrexitMatrix- 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;
  • BondMatrix- a system which reviews bond documentation using artificial intelligence; and
  • MasterMatrix- 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 MarginMatrix™, 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. MarginMatrix 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.

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

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.

Recognition

News & insights

Bird's eye view of a quarry

Publications: 16 JUNE 2020

POJK 30/2019: OJK regulates private placements, with certain global bonds being exempted but some uncertainty remaining

On 29 November 2019, OJK issued Regulation No.30/POJK.04/2019 on Private Placement Debt Securities and/or Sukuk Issuance (POJK 30/2019), which came into force from 1 June 2020. 

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Fibre optic cables

Publications: 15 JUNE 2020

New OJK regulation on Material Transaction

OJK Regulation No. 17 of 2020 on Material Transactions and Change of Business Activities (POJK 17/2020) revokes Rule IX.E.2 on the Material Transaction and Change of Main Business Activities (Rule…

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Publications: 12 JUNE 2020

Final South African Margin Requirements for Non-Centrally Cleared OTC Derivative Transactions published

On 2 June 2020, the Financial Sector Conduct Authority and the Prudential Authority, acting with the concurrence of the South African Reserve Bank, published the final margining rules in respect of…

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Publications: 12 JUNE 2020

South Africa: Greater market harmonisation proposed by the FSCA's draft Conduct Standard and Directive for Exchanges

On 20 May 2020, the Financial Sector Conduct Authority (the FSCA) published a draft Conduct Standard for Exchanges (the Conduct Standard) and a draft Directive for Exchanges (the Directive). Together,…

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