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David Lucking

Partner

New York

Lucking David
David Lucking

Partner

New York

David is Head of Allen & Overy’s U.S. based International Capital Markets group. He has particular expertise in derivatives and structured finance transactions, as well as the regulatory framework that underpins the derivatives market. David advises financial institutions on a wide range of derivatives products and asset classes (including credit, rates, FX, longevity) in both funded and unfunded form. He has drafted a number of market standard document templates for the International Swaps and Derivatives Association, Inc. (ISDA) and other derivatives industry bodies, including the 2014 ISDA Credit Derivatives Definitions and documentation for confirming trades referencing the iTraxx and CDX indices. David is the U.S. adviser to the Credit Derivatives Determinations Committee which determines Credit Events and other matters for the credit derivatives market as a whole. David has advised on various aspects of the transition of the over-the-counter derivatives market to regulated trading platforms and central clearing houses, as well the registration of a number of swap dealers under the Dodd-Frank Act.

David is a frequent speaker on the topic of OTC derivatives and derivatives regulation.

David was ranked in Band 2 by Chambers USA, 2018. Chambers says “David Lucking has a 'deep knowledge of the regulatory structure underlying derivatives and the market practice surrounding them.'” and “the 'extremely bright and responsive' David Lucking is highly valued as a business partner in addition to his skill as a legal adviser”.

News & insights

Publications: 19 AUGUST 2019

Allen & Overy’s Fintech group leads as Contributing Editor to the first edition of Global Legal Insights Guide to: Fintech 2019

As part of our role as Contributing Editor, members of A&O’s Fintech group in the U.S. authored the preface of the publication, as well as one general chapter. Our colleagues in Germany, Indonesia and the Czech Republic contributed four country chapters. 

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Publications: 01 NOVEMBER 2018

CFTC Chairman Giancarlo White Paper: Cross-Border Swaps Regulation Version 2.0

On Monday, October 1, Chairman of the Commodity Futures Trading Commission (the CFTC) J. Christopher Giancarlo released Cross-Border Swaps Regulation Version 2.0, a white paper (the White Paper) which calls for dramatic overhaul to the CFTC's extraterritorial application of Title VII of the Dodd-Frank Act[1] (Title VII).

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Publications: 23 MARCH 2018

District Court Reaffirms Broad Reading of Bankruptcy Safe Harbors for Derivatives Transactions

In our prior bulletin, we discussed the July 6, 2016 decision of Judge Shelley Chapman of the United States Bankruptcy Court for the Southern District of New York in In re Lehman Brothers Holdings Inc., 553 B.R. 476 (Bankr. S.D.N.Y. 2016), which rejected existing precedent in the Lehman bankruptcies regarding the application of the ipso facto and safe harbor provisions of the Bankruptcy Code. Among other things, Judge Chapman rejected the "singular event" rationale, whereby non-debtor affiliates of Lehman Brothers Holdings Inc. were deemed to have the benefit of the anti-ipso facto provisions of the Bankruptcy Code upon its chapter 11 bankruptcy filing on September 15, 2008, and endorsed a broader construction of the safe harbor provisions of the Bankruptcy Code. Until Judge Chapman’s decision, prior authority in the Lehman cases had served as a basis to prevent the enforcement of so-called "flip clause" provisions that purported to alter Lehman’s priority to certain collateral in the event of a Lehman bankruptcy.

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Publications: 16 FEBRUARY 2018

"Transfer" means transfer: LSTA CLO decision raises broader questions regarding U.S. risk retention rules

On February 9, 2018, the U.S. Court of Appeals for the District of Columbia Circuit Court (the “Court”) issued a significant decision in the case of Loan Syndications & Trading Ass’n v. SEC, No. 17-5004, --- F.3d ---, 2018 WL 798290 (D.C. Cir. Feb. 9, 2018) (the “LSTA Decision”).1

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Office

New York

Allen & Overy LLP
1221 Avenue of the Americas
New York
NY 10020

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Qualifications

Professional

Admitted: Solicitor of England and Wales, 2002

Admitted: Bar of the State of New York, 2007

Academic

LL.B., King's College, London, 1999

Maitrise, Pantheon-Sorbonne, Paris, 1999

Published work

  • "A confused industry," International Financial Law Review (May 2011), with Vinod Aravind.
  • "To Conform or Not to Conform": The Federal Reserve releases guidance on obligations of banking entities under the Volcker Rule during the conformance period, 04/26/2012
  • FGIC - A Tree Falling in the Woods or the First Domino?, 06/14/2012
  • The "Intergalactic Commerce Clause"?: The CFTC's Proposed Cross Border Guidance Reaches Far and Wide, 07/03/2012
  • Commodity Pool Issues Raised by The Dodd-Frank Act, 10/02/2012
  • FX Swaps and Forwards – Time limited no-action relief, 10/15/2012
  • ECP Status w/r/t Guarantee Arrangements, "Anticipatory ECPs" and Amounts Invested on a Discretionary Basis, 10/15/2012
  • CFTC Final Rules Updates, 10/18/2012
  • Internal Business Conduct Rule Recordkeeping Requirements—Time-Limited No-Action Relief: CFTC No-Action Letter 12-29, 11/05/2012
  • Argentina Ordered to Tango With Holdouts: U.S. Court of Appeals holds Argentina breaches pari passu, 11/13/2012
  • "Creeping Subsidiarization": The upcoming Federal Reserve proposal on regulation of foreign banking organizations, 11/30/2012
  • Funds of Funds Get Some Temporary CPO Relief, 12/03/2012
  • CFTC No-Action Relief from certain Swap Dealer registration requirements, 12/21/2012
  • SEC Adopts Rules Intended to Encourage Capital Formation, 07/16/2013
  • ISDA 2013 EMIR Portfolio Reconciliation Dispute Resolution and Disclosure Protocol, 07/22/2013
  • SEC Adopts Rules Intended to Encourage Capital Formation, 07/29/2013
  • U.S. Regulators Adopt CPO Harmonization Rules, Remind Funds of Derivatives Disclosure Obligations, 09/09/2013
  • Federal Agencies Adopt Final Volcker Rule and Extend Conformance Period, 12/13/2013
  • U.S. Volcker Rule – Covered Funds: FAQs for European structured finance transactions, 12/18/2013
  • CFTC Issues Substituted Compliance Determinations for Six Jurisdictions, 12/20/2013
  • Non-U.S. Banks Under the Volcker Rule, 12/23/2013
  • Asset Managers - The Volcker Rule’s Relevance, 02/10/2014
  • Likely Structural Reform of U.S. Operations of Non-U.S. Banks, 02/18/2014
  • Need Volcker Rule relief?, 09/03/2014
  • Take Two: CFTC revisits cost benefit analysis of cross border aspects of Dodd Frank swaps rules, 03/18/2015
  • EMIR margin requirements for non-centrally cleared derivatives: EU edges closer to final rules with second consultation on draft RTS, 06/24/2015
  • Puerto Rico: "Always the Hurricanes Blowing… And the Money Owing…", 07/01/2015
  • Harmony or Cacophony: The CFTC's Proposal on the Cross-Border Approach to Margin Requirements for Uncleared Swaps, 07/07/2015
  • ASX Cleared for Landing in the U.S., 08/21/2015
  • SEC Adopts Rules And Forms Establishing A Registration Process For Security-Based Swap Entities; Compliance Date Still Some Time Off, 08/27/2015
  • "LOSS" IN TRANSLATION: U.S. Bankruptcy Court issues ruling on key provision of the 1992 ISDA Master Agreement, 11/13/2015
  • Benchmark regulation shifts up a gear, 03/08/2016
  • Summary of Key Changes in the CFTC Final Rule on Cross Border Application of Margin Requirements for Non-Cleared Swaps, 05/25/2016
  • Lehman Flip Clause Decision Rejects “Singular Event” Analysis, 06/28/2016