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Stock Exchanges

We advise leading stock exchanges, clearing and settlement houses, related technology suppliers, and national and cross-border regulators on the full range of corporate, financing, regulatory, tax and other matters.

We act for many of the major international exchanges, covering a wide range of trading activities, as well as advising investors in the sector and regulators on how best they can develop their financial markets. We have been involved in a significant number of the recent consolidation attempts among the larger exchanges, including through mergers and joint ventures into new business areas across borders.

The past few years have seen the most significant changes to the architecture of the credit derivatives market since its inception as a result of the deluge of regulations emanating from both sides of the Atlantic. We have been at the forefront of initiatives to reduce risk in the over-the-counter (OTC) derivatives space by facilitating further use of central counterparties (CCPs), client-clearing services developed by CCPs and CCP inter-operability, acting both for major market participants and CCPs. Our Global Clearing Group has advised both clearing houses and groups of leading credit derivatives dealers in Europe, the U.S. and Japan on rules for clearing OTC credit derivatives (CDS) and interest swaps. The breadth of our experience is demonstrated by the fact that we have advised either dealers or central counterparties on the rules for every clearing house currently offering CDS clearing.

In addition, we have established a Default Management Working Group to discuss the development of industry standards for managing the default of a clearing member. Allen & Overy has developed a position paper on behalf of the group and discussed this issue extensively with central clearing houses around the globe and across the full range of derivatives asset classes (including CME, LCH.Clearnet, ICE Trust, ICE Clear, Eurex, JSCC and SGX). 


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