Derivatives and Trading

We represent hedge funds, corporate treasuries, financial institutions, managed account platforms, asset managers and high-net-worth individuals in structuring, negotiating and executing complex and bespoke derivative instruments.

We advise on a wide range of products including swaps, options, forwards and repos, covering interest rate, fixed income, currency, commodity, equity, credit, basket and index underliers. The team routinely advises on matters such as:

  • prime brokerage and issues around rehypothecation and segregation;
  • custody and collateral;
  • securities lending and margin financing matters;
  • repos;
  • structured products;
  • exchange traded derivatives;
  • central clearing including OTC clearing under Dodd-Frank and EMIR;
  • cash equities and cash bond trading under broker terms of business; and
  • electronic trading arrangements.

Our team works alongside our specialist lawyers in financial services, regulatory, capital markets, tax and dispute resolution and is able to advise on both the day-to-day trading requirements of our clients, and the most complex derivative and structured product transactions in both transactional and contentious roles.

We have a global client base; we act for managers in London, New York and Hong Kong and have daily experience negotiating for these clients with the London and New York offices of the leading US and European banks and broker dealers.



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"Macfarlanes provides deep knowledge of the derivatives and repo market. Its unique practice model provides great perspective on market practice and acceptable contract terms. Macfarlanes consistently provides legal advice quickly and the team is always available for a question."

The UK Legal 500 2025

"The Macfarlanes team is responsive, know the market very well and are able to add value to buy-side clients like ourselves. The quality of advice is always very good."

The UK Legal 500 2025

"We have worked with Macfarlanes on a number of different projects over the years and they are consistently excellent."

The UK Legal 500 2024

"Strong technical expertise and provide commercially pragmatic advice. Great value for money."

The UK Legal 500 2024