"By transforming illiquid assets into tradable securities, securitisation has helped channel cash flow to borrowers and fund significant economic development. Securitisation has also helped issuers and investors diversify risk across asset classes and across the globe."
Who's Who Legal has bought together Michael Schlitt of Hogan Lovells and Philippa Stone of Herbert Smith Freehills to discuss activity levels, market changes and regulatory developments in the capital markets in their jurisdictions.
Rachpal Thind and Matthew Cahill of Sidley Austin look at the impact of the new EU capital rules and requirements on cross-border transactions.
"There is no doubt that certain structures under the current regime would not be compliant with the CRR risk retention requirements. Therefore, a conservative approach may be to continue to follow the Guidelines given that they encompass more detail."
This year, our listings comprise of 609 practitioners recognised across three distinct areas within capital markets law; debt and equity, Islamic finance and structured finance. Clifford Chance leads the way in our research with individuals recognised in all three sections. Following closely behind is Allen & Overy, which has practitioners from its offices across the Middle East, Asia-Pacific and Europe singled out. Four further firms also stand out; Linklaters, Latham & Watkins, Freshfields Bruckhaus Deringer and Sidley Austin.
We also recognise the leading individuals in the world for debt and equity, Islamic finance and structured finance.
By summer 2013, the financial media worldwide was speaking as if the post-recession era had reached a turning point. Although widespread economic revival and extremely low interest rates have recently inspired the growth of capital raising, this position has been widely viewed as unsustainable. As a result, observers are concerned with how the market will cope with rising interest rates and the quantitative easing policy of central banks, as they try to navigate their way out of crisis management.
This year’s research into the leading capital markets lawyers focused on three distinct areas of specialism: debt and equity; structured finance; and Islamic finance. Through extensive conversations with lawyers and corporate counsel, we have identified the firms and practitioners that stand out worldwide. Allen & Overy leads this year's research with an impressive 22 inclusions, followed very closely by Clifford Chance which boasts 21 listings.
The majority of the lawyers we spoke to this year mentioned that 2012 and the first part of 2013 have been slow for traditional debt and equity capital markets transactions, mostly due to market conditions. In contrast the "niche" area of Islamic finance is enjoying a "boom", with Islamic products and transactions being seen not only in the Middle East, but also the US and UK.
With the benefit of over 15 years of research and tens of thousands of votes from clients and private practitioners, Who’s Who Legal takes a closer look at developing trends in the capital markets legal marketplace worldwide.
This year we recognise the leading capital markets practices and firms, selected for their experience and reputation.
With the benefit of over 14 years of research and tens of thousands of votes from clients and private practitioners, Who’s Who Legal takes a closer look at developing trends in the capital market legal marketplace worldwide.
In this section we analyse the findings of our research in greater depth to identify the firms and practitioners who stand out worldwide.
This year, we identify 508 capital markets lawyers in 52 jurisdictions who can be considered as leaders in the field. One firm stands alone at the top of our international research.
When we conducted the research for the last year’s edition, the lawyers we spoke to around the world were unanimous in their opinion that difficult times lay ahead, and indeed in many cases had already arrived. Levels of activity in the sector were sure to drop, the only remaining uncertainty related to how low. A year later and a clearer picture of these straitened times has now emerged, and the expert practitioners in the sector have had to adapt, as some markets have dried up.
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Nominees have been selected based upon comprehensive, independent survey work with both general counsel and private practice lawyers worldwide. Only specialists who have met independent international research criteria are listed.