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 are 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, Greenwich, 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.


What people are saying


"Macfarlanes are market leaders in prime brokerage and trading advice for hedge funds, they are responsive and sensible, they have real depth of experience from both buy-side and sell-side perspectives"

Chambers UK 2019

"Their understanding of the law is second to none, but even more important is the fact that they understand its commercial implications."

Chambers UK 2019

"Macfarlanes LLP impresses by virtue of its 'in-depth knowledge of derivatives, quick and succinct answers delivered with a minimum of legalese, and terrific understanding of the commercial drivers on both buy and sell sides'."

The UK Legal 500 2018

"They listen and make an assessment of how you want to work with them, and work closely according to that."

Chambers UK 2017

"The derivatives team give you the answer quickly and succinctly and with a minimum of legalese. They have a deep understanding of the market and the commercial drivers for both buy-side and sell-side."

Chambers UK 2017