Law firm of the year: Davis Polk and Wardwell

Annette Nazareth

Prior to September 2013, bond and swap trading platform Yieldbroker was not well-known beyond its user base in Australia and New Zealand. Then, it was suddenly dragged onto the global stage, becoming a test case for cross-border derivatives reform.

The platform was caught by footnote 88 of the Commodity Futures Trading Commission’s (CFTC) final rules on swap execution facilities (Sefs) – a kind of regulatory ambush, according to its critics – which required all venues to register with the agency