Derivatives law firm of the year: Allen & Overy

David Benton

There was no shortage of work for derivatives lawyers in 2011, but Allen & Overy found itself deeply involved in arguably the two biggest issues – the implications of the Greek debt crisis for existing credit default swaps (CDSs), and the rebuilding of over-the-counter derivatives markets around a growing number of clearing houses.

Greece’s bondholders have been working with European authorities to thrash out a deal that would reduce the country’s obligations, replacing old bonds with new ones

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