Law firm of the year: Davis Polk and Wardwell

Australian trading platform Yieldbroker was snared by the notorious footnote 88 last year. Its lawyers, Davis Polk, found the way out

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

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