Paul Cluley

Expertise Paul Advises Experience Highlights Career History

Partner

Banking & Finance

+44 (0) 7810 794398

Expertise

Paul has 20 years’ partner-level experience in all aspects of derivatives and structured finance.

His transactional experience has included numerous derivatives M&A transactions, large corporate equity stake build and funding deals through derivatives and margin loans, regulatory margin repaperings, structured credit and CDOs, and structured repo and securities lending transactions.

He is an expert in, and currently writing a book about, the law and market practice of OTC derivative terminations, with a particular focus on valuation disputes and XVA, an area in which he has acquired very extensive experience since 2008.

Paul Advises

  • International investment banks
  • Investment managers
  • Hedge funds

Experience Highlights

  • Paul has advised nearly all the global investment banks on settlements, litigation and mediation in connection with derivatives terminations and valuation disputes arising from the bankruptcies of Lehman Brothers and the Iceland Banks and the market turmoil arising from Covid and the Russian sanctions.
  • Since 2021 he has worked on equity financings with an aggregate market value of circa €5bn.
  • Paul represented Société Générale on the derivatives aspects of its acquisition of the equity and commodities derivatives and structured products business of Commerzbank AG.
  • Paul has led WGMR Initial Margin and Variation Margin repapering projects for 3 European Banks and a building society, and has designed the collateral data model component of the ISDA Common Domain Model.

Career History

Previous Law firms

  • Allen & Overy LLP, Partner, London (2008–23), Hong Kong (2006–08), Tokyo (2003–06)
  • Allen & Overy LLP, Associate, London (1997–2003)
  • Cameron McKenna, Associate, London (1995–97)

Memberships

  • Member of the Panel of Recognised International Market Experts in Finance (P.R.I.M.E. Finance) — primefinancedisputes.org
  • Affiliate of Rutter Associates LLP, New York

 Education

  • University of Exeter LLB (Euro) (1988–92)
  • Université d’Aix Marseille — Diplôme d’études de droit privé (1990–91)

Expertise

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Paul has 20 years’ partner-level experience in all aspects of derivatives and structured finance.

His transactional experience has included numerous derivatives M&A transactions, large corporate equity stake build and funding deals through derivatives and margin loans, regulatory margin repaperings, structured credit and CDOs, and structured repo and securities lending transactions.

He is an expert in, and currently writing a book about, the law and market practice of OTC derivative terminations, with a particular focus on valuation disputes and XVA, an area in which he has acquired very extensive experience since 2008.

Paul Advises

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  • International investment banks
  • Investment managers
  • Hedge funds

Experience Highlights

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  • Paul has advised nearly all the global investment banks on settlements, litigation and mediation in connection with derivatives terminations and valuation disputes arising from the bankruptcies of Lehman Brothers and the Iceland Banks and the market turmoil arising from Covid and the Russian sanctions.
  • Since 2021 he has worked on equity financings with an aggregate market value of circa €5bn.
  • Paul represented Société Générale on the derivatives aspects of its acquisition of the equity and commodities derivatives and structured products business of Commerzbank AG.
  • Paul has led WGMR Initial Margin and Variation Margin repapering projects for 3 European Banks and a building society, and has designed the collateral data model component of the ISDA Common Domain Model.

Career History

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Previous Law firms

  • Allen & Overy LLP, Partner, London (2008–23), Hong Kong (2006–08), Tokyo (2003–06)
  • Allen & Overy LLP, Associate, London (1997–2003)
  • Cameron McKenna, Associate, London (1995–97)

Memberships

  • Member of the Panel of Recognised International Market Experts in Finance (P.R.I.M.E. Finance) — primefinancedisputes.org
  • Affiliate of Rutter Associates LLP, New York

 Education

  • University of Exeter LLB (Euro) (1988–92)
  • Université d’Aix Marseille — Diplôme d’études de droit privé (1990–91)