Shearman & Sterling Recognized for Innovation on ICE Clear Europe and ICE Trust Projects
NEW YORK, Nov. 5 /PRNewswire/ -- Global law firm Shearman & Sterling was acknowledged for its innovative work on ICE Clear Europe and ICE Trust, new CDS clearing markets in Europe and the U.S., by FOW, a leading global derivatives publication.
FOW awarded ICE Clear Europe and ICE Trust awards for "Best Innovation by a Clearing House, Europe, Middle East and Africa," and "Best Innovation by a Clearing House, Americas" in its 2009 Awards for Innovation. Shearman & Sterling also received an award for FOW's "Most Innovative Work by a Law Firm" in advising ICE Clear Europe and ICE Trust on these projects.
FOW, formerly Futures & Options World, created its Awards for Innovation to recognize industry initiatives that have demonstrated innovation and a beneficial effect on markets. According to FOW, in an article accompanying the awards announcement, the establishment of the CDSs "seems like a large step forward toward transparency in the CDS market. Additionally, the risk management framework may go a long way in helping to offset systemic risk possibilities."
Chuck Vice, ICE President and Chief Operating Officer, commended Shearman & Sterling for its "well-deserved recognition as recipients of FOW's Most Innovative Work by a Law Firm award, for the firm's work supporting the establishment of both ICE Clear Europe and ICE Trust."
"CDS clearing is both novel and difficult," added Shearman & Sterling London partner Barney Reynolds, one of the leaders of the team that advised ICE. "Prior to the credit crunch, the concept had been considered and rejected. Now, with significant political blame for the crunch being placed on the OTC CDS markets, pressure from politicians and regulators, coupled with a strong push from the market, has provided the necessary impetus for such a service to be created. The innovation with the ICE service is the way in which it fits in with the OTC markets, which required considerable finesse in the legal and regulatory structuring and documentation. The difficulties involved are highlighted by the fact that the three rival CDS clearing offerings have failed to service any meaningful amounts of business. I'm delighted that FOW, with their detailed research, have uncovered the true extent of the innovation achieved in bringing the ICE CDS clearing proposition successfully to market."
Shearman & Sterling LLP is a global law firm with approximately 900 lawyers in 19 offices in 12 countries. The firm is a leader in mergers and acquisitions, capital markets, project development and finance, complex business litigation and international arbitration, asset management and tax.
