In the latest boost to its leading financial institutions practice, Milbank, Tweed, Hadley & McCloy announced that John Williams, who focuses on complex transactional and regulatory work in the derivatives space, has joined the firm’s New York office as a partner. His arrival expands the derivatives capability of Milbank, which represents leading global banks and financial institutions in the largest business markets worldwide.
Mr. Williams was formerly a partner in the New York office of Allen & Overy, where he was head of the firm’s U.S. derivatives practice.
Mr. Williams advises clients across the spectrum of derivatives products and on the cross-border implications of U.S. derivatives regulations enacted in response to the financial crisis. He was principal U.S. counsel to the International Swaps and Derivatives Association (ISDA) in its revisions to the credit derivatives product (known in the industry as the Big Bang and Small Bang protocols) in 2009.
As part of the strong ties he has developed with leading swap dealers in the New York and London markets, Mr. Williams has advised the leading clearing members of ICE Clear Credit and ICE Clear Europe, the world’s largest clearinghouses for credit default swaps, as they have responded to the derivatives clearing mandate under Dodd-Frank and the related regulation promulgated by the Commodity Futures Trading Commission and the Securities and Exchange Commission.
He has also counseled individual clearing institutions that are ICE Clear members. In 2007-2009, he represented the key dealer group in the $32 billion rescue of Canada’s asset-backed commercial paper market, the largest-ever restructuring of synthetic structured credit products. More recently, he advised banks in Canada and Europe during negotiations with U.S. regulators regarding banks’ compliance with Volcker Rule sections of Dodd-Frank.
“John brings a hybrid transactional and regulatory derivatives practice at the highest level of the global derivatives market, handling not only the most complex and innovative transactions but mastering the changed regulatory structure of the sector. He is a lawyer at the very top of his game,” said Milbank chairman Scott Edelman.”
Mr. Edelman added, “John saw the financial crisis as the game-changing event it was, and realized that a top-tier transactional practice would now depend on offering comprehensive regulatory counsel as well. Our banking and financial institutions clients will benefit from John’s tremendous range of experience across the vital transactional and regulatory functions of the derivatives space.”
Mr. Williams arrives several months after noted financial regulatory lawyer Douglas Landy, who represents global banks in U.S. regulatory matters, joined Milbank’s Banking and Leveraged Finance and Financial Institutions Regulation groups in New York.
“Milbank has long been known as a global powerhouse in its representation of leading banks and financial institutions, and offers a terrific platform and extension for our mutual practices,” said Mr. Williams. “As the regulatory ground continues to shift within the derivatives industry, I looked for a firm with a premier financial practice that could provide the room for growth that the derivatives field demands. I also look forward to contributing to related practice strengths at Milbank such as financial restructuring. I’m thrilled to join Milbank.”
Mr. Williams earned his law degree from Yale Law School and his undergraduate degree, summa cum laude, Phi Beta Kappa, at Yale.
