ALLEN & OVERY has been named Derivatives Law Firm of the Year at the Global Derivatives and European Securitization Awards.

The award is presented on the basis of extensive interviews with institutions operating across the global derivatives market. Allen & Overy’s international legal practice has approximately 5,000 staff, including some 470 partners, working in 28 offices worldwide.

Allen & Overy’s win was attributed, in part, to the firm’s long-standing relationship with the International Swaps and Derivatives Association (ISDA), having advised this year on (among other projects) ISDA’s contingent credit-default swaps and loan CDS documentation.

Credit was also given for the launch of “CDS deliverability” a novel service to provide guidance on the deliverability of reference obligations under CDS contracts, which has been a hot topic in recent years.

Simon Haddock, global head of derivatives and structured finance, said: “The pace of product innovation in the derivatives market is unmatched across the financial sector and we are privileged to work alongside our clients at the forefront of developments,” he said.

“To have retained this title for three consecutive years is a great achievement, and is testament to the unrivalled strength and breadth of our global derivatives practice.”

Allen & Overy was named Capital Markets/Structured Finance Team of the Year at The Lawyer Awards 2006, and Western European Banking and Capital Markets Law Firm of the Year at the Chambers Global Awards 2005.

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The firm was also noted for its “standout presence in Asia”, receiving recognition for playing a key part in the opening up of the Chinese market, having actively engaged with the government on various issues including the Qualified Domestic Institutional Investor scheme.