Locke R.McMurray

Of Counsel

New York + 1.212.326.3774

Locke McMurray's practice focuses on derivatives, securitization, and other financial products and spans the full spectrum of transactional, regulatory, and dispute resolution matters. He is a founding member of Jones Day's LIBOR (London Interbank Offered Rate) transition task force and also currently advises numerous clients on the "qualified financial contract" (QFC) regulations and protocol.

Locke regularly counsels clients, including foreign and domestic financial institutions, financial market utilities (FMUs), and corporate clients, on ISDA (International Swaps and Derivatives Association) and other documentation for swaps and other financial products, credit facility hedging and regulation of swaps, security-based swaps, futures, and "commodity pools" under Dodd-Frank and the Commodity Exchange Act. He also advises clients on the regulatory and commercial law status of blockchain "tokens" and participated in a foundational study of public key infrastructure in the early 1990s.

Locke additionally analyzes financial transactions from a litigation perspective, particularly in relation to derivatives termination and valuation questions, the Uniform Commercial Code, fraudulent conveyances, and the rights and obligations of various securitization deal participants, including investors, collateral managers, trustees, and swap counterparties. He has vast experience in rendering legal opinions on a variety of bankruptcy, derivatives, and secured transaction matters.

Prior to Jones Day, Locke spent more than 15 years as in-house counsel at a variety of banks, where he held such roles as global head of legal for rates trading, fixed income and equity derivatives, and securitization, and head of derivatives legal at the Lehman Brothers Chapter 11 estates.

Experience

  • Corporate trustees seek advice relating to LIBOR transitionJones Day is advising two U.S.-based corporate trustees with respect to portfolios impacted by LIBOR transition and COFI cessation, including conducting portfolio-wide risk impact assessments, analyzing various consumer products, and developing litigation contingency plans.
  • GSIB seeks advice relating to IBOR transitionJones Day is advising a global systemically important bank in connection with IBOR transition, including designing enterprise-wide impact assessment and remediation plans for various asset classes, analyzing litigation risks, and counseling with respect to ARRC participation.
  • Companhia Brasileira de Distribuiçao sells Ordinary Shares of Via Varejo S.A.Jones Day represented Casino Guichard-Perrachon SA, as a counterparty, in connection with the sale by Companhia Brasileira de Distribuiçao (GPA) of 50,000,000 Ordinary Shares of Via Varejo S.A., representing 3.86% of its share capital, in the form of total return swap entered into with a Brazilian financial institution.
  • JPMorgan Chase and Scotiabank-led syndicate provide $300 million financing to TigoJones Day advised JPMorgan Chase Bank and The Bank of Nova Scotia and certain of their respective affiliates as joint-lead arrangers and as lenders in connection with a $300 million term loan financing provided to Colombia Móvil S.A. E.S.P. (Tigo), a subsidiary of the Colombian state-owned company UNE EPM Telecomunicaciones S.A., a leading telecommunications company in Colombia and the guarantor of Tigo's obligations under the loan facility.
  • Euronext attempts to acquire LCH.Clearnet SAJones Day advised Euronext N.V. in its attempted €510 million (US$530 million) all-cash offer to LCH.Clearnet Group Limited and London Stock Exchange Group plc to acquire LCH.Clearnet SA, a leading EMIR-authorized central counterparty serving Euronext's markets, pan-European electronic trading platforms, and OTC markets, which is headquartered in Paris with branches in Amsterdam and Brussels, as well as a representative office in Porto.
  • Lehman Brothers, as Plan Administrator, challenges calculation of derivative termination paymentJones Day is representing Lehman Brothers Holdings Inc., as Plan Administrator, regarding calculation of derivative termination payment and possible recovery of collateral in connection with an accelerated share repurchase transaction between Lehman Brothers OTC Derivatives Inc and Intel Corporation.
  • GlidePath Power designs and implements series of ISDA documented battery storage swapsJones Day represented GlidePath Power in the design and implementation of a series of ISDA documented battery storage swaps.
  • Electricité de France negotiates settlement with GMXRJones Day represented Electricité de France (EDF) with regard to its exposure to GMXR, Inc., an exploration and production energy company that filed chapter 11 in Oklahoma City, Oklahoma.
  • Major financial institution obtains advice regarding SEF agreementsJones Day assisted a major financial institution in connection with the review of Swap Execution Facilities (SEF) agreements for foreign exchange trading.
  • Speaking Engagements

    • April 25, 2019
      Jones Day's 2019 Speaker Series - The End Is Near: Are You Prepared for the Cessation of the London Interbank Offered Rate (LIBOR)?
    • October 24-25, 2017
      PLI's Advanced Swaps & Other Derivatives 2017
    • October 25-26, 2016
      PLI's Advanced Swaps & Other Derivatives 2016
    • October 20-21, 2015
      PLI's Advanced Swaps & Other Derivatives 2015
    • May 7, 2015
      Turmoil in the Oil Patch: Risks and Opportunities for Oil & Gas Companies and Investors
    • April 29, 2015
      Turmoil in the Oil Patch: Risks and Opportunities for Oil & Gas Investors and Companies
    • October 16-17, 2014
      PLI’s Advanced Swaps and Other Derivatives 2014
    • April 23, 2014
      New York City Bar Program: Mortgage Notes & the Future of Home Finance
    • November 8, 2013
      New York City Bar Program: Cross-Border Regulation of Derivatives under Dodd-Frank
    • October 17-18, 2013
      PLI's Advanced Swaps & Other Derivatives 2013
    • April 20, 2013
      World Bank/ABI: Working Group on Bankruptcy Treatment of Financial Contracts
    • May 25-26, 2011
      Financial Markets Lawyers Group/Financial Markets Law Committee/European Financial Markets Lawyers Group/Financial Law Board
    • November 30, 2006
      SIFMA: Innovations and Trends in Master Agreement Negotiations for Over-the-Counter Markets
    • November 17, 2005
      ISDA: How to Read ISDA Netting and Collateral Opinions
    • November 19, 2004
      BMA: Improving Master Agreement & Related Trading Agreement Negotiations
    • June 10, 2004
      Financial Markets Lawyers Group/Financial Markets Law Committee/European Financial Markets Lawyers Group
    • February 12-14, 2004
      ABA Committee on Regulation of Futures and Derivative Instruments
    • June 13, 2003
      BMA: Cross-Product Master Agreement Symposium
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