Locke R.McMurray

Of Counsel

(T) 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

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 Tigo
Jones 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 SA
Jones 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 payment
Jones 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 swaps
Jones Day represented GlidePath Power in the design and implementation of a series of ISDA documented battery storage swaps.

Electricité de France negotiates settlement with GMXR
Jones 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 agreements
Jones Day assisted a major financial institution in connection with the review of Swap Execution Facilities (SEF) agreements for foreign exchange trading.

Additional Publications

  • June 2016Federal Bank Regulators Propose New Long-Term Liquidity Standards
  • January 2015The Italian Supreme Court’s Interpretation of the Jurisdiction Clause Favoring English Courts Contained in ISDA Master Agreements
  • March 2014NGP v. ATP: Should Overriding Royalty Interest Owners Be Concerned?
  • January 2014Shedding Light on the Intersection Between CDO and Derivatives Documentation in the Solstice Case, Structured Finance Industry Group Newsletter
  • December 2013Volcker Rule Highlights and Initial Reactions
  • November 2013EMIR—Draft RTS on Extraterritorial Application
  • November 2013The European Market Infrastructure Regulation and Transparency in the OTC Derivatives Market

Speaking Engagements

  • November 8, 2013New York City Bar Program: Cross-Border Regulation of Derivatives under Dodd-Frank
  • April 20, 2013World Bank/ABI: Working Group on Bankruptcy Treatment of Financial Contracts
  • May 25-26, 2011Financial Markets Lawyers Group/Financial Markets Law Committee/European Financial Markets Lawyers Group/Financial Law Board
  • November 30, 2006SIFMA: Innovations and Trends in Master Agreement Negotiations for Over-the-Counter Markets
  • November 17, 2005ISDA: How to Read ISDA Netting and Collateral Opinions
  • November 19, 2004BMA: Improving Master Agreement & Related Trading Agreement Negotiations
  • June 10, 2004Financial Markets Lawyers Group/Financial Markets Law Committee/European Financial Markets Lawyers Group
  • February 12-14, 2004ABA Committee on Regulation of Futures and Derivative Instruments
  • June 13, 2003BMA: Cross-Product Master Agreement Symposium
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