Mayer Brown, a leading global law firm, has garnered a top ranking for legal advisors on asset backed deals in the latest U.S. capital markets review issued by Thomson Reuters.
Paul Forrester quoted on the securitization market. “There are still many questions that need to be analyzed and understood about the role of asset-backed securities in the financial crisis,” he said.
28 October 2009 – Leading international law firm Mayer Brown announced today the hire of two finance partners to its London office to further strengthen the key area of leveraged finance, as part of its ongoing strategic growth plans for London. This follows the three finance partner hires in July this year.
The joint administrators of Lehman Brothers International (Europe) (“LBIE”) have released their second statutory six month progress report for the period 15 March 2008 to 14 September 2009 (the “Report”).
The Financial Services Authority (the “FSA”) yesterday published the “Turner Review Conference Discussion Paper – A regulatory response to the global banking crisis: systemically important banks and assessing the cumulative impact” (the “Discussion Paper”).
The European Commission (the “Commission”) has today published a communication titled “Ensuring efficient, safe and sound derivatives markets: future policy actions”. The communication announced the future policy actions for derivatives planned by the Commission in 2010.
9 October 2009 – The 2010 edition of IFLR1000, a guide to the world’s leading financial law firms, ranked Mayer Brown in 15 practice categories. Four practices were given top-tier rankings: Hong Kong Restructuring & Insolvency; Thailand Restructuring & Insolvency; United States Capital Markets – Structured Finance & Securitization; and Vietnam Banking & Finance. In addition, 26 partners were ranked as leading lawyers. IFLR1000 rankings are based on extensive independent research, and provides analysis of the best financial law firms operating in more than 100 markets worldwide.
28 September 2009 – Seven partners in Mayer Brown’s Chicago office have been recognized by Leading Lawyers Network Magazine as leading women lawyers in Illinois.
22 September 2009 – Mayer Brown, a leading global law firm, announced today that the 2010 edition of Chambers Latin America ranks the firm in four Latin America-wide practice categories: Banking & Finance, Capital Markets, Corporate/M&A and Projects. Mayer Brown also is ranked in Brazil in the Banking & Finance: Locally Based International Counsel category.
In addition to the steps undertaken by the ECB, the Belgian, Flemish, Walloon and Brussels governments have provided different types of support to the Belgian financial system.
In response to effect of the crisis on Danish financial markets, Denmark, similar to the US, the UK, Germany, Ireland and the Netherlands, has established a state guarantee scheme and a bailout package to ensure financial stability in the country.
Finland has weathered the financial crisis well, with Finnish banks remaining in good standing and able to rely so far on managing the crisis without recourse to government support. An IMF report on the Finnish economy concluded that “exposure to US subprime assets, US GSEs, and Lehman is minimal… banks have not experienced deposit withdrawals and most have actually gained deposits”.
Europe’s largest economy, which officially fell into recession in mid November 2008, contracted by 3.8 per cent. at the start of this year, making it one of the worst hit European countries. The Deutsche Bundesbank’s current economic prediction is that there will be a sharp recession in 2009 with a slight recovery in 2010.
The UK model for governmental intervention announced in October 2008 became the European standard, with national variations to take account of differing systems. Although Greek banks have little exposure to “toxic” products and have not suffered large write-downs like some of their European peers, their rapid expansion in neighbouring Balkan markets has
contributed to a liquidity squeeze.
The Icelandic economy collapsed in the wake of the global financial meltdown. All 4 of its largest banks have now been nationalised and a USD 10bn relief package has been put together by the International Monetary Fund (“IMF”) in conjunction with several European countries in an effort to rescue the State’s economy.
The Irish economy has been one of the worst-hit Eurozone economies due to the high exposure of the banking sector to the property market and the boom associated with that over recent history. To counter this, the Irish government has put in place a major state guarantee scheme and a recapitalisation package to ensure that the financial system in Ireland continuously meets the financial needs of individuals, business and the overall economy.
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