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David Lucking

Partner

Email

david.lucking@aoshearman.com

Phone

+1 212 756 1157

Offices

New York

V-CARD
David is Global Co-Head of Global Financial Markets and has particular expertise in derivatives and structured finance transactions, as well as the regulatory framework that underpins the derivatives market.
David advises financial institutions on a wide range of derivatives products and asset classes (including credit, rates, FX, longevity) in both funded and unfunded form. He has drafted a number of market standard document templates for the International Swaps and Derivatives Association, Inc. (ISDA) and other derivatives industry bodies, including the 2014 ISDA Credit Derivatives Definitions and documentation for confirming trades referencing the iTraxx and CDX indices. David is the U.S. adviser to the Credit Derivatives Determinations Committee which determines Credit Events and other matters for the credit derivatives market as a whole. David has advised on various aspects of the transition of the over-the-counter derivatives market to regulated trading platforms and central clearing houses, as well the registration of a number of swap dealers under the Dodd-Frank Act.

As co-founder of A&Out, our international LGBTQ+ affinity group, David is a vocal advocate for the LGBTQ+ community at the firm. He regularly leads initiatives to encourage workplace diversity, and helps foster a culture where all colleagues feel welcome and valued.

David is widely recognized as a leading derivatives lawyer, having been recognized in Chambers USA 2023. A client shared that "David is smart, responsive, commercially-minded and a pleasure to deal with." Another client enthused "he is a great advisor with excellent knowledge of the subject matter and is able to cover all areas of a transaction."

Published Work

  • "A confused industry," International Financial Law Review (May 2011), with Vinod Aravind.
  • "To Conform or Not to Conform": The Federal Reserve releases guidance on obligations of banking entities under the Volcker Rule during the conformance period, 04/26/2012
  • FGIC - A Tree Falling in the Woods or the First Domino?, 06/14/2012
  • The "Intergalactic Commerce Clause"?: The CFTC's Proposed Cross Border Guidance Reaches Far and Wide, 07/03/2012
  • Commodity Pool Issues Raised by The Dodd-Frank Act, 10/02/2012
  • FX Swaps and Forwards – Time limited no-action relief, 10/15/2012
  • ECP Status w/r/t Guarantee Arrangements, "Anticipatory ECPs" and Amounts Invested on a Discretionary Basis, 10/15/2012
  • CFTC Final Rules Updates, 10/18/2012
  • Internal Business Conduct Rule Recordkeeping Requirements—Time-Limited No-Action Relief: CFTC No-Action Letter 12-29, 11/05/2012
  • Argentina Ordered to Tango With Holdouts: U.S. Court of Appeals holds Argentina breaches pari passu, 11/13/2012
  • "Creeping Subsidiarization": The upcoming Federal Reserve proposal on regulation of foreign banking organizations, 11/30/2012
  • Funds of Funds Get Some Temporary CPO Relief, 12/03/2012
  • CFTC No-Action Relief from certain Swap Dealer registration requirements, 12/21/2012
  • SEC Adopts Rules Intended to Encourage Capital Formation, 07/16/2013
  • ISDA 2013 EMIR Portfolio Reconciliation Dispute Resolution and Disclosure Protocol, 07/22/2013
  • SEC Adopts Rules Intended to Encourage Capital Formation, 07/29/2013
  • U.S. Regulators Adopt CPO Harmonization Rules, Remind Funds of Derivatives Disclosure Obligations, 09/09/2013
  • Federal Agencies Adopt Final Volcker Rule and Extend Conformance Period, 12/13/2013
  • U.S. Volcker Rule – Covered Funds: FAQs for European structured finance transactions, 12/18/2013
  • CFTC Issues Substituted Compliance Determinations for Six Jurisdictions, 12/20/2013
  • Non-U.S. Banks Under the Volcker Rule, 12/23/2013
  • Asset Managers - The Volcker Rule’s Relevance, 02/10/2014
  • Likely Structural Reform of U.S. Operations of Non-U.S. Banks, 02/18/2014
  • Need Volcker Rule relief?, 09/03/2014
  • Take Two: CFTC revisits cost benefit analysis of cross border aspects of Dodd Frank swaps rules, 03/18/2015
  • EMIR margin requirements for non-centrally cleared derivatives: EU edges closer to final rules with second consultation on draft RTS, 06/24/2015
  • Puerto Rico: "Always the Hurricanes Blowing… And the Money Owing…", 07/01/2015
  • Harmony or Cacophony: The CFTC's Proposal on the Cross-Border Approach to Margin Requirements for Uncleared Swaps, 07/07/2015
  • ASX Cleared for Landing in the U.S., 08/21/2015
  • SEC Adopts Rules And Forms Establishing A Registration Process For Security-Based Swap Entities; Compliance Date Still Some Time Off, 08/27/2015
  • "LOSS" IN TRANSLATION: U.S. Bankruptcy Court issues ruling on key provision of the 1992 ISDA Master Agreement, 11/13/2015
  • Benchmark regulation shifts up a gear, 03/08/2016
  • Summary of Key Changes in the CFTC Final Rule on Cross Border Application of Margin Requirements for Non-Cleared Swaps, 05/25/2016
  • Lehman Flip Clause Decision Rejects “Singular Event” Analysis, 06/28/2016

Speaking Engagements

  • Panelist, Global Implications of this Brave New World, Derivatives Trading in the Era of Dodd-Frank's Title VII conference, 09/06/2012
  • Panelist, Complying with Recordkeeping Requirements: Electronic and Voice Recording Concerns, SIFMA Internal Business Conduct Workshop, 06/26/2012
  • Panelist, CFTC voice Recording Requirements, SIMFA Tech, 06/18/2013
  • Panelist, Regulation of Derivatives, SIFMA Derivatives 101, 07/17/2013
  • Panelist, ISDA EMIR Protocol seminar, 11/21/2013
  • Panelist, ISDA Swap Execution Facility seminar, 12/10/2013
  • Panelist, ISDA Credit Defaults seminar, 09/04/2014
  • Moderator, Impact of Regulatory Reform on Derivatives, SIFMA OPS 2014, 04/29/2014
  • Panelist, ISDA seminar, 10/09/2014
  • Panelist, ISDA seminar, 09/09/2014
  • Panelist, Title VII, IIB Dodd-Frank Seminar, 01/23/2015
  • Panelist, ISDA Credit Derivatives Products, 02/24/2015
  • Speaker, SEC Cross Border Proposal for Security Based Swap Activities, Derivatives World Congress, 07/10/2015
  • Panelist, ISDA Clearing Conference, 07/15/2015
  • Panelist, ISDA Liquidity Conference, 09/30/2015
  • Panelist, ISDA Credit Derivatives Products, 12/02/2015
  • Panelist, Overview of Prudential Regulators’ and CFTC’s Margin Rules, IIB Swap Margin Program, 01/12/2016
  • Panelist, Clearing and Customer Protection, ABA Derivatives and Futures Law Committee Meeting, 01/21/2016
  • Moderator, Smart Panel Exchange: Margin Requirements for Non-Cleared Derivatives, 5th Annual Collateral Management Forum, 06/22/2016
  • Panelist, Regulating The Financial Blockchain: Challenges And Opportunities, IMN Distributed Ledger Technology: Blockchain For Financial Institutions conference, 09/28/2016

Leadership Positions And Professional Affiliations

  • The Law Society of England and Wales

Awards

  • Ranked Band 2, Chambers USA 2022: Derivatives

Qualifications

Admissions

Admitted: Solicitor of England and Wales, 2002

Admitted: Bar of the State of New York, 2007

Academic

LL.B., King's College, London, 1999

Maitrise, Pantheon-Sorbonne, Paris, 1999

Languages

English, French
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.