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Catherine Blake

Senior Associate

Catherine Blake

London

T:+44 20 7444 5891

Catherine Blake is a financial services lawyer based in London. She is primarily focussed on the regulation of the financial markets. She has a particular interest in the derivatives markets, both in the ETD and OTC space.

Over the last few years she has worked with a number of market participants (including CCPs, brokers, buy-side entities, end-users) regarding the impact of the various regulatory changes on the trading of derivatives. This has included working with a number of industry associations to produce industry standard documentation relating to the clearing requirements under EMIR. She has also worked with a CCP to design its client clearing account structures, and frequently advises market participants on the requirements surrounding client clearing structures. She has also advised a number of brokers in relation to amending their client documentation suites to accommodate the EMIR requirements.

She frequently advises entities active in the commodity derivatives markets in relation their use of such instruments and the regulatory impact on their business structures. She has particular experience advising non-financial counterparties in relation to the EMIR obligations. She also advises commodity derivative market infrastructures, including CCPs, regulated markets, MTFs and other electronic platforms (such as Trayport) used in the trading of commodity derivatives.

She also works with a number of end-user entities in relation to the impact of both the existing MiFID and the new MiFID II/MiFIR exemptions regime.

Catherine has also advised on the impact of bringing EUAs into the scope of MiFID II.

In terms of the UK domestic regulatory regime, she has particular experience in advising on the application of the FCA Client Money and Assets (CASS) regime. This has included advising several brokers on amendments to their client documentation in order to reflect the amendments contained in FCA PS14/9.

Cat is familiar with the rules and regulations of the major UK CCPs (including CME Clearing Europe, ICE Clear Europe and LCH Clearnet Limited) and commodity exchanges (including ICE Futures Europe, the London Metal Exchange and CME Europe).

Cat enjoys public speaking and regularly presents on all of the topics detailed above.

Her experience to date includes a secondment to a leading global derivatives exchange and advising the Special Administrators in relation to markets issues arising from the MF Global insolvency.

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  • Representative experience

    General experience

    • Advising CME Clearing Europe, a UK Recognised Clearing House, on its client clearing structure and various other EMIR implementation issues.
    • Adivising CME Europe on its application to be a Recognised Investment Exchange.
    • Worldfuel Group - Advising on various issues relating to the implementation of EMIR.
    • MF Global - Advising the administrators of MF Global on the wholesale regulatory aspects of MF Global's trading activity including the close out of derivatives it was clearing for clients and related client money issues.
    • Clearing brokers - Advising a number of clearing brokers in relation to their EMIR compliant client clearing services and in relation to indirect client clearing structure.
    • FCA CASS rules - Advising numerous clients in relation to the application of the CASS rules, including working with the FOA (now FIA Europe) on their response to the FCA's proposed amendments to the CASS rules.
    • EMIR Article 39 clearing member disclosure - working with FIA Europe, ISDA and AFME to draft industry templates for the disclosure document. Working with a number of clearing brokers to tailor CME - Advising CME Clearing Europe, a UK Recognised Clearing House, on its client clearing structure and various other EMIR implementation issues.
    • Adivising CME Europe on its application to be a Recognised Investment Exchange.
    • Worldfuel Group - Advising on various issues relating to the implementation of EMIR
    • MF Global - Advising the administrators of MF Global on the wholesale regulatory aspects of MF Global's trading activity including the close out of derivatives it was clearing for clients and related client money issues.
    • Clearing brokers - Advising a number of clearing brokers in relation to their EMIR compliant client clearing services and in relation to indirect client clearing structure.
    • FCA CASS rules - Advising numerous clients in relation to the application of the CASS rules, including working with the FOA (now FIA Europe) on their response to the FCA's proposed amendments to the CASS rules.
    • EMIR Article 39 clearing member disclosure - working with FIA Europe, ISDA and AFME to draft industry templates for the disclosure document. Working with a number of clearing brokers to tailor the template disclosure document for their business requirements.

     MiFID II

    • CME - Advising CME Clearing Europe, a UK Recognised Clearing House, on its client clearing structure and various other EMIR implementation issues.
    • Advising CME Europe on its application to  be a Recognised Investment Exchange.
    • Advising the administrators of MF Global on the wholesale regulatory aspects of MF Global's trading activity including the close out of derivatives it was clearing for clients and related client money issues.
  • Admissions
    • Solicitor, qualified in England & Wales