Legal Guidance and Research / Experts / Fabien Carruzzo
Fabien Carruzzo#13822

Fabien Carruzzo

Herbert Smith Freehills Kramer
Fabien Carruzzo, Head of Derivatives and Structured Products, US at Herbert Smith Freehills Kramer, counsels asset managers, investment banks, commodity traders and other market participants in the full spectrum of transactional and regulatory derivatives matters.

Fabien’s work covers a wide range of equity, credit, currency, commodity, and fixed-income derivatives and bespoke structures, as well as structured financing swaps, repos and other asset-based financing arrangements. Fabien has been recognized by Chambers Global and Chambers USA as one of the leading practitioners in derivatives and structured products.

Drawing on his experience advising clients on high-profile financial insolvencies, including Lehman Brothers, Fabien counsels clients in assessing and mitigating the liquidity, credit, insolvency and regulatory risks inherent in trading financial products. He also advises market participants on the implementation of regulatory reforms affecting the derivatives and futures industry globally.

Fabien’s work with credit derivatives has involved advising traders on numerous prominent credit and succession events over the years. Recently, he also led the firm's engagement as counsel for the members of the International Swaps and Derivative Association (ISDA) Determinations Committee in Sears, securing a landmark decision to include a syndicated leveraged loan in the list of instruments that can be used to settle Sears’ Credit Default Swap (CDS) contracts.

Practice Area

Panel

  • Contributing Author

Membership

  • American Bar Association, Business Law Section
  • Association of the Bar of the City of New York
  • Geneva Bar Association

Qualifications

  • LL.M. (2004)
  • Master in Criminal Law and Criminology, magna cum laude (1999)
  • J.D., magna cum laude (1997)

Education

  • University of Chicago Law School (2004)
  • University of Lausanne School of Forensic Science and Criminology (1999)
  • University of Lausanne Law School, Switzerland (1997)

1 Contributions by Fabien Carruzzo

UK inflation derivatives: ISDA documentation, product types, collateral and clearing, index disruption fallbacks, LIBOR transition, and RPI reform implications
PRACTICE NOTES
UK inflation derivatives: ISDA documentation, product types, collateral and clearing, index disruption fallbacks, LIBOR transition, and RPI reform implications
What does this Practice Note cover? Inflation derivatives serve as a key risk management tool, enabling participants to hedge effectively against fluctuations in inflation rates. The market is sizeable, well established and dates back to its earliest forms in the early 1980s. In 2014, the International Swaps and Derivatives Association (ISDA) estimated the global non‑cleared inflation derivatives market at around US$3tn. In recent years, pronounced volatility and rising inflation across several major regions, including the UK, have drawn renewed attention to these instruments. This Practice Note summarises: what inflation derivatives are who uses inflation derivatives documentation product types, and future developments What are inflation derivatives? An inflation derivative is a financial contract used to pass the risk, or the potential benefits, of movements in inflation from one counterparty to another. These instruments trade both over‑the‑counter (OTC) and on exchanges; this Practice Note focuses on the OTC market. Inflation‑linked payments under an inflation derivative are calculated by reference to an inflation index...
Banking & Finance
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