Iolie Calochristos is an Of Counsel in the Structured Capital Markets Team in London, working in the area of derivatives and structured finance.
Iolie regularly advises sovereign wealth funds, hedge funds, global investment managers, pension funds and other institutional investors, together with end-users (such as corporates, CCPs, insurance companies and rating agencies) on a broad range of OTC derivatives and structured products, including interest rate and currency swaps and options, total return swaps, equity derivatives, securities lending transactions, repurchase transactions, regulatory capital and tax driven structures, loan and securitisation hedging. Iolie also advises on the regulation of derivatives and other financial products in the UK and EU, particularly in connection with the requirements of the European Market Infrastructure Regulation (EMIR), the Bank Resolution and Recovery Directive (BRRD), the Securities Financing Transactions Regulation (SFTR), as well as related legislation.
During her time at Baker & McKenzie LLP, Iolie has completed client secondments at: (i) Citigroup Global Markets Limited, working with the Prime Finance and Listed Derivatives legal team (July to November 2012); and (ii) Credit Suisse, working with the Strategic Transactions and Structured Equities legal team (June to October 2015).
Representative Legal Matters
In recent years, Iolie has advised on numerous derivatives and structured finance matters, including:
- Advising a large institutional investor on the validity and enforceability of netting and collateral arrangements documented under the ISDA Master Agreement, ISDA credit support documentation, the GMSLA and the GMRA, as well as on the potential impact of Brexit on its derivatives, repo and securities lending business.
- Advising a large institutional investor in relation to the implementation of structured securities lending arrangements documented under the GMSLA.
- Advising one of the world's largest investment managers on the changes to its derivatives, repo and securities lending business resulting from the reporting requirements of EMIR and the SFTR.
- Advising on new ISDA benchmark reform documentation (including the ISDA 2020 IBOR Fallbacks Protocol and ISDA 2021 Interest Rate Definitions), in connection with preparations for a transition away from the use of certain key IBOR benchmarks to alternative risk free rates.
- Advising one of the world's largest investment managers on the initial margin requirements of EMIR, as well as on related third party and triparty custody account structures (including relevant Euroclear and Clearstream services) for the holding, segregation and granting of security in respect of such initial margin.
- Ranked as a "Rising Star", Derivatives and Structured Products, UK Legal 500, 2023
- Ranked as an "Associate to Watch", Capital Markets: Derivatives, Chambers and Partners, 2023
Professional Associations and Memberships
- The Law Society of England and Wales
- International Swaps and Derivatives Association, Inc.
- England & Wales (Solicitor)~United Kingdom (2011)
- College of Law (Legal Practice Course) (2009)
- Trinity College, University of Cambridge (2008)