Bio

Fabien Carruzzo, head of the firm’s Derivatives and Structured Products group, 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 Kramer Levin’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. Chambers USA, citing clients, describes Fabien as “one of the best derivatives lawyers on the street” and “exceptionally well-versed in issues facing the buy side,” noting his “approach to every project is thoughtful, business-orientated and innovative” (2022) and that he possesses “the ability to speak both to the legal and the commercial side” (2021). Other Chambers sources have stated that he is “an expert when it comes to credit derivatives and he is at the forefront of all market developments” (2020) and “an outstanding derivatives lawyer who is very smart, persistent and has his finger on the pulse” (2018), and a counsellor who “wins praise for his ‘excellent capital markets expertise’” and is “appreciated as ‘very proactive’” (2016). Clients also laud Fabien as someone who “always makes himself available for any question [and] any issue and is able to clearly help his clients identify a path forward to resolve issues that is commercial and achieves the best outcome”; who is “patient and breaks things down for you, making them easily digestible” (2022); and who is a “seasoned, high-level partner with great attention to detail” who “knows when we can and can’t push back, knows all the rules and protocols and anticipates how some of the new rules will affect the agreements I have in place” (2017).