Karen Stretch


Karen Stretch


London | 160 Queen Victoria Street, London, UK EC4V 4QQ
+44 20 7184 7461 | +44 20 7184 7001


Karen Stretch focuses her practice on advisory and transactional derivatives, advising clients worldwide on a range of discrete and transactional derivatives and related regulatory matters, trading documents and non-traditional investment and financing techniques, including repos, TRS, dynamic portfolio swaps, stock loans and other structured derivatives.

Ms. Stretch routinely advises on regulatory compliance relating to derivatives, trading and benchmarks, such as EMIR, SFTR, the Short Selling Regulation, the Benchmarks Regulation and BRRD, with a focus since 2017 on LIBOR and benchmark reform.  Ms. Stretch is leading the firm’s coverage on LIBOR and derivatives and is an integral part of the Dechert LIBOR taskforce.

Ms. Stretch is recognised as a Rising Star by The Legal 500 UK, 2020 edition. The same publication notes that Ms. Stretch focuses exclusively on derivatives work, for which the firm was ranked in the 2020 edition. Clients have noted that "The team are always on hand to assist with our legal requirements and are very diligent in providing us the top quality advice.” 

Ms. Stretch also has significant experience advising on matters relating to the establishment of structured capital markets transactions with a credit focus, as well as fund products, during her career having provided full service support to several funds and investment vehicles including MTN program updates, follow-on offerings, new compartments and sub-funds, subscriptions and restructurings as well as prime brokerage arrangements.

Prior to joining Dechert, Ms. Stretch worked at another global American law firm in a similar role and a leading French bank in London as a senior trading, sales and derivatives lawyer.

  • Multiple ISDA and related swap representations on behalf of clients of all types from investment managers, investment vehicles and other structured entities to corporates and banks on various ISDA and related swap matters including: standalone ISDA Schedules; finance/credit agreement linked structures; structured finance linked structures; deal discrete derivatives and related regulatory advice; structured product linked set-ups; and exotic discrete transactions.
  • Italy-France Power Interconnector deal which was named “Europe Power Deal of the Year” by Project Finance International Awards 2017.
  • A large US manager on swap documents for perfect asset swaps relating to its first European CLOs.
  • CVC on its significant “risk retention” structure, which combines with securitization and fund techniques across the UK, US, Luxembourg and Jersey.
  • EAP Partners, on the derivatives aspects of a structured and rated $700m bond issue relating to the Etihad group. It was awarded the International Financing Review's 2015 Emerging EMEA Bond of the year.
  • Theatre Hospitals on a complex European securitization restructuring.  Ms. Stretch led the London team advising Capita on derivatives matters.
  • European and Japanese investment banks on structured repo transactions.
  • A European investment bank on a number of segregated account structures.
  • University of Warwick, B.A., 2003, with Honors
  • Nottingham Law School, Legal Practice Course, 2004, with Distinction
  • England and Wales
Speaking Engagements