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MATTHEW F. KLUCHENEK
Partner
mkluchenek@mayerbrown.com
Chicago +1 312 701 8700
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Overview Experience Perspectives & Events News Credentials
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Matthew F. Kluchenek
mkluchenek@mayerbrown.com
Chicago +1 312 701 8700
OVERVIEW
Matt Kluchenek is a partner in Mayer Brown’s Banking & Finance group and a
member of the Derivatives and Fintech practices. He has a broad-based financial
services practice in which he counsels financial institutions, asset managers,
trading advisors, trading firms, fintech companies, multinational corporations,
brokers, exchanges and financial service technology providers with respect to
regulatory, transactional and enforcement matters involving derivatives,
securities and cryptocurrencies.
Enforcement/Investigations. Matt represents firms and individuals subject to
investigations and enforcement actions by the government and self-regulatory
organizations with respect to matters involving disruptive trading practices,
wash trades, manipulation, unauthorized trading, block trades, non-competitive
trading, supervisory failures and fraud, among others. He has represented
hundreds of clients in such investigations, many of which have been resolved
without adverse action. He also works with clients to create training programs
and conducts on-site training sessions to assist clients in reducing the risk of
enforcement actions. Matt has handled over 200 of these such matters.
Regulation. Matt assists clients in the US, Europe and Asia in navigating their
obligations under the Commodity Exchange Act, as amended by the Dodd-Frank Act,
and the federal securities laws; formulating compliance programs and working
with clients to implement those programs; and representing clients in
discussions with the CFTC, SEC and self-regulatory organizations with respect to
novel issues.
Transactions. Matt assists clients in (i) structuring and forming new business
entities and addressing related ownership, governance, intellectual property,
employment and securities disclosure issues, (ii) negotiating and documenting
strategic acquisitions, joint ventures, licensing arrangements, ISDA agreements,
trading agreements and employment agreements, and (iii) structuring and forming
private investment funds, including master-feeder fund structures.
Fintech. Matt represents clients in a growing array of fintech matters, with an
emphasis on cryptocurrency regulation.
Prior to joining Mayer Brown, Matt was a partner at a large law firm and served
as associate general counsel of CME Group, Inc., as well as the general counsel
of a global high-frequency trading firm. Matt serves as an adjunct professor at
the Northwestern University Pritzker School of Law, where he teaches the course
on Derivatives Law and Practice.
The IFLR1000 2022 guide ranks Matt as “Highly Regarded” for Capital Markets:
Derivatives in the United States. In addition, The Legal 500 recommends Matt for
his “expertise across the transactional and regulatory matters facing financial
institutions.”
AREAS OF FOCUS
Practices
* Banking & Finance
* Capital Markets
* Derivatives
* Structured Products
* Litigation & Dispute Resolution
* Regulatory & Investigations
* Securities Litigation & Enforcement
Industries
* Fintech
* Technology
Key Issues
* IBOR Transition
* Digital Assets, Blockchain & Cryptocurrency
EXPERIENCE
Enforcement/Investigations. Mr. Kluchenek represents firms and individuals
subject to investigations and enforcement actions by the government and
self-regulatory organizations with respect to matters involving disruptive
trading practices, wash trades, manipulation, unauthorized trading, block
trades, non-competitive trading, supervisory failures and fraud, among others.
He also works with clients to create training programs and conducts on-site
training sessions to assist clients in reducing the risk of enforcement
actions. Recent representations include serving as lead counsel for:
* CFTC and CME Group investigations of a major bank and its traders for
disruptive trading conduct;
* a high-frequency trader in DOJ and CFTC investigations involving spoofing and
manipulation (resolved without adverse action);
* an investigation by CME Group of three brokers of a Swiss branch of a U.S.
bank involving the brokers’ activities in connection with customers who
allegedly placed disruptive orders (resolved without adverse action);
* a large U.S. precious metals dealer investigated by the CFTC with respect to
leveraged retail commodity transactions (resolved without adverse action);
* a Shanghai-based algorithmic trading firm and its founder and two traders in
a CME investigation;
* an investigation of a securities trading desk in connection with alleged VIX
manipulation activity (resolved without adverse action); and
* four bulge bracket bank traders investigated by a futures exchange with
respect to block trades.
Regulation. Mr. Kluchenek assists clients in the U.S., Europe and Asia in
navigating their obligations under the Commodity Exchange Act, as amended by the
Dodd-Frank Act, and representing clients in discussions with the CFTC, SEC and
self-regulatory organizations with respect to novel issues. Recent
representations include:
* advising a foreign government’s investment funds with respect to their
obligations under the Commodity Exchange Act;
* obtaining no-action relief from the CFTC with respect to position limits;
* conducting a global internal review of whether the client’s activities
trigger swap dealer registration;
* advising several non-U.S. banks with respect to their registration
obligations under the Commodity Exchange Act;
* working with a bank to address the retail commodity transaction provision
under the Commodity Exchange Act;
* structuring U.S. person policies for non-U.S. financial institutions; and
* assisting various clients in addressing their swap dealer, FCM and IB
regulatory obligations.
Transactions. Mr. Kluchenek assists clients in (i) structuring and forming new
business entities and addressing related ownership, governance, intellectual
property, employment and securities disclosure issues, (ii) negotiating and
documenting strategic acquisitions, joint ventures, licensing arrangements, ISDA
agreements, trading agreements and employment agreements, and (iii) structuring
and forming private investment funds, including master-feeder fund structures.
Recent representations include:
* the structuring and formation of numerous domestic and master-feeder hedge
funds for purposes of trading securities, derivatives and/or
cryptocurrencies;
* the formation of proprietary trading firms, including the preparation of
multi-class operating agreements and trader agreements;
* negotiating and documenting numerous ISDA master agreements for buy-side and
sell-side market participants; and
* advising a major agricultural merchandiser on structuring and documenting
their suite of product contracts as swaps, options and forwards.
FinTech. Mr. Kluchenek represents clients in a growing array of fintech
matters, with an emphasis on cryptocurrency regulation. Recent representations
include:
* advising an market in the preparation and filing of an application to become
registered as a bitcoin derivatives exchange with the CFTC, and ongoing
consultations with CFTC staff regarding the application and business model of
Bitnomial;
* counseling a large non-U.S. spot cryptocurrency exchange with respect to its
activities in the U.S. market;
* assisting a proprietary trading firm in building out its cryptocurrency
trading operations;
* forming a hedge fund to trade cryptocurrencies on U.S. and non-U.S. markets;
and
* reviewing numerous ICO White Papers and counseling issuers with respect to
the implications of offering coins and tokens to U.S. persons.
PERSPECTIVES
* June 03
2022
Investing in—or Building—a Digital Assets or Blockchain Business? Three Key
Concerns and Areas to Watch
* May 19
2022
Stablecoins: The Collapse of TerraUSD and the Road Ahead for the “Less-Risky”
Form of Cryptocurrency
* April 11
2022
Communications Records and Requirements
View All Perspectives
EVENTS
* April 13
2022
SEC, CFTC and DOJ Enforcement Trends
* March 01
2022
Emissions-Linked Trading in the US and EU
Practising Law Institute
* September 21
2021
Enforcement Trends Affecting Investment Advisers and Other Fiduciaries
* May 13
2021
2021 Structured Products Legal, Regulatory & Market Briefing
Hosted By The Structured Products Association
* May 07
2021
Commodity Pool Regulation
Hosted By The Practising Law Institute
View All Events
NEWS
* January 12
2022
House and Senate Agriculture Committees Issue Bipartisan Call for CFTC
Guidance on Crypto
CoinDesk
* December 29
2021
This new exchange lets investors vote yes or no on major events to hedge
their portfolios
CNBC
* May 01
2021
Commodity traders in DoJ’s sights as probes tarnish boom times
Financial Times (subscription required)
View All News
EDUCATION
Georgetown University Law Center, LLM, Securities and Financial Regulation
Chicago-Kent College of Law, Illinois Institute of Technology, JD
Loyola University Chicago, BA
ADMISSIONS
* Illinois
ACTIVITIES
* Former Owner of Mind’s Eye Winery
* Village of Hinsdale - Former Park and Recreation Commission Chairman
* Village of Hinsdale - Former Plan Commission Commissioner
* Futures Industry Association - Member
* International Swaps and Derivatives Association - Member
* American Bar Association - Member
* Chicago Bar Association - Member
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