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Professor Rodrigo Olivares-Caminal, LLB (Bue), LLM (Warwick) and PhD (London)

Professor of Banking and Finance Law

email: r.olivares-caminal@qmul.ac.uk
Tel: +44(0)20 7882 8097

Profile

Rodrigo Olivares-Caminal
Rodrigo Olivares-Caminal is a Professor in Banking and Finance Law at the Centre for Commercial Law Studies (CCLS) at Queen Mary University of London. Prior to joining CCLS he was a Senior Lecturer in Financial Law and the Academic Director at the Centre for Financial and Management Studies (SOAS), University of London and the School of Law, University of Warwick. He taught in undergraduate and postgraduate courses in various Schools of Law and Business Schools in the United Kingdom, Spain, Greece, France and Argentina as well as in professional training courses in Africa, Asia and Europe. He has acted as a Sovereign Debt Expert for the United Nations Conference on Trade and Development (UNCTAD), Senior Insolvency Expert for the World Bank / IFC and as a consultant to several multilateral institutions in Washington DC and Europe, Central Banks and Sovereign States as well as in several international transactions with Law Firms. He specialises in international finance and insolvency law. He is the author/editor of seven books and has extensively published in peer-reviewed journals. He sits in the editorial/advisory board of several law journals in the UK and US and is a member of national and international institutions and associations specialised in comparative commercial and insolvency law.

Teaching

Postgraduate teaching:

 

  • Banking Regulation (School of Economics and Finance)

Research

Research interests:

International Finance; Capital Markets; Insolvency, Corporate Rescue and Sovereign Debt Restructuring.

Publications

Publications

Books

  • Financial Crisis Containment and Government Guarantees”, co-edited, Edward Elgar, 2013.
  • Managing  Risk in the Financial System”, co-edited, Edward Elgar, 2011.
  • Debt Restructuring”, co-authored, Oxford University Press, 2011.
  • Competition Law Amidst Financial Crises”, co-authored, Cambridge University Press, 2010.
  • Legal Aspects of Sovereign Debt Restructuring”, authored, Sweet & Maxwell, 2009.
  • Financial Crisis Management and Bank Resolution”, co-edited, Informa-Lloyd’s of London Press, 2009.

Book Chapters

  • "The European Stability Mechanism: Some Notes on a New EU Institution Designed to Avert Financial Crises", authored, in John R. LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh (eds), "Financial Crisis Containment and Government Guarantees", Edward Elgar, (forthcoming 2012).
  • “From Consolidated Supervision to Consolidated Resolution”, co-authored with Prof. Rosa M. Lastra, in John LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh (eds), “Managing  Risk in the Financial System”, Edward Elgar (forthcoming July 2011).
  • “The Greek Tragedy: Is there a Deus ex Machina?” , co-authored with Dr. Ioannis Kokkoris and Kiriakos Papadakis, in John LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh (eds), “Managing  Risk in the Financial System”, Edward Elgar (forthcoming July 2011).
  • “Avoiding Avoidable Debt Crises: Lessons from Recent Defaults”, co-authored with Yuefen Li and Ugo Panizza, in Carlos A. Primo-Braga and gallina A. Vincelette (eds), “Sovereign Debt and the Financial Crisis: Will This Time be Different?”, World Bank, October 2010.
  • “Cross Border Insolvency: The Case of Financial Conglomerates” co-authored with Prof. Rosa M. Lastra, in John LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh (eds) “Financial Crisis Management and Bank Resolution”, Informa-Lloyd’s of London Press, 2009.

Articles in Journals

  • "The Do's and Don'ts of Credit Default Swaps (CDS) in the Context of the EU Sovereign Debt Crisis", co-authored, Journal of Banking Regulation (forthcoming 2012).
  • "The EU Architecture to Avert a Sovereign Debt Crisis", OECD Journal of Financial Market Trends, Volume 2011, Issue 2, November 2011.
  • "A Solution to the Greek Crisis (in five labours)", Financial Regulation International, May 2011 . Issue 14.4
  • “The Pari Passu Interpretation in the Elliot Case: A Brilliant Strategy but an awful (mid-long term) Outcome”, Hofstra Law Review (forthcoming 2012).
  • “The Greek Tragedy”, Journal of Banking Regulation (Editorial), Vol. 11 Issue 4, October 2010.
  • “The Greek Tragedy: Is there a Deus ex Machina?”, International Corporate Rescue, Volume 7, Issue 4, August 2010.
  • “Sovereign Debt Defaults: Paradigms and Challenges” (Editorial), Journal of Banking Regulation, Volume 11, Issue 2, March 2010.
  • “All the King’s Men”, Investment & Pensions Europe, 1 April 2010.
  • “Sovereign Default: More Business Opportunities – Credit Will Spur New Legal Tactics at Vulture Funds”, The Hedge Funds Journal, 1 March 2010.
  • “Understanding the Pari Passu Clause in Sovereign Debt Instruments: A Complex Quest”, The International Lawyer, Volume 43, No. 3, Fall 2009.
  • “Expedited Debt Restructuring in Latin America”, Inter-American Development Bank Working Paper No. 113, November 2009.
  • “To Rank Pari Passu or Not to Rank Pari Passu: That is the Question in Sovereign Bonds after the Latest Episode of the Argentine Saga”, Law & Business Review of the Americas, Volume 15, No. 4, Fall 2009.
  • “Expedited Debt Restructuring Mechanisms in Latin America: A Regional Overview”, International Corporate Rescue, Volume 6, Issue 3, United Kingdom, May 2009.
  • “Is There a Need for an International Insolvency Regime in the Context of Sovereign Debt? A Case for the Use of Corporate Debt Restructuring Techniques”, Journal of International Banking Law & Regulation, Sweet & Maxwell, Volume 24, Issue 1, January 2009.
  • “Sovereign Bonds: A Critical Analysis of Argentina’s Bond Exchange Offer”, Journal of Banking Regulation, Volume 10, Number 1, Palgrave, November 2008.
  • “Odious Debt–Odious Concept?”, Butterworths Journal of International Finance and Banking Law, September 2008.
  • “Debt Markets: Where From—Where To?”, concept paper for the Briefing Book on ‘Building the Financial System of the 21st Century: An Agenda for Latin America and the US’, Harvard Law School, June 2008
  • “Lessons from the Recent Stock Exchange Merger Activity”, Oxford Journal of Competition Law and Economics, March 2008.
  • “Some Issues on Cross-Border Stock Exchange Mergers”, Penn Journal of International Economic Law, United States, Winter 2007.
  • “Regulation Of Stock Exchanges In The Recent Wake Of Mergers”, Butterworths Journal of International Finance and Banking Law, UK, Summer 2007.
  • “The Distressed Debt Market: Where are We Heading?”, in International Corporate Rescue (Kluwer), Volume 3, Issue 6, United Kingdom, November 2006.
  • “Corporate Debt Restructuring Techniques and their use in the restructuring of Sovereign Debt”, published in Revista del Derecho commercial y de las Obligaciones (LexisNexis), Issue 219, Buenos Aires, Argentina July-August 2006
  • “The Use of Corporate Debt Restructuring Techniques in the Context of Sovereign Debt”, published in International Corporate Rescue (Kluwer), Volume 2, Issue 5 United Kingdom, September 2005.
  • “The Required Threshold to Restructure Sovereign Debt”, co-authored, published in Loyola of Los Angeles International & Comparative Law Review, Volume 27, Issue Two, Los Angeles, United States, September 2005.
  • “Corporate Debt Restructuring in Latin America. New Developments. New Opportunities?”, published in International Company and Commercial Law Review (Sweet & Maxwell), Volume 16, Issue 6, United Kingdom, June 2005.
  • “Of Holdouts and other Demons”, published in Debt Exchange (La Ley), pages 45-52, May 9, 2005.
  • “Can the Bonds Tendered in the Exchange Offer be Subject to an Injunction?”, co-authored, published in La Ley, Buenos Aires, Argentina, April 21, 2005.
  • “Debt Restructuring: the Most Favoured Creditor Clause”, published in La Ley, February 3, Buenos Aires Argentina, 2005.
  • “Debt Restructuring: 66⅔ % (the magic number)”, co-authored, published in La Ley, Buenos Aires, Argentina, July 8, 2004.
  • “Rethinking Sovereign Debt Restructuring Mechanisms”, co-authored, published in Law & Business Review of the Americas, Volume 9, Number 4. Texas, United States, Fall 2003.
  • “Claims Against Argentina, Class Actions and Freeze of Assets”, co-authored, published by La Ley in its special volume “Default and Public Debt Restructuring”, pages 134-151. Buenos Aires, Argentina, November 26, 2003.
  • “Sovereign Debt Restructuring: Different Mechanisms” published by La Ley in “Default and Public Debt Restructuring”, pages 89-100. Buenos Aires, Argentina, November 26, 2003.
  • “Corporate Governance Rules under Argentine Law”, published in Law and Business Review of the Americas, Vol. 9, No. 2. Texas, United States, spring 2003.
  • “Resignation of the Legal Representative of Foreign Entities”, published by the University of Rosario, Volume IV, pages 245-259. Buenos Aires, September 2001.
  • “How is the Internet Impacting on Individuals and Society”, in collaboration with the Ambrosio L. Gioja Academic Institute research team. Iriss Conference at Bristol, England, March, 1998.
  • “Different Issues Regarding Preferences under the Insolvency Law”, Ad-Hoc Publishing, Volume II, pages 313-329. Buenos Aires, November 1997.
  • “Privacy and the Right to be Informed”, published in Habeas Corpus law review, Year 3, Volume I. Buenos Aires, April 1994.
  • “Law Contradictions”, published in Habeas Corpus law review, Year 2, Volume I. Buenos Aires, November 1993.

Case Reviews

  • “Clashing Clauses in Debt Instruments: Some Notes in View of the Restructuring of the ‘Aconcagua’ Bond and its Challenge in US Courts”, a comment to “Greylock Global Opportunity Master Fund Ltd. v. Province of Mendoza”, in International Corporate Rescue (Kluwer), Volume 3, Issue 1, United Kingdom, February 2006.
  • “Debt Restructuring and the Rule of Law: Some Notes on the Coria case”, published in La Ley, Buenos Aires, Argentina, 26 December 2005.
  • “Recognition of Corporate Debt Restructuring Procedures in Latin America under US Law: Lessons from the Multicanal Case”, published in International Corporate Rescue (Kluwer), Volume 2, Issue 3, United Kingdom, June 2005.
  • “Legal Certainty in Debt Restructuring”, a comment to “Civit, Félix Guillermo v. Poder Ejecutivo Nacional s/amparo”, published in La Ley, Buenos Aires, Argentina, September 8, 2004.

Newspaper Articles

  • “Η λύση στην κρίση του δημόσιου χρέους (σε 5 άθλους)”, co-authored, published in Kathimerini, June 19, 2011
  • “Η πτώση της Kέλτικης Tίγρης και οι διαφορές με την Ελλάδα”, co-authored, published in Kathimerini, December 29, 2010
  • “Που βρισκόμαστε στην ελληνική κρίση Δημοσίου Χρέους”, co-authored, published in Capital GR, June 29, 2010
  • 'Πόσο εφικτή είναι η έξοδος από την ΟΝΕ', co-authored, published in Kathimerini May 16, 2010
  • ‘Τι σημαίνει Αναδιάρθρωση του Δημόσιου Χρέους', published in Capital GR April 22, 2010
  • “Sovereign Debt Defaults: What Are the Options for Investors”, E-Financial News (DowJones), January 27, 2010.
  • “El Tiempo Definira la Estrategia del BCRA” , co-authored, published in El Cronista Comercial, Buenos Aires, Argentina, January 14, 2010.
  • “Volver a Acercarse al FMI es Beneficioso para Todos”, co-authored, published in El Cronista Comercial, Buenos Aires, Argentina, October 13, 2009.
  • “Los Holdouts Intensifican su Ataque”, co-authored, published in El Cronista Comercial, Buenos Aires, Argentina, December 3, 2008.
  • “1r País começa hoje a tentar refazer sua reputação”, interview for Valor Economico, the Brazilian leading economic newspaper, January 14, 2005.
  • “Una de Cal y una de Arena”, co-authored, published in La Gaceta de Tucumán, Tucumán, Argentina, November 21, 2004.
  • “El Papel de los Bancos en la Reestructuración”, co-authored, published in La Gaceta de Tucumán, Tucumán, Argentina, February 11, 2004.
  • “Grado de Riesgo de los Bienes del Estado”, co-authored, published in Infobae, one of the leading Argentine Economic newspapers, Buenos Aires, Argentina, November 21, 2004.
  • “El Embargo de Bienes Públicos”, co-authored, published in La Gaceta de Tucumán, Tucumán, Argentina, February 10, 2004.
  • “Controversia por la Cláusula Pari Passu”, co-authored, published in La Gaceta de Tucumán, Tucumán, Argentina, November 21, 2004.

Interviews/Quotes for Press Articles

  • "Lorenzino, duro con el juez Griesa", La Nacion, 6 March 2012
  • "Greek Crisis May Test the Value of Swaps", New York Times, 1 March 2012
  • "Greek Parliament Approves Debt Write-Down", Wall Street Journal (Europe), 23 February 2012
  • "Grecia: si avvicina l'accordo con i creditori private", Forexinfo.it, 22 February 2012
  • "Banks, Insurers Likely to Participate in Greek Swap After Past Write-downs", Bloomberg, 21 February 2012
  • "Die heimlichen Strippenzieher in der Schuldenkrise", Money Focus Online, 17 February, 2012
  • "Default experts: the Greek sovereign debt gods", Reuters, 16 February 2012
  • "Hedge Funds Prepare Legal Battle with Grece", Reuters, 24 Januray 2012
  • "Κούρεμα 50% σημαίνει νέα αναδιάρθρωση μετά από δυο χρόνια, λέει ο Δρ. Ολιβάρες Καμινάλ στο", Ta Nea, 23 January 2012
  • "Κούρεμα 50% σημαίνει νέα αναδιάρθρωση μετά από δυο χρόνια, λέει ο Δρ. Ολιβάρες Καμινάλ στο", in.gr, 23 January 2012
  • "Οι Γυπεσ «Κου Ρεματοσ»", Esquire Magazine (Greece), December 2011
  • "Lender of last resort not an option for ECB, say analysts", Central Banking, 14 November 2011
  • "Greece on Edge of Biggest Insolvency 24 Centuries after First City Default", Bloomberg 23 September 2011
  • "Greece may not opt for debt swap", Central Banking, 26 August 2011
  • "Europe Races to Widen Aid for Greece", Wall Street Journal (Europe), 2 June 2011
  • “Greece deficit revision sparks default concerns from analysts”, Central Banking.com, 26 April 2011.
  • “FMI e UE nãoevitam reestruturação da dívida portuguesa”, Jornal de Negocios (Portugal), 15 April 2011
  • “Os credores percebem quando o ‘default’ é inevitável”,  Jornal de Negocios (Portugal), 15 April 2011
  • “Certificados de aforro sob ameaça em caso de default”, Jornal de Negocios (Portugal), 15 April 2011
  • “EU Bailout Plans Fail to Bring Calm”, Wall Street Journal (Europe), 29 November 2010

PhD Supervision

Public engagement

  • Professor Rodrigo Olivares-Caminal and Professor Edward Rock (The University of Pennsylvania Law School), moderated an interactive panel discussion hosted by Skadden. The panel featured Skadden partners Michael Hatchard and Scott Simpson; Wachtell, Lipton partner David Katz; Chief Justice Strine; and Slaughter and May partner William Underhill. Read more about the event.
  • 5 June 2015 Professor Rodrigo Olivares-Caminal spoke at the London Business School (LBS) as a guest Professor for the module on Management Turnaround. His presentation was on the "doomed loop" between banks and sovereign, the latest developments at the EU level on bank recovery and the resolution of banks.
  • 4 June 2015 Professor Rodrigo Olivares-Caminal gave a presentation at the ALBA Business School, Athens, on the latest developments in International Finance and Banking Regulation. Topics included (1) the use of multiple layers of debt and the enforcement of intercreditor agreements; and, (2) the new tools for bank resolution (living wills, bail-in and cocos).
  • Professor Rodrigo Olivares-Caminal gave an interview to Lanacion newspaper regarding the claim by three Hedge Funds (Aurelius Capital Management, Elliott Management and NML Capital) on the recent sovereign debt issuance which allegedly breached the definition of domestic debt and was offered to overseas investors, hypothetically giving raise to the right to block 1.4 billion US Dollars in bonds. Read the interview on the Lanacion website.
  • Professor Rodrigo Olivares-Caminal was interviewed by El Cronista Comercial, the leading Argentine Financial newspaper, regarding the ongoing litigation in New York between the Republic of Argentina and a distress investor. The article tries to draw some predictions for the year ahead in view of Argentina' default on its external debt and the possibility of acceleration of the contractual terms of the bonds by its creditors. Read the interview here [PDF 114KB].
  • Professor Rodrigo Olivares-Caminal took part in a Working Group of Experts on sovereign debt that was convened by the Financial Markets Law Committee of the Bank of England to contribute to address issues of legal uncertainty or misunderstanding in the financial markets. On this occassion, Professor Rodrigo Olivares-Caminal contributed to a joint publication, following a request from representatives of the International Monetary Fund, on the enforceability under English law of a single-limb “collective action clause” (“CAC”) in the context of sovereign debt. Read the paper here [PDF 188KB]
  • Professor Rodridgo Olivares Caminal, Queen Mary University of London, interviewed at the 2nd Annual Greek Public Policy Forum 2013


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