Megha Kalbag

Primary Focus & Experience

Megha advises clients on a broad range of regulatory matters and derivatives transactions, including securities and commodities regulation (particularly in the fintech space), financial market infrastructure and the clearing mandate for US Treasuries. She focuses on the Dodd-Frank Act, the Commodity Exchange Act, the Investment Company Act, the Investment Advisers Act and the Securities and Exchange Act.

Clients turn to Megha for advice on trade compliance, registration, and other regulatory matters. She also works with clients, including fintech companies, dealers and asset managers on registering trading platforms with the CFTC and SEC, and in assisting those clients with developing programs for offering and trading innovative derivatives products. Megha works on bespoke requests and as a specialist on a variety of structured finance and CLO transactions, securities offerings, and project finance, leveraged finance, and M&A transactions.

Megha is an industry leader in the cleared derivatives space, and heads Milbank’s teams on advocacy, negotiations and documentation relating to clearing mandates, and on the Futures Industry Association’s CCP Risk Review, the leading comparative analysis of the rules and regulations of CCPs globally.

Her transactional practice includes representing sell- and buy-side clients on ISDAs, repurchase agreements, total return swaps, bank-owned life insurance and stable value wraps. In addition, Megha was a key resource for clients and internal stakeholders during the transition away from LIBOR, and in this capacity she has negotiated contract-specific terms as well as provided guidance on industry documentation and the LIBOR Act. 

Recognition & Accomplishments

Megha received her Juris Doctorate from Columbia Law School and received a Bachelor of Arts from Columbia University, where she graduated magna cum laude. Megha was previously ranked as an associate to watch by Chambers and Partners in the USA nationwide derivatives sector.