Catherine Lang-Anderson is a partner at A&O Shearman in London and a leading figure in trade and commodity finance law.

The only female partner ranked for trade finance in the latest Legal 500 listings, she has been at the forefront of legal innovation in the sector, from shaping the digitalisation agenda to advising on financing structures that incorporate emerging asset classes.

In this instalment of GTR’s Trade Leaders Interviews, she discusses the legal trends defining trade finance, the impact of new regulations and how evolving market dynamics are influencing deal structures.

This interview has been edited for length and clarity.

 

GTR: Your practice covers a broad range of aspects within the trade finance industry. What are the legal trends or challenges in this space that excite you right now?

Lang-Anderson: As you say, we really do cover the full spectrum of trade and commodity finance, from traditional and structured trade finance, supply chain and receivables finance to thornier technical queries around letters of credit and trade instruments. It’s a truly global focus, especially since our merger with Shearman last year, which expanded our footprint in the Americas, particularly in New York and Texas.

From a legal perspective, one trend that’s front and centre is digitalisation. It’s been a buzzword for years, but last year’s changes to the law in England were a real catalyst for progress. These updates are allowing us to move closer to paperless trade, aligning legal frameworks with the practicalities of modern technology.

Our firm has been deeply involved in this area – starting with consultations with the Law Commission through to more practical applications with clients. We’ve also been collaborating with technology providers through Fuse, our in-house incubator for legal and regulatory tech companies, which fosters collaboration between tech innovators and our lawyers. I’ve been sponsoring Enigio for the past 18 months as part of that programme. It’s been incredibly rewarding to bridge the gap between the legal and tech sides, helping both to speak the same language.

 

GTR: Beyond digitalisation, what other important developments are you focused on?

Lang-Anderson: Another big one is the emergence of new assets in trade finance, and how we bring those into deals and enable financing for them. Some of these new assets are linked to digitalisation, such as cryptocurrencies, e-money and virtual accounts, but a lot of it is also in the sustainability space. For example, emissions allowances are increasingly used in deals, which raises questions around how to take security over them and build robust legal structures for financing.

While some of these assets can be integrated using existing legal frameworks, others – like what we saw with digitalisation of trade documents – might require legislative changes. As a lawyer, it’s exciting to be at the forefront of these developments, figuring out how to make these new asset classes work within existing systems or help push for changes when needed.

 

GTR: Are there any standout deals you’ve worked on recently that you can talk about?

Lang-Anderson: Two clients come to mind: Polestar and Greenergy Fuels. Polestar is a Swedish electric performance car manufacturer, and we helped close a US$1bn financing deal in 2024 to accelerate their next phase of growth.

Greenergy is a dynamic player in the commodities space, particularly in biofuels and fuel transportation, and we acted for them on a refinancing that involved a new financing package. What was interesting about that deal was incorporating a trade finance structure into a broader capital structure. We really enjoy deals that allow us to look across the bigger picture in this way, in fact. Some of the most interesting deals we do involve combining different disciplines, bringing together the firm’s specialists in trade, debt finance, regulatory law and other areas.

We’ve seen a trend where trade finance techniques play a key role in broader event-driven scenarios, such as acquisitions. We recently advised Stellex Capital Management on the acquisition of a Northwest England haulage, plant hire and aggregates business, Fox Brothers.

We also work closely with private equity colleagues to explore how trade finance can enhance liquidity for their portfolio companies in a targeted, efficient way. We are seeing an increase in private credit players and alternative lenders entering the space, alongside growing interest from a wider range of borrowers in using trade finance techniques.

 

GTR: Let’s talk regulation – what issues should the industry be most mindful of in 2025?

Lang-Anderson: One of the biggest is CRD VI [the EU’s sixth Capital Requirements Directive], which has significant implications for cross-border banking. It prohibits third-country institutions from offering certain banking services into the EU unless they’re locally licensed, and this directly impacts trade finance structures like factoring, forfaiting and guarantees.

Another major focus is the growing regulation around sustainable supply chains, particularly within the EU. There’s a wave of new rules on disclosure, supply chain due diligence and mandatory reporting, which are reshaping how companies operate. For example, regulations on sustainable batteries and deforestation require businesses to demonstrate compliance across their supply chains.

We’re actively working with clients – and are quite heavily involved with non-EU banks – to help them navigate these changes, assess their cross-border services and ensure compliance with emerging requirements.

 

GTR: On sustainability, how do you see ESG trends shaping trade and supply chain finance, and what’s your take on the reaction to greenwashing in this space?

Lang-Anderson: I believe that as an industry, we have a responsibility to help drive the transition and support real change. ESG on deals is no longer focused on meeting specific targets under sustainability-linked financings. We’re seeing a more holistic approach. The regulatory focus certainly in the EU is now on ensuring entire supply chains are sustainable, not just isolated areas.

We are acting on borrowing base deals that now mix traditional commodities with emissions allowances and biofuels, for example.

Another crucial aspect is social sustainability. We have an opportunity as an industry to come together to help close the trade finance gap and provide access to financing for smaller suppliers.

 

GTR: You’ve received many accolades, including being recognised as a “leading partner” for trade and commodity finance by The Legal 500. You’re also the only woman ranked for trade finance on that list. How do you balance the demands of leading a team while also delivering innovative solutions for your clients?

Lang-Anderson: While I’m proud of the personal accolades, what I value most are the team achievements, such as the GTR Leaders in Trade award, which we’ve won for two years in a row, as well as other industry awards. We have an incredibly strong team, not just in London but across our global offices, and their expertise and collaboration are central to our success.

Managing everything comes down to having a strong team – building it over time has made things much easier. As for how I do it? Hard work, but also genuinely loving what I do. The variety keeps it interesting, and staying enthusiastic makes all the difference.

 

GTR: Diversity and inclusion is something you and I have collaborated on in the past at various GTR Women in Trade Finance and Future-Proofing Trade Finance events that A&O Shearman has supported and hosted. Are there any recent initiatives you’re particularly proud of?

Lang-Anderson: I’ve been very involved in the GTR Women in Trade Finance initiatives, which have grown to focus on broader diversity and inclusion themes. Expanding the focus to future-proofing the industry by supporting the next generation has been incredibly rewarding.

Within our firm, I’m proud of initiatives like our solicitor apprenticeship scheme, which supports social mobility by providing opportunities for talented individuals who might not have followed the traditional university route. It’s a great example of how we’re fostering diversity beyond gender, focusing on creating opportunities across all backgrounds.

 

GTR: Looking ahead, what are the key opportunities for growth and transformation in trade and supply chain finance, and how do you see your role as a lawyer contributing to this evolution?

Lang-Anderson: Much of the transformation is being driven by digitalisation, which is reshaping the space. Lawyers play a crucial role in overcoming legal barriers to these changes. Beyond that, macro trends such as geopolitical shifts, trade flow disruptions and tariff changes – including the US presidency transition – all influence trade finance structures.

A key ongoing trend is the heightened focus on supply chain resilience, which emerged post-pandemic and has been reinforced by geopolitical challenges. Market players are prioritising stability, ensuring access to critical products and strengthening supplier relationships. This has translated into growing interest in financing structures like inventory finance and supply chain finance – both of which require legal expertise to structure effectively.

More broadly, in a time of regulatory evolution, legal support is essential in helping clients not just react to developments but stay ahead of them. Businesses need to anticipate changes, navigate compliance challenges and prepare for different outcomes in an increasingly uncertain global landscape.

 

GTR: Finally, on a more personal note, who is Catherine Lang-Anderson outside of the legal world?

Lang-Anderson: Well, I’m a mother to 12-year-old twin boys and a self-proclaimed terrible skier! Outside of work, I’m a viola player and will be performing in the A&O Shearman musical Into The Woods in February.