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Commodities & Derivatives

We advise numerous financial institutions, hedge funds, pension plans and corporates in developing, structuring and executing a variety of structured products and derivative instruments. We advise on cleared and non-cleared products. We have extensive experience in putting derivatives into clearing, given our work in advising commodities and derivatives exchanges and clearing houses. Our transatlantic integrated practice covers all types of cross-border and local issues.

In addition, we counsel clients on issues arising under the US Commodity Exchange Act, the Dodd-Frank Act and related European legislation, in particular, EMIR and MiFID 2. One of our lawyers was instrumental in drafting Title VII of Dodd-Frank.

We advise on:

  • OTC derivatives transactions and products
  • The availability of exemptions
  • Structuring collective investment vehicles such as hedge funds and commodity pools that desire to access the futures markets
  • The activities of exchange-traded futures market participants, such as futures commission merchants, commodity trading advisors and commodity pool operators
  • Derivatives regulation as well as proprietary trading in light of the Volcker rule, “swaps pushout,” systemically important institutions, the orderly liquidation authority and securitization “skin in the game” requirements

We regularly represent clients before the SEC, CFTC, FCA and other regulators in regulatory compliance matters on the sale and trading of derivatives.

Featured Matters

  • Buy-side and end user parties on the registration of swaps
  • Depository Trust & Clearing Corporation on setting up a new subsidiary, DTCC Derivatives Repository Ltd, a new global trade repository based in Europe for OTC derivatives and its new US registered swap data repository and other trade warehouses and services
  • Eurex, Deutsche Börse and Eurex US on their establishment of a groundbreaking “global clearing link,” the only approved transatlantic clearing link, pursuant to which round-the-clock transatlantic trading and clearing of US and European fund futures and options will become possible
  • ICE Clear Credit LLC as a provider of market infrastructure in the development of its clearing systems, including with respect to rule changes and the implementation of new requirements under the Dodd-Frank Act and CFTC and SEC regulations, which changes affect the entire market
  • ICE Clear Europe on the establishment of its derivatives clearing house in London, the first of its kind in over 100 years, and on the establishment of its CDS clearing services in Europe
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