Structured finance: derivatives and structured products in United States

Cadwalader, Wickersham & Taft LLP stands out for putting forward a comprehensive offering for buy- and sell-side clients, with expertise across the full range of asset classes. The transactional team works closely with the firm’s tax, regulatory and financial restructuring experts to offer a full service to clients. Areas of novel expertise include structured note programs, algorithmic and proprietary indices, currency-, commodity- and fixed income-linked products and emerging market notes. In Charlotte, Scott Cammarn jointly heads the group with Richard Schetman in New York; an expert om derivatives work related to fixed-income and credit products, as well as funded derivatives. Also in New York, Lary Stromfeld, a member of the management committee, is a specialist in reference rates; and Ivan Loncar is another funded derivatives expert; Brian Foster is also recommended.

Fried, Frank, Harris, Shriver & Jacobson LLP‘s practice runs across transactional and regulatory issues associated with derivatives and futures, including over-the-counter, exchange-traded and cleared products, in addition to repurchase agreements and matters such as equity and foreign exchange prime brokerage agreements. The group is led from New York by seasoned derivatives lawyer Robert McLaughlin , who has noted expertise in over-the-counter derivatives and cleared swaps. Also in New York, David Mitchell takes the lead for commodities, futures and derivatives deals; while Darren Littlejohn is most known for advising on regulatory reforms impacting the derivatives and financial markets. In Washington DC, William Breslin sits in the asset management department and is an expert in commodities work. New York-based Ray Shirazi, who has a broad practice and is increasing active in relation to digital assets, joined from Cadwalader, Wickersham & Taft LLP in March 2022, as did Steven Lofchie.

Lawyers at Mayer Brown are commended by clients for ‘top notch talent in structured notes and derivatives‘, with a practice that covers transactional, regulatory and contentious work, coordinating closely with its London office On the transactional front, the firm fields a broad offering, leveraging expertise in equity, credit, interest rates and exchange rates. In New York, Anna Pinedo is an expert in structured notes and other hybrid and structured products. Chicago’s Matthew Kluchenek handles a broad range of regulatory, transactional and enforcement issues, with substantial experience in representing clients in investigations and enforcement actions by federal authorities. In Palo Alto, Remmelt Reigersman is handles the tax aspects of financial product transactions, while New York’s Curtis Doty focuses on over-the-counter derivatives, bringing to bear expertise in commercial and insolvency law. Promoted to partner in January 2022, Marla Matusic in New York is building a solid practice involving the structuring and trading of complex derivatives and structured financial products.

Allen & Overy LLP's team in New York is most noted for its work with industry bodies, including regular advice on ESG issues. On the transactional front, the group has a strong track record in over-the-counter derivatives, spanning interest rates, currency, equities, commodities, longevity and mortality, as well as credit risk. The group has a niche in derivatives clearing issues, drawing on a familiarity with US and EU law. David Lucking heads the global international capital markets practice, and is an expert in derivatives and structured finance regulation. Deborah North (a board member of the Women in Derivatives group) is another key contact, with substantial experience in over-the-counter derivatives and structured synthetic products, in addition to cross-border security agreements. Senior associate James Bryson is another name to note.

Katten‘s derivatives practice spans exchange-traded and over-the-counter products and their regulation. The team is most noted for its regulatory offering, which extends to representing clients in enforcement issues, investigations by the CFTC and litigation. Heading the financial markets and regulations group from New York is Gary DeWaal, who is increasingly known for advising on the law governing digital assets and cryptocurrencies. Also in New York, Carl Kennedy has expertise in the Dodd-Frank Act. In Chicago, Kevin Foley  focuses on US commodity exchange legislation and CFTC rules. In January 2021, the Washington DC office was joined by Daniel Davis from the CFTC in a boost to the regulatory practice. Guy Dempsey retired in 2021.

The ‘forward thinkers‘ at Latham & Watkins LLP have a practice that spans the gamut of over-the-counter derivatives and exchange-traded derivative products, with expertise in transactions as well as the regulatory and enforcement aspects of this work. Margin finance is another core specialism, and equity-linked products are another line where the team stands out. Based across London and New York and co-chairing the firm’s global financial institutions group, Witold Balaban is a vastly experienced figure in the New York-based department, which is now led by Rafal Gawlowski. Yvette Valdez, who is developing an impressive cryptocurrency-related practice. and Douglas Yatter, who is the name to note for regulatory and enforcement issues, co-chair the firm’s commodities and derivatives regulation and enforcement practice. Courtenay Myers Lima is an expert in structured products, capital markets, fintech developments and bank and broker-dealer regulatory matters, while Catherine Lee is noted for equity-linked deals.

Morgan, Lewis & Bockius LLP‘s derivatives practice sits within the investment management department and provides advise pertaining to the waterfront of derivatives issues, encompassing transactional, regulatory and enforcement work, as well as issues arising from insolvencies. New York’s Thomas D’Ambrosio  has knowledge across a wide variety of asset classes, including equity, debt, credit, commodity, interest rate, currency, and exotic derivatives, also advising on regulatory and insolvency-related matters. He jointly leads the team alongside Michael Philipp  in Chicago, who has expertise in novel transactions, with experience advising on cryptocurrency derivatives. In Boston, Edwin Smith  has a specialism in equity and credit derivatives, interest rate and currency swaps, and total return swaps. Another key figure in Boston is Katherine Dobson Buckley, who regularly handles cross-border and US futures, derivatives and prime brokerage work.

White & Case LLP‘s derivatives group in New York has experience advising buy- and sell-side clients across a wide variety of asset classes, both domestically and cross-border using derivatives in funding transactions, as well as regulatory work stemming from derivatives transactions. The team, led by Ian Cuillerier , is noted for matters involving the financing of manufacturing facilities and energy power plants. Edward So is an expert in over-the-counter derivatives transactions, having developed niches in advising fintech companies and creating ESG derivative structures. Associate Rhys Bortignon is another key individual with over-the-counter derivatives experience, in addition to expertise in repo transactions, securities lending transactions and structured products.

The global scope of the primarily New York-based team at Clifford Chance regarding structured products includes structured real estate transactions and CLOs, synthetic credit risk transfer transactions, securities lending, and over-the-counter derivatives. Practice head Lee Askenazi focuses on CLOs, asset-backed securities, and mortgage-backed securities; David Felsenthal specializes in derivatives and structured finance; and Gareth Old is a key contact regarding risk transfer transactions. Robert Hagan is based in Washington DC and covers structured finance and securitizations, while  Alistair Dunlop deals with structured finance transactions and cross-border structured debt transactions. Lawyers mentioned are in New York unless otherwise stated.

The derivatives team at Haynes and Boone, L.L.P. advises a broad range of clients, including international banks, private equity funds, hedge funds, and bank holding companies on securities, derivatives, and regulatory matters. Its derivatives expertise extends to hedging derivatives, over-the-counter products, and project finance-related hedging agreements. Practice head Neal Kaminsky is based in Houston and covers compliance with Dodd-France, CFTC, and FERC regulatory requirements. In New York, Giorgio Bovenzi specializes in global credit risk management regarding derivatives. He works alongside Matthew Frankle, a key contact regarding equity financing transactions such as swaps, options, and repurchase agreements, and Brian Sung, who focuses on derivatives and commodities markets, as well as alternatives investments and cryptocurrency. Based in Washington DC, Phil Lookadoo focuses on the energy and project finance derivatives space.

Based in New York, Hogan Lovells US LLP advises sovereigns, international financial institutions, and Latin American-based corporations on a broad range of derivatives and regulatory-related matters, such as REITs, equity derivatives, ATM offerings, and structured products. It often acts for clients active in the energy, insurance, and healthcare industries. Practice head Evan Koster specializes in complex financial products and derivatives transactions, including on foreign exchange, equities, and commodities products. Senior associate Adam Lapidus advises on capital markets transactions, including interest rate, credit, and FX derivatives.

Morrison Foerster focuses on cross-border derivatives, with particular strengths regarding regulatory matters, insolvency risk mitigation, and commodity transactions. The team has also seen an increase in activity advising fintech start-ups in crypto compliance and trading. In New York, co-chair David Kaufman is a key contact regarding structured transactions involving derivatives, and is also highly experienced in M&A and reorganizations. He works alongside co-chair Vladimir Maly, a specialist in cross-border equity derivatives and bespoke transactions. In Washington DC, counsel Chrys Carey is well-regarded for his work on derivatives regulatory and compliance matters, while counsel Seth Lucia covers energy regulatory and derivatives mandates.

Based in New York, Orrick, Herrington & Sutcliffe LLP deals with both structured products and securitizations, often acting on behalf of leading underwriters, financial institutions, and Fortune 100 corporates. It is especially strong in tender option bonds and frequently represents clients regarding regulatory inquiries and derivative-related enforcement actions. Structured finance group leader Alan Knoll specializes in corporate securities and structured finance transactions, while finance business unit head Al Sawyers focuses on issuance of structured notes, CLOs, synthetic convertible bonds, and credit-linked notes. Global co-head of the derivatives group Nikiforos Mathews is a key resource regarding complex derivative instruments and swap agreements.

Led by cross-border over-the-counter derivatives expert Manuel S. Frey in New York, the team at Paul, Weiss, Rifkind, Wharton & Garrison LLP advises both sell-side and buy-side clients on derivatives instruments and transactions. Its expertise in assets ranges from credit and equity to commodities and foreign currency exchange and regularly takes on mandates involving the enforcement of rights against struggling counterparties and compliance requirements. Tracey Zaccone is a key contact regarding complex securities offerings, while Brad J. Finkelstein covers derivatives products.

Shearman & Sterling LLP focuses on complex cross-border derivatives and structured products mandates, often acting on behalf of US and global financial institutions, corporations, and hedge and private equity funds. Its broad range of work extends to niche specialisms such as crypto-asset derivatives, advising banks on trading issues and custody concerning crypto and digital assets, and advising fintech corporates on regulatory compliance. Based in New York, derivatives team leader Donna Parisi is a key asset regarding derivatives, securitization, and structured products, with particular strengths in the options market and exchange-traded futures. She works alongside Geoffrey Goldman and Kerri Durso, both experts in structuring and documenting over-the-counter derivatives.

Willkie Farr & Gallagher LLP frequently advises energy companies, lenders, and dealers on derivatives in the physical commodities markets, particularly in the energy, metals, and agricultural products industries. The team also has experience in listed and over-the-counter derivatives, as well as proxy generation swaps, cross-border derivatives, enforcement defense, and regulatory advice. Based in Washington DC, practice chair Thomas French focuses on complex derivatives, often advising hedge funds and investment banks, while Athena Eastwood and senior counsel Paul Pantano are key resources regarding regulatory matters. In New York, counsel Conrad Bahlke and Rita Molesworth deal with derivatives and commodities transactions and regulatory advice for financial institutions, respectively. Of note, regulatory expert John Thomas joined from commodities trading company J. Aron & Company LLC in August 2021, counsel Margo Bailey joined from the US Commodity Futures Trading Commission in May 2021, and regulatory specialist Neal Kumar was promoted to partner in January 2021.

Gibson, Dunn & Crutcher LLP provides regulatory counsel, transactional advice, and counselling on enforcement regarding derivatives. Its clients range from financial institutions and Fortune 500 companies to clearing houses and investment funds. The team is highly experienced challenging agency actions in court as well as advocacy at regulatory agencies. Notably, it runs the Coalition for Derivatives End-Users, a trade association representing companies that use derivatives to mitigate business risks. Based in Washington DC, practice head Jeffrey Steiner focuses on compliance regarding cross-border global derivatives, including compliance with the Dodd-Frank Act, EMIR, and MiFID II. He works alongside Michael Bopp, who advises on derivatives regulatory and legislative mandates.

The derivatives and structured products team at Polsinelli PC is mostly active in the swap space, but also engages in credit trading and structured finance for clients in the commercial mortgage industry. Based in St Louis, Joseph Mantovani leads the practice.

The derivatives and commodes team at Ropes & Gray LLP advises mutual funds, financial institutions, sovereign wealth funds, and corporations on commodes and futures transactions, as well as regulatory matters and product structuring. Its expertise also includes mandates involving swaps, options, structured notes, and exchange-traded options. Based in Boston, practice co-head Leigh Fraser specializes in derivatives and commodities, often advising buy-side clients on the negotiation of ISDA Master Agreements, repurchase agreements, and triparty agreements. Isabel Dische operates out of New York and advises global fund sponsors on structuring and compliance, while in Washington DC, Molly Moore focuses on derivatives and trading arrangements. Deborah Monson retired in January 2021.

Simpson Thacher & Bartlett LLP advises investment banks, corporations, and private equity funds on over-the-counter derivatives, as well as mezzanine financing, currency and commodity hedges, and equity derivatives. Based in New York, team head Jonathan Lindabury is highly experienced in derivative transactions, including margin loans, equity hedging and monetization transactions, and over-the-counter derivatives. Caitlin Wood departed in October 2021.