The ‘first-class’ team at Cadwalader, Wickersham & Taft LLP acts for buy-side and sell-side clients across the full spectrum of asset classes, and is well-placed to leverage the expertise of the firm’s regulatory, tax and financial restructuring groups to advise on transactional mandates. The practice’s workload includes currency-, commodity-, fixed income- and fund-linked products, in addition to credit-linked notes, repackagings and workouts of distressed assets. Based in New York, Ivan Loncar, who acts for dealers, banks and other financial institutions on matters concerning unfunded derivatives, counter-party types and funded derivatives products, jointly leads the team alongside James Frazier. Also in the firm’s New York office, Lary Stromfeld has demonstrable experience advising on innovative market structures, financial products, litigation and regulatory issues, while Brian Foster maintains a broad transactional and regulatory practice. New York’s senior counsel Richard Schetman remains a key contact in the group. Following the departures of Steven Lofchie and Ray Shirazi in February 2022, Peter Malyshev joined from Reed Smith LLP and Mercedes Tunstall arrived from Loeb & Loeb LLP in April 2022, both of whom operate from the firm’s Washington DC office.

Based in New York, Latham & Watkins LLP covers the full range of over-the-counter and exchange-traded derivatives products, advising on swap, option and structured-note transactions involving interest rates, currencies, commodities, securities and credit, as well as derivatives relating to cryptocurrencies and digital assets. In addition to housing a robust commodities and derivatives regulation and enforcement practice, other key areas of expertise include equity-linked products and acting for US and international lenders and borrowers on margin loan transactions. Rafal Gawlowski chairs the financial institutions industry group and Witold Balaban, who splits his time between the firm’s New York and London offices, is noted for his standout experience advising on equity derivatives. Yvette Valdez acts for emerging companies, financial institutions and investment managers on regulatory issues associated with crypto-assets, and jointly leads the commodities and derivatives regulation and enforcement practice alongside enforcement expert Douglas Yatter. Courtenay Myers Lima advises on the structuring and distribution of innovative structured products, while Catherine Lee and Reza Mojtabaee-Zamani focus on equity-linked matters. Eric Rice, who was promoted to partner in January 2023, is another key contact in the group.

Counting banks, broker-dealers, investment platforms and trade associations among its key roster of clients, Mayer Brown covers the full range of transactional and regulatory mandates in the derivatives and structured products arenas, and is complemented by a robust investigations and enforcement practice. The team, which is well-placed to leverage the firm’s international footprint, is led by New York-based ‘leading expert’ Anna Pinedo, who specializes in foreign exchange, equity and credit derivatives products, and structured derivatives transactions. Operating from the firm’s Chicago office, Matthew Kluchenek has demonstrable experience representing clients in investigation and enforcement actions by the CFTC, CME Group, ICE Futures and the US Department of Justice, while Palo Alto-based Remmelt Reigersman focuses on the tax aspects of structured products transactions. In New York, Curtis Doty handles the commercial and insolvency aspects of netting and collateral arrangements for over-the-counter derivatives, while counsel Marla Matusic advises on the structuring and trading of derivatives and structured financial products. The New York office is also home to counsel Pamela Sackmann, who focuses on a range of over-the-counter derivatives products.

In the firm’s New York office, the team at Allen & Overy LLP acts for financial institutions on swap dealer registration and compliance issues concerning regulatory reform in the derivatives arena. Other key areas of expertise include cryptocurrency and digital assets, in addition to advising derivative trade associations on emissions allowance trading, voluntary carbon credits and collateral management. David Lucking heads the global international capital markets group and is noted for his experience across a range of derivatives and structured finance transactions, in addition to handling matters concerning the ISDA. Senior associate James Bryson, whose practice encompasses both transactional and regulatory mandates, is another key contact in the group, while Deborah North left the firm in November 2022.

Noted for its robust structured products capability, Clifford Chance provides ‘actionable and practical advice on complex and novel mandates’, from structured real estate transactions and CLOs, synthetic credit risk transfer matters and mortgage-backed repos to over-the-counter derivatives and securities lending. Gareth Old, who specialises in risk transfer transactions, jointly leads the team alongside Lee Askenazi, who advises on all aspects of residential and commercial mortgage-backed securities, asset-backed securities and CLOs. Following the departure of David Felsenthal to the Commodity Futures Trading Commission in March 2022, Darren Littlejohn joined the firm from Fried, Frank, Harris, Shriver & Jacobson LLP in October 2022 and regularly advises on regulatory reforms concerning derivatives. Other key contacts in the group include Alistair Dunlop and Washington DC-based Robert Hagan, both of whom handle securitization and structured finance transactions, while James Gouwar focuses on tax aspects of mortgage- and asset-backed transactions, collateralized loan and debt obligations, as well as real estate mortgage investment conduits. All named partners operate from the firm’s office in New York, unless stated otherwise.

Katten has demonstrable experience advising on regulatory mandates, encompassing enforcement proceedings, CFTC investigations and litigation cases, associated with over-the-counter and exchange-traded derivatives products. Counting US and international investment banks, hedge funds and proprietary trading firms among its key roster of clients, the team has the capability to advise on futures, over-the-counter and structured products transactions. In the Chicago office, Lance Zinman is the global chair of the firm’s financial markets and funds department and Christian Kemnitz leads the financial markets litigation and enforcement group, while Washington DC-based Daniel Davis and New York’s Carl Kennedy co-chair the financial markets and regulation practice. Kennedy handles regulatory matters concerning the Dodd-Frank Act and New York-based Gary DeWaal is noted for his experience advising on exchange-traded derivatives and crypto-assets, while Chicago’s senior counsel Kevin Foley handles compliance issues associated with the CEA and the CFTC. In the firm’s New York office, Stephen Morris joined from Morgan Stanley in April 2022, and Ilene Froom arrived from Reed Smith LLP in July 2022.

Morgan, Lewis & Bockius LLP is noted for its capability in handling transactional, regulatory and enforcement matters across a broad range of asset classes, including equity, commodity, interest rate, currency, agricultural and weather derivatives products. The team, which is well-placed to advise on insolvency-related mandates, sits within the firm’s wider investment management group and has experience in the financial services, energy and agricultural sectors. Praised as ‘exceptionally sharp, resourceful and responsive’, New York based Thomas D’Ambrosio focuses on structured and derivatives transactions, often encompassing regulatory and insolvency issues, and jointly leads the team alongside Michael Philipp, who operates from the firm’s office in Chicago. In Boston, Edwin Smith handles equity and credit derivatives, interest rate and currency swaps, total return swaps, and other commodity swaps, while Katherine Dobson Buckley advises on cross-border and US futures, derivatives and prime brokerage matters. Key clients include NextEra Energy, Entergy Corporation and KalshiEX Inc., among others.

With demonstrable experience advising on finance-linked derivatives, White & Case LLP acts for buy-side and sell-side clients across a broad range of asset classes, covering interest rates, foreign exchange, credits, equities and commodities, as well as securities lending transactions and structured products. Based in New York, the ‘knowledgeable, practical and extremely responsive’ team assists on cross-border transactions with offices in the UK, Canada and Latin America, and is well-placed to handle the regulatory aspects of derivatives mandates. Investment and commercial banks, private equity and hedge funds rely on the expertise of Ian Cuillerier in structured transactions, while Edward So acts for financial institutions on developing ESG and digital asset derivatives in the over-the-counter and regulated markets. Counsel Rhys Bortignon advises on over-the-counter derivative mandates, repo transactions, securities lending transactions and structured products.

Eversheds Sutherland offers ‘top-notch, practicable and implementable advice’ on a range of matters concerning financing arrangements, global hedging strategies, insurance products, synthetic investments in crude oil, weather and freight derivatives, as well as power purchase agreements. Counting Fannie Mae, The Commercial Energy Working Group and United States Commodity Funds among its key roster of clients, the Washington DC-based team is noted for its buy-side capability and expertise in the energy sector. Of counsel James Cain, who is recognized for his knowledge of the Dodd-Frank Act, jointly leads the practice alongside David McIndoe, who represents clients trading energy, agricultural, metal and environmental commodities in the physical and financial markets. ‘Valued and trusted advisor’ Raymond Ramirez handles derivatives trading and compliance mandates, while Meltem Kodaman focuses on derivatives contracts. Alexander Holtan left the firm in November 2022.

Counting international banks and other financial institutions among its key roster of clients, Haynes and Boone, L.L.P. handles a range of derivatives, including commodity and energy-related swaps, in addition to over-the-counter products, hedging agreements and regulatory matters. Praised for his ‘business-side experience’, Matthew Frankle represents banks and broker-dealers in equity financing transactions, while Brian Sung focuses on derivatives and commodities transactions, with demonstrable experience in cryptocurrency. Energy expert Phil Lookadoo has a strong Dodd-Frank Act and CFTC regulatory compliance practice, and Giorgio Bovenzi advises international banks on cross-border structuring of financial products. Practice heads Todd Cubbage and Monika Sanford (Singh) operate from the firm’s Charlotte and Austin offices respectively, and Houston’s Kim Mai is another key contact in the group. All named partners are based in the firm’s New York office, unless stated otherwise.

Praised as ‘extremely strong in advising sovereign clients on derivatives and structured products’, Hogan Lovells US LLP also counts US and international financial institutions, corporates and Latin American-based companies among its key roster of clients. The New York-based team handles a broad range of derivatives and regulatory matters, including REITs and equity derivatives, in addition to ATM offerings. Evan Koster leads the practice and covers a range of asset classes, such as commodities, fixed income, foreign exchange and equities, while senior associate Lauren Kimmel advises on over-the-counter and exchange-traded derivative products, in addition to related regulatory schemes. Koster and Kimmel form a ‘standout team’.

Noted for its cross-border capability, the ‘fully dedicated’ team at Morrison Foerster has demonstrable experience advising on commodities and physical commodities transactions, in addition to handling regulatory matters and enforcement issues. Insolvency risk mitigation is another key area of expertise, in addition to representing fintech start-ups with compliance and trading mandates. Based in New York, David Kaufman acts for financial institutions and end-user clients on structured transactions involving commodity, equity, fixed income and equity derivatives. Kaufman jointly leads the practice alongside Vladimir Maly, who divides his time between the firm’s offices in London and New York, and focuses on equity derivatives in cross-border financings, M&A and other corporate transactions. Of counsel Chrys Carey, who operates from Washington DC, is a key contact for derivatives regulatory and compliance matters.

Orrick, Herrington & Sutcliffe LLP acts for financial institutions and global corporations in negotiating and structuring derivatives transactions in the fixed-income and energy sectors, in addition to handling regulatory matters and enforcement actions relating to exchange-traded derivatives, counting the likes of Microsoft and Goldman Sachs among its key list of clients. Al Sawyers assists clients entering into various swaps agreements, including interest rate, credit default, currency and equity swaps, while Nikiforos Mathews has expertise in derivative instruments and swap agreements, as well as negotiating hedging transactions relating to leveraged loans and infrastructure deals. Sawyers and Nikiforos lead the New York-based team alongside Robert Moyle, who focuses on securitizations. Of counsel Jonas Robison is another key contact in the group and advises on issues concerning derivatives regulations and CFTC mandates.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acts for buy-side clients on a range of derivatives instruments and transactions, with expertise across a range of underlying asset classes, including credit, equity, fixed income, distressed debt, commodities and foreign currency exchange. Based in New York, practice leader Manuel Frey focuses on broad-based, cross-border over-the-counter derivatives, structured products and hedge funds, with demonstrable experience advising on the structuring, negotiation and execution of derivative, synthetic and financing products and structures. Frey also regularly assists departments across the firm with the derivatives aspects of acquisitions, financing transactions and corporate restructurings. Counting banks, investment funds and corporate end-users among his key roster of clients, Frey is frequently supported by Matthew Goldstein and Brian Grieve.

Shearman & Sterling LLP acts for US and multinational financial institutions, private equity houses, hedge funds, asset managers and market infrastructure providers on a broad range of derivatives and structured products mandates, often involving cross-border elements. Key areas of expertise include equity financing transactions involving equity derivatives and margin loans, digital assets including cryptocurrencies and related technological infrastructure, as well as regulatory compliance issues. The New York-based team is led by Donna Parisi, who assists clients with the development and structuring of new financial products, in addition to over-the-counter derivatives transactions across the full spectrum of asset classes. Geoffrey Goldman handles credit and equity derivatives mandates, as well as regulatory issues, while Azam Aziz advises on the structuring and documentation of over-the-counter derivatives products. Counsel Kerri Durso is another key member of the team.

Willkie Farr & Gallagher LLP advises on derivatives in the physical commodities markets, including energy, environmental commodities, metals and agricultural products, with demonstrable experience in listed and over-the-counter derivatives. The ‘deeply knowledgeable’ team acts for lenders, marketers, producers and commercial users of derivatives across a range of structured transactions, enforcement defense matters and regulatory issues. In the firm’s Washington DC office, senior counsel Paul Pantano represents clients in investigations and regulatory mandates before the CFTC, self-regulatory organizations and the FERC, and Neal Kumar focuses on derivatives regulatory matters. Based in New York, Thomas French leads the practice and Rita Molesworth advises on work concerning the Dodd Frank Act, while John Thomas handles physical commodity and commodity derivatives trading mandates. Counsel Margo Bailey, who operates from the Washington DC office, is another key contact in the team.

Gibson, Dunn & Crutcher LLP handles regulatory and compliance matters associated with regulations and guidance issued by the CFTC, SEC and US federal banking agencies, in addition to non-US regulators. The team’s current workload includes regulatory and transactional advice concerning initial margin implementation and LIBOR transition matters, as well as CFTC enforcement cases and digital asset mandates related to derivatives. In the firm’s Washington DC office, practice leader Jeffrey Steiner has experience in over-the-counter products and listed derivatives, commodities, regulatory and enforcement issues, and is frequently supported by Michael Bopp. New York-based Darius Mehraban, whose practice covers equity derivative structures, is another key contact in the group.

Collectively led by David Taub and John Lutz,  the team at McDermott Will & Emery LLP is well-versed in exchange-traded and over-the-counter derivatives, with demonstrable experience advising on the derivatives aspects of municipal insolvencies, as well as weather derivatives. The practice is also well-placed to leverage its regulatory and tax expertise to advise on matters concerning tax hedging, trading policies and risk management procedures. Taub acts for financial institutions and other market participants on a range of derivatives transactions, including repos, swaps and forward delivery agreements, while Lutz and Kramer advise on the tax aspects of derivatives and structured products. Both Taub and Lutz operate from the firm’s office in New York, while Kramer is based in Chicago.

Ropes & Gray LLP counts a broad range of asset managers, from institutional managers to start-ups, institutional investors and corporations, as well as private fund sponsors, mutual funds, financial institutions and sovereign wealth funds, among its key roster of clients. The practice advises on investment transactions involving commodities, futures and a range of derivatives, in addition to product structuring and regulatory matters. In the firm’s Boston office, practice leader Leigh Fraser acts for buy-side clients in negotiations concerning ISDA master agreements, master derivatives confirmations and repurchase agreements, and advises on derivatives regulatory reforms under the Dodd-Frank Act. Other key contacts in the group include New York-based Isabel Dische and Chicago-based Jeremy Liabo, who acts for asset managers on commodities mandates.

Praised as ‘well-versed in derivatives and structured products’, Simpson Thacher & Bartlett LLP counts investment banks, private equity funds and corporations among its key roster of clients, with demonstrable experience in handling over-the-counter transactions and equity-linked derivatives. In the firm’s New York office, ‘exceptional partner’ Jonathan Lindabury leads the team and is noted for his expertise in margin loans and equity derivatives transactions, in addition to related regulatory matters. Based in Washington DC, regulatory expert David Blass is another key contact in the group.