Cadwalader, Wickersham & Taft LLP showcases a level of expertise that is 'informed by market practices and a thorough understanding of regulatory priorities'. As such, the financial services department, jointly led by Charlotte's Scott Cammarn and Richard Schetman in New York, provides full support on capital markets and derivatives and structured products work, as well as regulatory advice, with a particularly strong offering in the broker-dealer space. Also in the New York office Ray Shirazi has an outstanding equity-linked derivatives practice and also advises on currency and commodities issues; Brian Foster is an expert in financing structures, again, with equal strengths in regulatory and transactional matters; Ivan Loncar focuses on financial products linked to interest rates, currency, debt credit and commodities; and Lary Stromfeld is a veteran of the derivatives space, with significant experience in transactions and disputes.

The derivatives group at Fried, Frank, Harris, Shriver & Jacobson LLP is a market leader for advice on transactional and regulatory derivatives and futures issues, with highlights covering the spectrum of asset classes for buy- and sell-side clients. The group is noted for its work on over-the-counter, exchange-traded and cleared products, with additional expertise in repurchase agreements and matters pertaining to equity and foreign exchange prime brokerage agreements. In the New York office, Robert McLaughlin leads the practice group and acts for an impressive variety of financial institutions, while David Mitchell focuses on structured products, derivatives and funds and investment platforms. Also recommended is William Breslin in Washington DC, who is rated for his knowledge of regulatory issues in the commodities space.

Mayer Brown has developed a significant reputation as a financial regulatory powerhouse, and has lately been active in advising clients on measures implemented by US regulators relating to the Covid-19 pandemic, as well as assisting financial institutions with LIBOR transition issues. In terms of transactions, the group has notable expertise in a full range of derivatives and commodities work. The group also has complementary expertise in financial enforcement work. Contacts in the New York office include Anna Pinedo, a market leader in the structured products space; Curtis Doty, who specializes in over-the-counter derivatives; and counsel Pamela Sackmann, who has broad expertise covering interest rate swaps, options and forwards. Matthew Kluchenek in the Chicago office has expertise across the transactional and regulatory matters facing financial institutions. Also recommended is New York-based associate Marla Matusic, who is building a presence in issuer-side structured note matters.

At Katten, lawyers are adept at advising on over-the-counter and exchange-traded products, with strong expertise in US, UK and European regulations, enabling it to assist a wide variety of international clients in contentious and non-contentious matters. The group is led by New York’s Gary DeWaal, special counsel and chair of the financial markets and regulation department. In the Chicago office, Kevin Foley is noted for his expertise in structured transactions as well as in regulatory issues relating to the Commodity Exchange Act and CFTC rules; and Christian Kemnitz, who co-heads the financial services litigation practice, is the name to note for investigations and enforcement.

Based in New York, the derivatives and structured products team at Latham & Watkins LLP stands out in particular for its exceptional knowledge of over-the-counter derivatives and exchange-traded products, covering assets including interest rates, currencies, commodities and credit. Margin finance is another area of strength, as are equity-linked products and fintech-related derivatives. The group is co-chaired by Witold Balaban, who advises financial institutional on convertible and exchangeable bond offerings; Rafal Gawlowski, an equity-linked derivatives expert; Courtenay Myers Lima, highly rated by peers for the structuring of financial products; and Yvette Valdez, who leads the US derivatives regulatory practice. Also recommended is Catherine Lee, who focused on equity linked and structured repurchase transactions.

Morgan, Lewis & Bockius LLP's investment management department advises end-users involved in the financial services, energy and agricultural sectors on transactional, regulatory and enforcement matters arising from derivatives. The team's transactional service covers cleared and uncleared over-the-counter swaps, forwards, futures and options, as well as repurchase transactions. As for regulatory and enforcement matters, the team has substantial experience matters involving the SEC, FERC and the National Futures Association. Jointly leading the group are Thomas D’Ambrosio in New York, a veteran of derivatives and structured transactions; and Chicago's Michael Philipp, whose practice includes exchange-traded and over-the-counter derivative instruments and the regulation of cryptocurrency. Edwin Smith in Boston is a contact for repo transactions. In August 2020, Brendan Kalb took up an in-house position at ExodusPoint Capital, which remains a client of the firm.

White & Case LLP's derivatives group in New York advises on both buy- and sell-side derivatives issues and offers full coverage of a range of asset classes. The group has particular expertise in the use of derivative structures in funding transactions, as well as regulatory issues. Leading the derivatives practice group in the Americas, Ian Cuillerier has a formidable commodities practice and has also recently been active in restructuring-related work. Another key lawyer is Edward So, who has expertise in public and over-the-counter derivative transactions. Associate Rhys Bortignon is developing a strength in the hedging component of financing transactions.

Primarily based in New York, the structured capital markets team at Clifford Chance is praised by clients for its ability to 'navigate quite easily through very bespoke and complex structures'. The group focuses on structured real estate transactions, trade finance and cross-border work where it often acts in tandem with lawyers from across the firm's global office network. Jointly leading the department, 'quarterback' David Felsenthal is an expert in synthetic and credit risk transfer transactions; Gareth Old, dual-qualified in England and New York, has substantial regulatory expertise and regularly advises financial institutions on complex structured transactions; and Lee Askenazi focuses on securitization and ABS, but also has experience of repurchase deals and securities regulation.

The derivatives practice at Haynes and Boone, L.L.P. is diverse, encompassing a wide variety of asset classes, including equity, FX and increasingly environmental, social and governance (ESG) investments. The group advises buy-side and end-user clients, including an impressive array of institutional investors. Areas of expertise include traditional and more exotic hedging and derivatives, project finance-related hedging agreements, over-the-counter and structured derivatives, as well as ISDA regulatory and prime brokerage advice. Contacts in the team include Houston-based Neal Kaminsky, who leads the practice group; Giorgio Bovenzi, who has built a strong global credit risk practice and is rated by clients for his 'solution-oriented' service; Matthew Frankle, a specialist in equity derivatives and margin loans; and Brian Sung, who maintains a very broad practice covering a variety of structured transactions for buy- and sell-side clients. Washington DC's Phil Lookadoo is an expert in energy and project finance-related derivatives and commodities issues. Named lawyers are based in New York unless stated otherwise.

Headed up by Evan Koster, the derivatives team at Hogan Lovells US LLP has a particular focus on the Latin America region. Clients include sovereign entities and international financial institutions, which Koster advises on regulatory issues and transactions involving the energy, insurance and healthcare industries. The group is well integrated into the firm's global service network and often works alongside colleagues in Europe and Asia to handle cross-border structured deals and derivatives contracts.

Morrison & Foerster LLP's New York-based derivatives and structured products group is best known for its regulatory advice, with expertise covering the Dodd-Frank Act and Volcker Rule, SIFI regulation, as well as EU regulations with the support of the firm's European operations. The team is perhaps strongest in the commodities space, though its has experience of all major asset classes, and has been increasingly engaged in matters relating to cryptocurrencies and carbon credits. Key figures in the team include David Kaufman, a specialist in structured transactions involving commodities and derivatives; Vladimir Maly, who divides time between New York and London and is an expert in equity derivatives in cross-border financings; and Lloyd Harmetz, who leads on structured products, particularly in relation to financial institutional offerings. Washington DC-based counsel Chrys Carey is a key name for derivatives regulations and compliance.

At Orrick, Herrington & Sutcliffe LLP, derivatives lawyers have a strong focus on the energy and infrastructure sectors, in line with the core strengths of the wider firm. In this regard, the group regularly advises financial institutions and end-users on return swaps and fixed-income matters. The firm also stands out for its emphasis on innovation, with clients able to utilize the specialist Orrick Analytics group to assist with the remediation and amendment of derivatives documentation. Nikiforos Mathews is global co-head of the derivatives group, advising on the structuring and negotiation of derivative products; while Alan Knoll chairs the wider structured finance group. Al Sawyers, who co-heads the global finance business unit, also has expertise in derivative securities and structured financial products. All named lawyers are based in New York.

Paul, Weiss, Rifkind, Wharton & Garrison LLP's New York-based team predominantly advises issuers and end-users on the design, negotiation and execution of derivative instruments and transactions. The group's expertise spans a wide variety of asset classes, including credit, equity, fixed income, distressed debt, commodities and foreign exchange. Manuel Frey heads the department and has significant experience in cross-border over-the-counter derivatives. In August 2020, the group welcomed Charles Pesant from White & Case LLP, who brings with him expertise in risk retention.

Shearman & Sterling LLP's derivatives and structured products group has experience across all asset classes, with a client-base that includes global financial institutions, hedge funds, asset managers and corporates. Areas of focus are commodity hedges, credit trading advice linked to distressed trading and repos, though the group is also increasingly involved in crypto-asset derivatives. Donna Parisi is the global head of finance and coordinates the derivatives team. She has particular expertise in exchange-traded futures and the options market. Geoffrey Goldman is the name to note for over-the-counter derivative transactions, particularly in relation to credit and equity derivatives. Counsel Kerri Durso is building a notable over-the-counter and exchange-traded derivatives practice, acting for buy- and sell-side clients.

The finance lawyers at Gibson, Dunn & Crutcher LLP have expertise in regulatory and legislative issues, with significant experience in liaising with officials at the CFTC, SEC ad US federal banking agencies. Clients also benefit from the firm's exceptional litigation capabilities, with lawyers able to defend derivatives-related enforcement issues, as well as handle private litigation and class actions. Jointly heading the group from the Washington DC office are Jeffrey Steiner, a former special counsel in the division of market oversight at the CFTC, and Michael Bopp, a seasoned regulatory lawyer.

McDermott Will & Emery LLP's derivatives and structured finance practice is able to handle the transactional, tax, regulatory and compliance aspects of a variety of structured financial products. The group is best known for municipal derivatives, and has recently been involved in a number of municipal insolvencies. The group also advises sell-side clients on exchange-traded and over-the-counter derivatives. Heading the team is New York-based municipal derivatives expert David Taub. In Chicago, Andrea Kramer is noted for assisting with the taxation and regulatory aspects of derivatives transactions. New York's John Lutz is also a specialist in structured finance and derivatives tax for financial institutional clients.

A go-to firm for asset managers, Ropes & Gray LLP's derivatives and commodities group combines expertise in transactions and regulatory matters to handle transactions involving commodities and futures, as well as product structuring. In addition to advising across a range of derivatives contracts, the team also has experience of repurchase agreements and highly structured notes. Based in Chicago, Deborah Monson heads up the practice group and has significant experience in commodities deals. Leigh Fraser in Boston and Isabel Dische in New York are also contacts for buy-side clients. Also of note, in January 2020, counsel Egan Cammack joined the Boston office from an in-house position with Convexity.

The New York-based team at Simpson Thacher & Bartlett LLP specializes in over-the-counter and equity-linked derivatives. Working in conjunction with specialists across the firm's capital markets, tax, funds and financial institutions groups, the team in able to provide comprehensive support to clients involved in myriad derivative contracts. The team also advises on interest rate, currency and commodity hedges. Jonathan Lindabury heads the group, with a practice spanning transactional and regulatory issues. Associate Caitlin Wood is also recommended.

Willkie Farr & Gallagher LLP's derivatives practice stands out for its coverage of commodity asset classes, with extensive expertise in energy, environmental commodities, metals and agricultural products. The group advises on listed and over-the-counter derivatives, and is also able to draw on the firm's capabilities in regulatory enforcement. The department is led by New York's Thomas French, who maintains a standout hedge fund client base. Supporting French in the New York office is commodities transactional expert counsel Conrad Bahlke, while Rita Molesworth is a key name for advice on regulations affecting financial institutions. Washington DC is the main base for the firm's regulatory lawyers, among whom Athena Eastwood and senior counsel Paul Pantano stand out for their commodities work.