Derivatives

SWA’ derivatives practice focuses on the negotiation of ISDA master agreements for trading commodity derivatives, foreign currencies, and rate swaps.  Our team of attorneys has an excellent understanding of the complex issues that often arise in ISDA negotiations such as:

  • Application of cross product, cross entity, and cross debt defaults.
  • Importance of netting provisions and set-offs.
  • Multi-national bankruptcy issues, including ISDA netting opinions for various jurisdictions.
  • Details of international tax representations.
  • Market disruptions and disruption fallbacks.
  • Intricacies of collateral delivery requirements.

Our team of attorneys has extensive experience with the industry standard agreements and definitions, including:

  • ISDA Master Agreement (1992 and 2002)
  • ISDA Credit Support Annex
  • 1993 Commodities Derivatives Definitions and the 2005 Commodities Definitions
  • 1998 FX and Currency Option Definitions
  • 2000 ISDA Definitions and the 2006 ISDA Definitions
  • Energy and Commodity ISDA Annexes ( North American Gas Annex, North American Power Annex, U.S. Crude Oil and Refined Petroleum Products Annex and Renewable Energy Credit Annex)
  • Other credit support documents such as guarantees and letters of credit

Services provided include:

  • Counseling clients as to legal issues in the derivatives markets.
  • Negotiating master trading agreements for derivatives.
  • Drafting and revising client template documentation of derivatives transactions.
  • Advising clients as to novel legal issues arising in master agreement negotiations.

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