Derivatives
SWA’ derivatives practice represents Hess Corporation and its affiliates in the negotiation of ISDA master agreements for trading commodity derivatives, foreign currencies, rate swaps, and equity derivatives. 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)
- Credit Support Annex (1994 NY Law CSA and the 1995 English Law CSA)
- 1993 Commodities Derivatives Definitions and the 2005 Commodities Definitions
- 1998 FX and Currency Option Definitions
- 2000 ISDA Definitions and the 2006 ISDA Definitions
- 2002 ISDA Equity Definitions
- Credit support documents such as guarantees and letters of credit
Services provided include:
- Counseling clients as to legal developments in the derivatives markets.
- Negotiating master trading agreements for derivatives.
- Drafting and revising standard templates for documentation of derivatives transactions.
- Advising clients as to novel legal issues arising in master agreement negotiations.
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