Financial Derivatives

Sullivan’s Financial Derivatives Group advises dealers and end-users of derivatives and futures transactions, including interest-rate, currency and commodity swaps, and structured products, including equity- and credit-linked notes. Much of our practice is devoted to assisting in the negotiation and documentation of derivatives and swap transactions based on International Swaps and Derivatives Association, Inc. (ISDA) master agreements, including those involving Credit Support Annexes (CSAs). We also provide regulatory advice to our derivatives and futures clients, particularly on the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), and the regulations issued by the Commodity Futures Trading Commission (CFTC) and the SEC thereunder.

Representative Client Work

• Representing a Dutch financial services company in the negotiation and documentation of derivatives transactions, including interest rate swaps and commodity swaps, among others, with certain of its existing banking clients
• Advising various energy clients in connection with the negotiation of derivatives contracts, including commodity swaps
• Advising hedge counterparties in rate, currency, credit default, total return and other swaps and derivatives
• Advising various public company clients, as end-users, in connection with the negotiation and documentation of their derivatives transactions
• Advising various investment company and other clients concerning the implementation of Dodd-Frank and CFTC regulations requiring the registration of commodity pool operators (CPOs) and commodity trading advisors (CTAs)
• Advising clients on the effect of Dodd-Frank regulations on investments in swap execution facilities (SEFs) and designated contract markets (DCMs)
• Advising end–user swap and derivatives clients on compliance with Dodd-Frank and CFTC swap clearing and reporting requirements
• Assisting clients in the documentation of their agency mortgage backed securities (including to-be-announced (TBA) trades), including the negotiation of master securities forward transaction agreements (MSFTAs) with various MBS dealers