We are a global practice and one of the only firms with a leading derivatives practice in London, New York and continental Europe (in particular in Germany), as well as a strong derivatives practice in Hong Kong. We have acted on derivatives matters for all of the G16 leading derivatives dealers. We have a stellar buy-side client base comprising hedge funds, asset managers, pension funds, insurance companies and multinationals.
“Mayer Brown’s derivatives practice is a ‘byword’ for structured finance work at a global level,” according to Chambers Global. Chambers USA quotes clients as saying, “This firm provides great client service.” The UK Legal 500 says, “Fast responses and excellent value give clients great confidence in Mayer Brown,” and Chambers Asia says that our team “demonstrates a high level of proficiency and skill across the board.”
A large part of Mayer Brown's practice is devoted to helping the industry respond to changes in the US derivatives market brought about by the Dodd-Frank Act and changes in the European derivatives market brought about by the European Market Infrastructure Regulation (EMIR).
For example, we represent the International Swaps and Derivatives Association (ISDA) on a range of matters, and we assist banks in structuring their business models and transactions to be compliant with EMIR and the Dodd-Frank Act while staying commercially rational and competitive. We have also been very active on the transactional front for a wide variety of clients.
We frequently represent ISDA, including multiple ongoing representations, and have been involved in every major initiative by ISDA in response to the Dodd-Frank Act. Mayer Brown has represented ISDA and IHS Markit in connection with the development of ISDA Amend, since the launch of this web-based platform in 2012. This joint venture has revolutionized the way market participants use ISDA protocols and documentation.
We represented ISDA in the structuring and drafting of ISDA protocols and new ISDA published documentation in response to the new wave of derivatives regulation and have rendered legal opinions to ISDA on its recent variation margin and resolution stay protocols. In addition, our team rendered the collateral provider and collateral taker insolvency memoranda on ISDA’s new margin documentation, which will underpin swap dealers’ legal diligence efforts to establish compliance with certain requirements under the margin rules.
The margin opinions mentioned above supplement principal insolvency opinions authored by Mayer Brown lawyers and published by ISDA in support of netting for capital and credit purposes. Netting is the mechanism that has allowed the over-the-counter market to achieve its present size and strength. In conjunction with this effort, our Derivatives & Structured Products practice works for a variety of institutions (including the Association of German Banks) preparing netting and insolvency advice with respect to special counterparties and transactional situations, such as trading with supranational institutions or government-sponsored enterprises in conservatorship.
We also represent the Association of German Banks on document solutions for IM and indirect clearing.
We are currently representing more than six swap dealers in connection with their responses to margin regulations for uncleared derivatives being adopted by regulators around the globe. These representations are wide in scope and range from assisting swap dealers with complete overhauls of their current ISDA credit support documentation to devising strategies to address internal business, credit and operational issues caused by the margin regulations.
We are also representing these same dealers in connection with the development of new products intended to address some of the market changes brought about by the new margin regulations. Clients frequently praise our cross-practice integration, exemplified by our derivatives and litigation teams’ joint representation of 11 leading dealers and asset managers as their advocate on the ISDA Determinations Committee’s first-ever external review.
Mayer Brown’s derivatives practice is a ‘byword’ for structured finance work at a global level.
- Chambers Global