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Derivatives

Commercial legal advice in all commodity derivatives matters

Our specialist team advises clients trading commodity derivatives, both over-the-counter and exchange-traded.

What we do in Derivatives

The firm was instrumental in creating the legal documentation underpinning the Over-The-Counter/Forward Freight Agreement (FFA) market. Brian Perrott, one of our partners, co-authored the terms of the Forward Freight Agreement Brokers' Association (FFABA) 2005 and 2007.

We have particular experience of:

  • Freight derivatives and FFAs
  • ISDA documentation and other master agreements
  • Over-the-counter commodity swaps and options
  • Exchange-traded derivatives (ETD), including futures and options, and covering both trading and clearing issues
  • Other derivative products
  • Working with derivatives exchanges
  • Clearing
  • Regulatory matters, in particular:
    • New regulations on the trading, reporting, collateralisation, risk management and clearing of derivatives
    • Exchange and clearing house rules and related law and regulation
    • market abuse issues

Our experience in Derivatives

We have many years' experience of both advisory work and dispute resolution in derivatives and commodity matters, and have been involved in a number of leading cases in the law of structured commodities. We provide below some examples of our work in Derivatives:

  • Advising derivative traders as well as liquidators and companies regarding derivative books
  • A leading High Court litigation and Court of Appeal litigation on International Swap Deals Association (ISDA) master agreement.
  • Acting for financial institutions and banks with regards derivatives issues and documentation.
  • Advising a leading commodity Exchange (LIFFE)on a variety of issues relating to commodity contracts, in particular drafting contracts relating to physical delivery of relevant commodities.
  • Advising a member of the London Metal Exchange and other UK and non-UK exchanges on compliance with the European Market Infastructure Regulation (EMIR).

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