Derivatives

Vorys is widely recognized for our derivatives practice, which includes representation of both financial institutions as well as public and private companies.  The firm is a member of the International Swaps and Derivatives Association (ISDA).  We assist our clients in connection with transactions ranging from interest rate, commodity and foreign exchange transactions to complex accelerated stock repurchase programs.  In addition, we regularly advise clients on derivatives regulatory matters, including the evolving landscape of swap dealer regulation, ISDA protocols, clearing, reporting, recordkeeping and other requirements and exemptions under Dodd-Frank.  We also advise regional banks and public companies in connection with collateral protection and other derivatives documentation issues in syndicated credit facilities, relating to collateral sharing and waterfall provisions, among others.

Vorys attorneys regularly negotiate, prepare and review documentation relating to swaps and numerous other derivatives products, including the 1992 and 2002 forms of the ISDA Master Agreement and related schedules, annexes, confirmations, definitions, clearing documents and other ISDA publications, including netting opinions and protocols.

In particular, Vorys attorneys provide ongoing derivatives counsel for financial institutions, including regional banks with assets ranging from $10 billion to $125 billion.  We also represent numerous Fortune 500 and Fortune 1000 companies, privately held companies, community banks, non-profit institutions and special-purpose entities.  Our representations have recently included advising on issues specific to such clients under Dodd-Frank, including the revised definition of “Eligible Contract Participant,” ISDA Dodd-Frank protocol adherence issues, Legal Entity Identifiers/CFTC Interim Compliant Identifiers and related reporting/recordkeeping issues, business conduct standards and margin requirements.

Vorys monitors the release of new and revised rules issued by the CFTC in connection with Dodd-Frank, and the CFTC guidance issued in connection with these rules, and will continue to provide valuable counsel to its clients as this new regulatory landscape under Dodd-Frank continues to evolve.