Commodities and Derivatives

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Dechert’s commodities and derivatives team (CDT) is comprised of a core group of professionals within the firm’s financial services group. Operating through our multiple worldwide offices, we regularly advise on the law, regulation and practice of commodities and related cash, derivative and structured transactions and products, providing overall guidance and execution assistance. Our CDT lawyers are supported by other Dechert professionals, including in securities, banking, insurance, insolvency, broker-dealer, margin, investment company, capital markets, financing, M&A, gaming and bucket shop, tax, ERISA, U.C.C., intellectual property and dispute resolution.

Dechert lawyers advise and assist financial market participants of all types, including futures commission merchants, dealers, brokers, banks, investment advisers, commodity trading advisors, commodity pool operators, traders and investors, issuers, corporate end-users, commercial users, insurance companies, public and private investment funds, foundations, endowments, family offices, universities, public and private pension plans and state owned or controlled investment and business development enterprises.

We have expertise and experience in all asset classes and in both exchange-traded and over-the-counter (OTC) products, including: financials (such as equity, fixed income and economic instruments, baskets and indices); currencies; credit; metals; energy, power, weather, industrial, agricultural and tropical items; investment funds and accounts; real estate; and other tangibles and intangibles. Our diverse international client base and deal flow provide us with perspectives on the business and legal issues of primary importance to all market participants.

We advise and assist on issues and matters arising under U.S., state, and non-U.S. commodity, securities and other laws and regulations, including:

  • Structuring, product design, execution and documentation of spot, futures, forward, swap, option, note, certificate of deposit, brokerage, execution, trading, repurchase, lending, collateral, portfolio margining and optimization, custody and liquidity transactions
  • Commodity and other derivative exchange and clearinghouse issues
  • Novel use of derivatives in innovative structures and solutions
  • OTC derivative transactions and products, best practices and the availability of regulatory exemptions
  • Management of counterparty credit and operational risk exposure, including structural, collateral and custody solutions
  • Compliance with registration, reporting, recordkeeping, advertising, antifraud and other provisions of applicable laws, regulations and best practices as well as market rules
  • Structuring collective investment vehicles (such as hedge funds, commodity pools, mutual funds, exchange-traded funds (ETFs), pension funds and other commingled investment vehicles) for companies of all types and other investment vehicles and managed accounts that desire to access the world’s derivative markets or incorporate commodities and derivatives into their investment programs

We provide regulatory and compliance advice and assistance to many of the largest participants in the commodities and derivative markets. We advise clients in analyzing applicable regulatory requirements and constraints under the U.S. federal commodities and securities laws and regulations and other U.S. and non-U.S. rules, considering their impact on client business needs and objectives and developing solutions to the regulatory issues presented. We assist clients in developing their compliance and risk management infrastructures, policies, procedures and best practices to ensure that their legal and regulatory registrations and obligations are adequately addressed. We assist clients in preparing for, and responding to, regulatory inspections and compliance audits by U.S. and non-U.S. governmental, regulatory and self-regulatory authorities.

Our CDT lawyers work with Dechert’s Litigation group in a wide range of commodities, derivative and securities dispute resolution matters, including civil, criminal, administrative, arbitration, mediation, enforcement, and investigative claims, actions and proceedings, as well as in internal investigations and reviews.