Recognized as “notable derivatives practice with capabilities across a broad range of asset classes” (Chambers USA), WilmerHale’s Futures & Derivatives practice works closely with legal, compliance, and business executives at global financial institutions on a wide range of issues.

Our Futures and Derivatives Practice focuses on the legal, compliance and regulatory needs of financial market participants and their dealings with the CFTC, the National Futures Association (NFA), the US Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and other agencies and self-regulatory organizations (SROs). Attorneys on our team have served in senior positions in government agencies and SROs and worked in various capacities at global financial institutions and trade associations. Our collective experience enables us to maintain trusted relationships with these entities and others throughout the futures and derivatives industry and enhances our ability to provide clients with clear, effective and efficient counsel.

Our experience includes:

• Advising domestic and foreign exchanges (designated contract markets, swap execution facilities and foreign boards of trading) and clearinghouses (derivatives clearing organizations) on registration, operational compliance and cross-border access issues.
• Working with trading platform developers and operators on product development, rulebook drafting and regulatory compliance issues.
• Advising chief compliance officers and chief regulatory officers, as well as regulatory oversight committees.
• Working with swap dealers in connection with recordkeeping obligations, swap data reporting and business conduct standards compliance. 
• Advising futures commission merchants and introducing brokers on registration, disclosure and other compliance matters.
• Advising commodity pool operators, commodity trading advisors and hedge funds on registration, exemptions, disclosure and reporting.
• Advising end users on regulatory reporting, speculative position limits and trading issues.
• Advising on information barriers/conflicts of interest, sales practices, trading issues, and margin and net capital requirements.
• Representing banks, hedge funds, mutual funds, pension plans and corporations in the structuring, negotiation and documentation of a broad range of equity, fixed income, currency, commodity and credit derivatives—including the negotiation of International Swaps and Derivatives Association master agreements, trade confirmations, give-up arrangements and clearing agreements
• Representing both buy-side and sell-side market participants in the negotiation and documentation of credit support annexes compliant with global variation margin and initial margin regulations, as well as custody and account control arrangements.
• Representing banks and corporate clients in equity derivatives transactions, including accelerated share repurchases, equity forward contracts and call spreads in connection with convertible debt issuances.
• Advising financial market participants and numerous financial services trade associations on issues related to Congressional, CFTC, SEC, NFA, and FINRA proposed regulations and policy matters.

For more information, please contact Matthew Kulkin.

Recognized as “a force in handling high-stakes regulatory enforcement actions” (Chambers USA), WilmerHale has represented financial market participants in a wide range of regulatory examinations and administrative proceedings initiated by the CFTC, SEC, FINRA, NFA, and the US Department of Justice (DOJ).

We counsel many of the largest domestic and international banks, broker-dealers, private equity firms, hedge funds and end users in a range of enforcement proceedings, inquiries, compliance, and other regulatory matters involving derivatives. We also represent issuers, private companies, financial services firms and other market participants—and their officers, directors, boards, audit committees and special committees—when investigations reveal issues requiring the guidance of experienced futures and derivatives counsel. The firm is consistently ranked at the top of Global Investigations Review’s (GIR) list of the world’s 30 leading investigations and compliance practices.

Clients rely on the insight of a team that includes many lawyers who have held senior positions in government, and who participate regularly in investigations and matters brought by the CFTC. Our team includes lawyers who have held senior positions with the CFTC, the US Attorney’s Office of the Southern District of New York and the SEC, and practitioners who have served as Deputy Attorney General and Solicitor General of the DOJ, and General Counsel of the Federal Bureau of Investigation.

Our experience includes:

• Representing swap dealers, security-based swap dealers, futures commission merchants and broker-dealers, and introducing brokers in connection with SEC and CFTC off-channel communication investigations.
• Representing a US-based swap dealer in connection with SEC investigation into credit default swaps dealing activity.
• Representing SEC and CFTC registrants in connection with recordkeeping and supervision investigations.
• Representing cryptocurrency market participants, including exchanges, market makers, intermediaries and proprietary trading companies in connection with CFTC investigations.
• Representing financial institution in connection with various law enforcement and regulatory investigations arising out of the so-called “London Whale” trading losses, including assisting with the Company's response to the governmental inquiries (DOJ, SEC, CFTC, OCC, Federal Reserve and others).
• Representing a large financial institution in connection with parallel DOJ and CFTC investigations relating to alleged market manipulation.

For more information, please contact Matthew Kulkin.