Derivatives

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Derivatives

  1. 1. Derivatives
  2. 2. Core strengths Simmons & Simmons has excellent market coverage in the derivatives sector. This results from our unique position amongst the market’s premier law firms as both adviser to the investment banking community on structured derivatives, and as the derivatives adviser of choice to European hedge fund managers, the most powerful and sophisticated end-users in the European derivatives market. Our derivatives practice is part of our international financial markets practice which comprises more than 230 lawyers worldwide specialising in advising financial “[The firm is] institutions, and who together have a thorough understanding of all aspects of the developing international financial markets. an “excellent structured credit Our services and structured The firm has a dedicated „ total return swaps on „ bond options equity practice.”’ derivatives group, which syndicated loans and CDS/ Chambers UK 2009, Capital successfully exploits synergies loan hybrid products „ connected repos between our investment and collateralisation bank and hedge fund focused „ property derivative index arrangements practices. We advise on the full products range of derivative products, „ derivative warrants and from bespoke structures, „ credit derivatives master equity linked notes to high-volume products confirmations and from OTC transactions We remain a market leader in to securities (such as CLNs, „ swaps/options on baskets of repackaging and structured ELNs and FLNs). We provide hedge funds notes programmes, in relation general advice on the full to which we consistently range of over-the-counter and This work complements our demonstrate our technical exchange-traded derivatives. prime brokerage advice to expertise in all of the above hedge fund clients. product areas. Hedge funds Key areas of expertise include: Structured finance We have extensive experience „ equity swaps and CFDs in all the following areas: (including execution enhancement products and „ structured credit products, advising on UK SDRT and including managed and corporate issues) static single tranche CDOs „ OTC derivatives prime „ credit default swaps brokerage/intermediation (including single name, first to default baskets and „ risk management structures portfolio default swaps) in respect of guaranteed hedge funds „ swaps, equity and equity index options „ collateral efficiency and credit risk mitigation „ fx-linked and inflation-linked arrangements notes
  3. 3. Expertise in practice Credit derivatives Loan derivatives calculated in respect of „ acted on most if not all of „ hedge fund clients – on all trading positions (eg the major structured credit complex total return swap securities, swap and repo products which have come master confirmations positions). to the market, including whereby total return swaps CPPI; CPDO; CDOs of ABS, are offered by dealers on Master Agreements RMBS and CDOs; leveraged syndicated loans, relating „Hedge fund managers super-senior CDOs; long- both to the US and such as BlueCrest, Brevan short transactions; principal European markets. Howard, Capula, Gartmore, protected and combo „ swaps on ‘leveraged loans’. Henderson, Jupiter, Legal transactions; synthetic „ arrangers and the end-users & General, Marshall Wace securitisations of corporate – on an innovative and and RAB – on their master loans and repackagings of complex loan repackaging derivatives documentation CDO equity. programme whereby a with various counterparties, „ support to banks’ legal special purpose vehicle is ISDA Master Agreements operations departments set up for a hedge fund to and various supplements handling credit events and enable it to obtain exposure and master confirmations successor events. to a dynamic loan portfolio. covering a variety of product „ credit hedge fund clients types. – on master confirmation Intermediation documentation for credit „ working with all of the main Associated trading default index products such dealers in the market on agreements as iTRAXX. FX and derivatives give- „ the full range of products up/intermediation (also in the general prime Equity derivatives called derivatives ‘prime brokerage and trading „ equity linked notes, brokerage’); representing field (ie prime brokerage, certificates and warrants, the interests of end-users repurchase and securities including single index, on credit default swap and lending agreements), plus index basket, single stock, interest rate intermediation derivatives-only products. stock basket and hybrid products plus intermediation transactions (including of FX and currency option Derivatives regulation for example baskets of transactions. „ Futures and Options commodities, funds, indices Association – on a set of and rates). Collateral arrangements standard metals futures „ investment banks – on „ structured transactions trading terms for members offerings of equity involving collateral of the London Metal derivatives linked products arrangements and the Exchange. across the EEA including negotiation of the collateral „ Chicago Climate Exchange Germany, Austria, Hungary, documentation including Inc. – on its arrangements Spain, Belgium, Luxembourg, the ISDA Credit Support with the International Ireland, Sweden and the Annex with Rating Agencies. Petroleum Exchange in Netherlands. „ hedge funds – on margin London for the listing of and/or financing lock-up cash and futures contracts Property derivatives agreements and collateral in European Climate „ reviewing and negotiating efficiency arrangements Exchange Carbon Financial property derivatives with dealers and prime Instruments for the IPE. confirmations in the form brokers. „ hedge fund manager clients of index trades for clients, „ cross margining – on the implementation of including back-to-back arrangements whereby a the new Takeover Panel rules (intermediated) transactions. prime broker or trading on disclosure of interests in counterparty determines equity-linked derivatives. a single margin amount
  4. 4. Key international contacts Key contact biographies can be viewed at simmons-simmons.com René van Eldonk Andre Allee Amsterdam London T +31 (0)20 890 99 16 T +44 (0)20 7825 3201 E rene.vaneldonk@simmons-simmons.com E andre.allee@simmons-simmons.com France Wilmet Darren Fox Brussels London T +32 (0)2 542 0972 T +44 (0)20 7825 4069 E france.wilmet@simmons-simmons.com E darren.fox@simmons-simmons.com Natalie Boyd Robert Turner Dubai London T +971 (0)4 709 6686 T +44 (0)20 7825 4937 E natalie.boyd@simmons-simmons.com E robert.turner@simmons-simmons.com Jochen Seitz David Roylance Frankfurt London T +49 (0)69 90 74 54 20 T +44 (0)20 7825 4942 E jochen.seitz@simmons-simmons.com E david.roylance@simmons-simmons.com Paul Browne Alfredo de Lorenzo Hong Kong Madrid T +852 2583 8405 T +34 91 426 2643 E paul.browne@simmons-simmons.com E alfredo.delorenzo@simmons-simmons.com Simon Phillips Arnauld Achard Hong Kong Paris T +852 2583 8320 T +33 (0)1 53 29 16 55 E simon.phillips@simmons-simmons.com E arnauld.achard@simmons-simmons.com William Smithson Romeo Battigaglia Lisbon* Rome T +351 21 313 2000 T +39 06 80955.941 E william.smithson@srslegal.pt E romeo.battigaglia@simmons-simmons.com Allan Yip London T +44 (0)20 7825 3626 E allan.yip@simmons-simmons.com * Sociedade Rebelo de Sousa in association with Simmons & Simmons elexica.com is the award winning online legal resource of Simmons & Simmons © Simmons & Simmons 2010. All rights reserved, and all moral rights are asserted and reserved. This document is for general guidance only. It does not contain definitive advice. SIMMONS & SIMMONS and S&S are registered trade marks of Simmons & Simmons. Simmons & Simmons is an international legal practice carried on by the partnership of Simmons & Simmons and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons and the other partnerships and other entities or practices authorised to use the name “Simmons & Simmons” or one or more of those practices as the context requires. For further information on the international entities and practices, refer to www.simmons-simmons.com/legalresp/ The partnership of Simmons & Simmons is regulated in England & Wales by the Solicitors Regulation Authority (No. 55256) and with its principal place of business at CityPoint, One Ropemaker Street, London EC2Y 9SS. v15 A list of partners is available for inspection at the above address.

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