On the private side of the derivatives market, we have drafted documentation for, negotiated, and assisted in the development of, a wide range of derivative products, including:
- Interest rate, basis, and cross-currency swaps;
- Equity-index and commodity swaps and forwards;
- Over-the-counter options on government bonds (domestic and foreign), commodities, equity indices and other underlying interests;
- Credit derivatives;
- Warrant products;
- Caps, collars, floors, and swaptions;
- Forward rate agreements;
- Foreign-exchange contracts;
- Structured notes and hybrid securities; and
- Equity monetization structures.
On the public side of the derivatives market, we have represented the issuer or the agent in many of the offerings of index and commodity warrant products marketed in Canada to date (including the first three issues). These included warrants whose value was based on the level of the Nikkei Index, the NYSE Composite Index, the S&P 500 Index, various European equity indices, commodities such as gold and oil, the Canadian dollar, and Canadian and U.S. government bonds.
We have also been involved in a variety of innovative financings that used derivative products, including asset and inventory securitizations and oil, gold and other commodity monetization programmes.
We act as counsel on contentious and non-contentious derivative products matters to many leading financial institutions and dealers based in Canada and elsewhere, as well as major corporate and mutual fund users, provincial governments and Crown corporations. We have also been involved in consultations with securities regulators in connection with policies and regulations governing derivative products and debt-like derivative securities.
We are Canadian counsel to the International Swaps and Derivatives Association, Inc. (ISDA), and the authors of the annual ISDA opinions for Canada. Members of the Toronto Derivatives Group drafted the ISDA Ontario and Quebec annexes for the ISDA credit-support documents. We have also provided opinions to many associations and market participants with respect to the enforceability of rights under various forms of master agreements used in the derivatives, securities lending and repo areas.
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