Our Derivatives Group

The Derivatives Group at Borden Ladner Gervais LLP consists of a multi-disciplinary team of over 30 Financial Services, Securities and Capital Markets, Investment Funds, Energy and Tax lawyers located in offices across Canada. They are experienced in the business, regulatory and administrative issues that confront participants in the derivatives industry and market. Members of our Derivatives Group routinely act on behalf of financial institutions, governments, Crown corporations, securitization conduits, investment and pension funds, product manufacturers, distributors, corporate end-users and other market participants.

Our Services

BLG advises clients in connection with product and market design, regulatory and compliance matters and all aspects of derivatives transactions, including the structuring, drafting, negotiation and closing of deals, as well as the conduct of ongoing public and private distributions of derivative products. We also represent a number of institutional parties on the regulatory side of treasury group initiatives, providing extensive experience negotiating with the Office of the Superintendent of Financial Institutions and provincial securities regulators.

We routinely advise clients in the oil, natural gas and power sectors, as well as securitization conduits and Canadian investment and pension funds regarding the establishment of new derivatives-related instruments and products. We also regularly advise clients on security documentation and enforcement issues arising in the context of credit support annexes and other types of security documents. We have helped clients in insolvency and other proceedings to enforce their rights under derivatives transactions.

BLG assists clients with securities and commodity futures registrant regulation and compliance matters relating to the distribution of derivatives. We also help clients in trading derivatives on exchanges such as the Toronto Stock Exchange, the Montreal Exchange, the Montreal Climate Exchange and the Natural Gas Exchange.

Our Experience

Here are some recent examples of the types of transactions and activities in which lawyers in our Group have participated.

  • Represented Ernst & Young in Canada's $32 billion commercial paper restructuring. We assisted Ernst & Young both in its capacity as consultant to the Pan-Canadian Investors Committee for Third-Party Structured Asset-Backed Commercial Paper and as monitor to the issuing conduits under the Companies' Creditors Arrangement Act.
  • Advised a leading Canadian financial institution on all matters associated with its entry into the market of originating over-the-counter derivatives.
  • Represented the International Swaps and Derivatives Association (ISDA) in connection with its successful intervention in the appellate Androscoggin insolvency proceedings.
  • Reviewed and negotiated ISDA and other industry master agreements governing all trading activity by a wide cross-section of derivatives participants, including Canadian and foreign financial institutions, utilities, large integrated energy companies, Crown corporations, securitization conduits, mutual funds, pension funds, closed-end investment funds, hedge funds and pooled funds.
  • Developed, advised and negotiated all ISDA agreements on behalf of the largest Canadian residential mortgage securitization conduit.
  • Undertook a detailed review of collateral and credit support documentation issues arising in the natural gas and power hedging programs of several oil and gas companies and utilities.
  • Obtained regulatory and other approvals for foreign entities to trade gas and power in Canada.
  • Advised several utilities on their entry into the U.S. gas and power trading markets.
  • Assisted a distributor of over-the-counter contracts for differences (CFDs) on a broad range of underlying financial instruments, including single stocks, indices, commodities and foreign exchange, to become a member of the Investment Dealers Association and obtain registration with Canadian securities regulators.
  • Assisting an issuer of CFDs with respect to a retail offering in Canada, including prospectus requirements and exemptions, and facilitating an ongoing dialogue with Canadian securities regulators on policy concerns involving novel derivative instruments.
  • Developed derivative-based products for investment funds, including clone funds and tax-efficient managed yield funds, that comply with securities rules regarding derivatives.
  • Advised numerous clients in the energy industry on the right to terminate their physically-settled and cash-settled derivative transactions with Enron and its affiliates.
  • Successfully litigated (including at an appellate level) a variety of counterparties' rights related to the establishment and enforcement of claims in connection with certain derivatives-related transactions.
  • Acted for Blue Range Resources in the first reported decision on “eligible financial contracts”.
  • Developed appropriate risk management programs for many market participants, including the preparation of best practices and policies for their boards and management.

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