Service

Derivatives

Our team is sought out for our commercially minded approach and creativity in solving our clients’ most complex structural, regulatory, tax and risk management issues.

Osler’s Derivatives Advisory Group has acted on some of the most complicated and creative derivatives trades in the industry. Our team is widely recognized as the top derivatives lawyers in Canada and is counsel of choice to Canadian and foreign financial institutions, international banks, the “Maple 8” pension plans, dealers, asset managers and regulatory agencies for derivatives transactions, balance sheet and other hedging arrangements.

We understand the business of derivatives. Our firm is sought out for our commercially minded approach and creativity in solving our clients’ most complex structural, regulatory, tax and risk management issues. Our lawyers are known in the marketplace among all industry participants and advise both Canadian and international “buy side” and “sell side” clients on the negotiation and structuring of derivatives trades.

On the regulatory front, Osler’s Derivatives Advisory Group has strong working relationships with senior personnel at the key financial regulators in Canada, as well as with numerous regulators and officials internationally. In addition, we have extensive experience representing clients in tax disputes involving derivatives throughout the audit process, and on appeal to all levels of court.

Osler is Canadian counsel to the International Swaps and Derivatives Association, Inc. (ISDA), the International Capital Markets Association (ICMA), the International Securities Lending Association (ISLA) and the Futures Industry Association (FIA). We are the only Canadian law firm offering a comprehensive, multi-disciplinary approach to structuring and negotiating derivative transactions.

Our team has advised multiple Canadian investment management entities and pension plans in the establishment and negotiation of derivatives, structured products, repurchase and securities lending programs. This has included a review of a fund’s portfolio of existing agreements, and a renegotiation of those agreements to account for updated national and international regulatory requirements and preferred terms. Osler lawyers have facilitated the growth of a fund’s derivatives trading platform by developing preferred forms of derivatives, repurchase, and securities lending agreements, which have become the basis for successful negotiation of agreements with new counterparties.

Key Contacts

Timothy Hughes

Partner, Tax, Toronto

Lisa Mantello

Partner, Financial Services, Toronto


Representative Work

  • Counsel of choice to Canadian and foreign financial institutions, pension funds, dealers, asset managers, end users and regulatory agencies for derivatives transactions, balance sheet and other hedging arrangements.
  • Regularly advise Canadian and international buy-side and sell-side clients on derivative transactions and advise Canadian and international dealers and buy-side clients on the regulatory compliance and reporting requirements of Canada’s derivatives market.
  • Canadian counsel to the International Swaps and Derivatives Association (ISDA), the International Capital Market Association (ICMA), the International Securities Lending Association (ISLA), and the Futures Industry Association (FIA). Appointed by the Bank of Canada as Chair of the Legal and Compliance Committee as part of the Canadian Alternative Reference Rate (CARR) working group established to shift Canada to the new Term Canadian Overnight Rep Rate Average (CORRA). Led the drafting of the recommended fallback language that will be implemented by every major financial institution and lender in the Canadian market.
  • Acted for TMX in the development and implementation of a Canadian collateral management system which reduces operational risk while optimizing and automating domestic triparty repurchase agreement services throughout a transaction’s lifecycle.

Latest Insights

  • Osler Update Oct 5, 2023

    CSA publish final derivatives business conduct rule

    The Canadian Securities Administrators has published a final derivatives business conduct rule.

    Read more
    CSA publish final derivatives business conduct rule
  • Osler Update Jul 7, 2023

    CARR’s recent recommendations for ‘tough-legacy securities’ ahead of CDOR cessation

    A white paper published by the CARR working group recommends market participants take measures to review the terms of their securities that mature...

    Read more
    CARR’s recent recommendations for ‘tough-legacy securities’ ahead of CDOR cessation
  • Webinar Apr 18, 2023

    Providing Insight into ISDA Digital Asset Derivatives Definitions

    Watch this webinar panel discussion: Providing Insight into ISDA Digital Asset Derivatives Definitions on Tuesday, April 18.

    Read more
    Providing Insight into ISDA Digital Asset Derivatives Definitions
  • Osler Update Feb 6, 2023

    ISDA publishes digital asset derivatives definitions

    New Definitions and a whitepaper seek to standardize derivatives trading documentation.

    Read more
    ISDA publishes digital asset derivatives definitions
View all Insights
Stay up to date with our latest insights
Subscribe

Awards and Recognition

  • Chambers Global: The World’s Leading Lawyers for Business: Recognized in Capital Markets (Band 1) and Tax (Band 1)
  • The Canadian Legal Lexpert Directory: Recognized in Derivative Instruments
  • IFLR 1000: Recognized in Capital Markets (Band 1); Banking; Financial Services Regulatory

In the Media

  • Media Mentions Dec 12, 2023

    Lisa Mantello’s leadership at Osler helped usher in major reforms to Canada’s financial markets – Canadian Lawyer

    Lisa Mantello has been recognized as a Top 25 Most Influential Lawyer for her leadership in financial benchmark reform,

    Read more
  • Media Mentions Sep 17, 2022

    ‘Green$’ for Green: Structuring and documenting sustainable finance deals – American Bar Association

    Sustainability-linked loans (SLLs) are becoming increasingly popular in the Canadian market, with favourable pricing making these loans more...

    Read more
  • Media Mentions Jul 22, 2022

    Take some precautions before investing in cryptocurrencies – Finance et Investissement

    In a recent interview, Laure Fouin, Co-Chair of the Digital Assets and Blockchain Group and partner at Osler spoke to Finance et Investissement about...

    Read more
  • Osler News Jul 29, 2020

    Updated: Osler partners with new Global Peer Financing Association

    Osler is proud to support the Global Peer Financing Association, a new association recently formed by a group of beneficial owners to create a more...

    Read more