Credit, Derivatives & Structured Products
Derivatives, structured products, and credit instruments are inherently complex and often difficult-to-value components of the financial system. Our experts have extensive expertise in this space, and are deeply engaged with market participants shaping the evolution of related products, market standards, and regulations across geographic jurisdictions.
Our clients engage us to consult and to provide expert opinions on a wide range of issues, including evaluating various types of financial engineering products, and investigating broader issues such as possible market failure and manipulation. We have examined several classes of structured products, such as mortgage and asset-backed securities; collateralized debt and loan obligations; exchange-traded and bespoke derivatives like futures, options, swaps, and volatility products; and credit default swaps and tranches of credit indices. Brattle’s experience with these transactions spans global financial markets and includes our expertise in transactional and trading disputes. We have also applied derivative securities valuation techniques to examine the dynamic relationship between physical or financial asset prices and their derivatives, with a particular focus on the energy sector.
We have a deep understanding of the complexity of the key economic concepts and models underpinning the pricing and risks of the disputed transactions. Our team of industry thought leaders include former traders, risk managers, compliance and other industry professionals, and academics. This, coupled with highly experienced and collaborative teams and a rigorous peer review process, means that our work, consulting or testifying, is always of the highest quality with clear and compelling explanations.
Our consultants are currently engaging with market participants on a number of emerging issues. We have been working closely with the International Swaps and Derivatives Association (ISDA) and their counsel to develop and implement a framework of fallback rates for derivatives tied to the London Interbank Offered Rate (LIBOR), which is expected to cease after 2021. This work, which encompasses a group of other IBOR benchmarks, impacts trillions of dollars across global derivatives markets.
Areas of Expertise
- Analysis and interpretation of agreements for structured finance products
- Use of financial engineering products in asset management, including suitability, fee structure, and disclosures to investors
- Evaluation of the full spectrum of credit securities, from investment grade to distressed, and from vanilla to structured credit instruments
- Alternative interest rate and credit benchmarks
- Valuation of illiquid derivative securities, credit instruments, and structured products
- Assessment of the use of derivatives in risk management
- Regulatory investigations
- Bilateral trading vs. exchange-cleared products and collateral considerations
- Structure and assessment of value for complex financial engineering products including assessment of damages
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Contact our Practice Leader
Mr. Gkatzimas specializes in complex financial markets disputes related to trading, valuing, and investing in securities and portfolios across asset classes – including digital assets.