Derivatives

Helping clients
navigate complex
markets—with clarity
and calm.

Iter Consulting provides legal advice to clients operating in the global derivatives and structured finance markets. The work is technical, often fast-moving, and occasionally opaque—but the aim is always simple: to give clients clear, grounded guidance on which they can act.

We have over twenty years of experience advising on the legal, regulatory and structural issues that shape modern financial markets.

With experience ranging from the Credit Derivatives boom, through the financial crisis and the shifting regulatory landscape of the decade that followed. Clients include investment banks, hedge funds, asset managers, commodity traders, and infrastructure providers.

Our scope of work spans credit, rates, FX, commodities, equities and digital assets—whether on the trading desk, in the boardroom, or across the table from a regulator.

It includes negotiating derivatives documentation (ISDAs, CSAs, repos, securities lending agreements), structuring hedging strategies within corporate and financing transactions, and helping clients respond to regulatory change—from OTC derivatives reforms to IBOR transition and digital asset licensing regimes.

What sets Iter Consulting apart is the ability to combine the perspective of a seasoned in-house lawyer—someone who knows how institutions really work—with the depth of technical knowledge you’d expect from a Magic Circle external counsel.

The result is advice that is not just legally sound, but commercially attuned, user-friendly, and built on an understanding of how the legal frameworks can fit into the operational and strategic objectives.

Because, in a market full of complexity, sometimes the best support is a steady hand and clear explanation.

Examples of our work

  • Several major financial institutions on the development of template documentation for trading derivatives under an International Swaps and Derivatives Association Master Agreement.
  • Advising Green Tiger Markets in a wide range of matters, including ongoing development of its Philippines and Southern Africa energy markets for swaps and other products, new product and rulebook development, U.S. and EU regulatory “equivalence” and other cross-border regulatory issues, and MAS, Philippines SEC and FCA regulatory matters.
  • Digital asset market participants with respect to digital assets including cryptocurrencies and the related technological infrastructure (e.g., distributed ledgers), particularly derivatives, digital-asset lending and custody transactions. Significant to these projects has been the negotiation of bespoke provisions reflecting the unique characteristics of digital assets, including consideration of the technical aspects of digital asset transfers, methods for pledging digital assets, non-traditional price sources (and related fallback provisions) and events such as hard forks, airdrops and issues with respect to exchange and wallet operation, to ensure that any commercial terms properly reflect those characteristics. First to develop standardised Digital Asset Lending documentation using true-sale mechanics.
  • A major international commodities trade house in relation to default and subsequent close-out of an ISDA Master Agreement related to hedging under a financing transaction. Significantly, we provided advice around the rights of the client as swap counterparty while navigating (a) restrictions under the complex intercreditor arrangements and (b) UK insolvency provisions.
  • Financial institutions, investment banks, corporate issuers, hedge funds and family offices on numerous Total Return Swap transactions involving a range of underlying assets, including commodities, China Government Bonds and equities.
  • Numerous prominent, multi-billion dollar buy-side market participants with respect to all their derivatives matters, including assistance with their trading documentation (including ISDA, repo and securities lending agreements) and financing commitments (including prime brokerage and related term commitments).

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