As a nationally recognized leader in derivatives, Cadwalader also has robust experience in municipal derivatives. Since 1989, we have been involved in countless ground-breaking developments, many of which have set the standard for today's financings. As one of the first law firms to become a member of the International Swaps and Derivatives Association, Cadwalader has been involved in the development of many of ISDA's policies and documentation projects over the years, including the 1992 and 2002 Master Agreements, the 1992 Municipal Counterparty Definitions, the municipal float contract provisions, the 1999 and 2003 Credit Derivatives definitions, and many others.
Our lawyers helped establish the initial policies and documentation for several of the largest municipal derivatives dealers in the market today, and has continuously represented them since their inception. Among our many "firsts" is the representation of the swap provider in the first-ever long-dated swap written at the actual rate payable on variable rate demand bonds. We have also helped several of the world's largest derivatives dealers reorganize their companies and/or create affiliates or joint ventures to enable them to develop and market new products within applicable regulatory, rating, tax, and capital limitations.
As a recognized leader in the municipal derivatives market, Cadwalader has often been called upon to draft or review proposed legislation authorizing municipalities around the country to enter into derivatives transactions.