Lary Stromfeld

T.+1 212 504 6291
lary.stromfeld@cwt.com
200 Liberty Street
New York, NY 10281 V-CARD

Overview
Experience
Insights and events

Lary Stromfeld, a member of Cadwalader’s Management Committee, is a leading adviser on complex derivatives, structured products and market infrastructure, with a particular focus on issues that shape global financial markets. He advises financial institutions, industry bodies and policymakers on highly technical transactions, regulatory developments and market-wide challenges.

Lary has been at the forefront of many of the most significant developments in modern financial markets. He has successfully advised the Federal Reserve’s Alternative Reference Rates Committee on the transition from LIBOR in the global cash markets and representing ISDA in the development of industry-wide documentation and protocols in response to post-financial crisis regulatory reform.

Known for combining deep technical expertise with clear, practical judgement, Lary is frequently called upon to design and implement solutions to complex, market-defining issues. His work often sits at the intersection of law, public policy, economics and market structure, supporting clients in navigating evolving legal and commercial frameworks.

In addition to his client work, Lary is the founder of a major pro bono initiative addressing food insecurity in New York, reflecting his broader commitment to community impact alongside his legal practice.

Recognition

Chambers Global – Derivatives (Band 1) (2000 - 2026)
Chambers USA – Derivatives (Band 1) ( 2003 - 2025)
International Financial Law Review/Euromoney – Outstanding Achievement Award for Contribution to Regulatory Reform. (May 2022) Lary was the first lawyer in private practice to receive this award. Prior honorees include two Chairmen of the CFTC, the Chairman of Citi, the Chief Regulatory Affairs Officer of JPMorgan Chase, and the General Counsel of ISDA.
Financial Times – Most Innovative Lawyers in North America- Creating Legal Standards (2021). Nominated three times.
Law 360 - MVP- Banking (2022)
US Legal 500 – Hall of Fame: Municipal Bankruptcy 2020-2025; Derivatives and Structured Products 2024-2025;
IFLR Editorial Board – Inaugural Member (2024-2026)
Lawdragon – 500 Leading Lawyers in America (2019-2026 )
The Best Lawyers in America – Derivatives and Futures; Securitization and Structured Finance (2013-2026)
Euromoney – Guide to the World’s Leading Securitization Lawyers
Super Lawyers (New York) – listed since inaugural edition
IFLR 1000 – Leading Lawyer (2020-2024)
IFLR Americas – Regulatory Team of the Year (2020)
Law360 – Banking Group of the Year (Cadwalader) (2019)
Risk Magazine – Law Firm of the Year (Cadwalader) (2016, 2018)
International Financial Law Review – Law Firm of the Year (Cadwalader) (2012)
The Bond Buyer – Alternative Transaction Deal of the Year (Detroit swaps restructuring) (2009)

Market Structure

Advising the Alternative Reference Rates Committee sponsored by the Federal Reserve on the transition of cash products away from LIBOR in the $200 trillion global market.
Representing the International Swaps and Derivatives Association in the development of numerous protocols and amendments to its standard documentation to comply with regulations under the Dodd-Frank Act.
Serving as one of the primary architects of the multi-lateral protocol structure and ISDA Amend platform used by over 200,000 derivatives market participants worldwide to comply with Dodd-Frank regulations.
Developing the program documentation for the first all-electronic credit derivatives trading platform.
Developing the industry-standard program architecture for the municipal tender option bond market to comply with the Dodd Frank Act.
Developing a widely used program for regional dealers to pass-through the credit and market risk of swaps to larger, higher-rated banks.
Heading the ISDA committee that developed the documentation for Credit Default Swaps on U.S. state and local governments.
Advising the sponsor and dealer group that developed MCDX, the index for Credit Default Swaps on U.S. state and local governments.

Regulatory Advice

Serving as counsel to ISDA on an amicus brief filed in the Second Circuit Court of Appeals, which cited the brief in reversing the SDNY’s interpretation of ISDA’s credit derivatives documentation.
Advising the Association of Financial Guaranty Insurers (the monoline trade association), SIFMA, and ISDA on amicus briefs for various cases raising issues of concern to their respective markets.
Serving as counsel in drafting comment letters on proposed regulations on behalf of various trade associations, including Structured Finance Association (SFA), Commercial Real Estate Finance Counsel (CREFC), Securities Industry and Financial Markets Association (SIFMA) and Loan Syndication Trading Association (LSTA).

Restructurings/Disputes

Serving as primary outside counsel to a financial institution that co-headed the ad hoc group of large creditors of Lehman Brothers.
Advising a monoline insurer in connection with the potential restructuring of several billion dollars of debt issued by the Commonwealth of Puerto Rico and its public agencies, including motions in the Supreme Court of the United States.
Developing a new structure to provide secondary market funding of a $275 million bridge loan to the City of Detroit as part of its exit from chapter 9 bankruptcy.
Advising a swap dealer in connection with the potential termination and restructuring of “in-the-money” swaps with the City of Detroit, which added a pledge of casino revenues.
Advising various financial institutions in the bankruptcy of Orange County, California.
Advising a dealer/creditor in the historic equity infusion for the Long-Term Capital Management hedge fund family.
Advising a dealer/creditor group in connection with a hedge fund failure following the Russian debt crisis.
Advising the swap dealers in structuring, negotiating and documenting a novel series of derivative transactions aggregating over $107 billion to hedge the interest rate, prepayment and credit risks of financing the privatization of Chrysler LLC.
Participating in the special counsel investigation of the global derivatives marketing and trading activities of Bankers Trust Company.