Ray Shirazi 

Partner – New York
T.+1 212 504 6376
200 Liberty Street
New York, NY 10281 V-CARD

Ray Shirazi maintains a market-leading practice in derivatives, advising investment banks, domestic and foreign commercial banks, asset managers, hedge funds, private equity funds and mutual funds on related transactional and trading regulatory issues. His practice covers a wide spectrum of equity, hedge fund, currency, commodity and fixed income derivatives. He is particularly noted for his work in equity derivatives, involving traded securities, hedge funds, and other financial products.

Ray also regularly represents clients with respect to a wide range of trading agreements, including ISDA, repo, securities lending, prime brokerage, futures, cleared swaps and related agreements. He addresses issues arising under all of the federal securities and commodities laws and regulations, including the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940 and the Investment Advisers Act of 1940, and the Commodity Exchange Act and related rules and regulations.

A principal partner in Cadwalader's highly regarded structured products practice, Ray also works in the areas of equity-, rates-, and commodity-linked notes, warrants, certificates, and CDs. He also develops and executes a wide variety of hedge fund structured products (and their OTC counterparts), such as principal-protected notes, warrants, and certificates. Ray also advises on, structures, and handles execution of convertible arbitrage products, asset swaps and fixed income derivatives. In addition, he regularly advises on related hedge fund financing transactions such as credit facilities, secured loans, and collateralized financial obligations.

Ray is a member of the ISDA North American Committee on Equity Derivatives and the Equity Derivatives Drafting Committee, for which he helped draft the 2002 ISDA Equity Derivatives Definitions. He is a frequent speaker at ISDA conferences, where he often discusses issues surrounding the 2002 ISDA Master Agreement as well as at programs sponsored by the Structured Products Association and Financial Research Association, among others. Ray is a regular speaker for  Practising Law Institute’s "Fundamentals of Swaps & Other Derivatives" programs. 

He has been consistently recognized as a leading lawyer in his area of expertise by independent commentators, including by Chambers Global and Chambers USA, in which clients commend his ability to "synthesize lots of moving parts in a manageable way, whether in traditional equity derivatives or complex new structured products" and further praise him as "super smart" as well as "thoughtful about the technical issues, intelligent, and at the same time understands the need to figure out a way to get deals done." Also, US Legal 500 identified Ray as "a leader in equity derivatives" and named him among their Elite Leading Lawyers and praised him as "hands down the best in the business when it comes to being commercial and adding value to transactions; he is responsive, creative and extraordinarily well versed in a multitude of derivative, structured finance and distributive products." The Best Lawyers in America selected Ray as a leading lawyer in Derivatives and Futures where clients praised him as "an expert in the structuring of derivatives and structured products across asset classes." Ray is also recognized by Super Lawyers as one of the top securities and corporate finance lawyers in New York. Through Ray’s leadership and in acknowledgement of the firm's myriad accomplishments, Global Capital (formerly Derivatives Intelligence & Derivatives Week) awarded Cadwalader their prestigious Law Firm of the Year Award, and Ray was named 2014 Derivatives Lawyer of the Year. The recognition was based on Cadwalader's activity in the over-the-counter sector, ability to guide buy-side and sell-side clients into new areas, consistency of service in established product areas and problem-solving abilities.

Ray received his J.D. from The University of California at Los Angeles, where he was the Managing Editor of the UCLA Law Review, and his B.S., cum laude, from The University of California at Riverside.


News Releases

view more »


view more »


Clients & Friends Memos

view more »
Ray Shirazi 


  • New York


  • University of California - Los Angeles, School of Law
    J.D., 1988
  • University of California - Riverside
    B.S., 1984, cum laude



Cadwalader's research and intelligence platform provides analysis on changes in U.S. financial regulation. Subscribers receive a daily newsletter interpreting new laws, rules and enforcement actions that impact financial institutions.