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 and financial products, advising banks, asset managers, hedge 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 structured products and derivatives. He is particularly noted for his work in equity derivatives, involving structured products and traded securities.

A principal partner in Cadwalader's highly regarded financial products practice, Ray works in the areas of equity-, rates-, and commodity-linked securities and CDs. He also develops and executes a wide variety of algorithmic and managed account products (and their OTC counterparts) such as principal-protected notes, warrants, and certificates. Ray works closely with the Cadwalader corporate department on a wide variety of corporate equity derivatives transactions. Examples include advising activist hedge funds on securities and derivatives trading issues, equity forwards, convertible call spreads and hedging and monetization issues.

Ray also regularly represents clients with respect to a wide range of trading agreements, including ISDA’s, repurchase agreements, securities lending, prime brokerage, futures, cleared swaps and related agreements.

Ray’s broad practice requires familiarity with the application 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, the Investment Advisers Act of 1940 and the Commodity Exchange Act and related rules and regulations. Ray is familiar with taxation issues arising under structured products and works closely with the Cadwalader tax department to optimize the tax treatment of financial products.

Ray is a frequent speaker at ISDA conferences, where he presents on OTC derivatives, regulatory and trading issues.  Ray is a regular speaker for Practising Law Institute’s "Fundamentals of Swaps & Other Derivatives" program.  Ray also talks at UCLA Law School concerning structured products and finance. 

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 he is ranked Band 1 in both Capital Markets: Derivatives – USA Nationwide and Capital Markets: Structured Products – USA Nationwide. Clients in Chambers have described him as “brilliant” and commend his ability to “synthesize lots of moving parts in a manageable way, whether in traditional equity derivatives or complex new structured products.” Clients also praise his ability to be “thoughtful about the technical issues, intelligent, and at the same time understands the need to figure out a way to get deals done.” In Legal 500 US, Ray is recognized as Hall of Fame in both Derivatives and Structured Products and Securitization, and a leader of Cadwalader’s Tier 1 Structured Finance: Derivatives and Structured Products team. Legal 500 US praises 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." Ray is listed as “Highly Regarded” in the areas of Capital Markets: Equity, Capital Markets: Structured Finance and Securitization and Capital Markets: Derivatives by IFLR1000, and was part of the team that was named 2020 Regulatory Team of the Year by IFLR Americas. Most recently, Ray was named to the 2021 Lawdragon 500 Leading Dealmakers, honoring the U.S.’s top financial lawyers.  Since 2009, he has been recognized as a leading lawyer in Derivatives and Futures by The Best Lawyers in America, where clients praised him as "an expert in the structuring of derivatives and structured products across asset classes." Additionally, since 2006, Ray has been recognized by Super Lawyers as one of the top securities and corporate finance lawyers in New York.

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.

In his spare time Ray enjoys producing movies with titles such as A Mother’s Rage and Mega Church Murders to his credit.


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Ray Shirazi 


  • New York


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