Meitar represents a broad range of parties in transactions involving “over-the-counter” derivative financial products, advising numerous commercial and investment banks as well as major Israeli corporations, insurance companies and other end-users of derivative products. We have advised on a wide range of transaction types, including hybrid and structured notes, swaps, swaptions, repos, credit-linked notes and related instruments, and various types of options. These transactions have involved a significant range of interest rates and currencies, equity, debt and asset-backed securities, commodities and credit-related attributes, and other reference instruments and indices. 

Our firm has been deeply involved in the development of the market for derivative financial products in Israel. We were among the first firms to advise foreign financial institutions seeking advice as to the enforceability of the ISDA Master Agreement and Credit Support Annex (Transfer Annex) in Israel. Subsequently we assisted leading Israeli financial institutions and industry organizations in the lobbying efforts which led to the passage of the Israeli Financial Assets Agreements Law – 2006. This law clarified a number of important issues relating to OTC derivative financial products, including netting and collateral issues. Soon after passage of that law we were retained by ISDA and rendered the official country netting opinion for ISDA.

Our experience and understanding of derivative financial products includes use of these products in securities offerings. Attorneys from our derivative financial products tram often work closely with our Israeli capital markets group on the structuring and implementation of offerings of innovative financial products in Israel.  

The firm additionally has evaluated registration statement and other securities law disclosure matters for issuers and others involved in derivatives transactions. We have also conducted due diligence in the context of both securities issuers and acquisition targets with significant derivatives positions.  

We offer a coordinated multidisciplinary approach in the areas of “over-the-counter” derivative financial products, futures and options. Attorneys are drawn, as needed, from the corporate, capital markets and structured finance, tax, insurance, banking, insolvency and litigation areas to provide timely, efficient and appropriately comprehensive responses to diverse client needs.

Representative experience

  • Rendered the official country netting opinion for Israel for the International Swaps and Derivatives Association (ISDA);
  • Rendered the official country memorandum on pre-insolvency enforceability issues for Israel on behalf of Derivative Services LLP, a wholly owned subsidiary of Allen & Overy;
  • Representation of a major Israeli bank to lead the development of Israel’s first credit-linked note (CLN) program;
  • Representation of a number of Israeli banks in credit default swap transactions;
  • Representation of a number of Israeli banks in the purchase of credit-linked notes;
  • Representation of major Israeli corporations with respect to the terms of ISDA master agreements and one-off transactions; and
  • Representation of numerous North American, European and Japanese commercial and investment banks and other financial institutions for Israeli law issues arising in the context of a broad range of derivatives transactions and products.

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