Stikeman Elliott delivers clear, decisive and sophisticated advice to a wide range of domestic and international clients. The Lexpert reputational survey identifies us as the only top-tier derivatives practice in Montréal, Toronto and Calgary and we have the highest number of ranked lawyers in derivatives instruments in Canada. Our unique stature in this field of practice is the product of unmatched technical expertise and experience developing novel derivative products.

Our advice is sought on both contentious and non-contentious matters by domestic and foreign dealers and financial institutions as well as by major corporate and fund users, central banks, federal and provincial governments, Crown corporations, and trade associations. We provide continual advice with respect to the recognition and ongoing operations in Canada of derivatives markets infrastructure (including clearing agencies, derivatives trade repositories, exchanges, and other trading venues). Furthermore, Stikeman Elliott has been active on the public side of the derivatives market in Canada to date, and advises regularly on exchange-traded futures and options.

Stikeman Elliott has advised the International Swaps and Derivatives Association, Inc. (ISDA) as Canadian counsel. We have authored industry opinions for ISDA and the U.S. Futures Industry Association (FIA) on Canadian law matters and created the Ontario and Québec annexes for the ISDA credit-support documents. We also advise other industry associations on a range of industry issues. We have provided opinions to many trade associations and market participants with respect to the enforceability of rights under various forms of master and other standard industry agreements used in the derivatives, securities lending and repo areas. Our experts are frequently asked by governments and regulators to provide input on derivatives-related regulatory and policy proposals. As such, we regularly comment on proposals by the Canadian Securities Administrators (CSA) and the federal government to implement G20 regulatory commitments in the Canadian market. This enables us to provide industry stakeholders with practical and solution-oriented advice on emerging issues related to derivatives trade reporting, central counterparty clearing, customer clearing and collateral, margin requirements, derivatives dealer and adviser, and product qualification rules.

Our Expertise

  • Basis swaps
  • Bourse de Montréal (MX)
  • Canadian Derivatives Clearing Corporation (CDCC)
  • Caps, collars and floors
  • Commodity futures and options
  • Commodity swaps and forwards
  • Credit derivatives
  • Cross-currency swaps
  • Equity monetization structures
  • Equity-index swaps and forwards
  • Exchange-traded futures and options
  • Foreign-exchange contracts
  • Forward rate agreements
  • “Give-up” arrangements
  • Index-type products
  • Interest rate swaps
  • OTC options
  • Public offerings
  • Repos
  • Securities lending
  • Structured notes and hybrid securities
  • Swaptions
  • Synthetic securitizations
  • Total return swaps
  • Warrant products
  • Canadian Law Firm of the Year in Transactions – 2020 GlobalCapital Americas Derivatives Awards
  • Corporate Law Firm of the Year - Chambers Canada Awards 2017
  • The Canadian Legal Lexpert Directory 2020 for Derivative Instruments