Derivatives and commodities trade

Our clients in this field include some of the largest financial undertakings and energy companies in Denmark and the world as well as several types of commodities traders. 

We have particularly extensive experience with respect to the following types of agreements:

• ISDA Master Agreement and ISDA Credit Support Annex
• EFET General Agreement (power and gas)
• Power Purchase Agreements (PPAs), including financial/synthetic PPAs and PPAs involving physical delivery and various types of hybrids
• framework agreements for trade in various green certificates (GoOs, ROcs and REGOs)
• EFET Master Netting Agreement and EFET Cross Product Payment Netting Agreement as well as other types of Master Netting Agreements
• GRMAs, OSLAs and other types of Repo agreements and agreements on securities lending
• structured products - normally in connection with offerings to Danish investors
• specifically adapted framework agreements (often simplified versions of the above agreements)
• collateral management agreements
• clearing agreements in connection with compliance with EMIR requirements

In terms of the regulatory rules we frequently advise on, among other things:

• MiFID - the provisions to ensure investor protection in connection with derivatives trade, the provisions on reporting and the provisions on exemption of commodities traders
• EMIR - regulatory requirements for entering into OTC derivatives or derivatives traded on stock exchanges, including requirements for clearing, provision of security and other risk mitigants. We also advise on the classification of businesses (FC, NFC+ og NFC-) and on the reporting duty under EMIR
• MAR and REMIT - we advise on all aspects of the market abuse rules and we assist in drafting internal policies on procedures to ensure compliance with such rules. We also advise on disclosure requirements and reporting requirements under both sets of rules
• SFTR - advice on reporting requirements and requirements in connection with the formation of contracts