Aaron Levy represents asset managers, investment funds, major banks, insurance companies, broker-dealers and end-users in a range of derivatives and structured products transactions, including interest rate, FX, equity and other financial and commodity swaps, total return swaps (including loan, bond and equity TRS), deal-contingent hedges, physically settled commodity forwards, tender option bonds and structured repurchase transactions. He regularly advises on securities financing transactions (MSLAs, MSFTAs, MRAs), as well as structured equity derivatives in connection with capital markets transactions (including capped calls, call spreads and variable prepaid forwards).
Aaron has extensive experience with structuring, documenting and negotiating off-exchange derivatives transactions and advising on hedging matters relating to secured credit facilities. He also negotiates power hedges (physical and virtual PPAs), REC sales agreements and other commodity swaps, particularly in the renewables space, and regularly advises on prepaid natural gas and renewable energy transactions and in connection with municipal prepay bond issuances. In the secondary market for municipal securities, Aaron represents several market leaders in all aspects of the tender option bond structure.
A significant focus of Aaron's practice consists of counseling dealers and end-users on the strategic and regulatory implications of the Dodd-Frank Act, Basel standards and other laws and regulations of the CFTC, the SEC and the federal banking regulators affecting the derivatives industry. Advice in this area includes the applicability and scope of margin, clearing and other regulations under Title VII of the Dodd-Frank Act, the cross-border application of such regulations, the CFTC's Commodity Pool Operator and Commodity Trading Advisor, Futures Commission Merchant, Swap Execution Facility, Swap Dealer and other registration and compliance rules, and the implications of the Volcker Rule, large trader reporting rules, position limits, QFC resolution stay rules, credit risk retention requirements, benchmark replacement initiatives, as well as related industry protocols and documentation published by ISDA, SIFMA, LSTA and other industry groups.
In addition, Aaron advises fintechs and financial services clients on a range of alternative finance transactions, including bank partnership agreements, auto and equipment finance transactions, loan sale agreements, factoring and receivables sales agreements, vendor contracts with payment processors and BaaS platforms, B2B lending arrangements and litigation finance transactions. He also counsels on emerging strategies and market proposals involving blockchain settlement protocols, cryptocurrency trading strategies, token issuances and carbon credit transactions.
He also has extensive experience advising on the formation and regulation of hedge funds and other private investment vehicles.