Transactional Representations

Sullivan & Cromwell has been involved in most of the major transactions in the commodities and derivatives fields in recent years. These have included the following:

• Representation of ICE in its acquisition of the New York Board of Trade
• Representation of Citadel Group in connection with its acquisition of a substantial portfolio of assets from Sentinel Management and in its acquisition of the energy trading book of Amaranth LLC
• Representation of Ospraie in its acquisition of ConAgra Trade Group
• Representation of ICE in its acquisition of Creditex, an operator of an electronic platform for trading in credit derivatives
• Representation of the consortium developing the ELX Futures Exchange for the trading of financial futures and other products
• Representation of major financial institutions in the development of public commodity indices, including representation of Goldman Sachs, AIG, UBS, Prudential and Merrill Lynch in connection with the development of proprietary commodity indices
• Representation of Goldman Sachs in connection with the development of derivative auction systems in conjunction with the Chicago Mercantile Exchange and the New York Mercantile Exchange
• Development of the Merrill Lynch “TRAKRS” product
• Structuring, negotiation and documentation of joint ventures regarding electronic trading platforms, clearing operations and other services, including the organization of ICE and the clearing relationship between ICE and the London Clearing House, and the development of facilities to provide clearing services to the foreign exchange and other markets
• Creation of futures exchanges, including the CBOE Futures Exchange, the Chicago Climate Exchange, OneChicago and the Cantor Exchange
• Development of compliance policies and procedures for registered entities and unregistered trading companies, provision of training sessions for employees and reviews of existing policies and procedures.