Carl A. Royal emphasizes his practice on derivatives and the regulation of markets and market participants under federal securities and commodities laws.
He has represented derivatives dealers and end-users in a wide range of derivatives transactions, from interest rate swaps, to variable prepaid stock purchase agreements with caps and floors. He is familiar with both exchange-traded derivatives (futures and options) and with International Swaps and Derivatives Association, Inc. (ISDA) documentation used for privately negotiated swap transactions.
Mr. Royal formerly was Senior Vice President and General Counsel with the Chicago Mercantile Exchange (CME), the largest futures exchange in the world. At the CME, Mr. Royal was responsible for drafting the rules for Globex, the CME’s electronic trading system, and for obtaining Commodity Futures Trading Commission (CFTC) and international regulatory approvals for Globex. He has extensive national and international experience with respect to commodities, futures, and securities market products, services, and regulatory compliance. This includes:
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Negotiating significant transactions
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Implementing strategic plans
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Obtaining regulatory approvals for new products and systems
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Drafting and amending rules
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Advising boards of directors and senior management
In addition to the CME, Mr. Royal's representations have included:
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National securities exchanges
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Banks
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Clearing organizations
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Broker-dealers
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Investment advisers
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Futures commission merchants
He also has broad experience in corporate and securities law.