Nihal Patel is an associate in the firm’s Financial Services Group. He counsels both financial institutions and “buy-side” market participants on a variety of regulatory and compliance issues relating to securities and derivatives trading. This includes, inter alia, advice as to numerous aspects of broker-dealer regulation and swap regulatory issues arising under Title VII of the Dodd-Frank Act.

He also has substantial experience in drafting and negotiating prime brokerage, derivatives, and other trading and financing documentation. Recently, he was a member of the Cadwalader team that represented ISDA in the drafting of protocols and other documentation for addressing requirements of CFTC regulations adopted under Dodd-Frank. He has also been a speaker on these and related topics at industry conferences in the United States and abroad.

Nihal is a contributor to the chapters on trading and dealings with customers in Lofchie’s Guide to Broker-Dealer Regulation and the swap definition, margin, and employees chapters of Lofchie’s Guide to CPO/CTA Regulation.

He earned his B.A. from Northwestern University and his J.D. from the Northwestern University School of Law, where he served on the board of the Northwestern University Law Review. Nihal is admitted to practice in the State of New York.

Recent Articles & Comments

February 16, 2018

None of the legislative proposals addressed at the hearing (the text of which are linked from the hearing page on the committee website) makes drastic changes to the regulation of derivatives under Title VII of Dodd-Frank. The majority of the proposals address relatively technical, but important, aspects of derivatives regulation, including: (i) harmonization of comparable SEC and CFTC rules; (ii) exclu...

February 15, 2018

In the short term, this change may be a bit annoying for practicioners accustomed to referencing particular sections of the CFTC regulations. In the long term, it's obviously a good thing.

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February 15, 2018

All firms that engage in margin transactions (including Covered Agency Transactions) should have their margin department personnel closely review the notice. In particular, firms should consider (1) whether the enumerated reason codes adequately capture common reasons for which an extension is needed and (2) whether the information required to be submitted as part of an extension request can be reasonably provided. Firms should also note that certain of the extensions require FINRA approval w...

February 05, 2018

One notable aspect of recent CFTC settlements is that the CFTC has reinstated a practice of providing that the relevant enforcement action will not result in a disqualification under SEC Regulation A and Regulation D. The...