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Gordon F. Peery

Partner
Orange County
+1.949.623.3535
Fax +1.949.253.0902

Primary Practice

Secondary Practices

Education

  • J.D., Vanderbilt Law School, 1995, (recipient, Bennett Douglas Bell Memorial Honor)
  • B.A., University of Southern California, 1991, (magna cum laude; Phi Beta Kappa)

Admissions

  • Bar of California
  • Bar of Massachusetts

Languages

  • Japanese
  • Biography Overview
  • Additional Background
  • Representative Work

Mr. Peery works exclusively as a derivatives lawyer and is the author of The Post-Reform Guide to Derivatives and Futures (John Wiley & Sons), published in February 2012. Mr Peery has lectured in London, Hong Kong, Toronto, Brunei, Kuala Lumpur and the United States on the 2008 market crisis, futures and derivatives reform.

Mr. Peery is a member of the Firm’s Investment Management practice and works extensively for clients in the Pacific Rim region of the global Derivatives and Structured Products practice within the firm.

Professional/Civic Activities

Mr. Peery is a current member of International Swaps and Derivatives Association, Inc. (“ISDA”) committees and working groups, including the FPML Reporting Committee, Potential Industry Improvements working group and various other ISDA bodies directly involved with post-Lehman, Dodd-Frank and central counterparty matters, the Energy, Commodities and Developing Products Committee; Japan Committee; ISDA Definitions Working Group; Emissions Trading Working Group; the Covered Bonds Working Group and the ABS Hedging Documentation Project Working Group. Mr. Peery is a former member of the following ISDA committees: Collateral Framework Working Group; Property Derivatives; Collateral Committee; and the Credit Derivatives – ABS Committee.
Mr. Peery regularly handles these matters:
  • Dodd-Frank Title VII Practice. Mr. Peery was a part of an influential coalition of large derivative market participants which met in late 2011 and early 2012 with CFTC leadership to discuss ways in which the market could be further protected from the failure of brokerage firms. He works on behalf of global money managers and other clients in preparing for the implementation of clearing and other prospective requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Mr. Peery is experienced in both the futures- and OTC-styles of documentation and actively participated in the development of the next generation of cleared derivatives documentation.
  • Washington D.C. Derivatives and Structured Finance Representation. Mr. Peery assisted with several investigations by Congress in connection with a series of Congressional hearings involving structured finance products and derivatives provided by investment banks to Enron Corp. He counsels clients on the evolving CFTC regulations concerning Swaps, futures and options on futures, as well as exemptions from CFTC registration, and helps clients regulated by the SEC comply with SEC regulations and guidance on the use of derivatives.
  • Post-Lehman Derivatives Representation. Mr. Peery is extensively involved in exchange and central clearing initiatives and develops protective language in brokerage documentation to manage counterpart risk.
  • ETFs. Mr. Peery represents a broad range of users of derivatives, including sponsors of exchange-traded funds and generally counsels these sponsors on the evolving regulatory regime governing the use of derivatives.
    Derivatives Counterparty Risk and Counterparty Insolvency Representation.  Mr. Peery provides practical legal advice to minimize counterparty risk and has represented end-users in bringing about the termination of derivative and cash trades and release of collateral.
  • Prime Brokerage, Securities Lending, Repos and Related Derivatives Documentation.  When clients enter into derivative trading relationships with prime brokers, Mr. Peery negotiates prime brokerage documentation, including Margin Agreements, Master Securities Loan Agreements, Global and Overseas Lending Agreements; ISDA Master Agreements and accompanying Schedules and Credit Support Annexes; tri-party/Control Agreements; futures, commodities and options documentation; Bridge Agreements and ERISA amendments to margin account agreements.  Mr. Peery is experienced in handling 130/30 strategy, margin lending and other prime brokerage matters, as well as rehypothecation and securities lending projects.
  • Futures Documentation. Negotiate a wide array of futures documentation and maintain high-level exchange contacts.
  • Fund Crisis Management and Valuation Issues.  Mr. Peery has recently represented both hedge funds and registered funds in a wide range of disputes involving collateral valuation, ISDA Events of Default and Early Terminations; transfers of ISDAs from off-balance sheet swap providers, novations and fund wind-downs.
  • Lehman-related Representation.  Mr. Peery assists bankruptcy counsel in negotiating settlement of derivatives, TBAs and other "post-Lehman" trade terminations and collateral dispositions on behalf of creditors in the Lehman proceedings. Mr Peery also acts for creditors in the sale of claims.
  • County Representation. Mr. Peery represents a California municipality that is active in derivatives, futures and prime brokerage transactions.
  • Exchange - Traded Derivatives. Retained to represent traditional and hedge fund clients in putting in place documentation for exchange-listed options and other derivatives traded on exchanges.
  • Energy Derivatives. Mr. Peery is a current member of the ISDA Emissions Trading Working Group and counsels energy clients on ISDA Master Agreement documentation projects.
  • Environmental Derivatives. Mr. Peery speaks at cap and trade seminars and serves on the ISDA committees charged with the responsibility of developing documentation for environmental derivatives.
  • Total Return Swaps.  Mr. Peery worked as the lead attorney in the structuring, negotiation and documentation of numerous TRSs, including a complex bespoke TRS for a major international bank. 
  • Interest Rate Swaps.  Mr. Peery has structured and negotiated fixed-to-floating interest rate swaps in numerous transactions, and, most recently, sets of interest rate swaps and back-to-back swaps in connection with securitizations involving automobile loans.  As outside rating agency counsel, Mr. Peery has reviewed over 20 interest rate swaps accompanying rated structured finance transactions.
  • Caps, Floors and Collars.  Mr. Peery has handled derivatives documentation for numerous caps accompanying large commercial real estate transactions as well as floors and collars.
  • Cost of Funds Swap.  Mr. Peery structured an interest transformer swap for a commercial paper conduit sponsored by a French investment bank.
  • Credit Default Swaps.  Mr. Peery was the lead attorney in the preparation and negotiation of numerous credit default swaps, including the negotiation of form-approved synthetic documentation governed by applicable rating agency criteria.  He has negotiated a credit default swap involving 737 aircraft leases, as the reference obligations, for a major international fund.  Mr. Peery has also assisted with the representation of swap insurers and credit enhancers in connection with structured finance transactions and negative basis credit default swaps. 
  • Property Derivatives. A former member of the ISDA Property Derivatives Definitions Committee, Mr. Peery has written extensively on property derivatives and currently assists funds in structuring those derivatives.
  • Derivatives and Traditional Real Estate Finance Experience.  Represented clients in the structuring and documentation of various funds that have focused exclusively or substantially on real estate investments. For investors and other clients in the real estate space and other investment areas, documented a wide array of derivatives relating to real estate transactions, including caps, collars and interest rate swaps. In the secondary markets, documented residential mortgage-backed securities and commercial mortgage-backed securities. Represented a leading credit rating agency in rating CMBS and RMBS and analyzing derivatives that accompanied those securities, including collateralized debt obligations, synthetic CDOs and CDO squared transactions. For commercial real estate clients such as REITS, structured, negotiated and amended numerous repurchase and warehouse facilities and for those clients repo'd over one hundred real estate assets including whole loans, mezzanine pieces and other subordinated debt in connection with those facilities. Provided in-house seminars on repurchase and warehouse facilities and taught co-counsel on these facilities.  Instrumental in assisting clients in moving from traditional real estate investments to the use of synthetic instruments such as total return swaps with property index underliers. Authored "Property Derivatives: The Next Generation Global Alternative Investment" in Real Estate Finance: Law, Regulation & Practice (Butterworths, 2008).
  • ISDA Documentation.  Mr. Peery has prepared and finalized other derivatives documentation for numerous registered funds and hedge funds ranging from plain vanilla derivatives to exotic derivatives provided by Barclays, Bear Stearns, Goldman Sachs, Morgan Stanley, HSBC, Bank of America, Jefferies & Company, Merrill Lynch and other dealers.
  • Trading in 2010: What you need to know about Derivatives and Futures Trading in 2010. K&L Gates Webinar by, Gordon F. Peery, Peter N. McIsaac, NYSE Euronext. November 24, 2009.
  • Counterparty Risk Seminar. K&L Gates Webinar, by Gordon F. Peery, Daniel F. C. Crowley, Charles A. Dale III, Brian Gallagher, Asset Management Industry Professional Practice Director, Deloitte; Van Hatziyianis, Head of US OTC Services, NYSE Euronext; Marisol Collazo, Deriv/SERV Trade Information Warehouse. March 5, 2009.
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