About Ilene Froom

Ilene Froom is a trusted advisor to buy-side and sell-side clients, including banks, hedge funds, mutual funds and corporations, focusing her practice on derivatives and other trading products, such as prime brokerage, repurchase and other transactions. She advises clients on the documentation, regulatory and other legal aspects of these trades while keeping the business considerations in mind. In addition, Ilene counsels borrowers and lenders on the London Inter-Bank Offered Rate (LIBOR) transition and the uses of newer reference rates such as Secured Overnight Financing Rate (SOFR) in loans, derivatives and other agreements. Her wealth of experience, which includes more than eight years as in-house counsel at a large investment bank, provides her with the insight needed to guide clients through the challenges that are unique to derivatives and other transactions.

Business-minded counsel balanced with regulatory guidance

When it comes to advising clients on negotiating and structuring derivatives transactions, Ilene takes a practical approach that takes into account the client's business goals while managing risks related to regulatory compliance and documentation requirements. She has extensive experience in transactions across a variety of asset classes and regulatory documentation, including equity, fixed-income and foreign exchange derivatives. Ilene also advises clients on regulatory requirements and documentation for initial and variation margin and the Dodd–Frank Wall Street Reform and Consumer Protection Act. Looking out for her client's interests, Ilene offers a well-rounded perspective to transactions that considers applicable contractual restrictions, securities law, accounting, bankruptcy, tax, recharacterization, local law, credit and risk allocation issues.

Additionally, Ilene has negotiated and advised clients on a large numbers of global equity swap master confirmation agreements (MCAs), equity option MCAs, long-form Confirmations, ISDA Master Agreements, including credit support annexes (CSAs) that reflect variation margin (VM) and initial margin (IM) regulations, prime brokerage agreements and related lock-ups and bespoke margin terms, master repurchase agreements (MRAs), global master repurchase agreements (GMRAs), master securities forward transaction agreements (MSFTAs), security control agreements, and other trading agreements. Ilene has also worked on a number of complex bespoke transactions.

Ilene is very well versed in International Swaps and Derivatives Association (ISDA) documentation and advised a trade group on the 2021 ISDA Definitions. She has drafted documentation for ISDA, including, the 2022 Barrier Event Supplement to the 1998 FX and Currency Option Definitions, the ISDA 2017 OTC Equity Derivatives T+2 Settlement Cycle Protocol and the ISDA 2014 Collateral Agreement Negative Interest Protocol. Ilene is active in ISDA working groups and committees and participated heavily in the ISDA working groups that developed the 2002 ISDA Equity Derivatives Definitions, the 2011 ISDA Equity Derivatives Definitions and the 2021 ISDA Definitions.

Ilene is a frequent speaker and educator on derivatives topics and has presented at conferences for ISDA, Practising Law Institute (PLI) and the New York City Bar. She has also guest lectured about derivatives at Georgetown Law School, George Washington University Law School and New York Law School. The media often seek Ilene's perspective and she has been quoted in articles by Bloomberg, Risk.net, American Banker and others.

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Practice Focus

  • Financial services
  • Futures and derivatives
  • Financial services regulatory and compliance

Presentations and Events

  • June 30, 2022
    ISDA Virtual Conference | Negotiating the Schedule to the ISDA Master Agreement
  • June 6, 2022
    ISDA Benchmark Strategies Forum
  • May 12, 2022
    ISDA Annual General Meeting in Madrid | Developing Contractual Standards for Crypto Derivatives
  • April 29, 2022
    FIA Legal and Compliance Conference | IBOR and Other Reference Rates -- Where Do We Stand?
  • April 12, 2022
    New York City Bar Program | Cryptocurrency and Other Hot Topics in FinTech
  • March 22, 2022
    ISDA Virtual Conference | Introduction to Derivatives
  • March 8, 2022
    ISDA Virtual Conference | Documentation and Legal Aspects of Initial Margin Rule Implementation
  • March 1, 2022
    ISDA Virtual Conference | New 2021 ISDA Interest Rate Definitions
  • January 25, 2022
    ISDA Virtual Conference |FX Products and Documentation
  • View All Presentations and Events