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919 Third Avenue
New York, New York 10022
United States of America
P: +1 212.756.2390
E:
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Craig Stein is a partner in the New York office and co-head of the Structured Products & Derivatives Group. His practice focuses on swaps and other derivative products, including credit- and fund-linked derivatives, prime brokerage and customer trading agreements, and structured finance and asset-backed transactions. He represents issuers, underwriters and portfolio purchasers in public and private structured financings, including collateralized loan obligations (CLOs). Craig has been recognized in this area by the prestigious legal directory Chambers USA: America’s Leading Lawyers for Business, which stated: “Clients and peers have ‘nothing but great things to say about’ him. He is ‘a great thinker and excellent credit derivatives operator.’”
Craig is a member of the American Bar Association, the New York State Bar Association and the ISDA Credit Derivatives Market Practice Committee; a much sought-after speaker for hedge fund industry conferences and webinars; and the author of numerous articles on advanced financial products for such publications as Credit magazine, Loan Market Week and the Journal of Derivatives. He earned his undergraduate degree, cum laude, from Colgate University in 1989 and his J.D., cum laude, from the University of Pennsylvania Law School in 1992.
Selected Publications
“Bankruptcy Court Approves Plan to Liquidate CDO,” SRZ Client Alert, Jan. 19, 2012 (co-author)
“Zais Investment Grade Limited VII — CDO Noteholders Take Advantage of Chapter 11,” SRZ Client Alert, Oct. 3, 2011 (co-author)
“Dodd Frank — One Year On,” VC Experts, September 2011 (co-author)
“Dodd Frank — One Year On,” International Financial Law Review, August 2011 (co-author)
“On the CLO Horizon — Regulations Expected to Impact CLOs,” The International Comparative Legal Guide to: Securitisation 2011, May 2011 (co-author)
“Dodd-Frank Becomes Law: Key Issues for Private Fund Managers,” The Hedge Fund Journal, September 2010 (co-author)
“What the Changes Really Mean,” International Financial Law Review Derivatives Guide, July/August 2010
“New Bullet LCDS Contract Replaces Cancellable Contract,” Pratt’s Journal of Bankruptcy Law, Volume 6, No. 4, June 2010 (co-author)
“Lehman Brothers Court: Waterfall Subordination Provisions Unenforceable in Bankruptcy,” Pratt’s Journal of Bankruptcy Law, Vol. 6 No. 2, February/March 2010
“Negative Basis Trade Basics,” Derivatives Week, November 2006
“Credit Default Swaps on Asset-Backed Securities,” Credit, November 2002
“CDOs 101: Everything You Wanted to Know But Were Afraid to Ask,” Loan Market Week, Nov. 18, 2002
“Structured Hedge Fund Products,” SRZ Investment Management Developments, Summer 2002
“Four Forms of Synthetic CDOs,” Derivatives Week, June 10, 2002
More
Selected Speaking Engagements
“Leverage for Investment Funds” and “Regulatory and Compliance,” SRZ 21st Annual Private Investment Funds Seminar, New York, January 2012
“Counterparty Risk Management,” New York Hedge Fund Networking Group Membership Meeting, New York, December 2011
“The Return of CLOs: Changes That Matter to Managers and Investors,” SRZ Audio Conference Series, July 2011
“The Impact of Derivatives Regulation on Private Funds,” SRZ 20th Annual Private Investment Funds Seminar, New York, January 2011
“ISDA 2010 HIRE Act Protocol: What Fund Managers Need to Understand Before September 14, 2010,” SRZ Audio Conference Series, August 2010
“Central Clearing of Derivatives: What Investment Managers Need to Know,” SRZ Investment Management Hot Topics, New York, June 2010
“New Legislative and Regulatory Initiatives,” SRZ 19th Annual Private Investment Funds Seminar, New York, January 2010
Moderator, “The 5 Most Important Points to Consider When Negotiating Master ISDA Agreements,” GAIM Ops Webinar, December 2009
“How to Find the Right Prime Broker and Get the Most Out of It,” Reuters HedgeWorld Webinar, November 2009
“Update on Regulation of Funds and Fund Managers,” SRZ Audio Conference Series, June 2009
“Participating in Public-Private Investment Funds Sponsored by the U.S. Treasury and Updates on TALF,” SRZ Audio Conference Series, March 2009
“Counterparty Insolvency, Defaults and the Nature of Ownership,” IBA’s 10th Annual International Conference on Private Investment Funds, London, March 2009
“Accessing the Team Asset-Backed Securities Loan Facility (TALF) and the U.S. Treasury Proposal to Create a Public-Private Fund,” SRZ Audio Conference Series, March 2009
“Counterparty Relationships,” SRZ 18th Annual Private Investment Funds Seminar, New York, January 2009
“Loan Total Return Swaps,” SRZ Investment Management Hot Topics Seminar, New York, April 2008
“Credit Default Swaps: Using the ISDA PAUG Dealer Forms for CDO and MBS,” ACA Negotiating and Tailoring ISDA Master Agreements & Confirmations, New York, March 2008
“Developments in Structured Products & Derivatives,” SRZ 17th Annual Private Investment Funds Seminar, New York, January 2008
Opal Financial Group CDO Summit, Dana Point, CA, December 2007
“CDS of ABS,” 13th Annual ABS East, Orlando, FL, November 2007
“Brokers, Counterparties and Derivatives: Managing the Risks,” SRZ Investment Management Hot Topics, New York, September 2007
“Permanent Capital Investment Vehicles,” SRZ Cutting Edge Alternative Asset Management Deals Seminar, New York, July 2007
Moderator, “CDS of ABS/MBS,” ABS East, Orlando, FL, November 2006
Opal Financial Group CDO Summit, Laguna Niguel, CA, December 2006
Opal Financial Group CDO Summit, Laguna Niguel, CA, December 2005
“CDOs, Credit Derivatives and Synthetics: An Overview,” ABS East Conference, October 2004
“Emerging Hedge Fund Issues,” SRZ Seminar, London, October 2003
“Principal Protected Funds,” ABS East Conference, Ft. Lauderdale, FL, October 2003
“Determining the Direction of SWAPS and Other Derivative Products,” Institute for International Research Compliance For Hedge Funds Conference, New York, July 2003
“Legal, Regulatory and Structuring Issues for All Types of Principal Protected Plans,” Innovative Principal Protected Investment Products Conference, Boston, January 2003
“Credit Derivatives and Synthetic Structures,” Opal Financial Group Conference, Laguna Niguel, CA, December 2002
More
Memberships
American Bar Association
New York State Bar Association
ISDA Credit Derivatives Market Practice Committee
Other Distinctions
“Clients and peers have ‘nothing but great things to say about’ Craig Stein. He
is ‘a great thinker and excellent credit derivatives operator, as well as a great
adviser for CDO transactions’” -- Chambers USA, America's Leading Lawyers
for Business
Listed in IFLR Guide to the World’s Leading Structured Finance and
Securitisation Lawyers
Bar Admissions
Education
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University of Pennsylvania Law School, J.D., cum laude, 1992
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Colgate University, B.A., cum laude, 1989
Prior Experience
Rogers & Wells
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