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Legal Counsel - Markets - Collateral Management
Team Description: (Overview of the team)
The Markets Legal Group in EMEA supports four key areas – (i) Collateral Management and Segregation; (ii) FX and Capital Markets; and (iii) Securities Financing; (iv) Cross Markets; and (v) Treasury.
Collateral Management and Segregation (“CMS”)
The EMEA CMS Legal team provides general legal advice and support to BNYM’s EMEA based CMS division. CMS provides BNYM’s capabilities in EMEA in collateral management, liquidity services, derivatives services (“D360”), collateral financing, principal financing (“repos and loans”) and support for BNY Mellon’s’ Central Securities Depository.
The EMEA Securities Finance Legal team provides general legal advice and support to BNYM’s Securities Finance division in EMEA which consists of agency securities lending, cash (repo) reinvestment and principal repo activity. This includes the negotiation of securities lending and rep master agreements (“GMSLAs” and “GMRAs”).
FX and Capital Markets
The EMEA FX and Capital Markets team provides general legal services to BNY’s Capital Markets business (BNY Mellon Capital Markets Europe Limited) and to BNY Mellon’s EMEA FX business. The team are also responsible for the negotiation of ISDAs and related documentation for FX in EMEA.
Lawyers from the FX and Capital Markets team and the Securities Finance Legal team will also provide product legal support to BNYM’s Treasury Division in EMEA. This would principally encompass advice on trading products and related issues and the negotiation of master agreements for Treasury.
The EMEA Market Legal team is primarily based in London but works closely with colleagues in Legal in the United States and APAC. The team generally provide a broad range of legal advice and assistance to the Markets Division in EMEA.
As part of the overall Markets Legal Group, the CMS Legal team is responsible for:
- Generally, proving legal advice and legal support at all levels across the CMS Division in EMEA. This includes advising on law and regulation in the UK. Obtaining advice on law and regulation from EMEA legal colleagues;
- Structuring of collateral management transactions, the preparation, maintenance and negotiation of all contract templates, including ensuring that templates remain compliant with local law and regulation; contract negotiation, including Collateral Management Agreements, and related legal controls;
- Advising on legal aspects of developing new products and the implementation of strategic and regulatory change across the Market’s business lines in EMEA;
- Advising on legal risk and other legal aspects of service provision and contractual arrangements; and
- Providing advice (and members) to business risk committees and other relevant committees for EMEA Markets.
Job Purpose: (What the job role involves)
Your role will be to act as legal counsel responsible for supporting the EMEA Market’s CMS business line and will report into the EMEA Markets – Collateral Management - Managing Counsel. The role is primarily delivering effective Legal support in relation to revenue generating activity, and the implementation of strategic and regulatory change in the Market’s CMS business line (and associated legal entities).
You will coordinate work with other lawyers in the EMEA Legal department, and jurisdiction-specific lawyers, to deliver a high standard of legal advice that is tailored to BNYM’s business models.
Responsibilities: (Key parts to the job role)
The position involves the following key responsibilities as in-house counsel:
- Providing timely advice and assistance to CMS business, risk and compliance partners;
- Provide legal advice and assistance on new products and product development.
- Initial point of contact/support for designated product lines, including attendance at semi-weekly business acceptance committee and trustee committee meetings as applicable;
- Negotiation of complex documents, to ensure compliance with all policies and procedures promulgated by the Legal Department;
- Consideration of proposed amendments to existing deal documents/structures;
- Building relationships with all Business Managers to ensure understanding with the Bank's contractual obligations, identify areas of improvement of documents policies and standards, advise on the documentation for new services or markets and other strategic initiatives and join industry panels and work initiatives through trade associations;
- Regulatory issues, including maintaining an understanding of existing and proposed regulatory requirements, trends and best practices for EMEA, and where applicable US;
- Supporting the instruction and management of external counsel, both in the UK and overseas (including assistance with analysis and collation of advice from such counsel);
- Assistance with the development of formal training sessions for business colleagues on relevant topics, e.g. documentary standards/policies/market industry issues/legal issues;
- Informal knowledge-sharing within the legal team;
- Assisting the business in maintaining an appropriate profile with industry groups and others on key issues, including via participation in industry forums and other external discussions; and
- Advising EMEA senior management on regulatory trends emerging across EMEA and assisting in developing consistent good practice in respect of custody regulation.
Although CMS business will be the primary Markets business area being supported, coverage also may be provided to a lesser extent to the other key areas – Securities Financing; FX and Capital Markets; and Treasury.
Key relationships / stakeholders:
- EMEA Head of Markets Legal;
- Markets business line and senior management (both in EMEA and other regions);
- EMEA Legal (LoB and non-LoB);
- Global Markets Legal;
- Risk Management; and
Requirements; (what we are looking for)
The successful candidate will have circa 3-5 years PQE with a legal background in institutional/wholesale banking and specifically custody and/or trading, derivatives and market related disciplines.
The following experience is highly desirable:
- Experience of Custody, Prime Brokerage of Collateral management would be highly desirable
- Working knowledge of Markets regulatory frameworks including proven experience of delivery on regulatory projects;
- In-house legal and transactional banking operational experience at a global financial institution;
- Experience with trading and derivative products, repos and stockloans would be desirable;
- Familiarity with clearing and settlement activities;
- Experience of interactions with Markets legal and wider business/risk/compliance colleagues; and
- Working knowledge of Markets regulatory frameworks including proven experience of delivery on regulatory projects.
The candidate should also have:
- Excellent interpersonal and communication;
- Excellent drafting and negotiation skills;
- Strong organisation skills;
- Adept problem solving skills – ability to identify practical solutions;
- Flexible and adaptable working style to react to demanding workload and changing priorities;
- Self-motivation to drive delivery against objectives – ability to work autonomously;
- Customer orientation & specifically a willingness to learn and to cultivate good working relationships with internal clients;
- Experience in balancing commercial flexibility and risk management; and
- A willingness to work as part of a team and help out on all matters.
For over 230 years, the people of BNY Mellon have been at the forefront of finance, expanding the financial markets while supporting investors throughout the investment lifecycle. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments & safeguards nearly one-fifth of the world's financial assets. BNY Mellon remains one of the safest, most trusted and admired companies. Every day our employees make their mark by helping clients better manage and service their financial assets around the world. Whether providing financial services for institutions, corporations or individual investors, clients count on the people of BNY Mellon across time zones and in 35 countries and more than 100 markets. It's the collective ambition, innovative thinking and exceptionally focused client service paired with a commitment to doing what is right that continues to set us apart. Make your mark: bnymellon.com/careers.
As part one of the safest and most trusted financial institutions, the BNY Mellon Legal department mitigates risk and handles legal affairs to ensure the security of the company and its clients. BNY Mellon's Legal Department, has overall responsibility for government affairs and advises on advocacy and policy initiatives of the company to support BNY Mellon's domestic and international operations, and they also support all bank regulatory and supervisory issues.
BNY Mellon is an Equal Employment Opportunity Employer.
Primary Location: United Kingdom-Greater London-London
Internal Jobcode: 50184
Organization: Legal Affairs-HR06241
Requisition Number: 1708798