Managing Counsel - EMEA Markets Legal: Head of Clearance & Collateral Management Legal

Job Description

Overview Of BNY Mellon:

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 35 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team.

Team Description (overview of the team):

EMEA Markets Legal supports seven key areas – (i) Clearance & Collateral Management (“CCM”); (ii) Liquidity; (iii) Segregation: (iv) FX and Capital Markets; (v) Securities Financing; (vi) Treasury and (vii) Cross Markets.

EMEA Markets Legal is primarily based in London but works closely with colleagues in Legal in Brussels, the USA and APAC. In addition to product-specific advice, the team provides a broad range of legal advice and assistance to EMEA Markets and the EMEA Clearance & Collateral Management business.
 
As part of the overall Markets Legal Group, EMEA CCM Legal is responsible for:
• Providing legal advice and legal support to BNYM’s EMEA-based CCM team which provides BNYM’s capabilities in EMEA in collateral management and triparty platform services, helping clients optimise their assets and manage counterparty risk;
• Advising on law and regulation in the UK and 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;
• Negotiating contracts, 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 CCM in EMEA;
• Advising on regulatory risk, legal risk and other legal aspects of CCM-related service provision and contractual arrangements; and
• Contributing and providing advice to business risk committees and other relevant committees involving CCM.

Job Purpose:

The role will be to lead and manage the legal coverage provided by EMEA CCM Legal to EMEA CCM, reporting into the EMEA Markets Legal Senior Managing Counsel. The role is primarily delivering effective legal support in relation to revenue-generating activity, and the implementation and management of strategic and regulatory change affecting EMEA CCM (and any relevant BNYM legal entities).
The role will involve coordinating with other BNYM lawyers in the EMEA Legal department (and other jurisdictions where appropriate), and jurisdiction-specific lawyers, to deliver a high standard of legal advice that is tailored to BNYM’s business models.


Responsibilities:

 

• An experienced lawyer with responsibility for managing the delivery of EMEA CCM Legal’s support of the EMEA CCM businesses;
• Providing support to Head of EMEA Markets Legal and EMEA Markets Legal Senior Managing Counsel and coordinating with colleagues in Markets and liaising with key stakeholders in Legal in NY, EMEA, and APAC;
• Day to day management of junior members of the team, secondees, external contractors and alternative legal services providers, including responsibility for oversight of their work and development where appropriate;
• Providing or leading timely advice and assistance to CCM business, risk and compliance partners;
• Providing or leading legal advice and assistance on new products and product development;
• Senior point of contact/support for designated product lines, including attendance at regular business acceptance committee and trustee committee meetings as applicable;
• Negotiation, or coordination of negotiation of complex documents, to ensure compliance with all relevant policies and procedures and BNYM’s standards;
• Consideration of proposed amendments to existing deal documents/structures;
• Building and leading relationships with key CCM Business Managers to ensure delivery of the legal service, prioritisation of key projects, understanding of the Bank's contractual obligations, identification of areas of improvement of documents policies and standards, advising on the documentation for new services or markets and other strategic initiatives and joining 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;
• 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, and 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;
• Advising EMEA senior management on regulatory trends emerging across EMEA and assisting in developing consistent good practice in respect of custody regulation; and
• Representing EMEA Markets Legal in key committees as appropriate.
Although the EMEA CCM business will be the primary BNYM business area supported, coverage also may be provided to a lesser extent to Liquidity, Segregation, FX and Capital Markets, Securities Financing, and Treasury Services.

Key relationships / stakeholders:

• EMEA Markets Senior Managing Counsel;
• EMEA Head of Markets Legal;
• CCM business line and senior management (both in EMEA and other regions);
• EMEA Legal (LoB and non-LoB);
• Global Markets Legal;
• Compliance;
• Risk Management; and
• CPMO.

Qualifications

The candidate will have 10 years PQE min. with a legal background in institutional/wholesale banking and specifically trading, derivatives and markets-related disciplines. They will have (amongst other technical skills and experience):
• Experience of Collateral Management, Custody or Prime Brokerage;
• Experience of management of staff;
• Strong 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 of trading and derivative products;
• Familiarity with clearing and settlement activities;
• Experience of managing outside counsel on major deliverables;
• Experience of interactions with regulators and/or industry bodies;
• Experience of frequent interactions with Markets legal and wider business/risk/compliance colleagues; and
• Excellent drafting and negotiation skills.

The candidate should also have:
• Excellent presentation, communication and writing skills;
• Management and leadership qualities;
• Demonstrable ability to quickly analyse problems and to devise and deliver appropriate solutions;
• Credible and strong stakeholder management experience, at all levels, with the ability to prioritise, manage expectations, obtain stakeholder buy-in and escalate appropriately;
• Flexible and adaptable working style to react to changing priorities;
• Self-motivation to drive delivery against objectives;
• Willingness to learn; and
• Ability to cultivate and maintain strong working relationships with internal clients.

What we can offer you:

• Challenging, fun and supportive environment
• 25 days holiday (in addition to Bank Holidays) plus opportunity to purchase up to 5 extra days
• Highly competitive benefits package including pension and private medical cover


BNY Mellon is an Equal Employment Opportunity Employer.

Primary Location: United Kingdom-Greater London-London
Job: Legal
Internal Jobcode: 85116
Organization: Legal Affairs-HR06241
Requisition Number: 1915238