Counsel EMEA Markets Legal: Clearance & Collateral Management

Counsel EMEA Markets Legal: Clearance & Collateral Management

BNY Mellon

London or Manchester, United Kingdom

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
  • Providing advice to business risk committees and other relevant committees involving CCM.

Job Purpose:

The role will be to act as legal counsel responsible for supporting EMEA CCM, and will report into the Head of EMEA CCM Legal. The role is primarily delivering effective Legal support in relation to revenue-generating activity, and the implementation 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:

  • Providing timely advice and assistance to CCM business, risk and compliance partners;
  • Providing legal advice and assistance on new products and product development;
  • Initial point of contact/support for designated product lines, including attendance at business acceptance committee and trustee committee meetings as applicable;
  • Negotiation of 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 such as documentary standards/policies, market industry issues, and legal issues;
  • Informal knowledge-sharing within the legal team; and
  • 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.

Requirements:

The candidate should have circa 3-5 years PQE with a legal background in institutional/wholesale banking and specifically trading, derivatives, securities financing transactions and markets-related disciplines.

Expertise in the following is desirable:

  • Collateral Management, Custody or Prime Brokerage;
  • Working knowledge of Markets regulatory frameworks;
  • Familiarity with clearing and settlement activities;
  • In-house legal and transactional banking operational experience at a global financial institution;
  • Experience with trading and derivative products;
  • Experience of interactions with Markets legal and wider business/risk/compliance colleagues; and
  • Experience with new product development and implementation of regulatory change.

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