The Markets Legal team in EMEA support four key areas – (i) Collateral Management and Segregation; (ii) FX and Capital Markets; and (iii) Securities Financing; and (iv) 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 Legal team provides general legal services to 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 elated 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.
In particular the team is responsible for:
- Generally, proving legal advice and legal support at all levels across BNYM’s Markets business in EMEA. This includes advising on law and regulation in the UK. Obtaining advice on law and regulation from EMEA legal colleagues;
- Preparation, maintenance and negotiation of all contract templates, including ensuring that templates remain compliant with local law and regulation; contract negotiation, including GMRAs, GMSLAs, Collateral Management Agreements, ISDAs 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 a senior lawyer responsible for supporting the EMEA Market’s Securities Financing business line and will report into the head of the EMEA Markets Senior 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 Securities Financing business line (and associated legal entities).
You will coordinate work with other lawyers in the EMEA Legal department, and jurisdictional 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)
- An experienced attorney with responsibility for supporting the EMEA legal support of the Markets Securities Financing business conducted by BNY Mellon.
- Providing timely advice and assistance to Securities Financing 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;
- Direct line management of junior members of the team and/or secondees, including responsibility for oversight of their work and development;
- 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;
- Advising EMEA senior management on regulatory trends emerging across EMEA and assisting in developing consistent good practice in respect of custody regulation;
- Representing EMEA Markets Legal in key committees;
Although Securities Financing business will be the primary Market’s business area being supported, coverage also may be provided to a lesser extent to the other key areas – Collateral Management and Segregation; 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 10 years PQE with a legal background in institutional/wholesale banking and specifically trading, derivatives and market related disciplines. They will also have, amongst other technical skills and experience:
- 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 with trading and derivative products;
- Significant experience in negotiating and advising on agency securities lending, cash (repo) reinvestment and principal repo activity. This includes the negotiation of securities lending and rep master agreements (“GMSLAs” and “GMRAs”).
- Familiarity with custody, clearing and settlement activities;
- Experience of management of staff;
- Experience 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 communication and writing skills;
- Proven 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.