To provide legal support to XVA (Cross Product/Rates/Capital Advancement) businesses in EMEA. Job Background/context:
The ICG Legal Department is a global team organized around product groups and associated business lines. One such business line is Citi's Markets and Securities Services (MSS) division, which provides world-class products and financing solutions for corporations, governments, and institutional investors through Citi's market leading underwriting, sales and trading, and distribution capabilities. A key part of the coverage of this critical and core Citi global business is centered within the EMEA MSS Legal Team. Comprising around 130 permanent legal staff located across London, Belfast and Dublin, the EMEA MSS Legal team, working in tandem with global and regional colleagues, provides a wide range of services, support and advice to multiple global and regional MSS business and related functional areas, including general advice, transaction negotiation, document drafting and execution, as well as oversight of regulatory developments and requirements. The MSS business areas covered include the core product groups of Equities, Rates and Currencies, Global Spread Products, Commodities and Securities Services as well as associated sales teams. In addition, the EMEA MSS Legal Team provides advice and support to product and functional colleagues and to Citi's governance forums and entity management with respect to the global booking vehicles CGML and CBNA London branch in the UK and (working with local colleagues) CEP and CGME in Ireland and Germany respectively.
The role resides within the Rates, Counterparty Credit Risk and Capital Management - (XVA) for Cross Product/Rates/Capital Advancement and Liquidity and Collateral Management (OCM) Legal team within Citi's Markets division. The role holder will be the most senior dedicated coverage lawyer for XVA (Cross Product/Rates/Capital Advancement) in EMEA. The role holder will also be requested to support a senior lawyer with respect to certain transactions entered into by the Rates Structuring desks. Key Responsibilities:
The role holder will be responsible for providing strategic legal advice, legal risk management and transaction support to the XVA Business on most day to day transactions and will also be required to support a senior lawyer in supporting the Rates Structuring Business. Brief details of the business areas supported by the role-holder is set out below:
- XVA (Cross Product/Rates/Capital Advancement) - manages Citi's exposure to its counterparties across different Markets products (derivatives and securities financing transactions) with desks dedicated to particular asset classes (e.g. Rates, Commodities, Equities) as well as desks responsible for global cross-product capital management. The role holder will be required to support the Cross Product, Rates and Capital Advancement teams within XVA.
- Rates Structuring - provides bespoke and complex securities financing and derivatives solutions for accounting, liquidity, collateral, financing, regulatory or other concerns which arises (a) with Citi's clients as well as (b) Citi internal desks - the solution of which will enable Citi to support its clients more effectively.
The role holder will be required to support his/her manager in contributions by Legal to business strategy and governance by partnering with business seniors, product development teams, other Control Function partners and Operations & Technology teams on a wide variety of projects from business development and enhancements in the client experience (e.g. new products; improved trading functionality; enhancement of risk and control) through to process improvements and vital regulatory, compliance and business re-engineering projects driven by regulatory change and external factors such as Brexit, discontinuation of LIBOR, enactment of SA-CCR.
The role requires detailed knowledge of laws and regulations applicable to the Covered Businesses which includes cash, derivatives, structured financing trades and other financial markets instruments. The role holder will be required to have highly developed communication skills and an ability to identify risk mitigation solutions as well as influence the decision-making process by providing expert counsel and leadership in the areas allocated to him/her as primary lead lawyer. The ability to work under supervision of a senior lawyer to analyse complex legal issues, exercise good judgement, recommend a risk-mitigated course of action, present to senior stakeholders and remain resilient under pressure are all essential skills. The role holder will be expected, with the support of a senior lawyer, to establish a trusted advisor relationship within Legal, the Covered Businesses as well as other Control Functions partners - notably Risk and Compliance. The role holder will also be required to develop and start building a strong internal network across functions and countries and operate autonomously with direct accountability for the delivery of legal services to the Covered Businesses within the parameters of the Legal function's mission and objectives.
Key responsibilities will include:
- Providing Legal risk management, legal advice and transaction management with supervision to support the XVA (Cross Products/Rates/Capital Advancement) Businesses in EMEA. This includes the management of the day to day legal work and the legal risk decisions on transactions for the relevant business.
- Manages and develops relationships with outside cousnel to ensure the provision of suitable regulatory and transactional advice on a cost effective basis including responsibility for ensuring achieving value for money on external legal spend.
- Act as a trusted partner to business seniors and functional partners on strategic projects, new regulatory requirements and legal developments relevant to the business the role holder is responsible for, with supervision from a senior lawyer.
- Participates with business seniors and internal stakeholders in planning the pipeline of new business initiatives
- Supporting a senior lawyer covering the Rates Structuring Business on certain transactions for that Business.
This is an exciting opportunity for a mid-level lawyer with experience in derivatives to work in a dynamic and quickly evolving area on novel, complex transactions with the relevant businesses to problem solve for specific issues which comes up including capital usage by Citi. This role sits in a wider Legal team who does a number of flow and structured products in rates, credit derivatives, structured products and provides an opportunity for additional development into other connected areas of structured financing. Person Specification Knowledge/Experience:
- Preference for a candidate with post-qualification experience in finance, restructuring or derivatives and securities financing experience obtained at a top tier City law firm, but other relevant experience will be considered. It will be useful for the candidate to demonstrate experience on leading large, complex or novel bespoke complex structured transactions.
- Knowledge and expertise in regulations and law for flow and bespoke derivatives products, complex financing security transactions (including repo and securities lending under an ISDA) as well as a good understanding of credit derivatives transactions and other credit risk mitigation products such as financial guarantees and risk participation agreements.
- Excellent technical skills and analytical ability
- Excellent written and oral communication skills
- Attention to detail
- English legal qualification required
- Ability to manage time effectively and prioritise various tasks
- Committed and motivated
- Team player
- Sound judgement and decision-making skills
- Ability to work under pressure to meet tight deadlines.
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General Legal ------------------------------------------------------ Time Type:
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