To provide legal advice and support in relation to Citi’s Futures, Clearing and Collateral (FCC) activity in EMEA.
The Citigroup Global Markets Legal team provides comprehensive support to various businesses in relation to derivatives clearing issues and has lawyers based in London, New York and Hong Kong.
The successful candidate will join an established team of lawyers providing legal support to the EMEA Futures and OTC Client Clearing business as well as other business units that clear their house positions.
This role will focus on an analysis of the infrastructure and regulation around cleared derivatives, although there will be scope and opportunity to become involved in other, client facing activity.
Includes but not limited to:
•Acting as a legal advisor to the FCC business and other operational teams in relation to CCP and other markets infrastructure related issues, such as effectiveness of various asset segregation models employed by CCPs and the approach to excess client collateral (including the bankruptcy remoteness of collateral and consideration of multi-party posting arrangements). This will also involve meetings and dialogue with clients including helping preparing for pitches.
•Being a key contact, both to Regulatory Reform and to other businesses, to advise on mandatory clearing rules (e.g. EMIR, Dodd-Frank and local law equivalents) in relation to “house” clearing issues. Support will also be needed in relation to EMIR trade reporting, particularly on delegated reporting issues.
•Review of exchange and CCP membership rules (and supporting relevant risk teams and providing legal input to various internal approval processes for new platform memberships). In the run-up to Brexit, this will include replicating memberships for Citigroup Global Markets Deutschland
•Providing legal advice and support to internal regulatory capital teams in relation to Capital Requirements/Basel III issues related to clearing (e.g. CCP legal opinions, carry broker and look through opinions, treatment of non-default losses).
•Liaising with external counsel in obtaining legal opinions on netting and collateral enforceability for Basel III/Capital Requirements purposes.
•Advising on regulatory change and projects relating to implementation of new regulation or industry driven guidelines in relation to derivatives clearing (e.g. indirect clearing arrangements, STP Rules, Microstructure, delegated reporting) under MiFID2/MiFIR and EMIR.
•Although the role has specific focus on looking at clearing infrastructure and regulatory issues, the job holder will be part of a broader derivatives clearing team and accordingly will, depending on business requirements and capacity, also have the opportunity to develop experience in relation to client facing work such as (i) negotiation of new or important agreements with clients and advising the business on legal risk stemming from those negotiations; (ii) providing legal and technical advice to the business in relation to new product lines; (iii) enhancements to existing products and process flows and (iv) presenting Citi’s comprehensive product offering to strategically important clients.
•The jobholder will be exposed to all legal aspects of exchange traded derivatives and OTC cleared derivatives from both a technical and commercial perspective.
•The role will allow the jobholder to develop true legal expertise within the cleared derivatives space through direct access to senior structurers, traders and salespeople.
•The role will also allow the jobholder to develop a key understanding of the tax, regulatory, corporate, accounting, risk and other aspects of the clearing businesses in a way which will assist them into developing into the role of a senior legal risk manager at one of the world’s premier financial institutions.
•The jobholder will be judged on his/her ability to take control over current open issues and to resolve those issues within a reasonable time period.
•The jobholder must be prepared to handle difficult discussions with senior management. On some occasions, the jobholder may have to advise senior management that proposed activities are not possible or that current practices need to change.
•The role provides an opportunity to gain exposure to a business area which has become increasingly prominent during an unprecedented time of change for the derivatives industry as a whole.
•Preference for a candidate with post-qualification experience from a major law firm and in-house experience gained through either direct employment or secondment;
•Good knowledge of clearing desirable
•Sound instinct for risk management and escalation.
•The successful candidate will be educated to degree level and will have obtained a legal qualification.
•The ability to work in an organised and disciplined manner is a key requirement of the job. In addition, the successful candidate will have an analytical, legal mind with problem-solving skills.
•The successful candidate needs to be able to respond to competing workplace demands.
•The successful candidate needs to be a team player, resilient under pressure, and not react adversely to a relatively stressful working environment.
•Effective communication, both written and oral, is crucial to successful job performance. The successful candidate needs to form good relationships with the desk and Compliance and within the Legal Department.
Exceptional candidates who do not meet these criteria may be considered for the role provided they have the necessary skills and experience.
Demonstrates an appreciation of a diverse workforce. Appreciates differences in style or perspective and uses differences to add value to decisions or actions and organisational success.
Citi is an Equal Opportunities Employer