Head of Master Agreement Team, Glasgow
BNP Paribas has a presence in 72 countries with more than 200,000 employees, including 154,000 in Europe. It ranks highly in its two core activities: Retail Banking & Services and Corporate & Institutional Banking (CIB).
BNP Paribas Corporate & Institutional Bank is a leading European investment bank with global leadership in many of our businesses. With nearly 30,000 employees in over 57 countries, CIB can offer you an exciting and truly global career.
At BNP Paribas CIB, we work continuously on behalf of our clients, helping them to realise their projects around the world. You can be an important part of this, helping us to serve our clients both in mature and emerging markets, providing them with financial solutions across a diverse range of expertise, products and services. Our origins lie in Europe but nearly a quarter of our employees now work in our multi-award-winning Asia Pacific offices and we are a committed player in all markets.
Strong risk management, combined with the stability that comes from being part of one of the largest banking groups in the world, underpin our success. Joining us, you’ll become an integral part of a dynamic team that spans nationalities, cultures and backgrounds, drawing together people from around the globe and reflecting our commitment to international placements.
Business Area/Dept Overview
The CIB Legal department in the UK is based primarily in London. It is responsible for providing legal advice and support to management, businesses and functions across the UK and also provides support to CIB globally where necessary. Business lines supported include Corporate Banking, Investment Bank Europe, Fixed Income, Global Equities and Commodity Derivatives and Wealth Management.
The UK Master Agreement team sits within the UK CIB Legal team and is currently based solely in London. It is responsible for providing legal advice and support to management, businesses and functions across the UK and also provides support to CIB globally where necessary. Business lines supported include Corporate Banking, Investment Bank Europe, Fixed Income, Global Equities and Commodity Derivatives and Wealth Management.
The Master Agreement team is in the process of creating a new documentation team in Glasgow and this role will be located in that new team. The Glasgow team will be led by the Head of the Master Agreement Team, Glasgow, who will report to the Head of the UK Master Agreement team.
The UK Master Agreement team is exposed to a wide variety of fixed income, equity derivatives and commodities documentation which, although primarily involving ISDA Master Agreements, will also include bespoke give-up agreements, bespoke FX agency letters, repurchase agreements, stock lending agreements and energy trading agreements (for example European Federation of Energy Traders). You will also gain exposure to other documentation and will eventually be expected to advise on (and provide summaries in respect of) industry standard as well as bespoke netting and enforceability and collateral opinions respectively.
Purpose & Scope of role
• A new team is being formed in Glasgow to assume some of the responsibilities of the London Master Agreement Team.
Key Responsibilities of role
• Effectively manage junior staff members in the Master Agreement team in CIB Legal, Glasgow.
• Work closely and communicate regularly with the London Master Agreement team to ensure CIB Legal provides a seamless legal service to our stakeholders across the two platforms.
• Facilitate implementation of Master Agreements, projects and other matters for our front office clients, by:
o providing high quality, efficient, legal advice and assistance;
o accurately documenting Master Agreements, taking into account economic aspects and commercial sensitivities of said Master Agreements and subsequent transactions;
o playing a proactive, central role and communicating regularly;
o instructing and interacting with external legal counsel where appropriate to promote high quality, cost-efficient external legal services.
• Ensure consistent and rigorous legal risk management and approach to legal documentation review; implement tools to achieve these aims.
• If required, represent BNP Paribas on various local/regional industry bodies and market infrastructure projects relating to the derivatives businesses
• Ensure appropriate allocation of work across the team depending on complexity/ quality/ volume of work and capacity of team members.
• Where appropriate, assist, involve and communicate with other internal functions and other teams within the legal department on projects and other matters originated by them.
• Keep up to date with market and regulatory developments; share know-how appropriately with relevant areas of the business, across the legal teams globally and with other functions; assist with and advise on implementation of regulatory and market infrastructure changes.
• Develop a group team spirit through mutual support, effective internal communication and mentoring.
• Help to train and develop new and junior team members. Help to develop their careers, including acting as Scottish training contract principal for team members as required.
• Manage projects and other issues originated within CIB Legal.
• Observe and embody the BNP Paribas group values and management principles.
Experience, Qualifications & Competencies
• Qualified lawyer, preferably Scottish qualified, or willingness to requalify in Scotland, proven PQE with experience of working in a large international, national or regional law firm or financial institution. Less experienced candidates with more relevant experience will also be considered (see below).
• Experience of working on the following is preferred: derivatives, repos, stock loans, IFEMAs, FX Reps and Warranty Letters, EFET Power and Gas Agreements and regulatory issues.
• An outgoing and robust personality who is capable of working both autonomously as well as part of a cross-disciplinary team
• Ability to develop a team from inception and provide relevant training to ensure that team members are able to deal with negotiating the above referenced agreements. There is scope for the team to grow substantially and assume responsibility for different types of work that currently sit outside the responsibility of the Master Agreement team.
• Clear and concise written and oral communication.
• Be a role model, supporting and fostering a culture of good conduct
• Demonstrate proactivity, transparency and accountability for identifying and managing conduct risks
• Consider the implications of your actions on colleagues, partners and clients before making decisions, and escalate issues to your manager when unsure.
Please note that all applicants must disclose whether that they possess the right to work in the U.K. as per the Immigration, Asylum, and Nationality Act of 2006