2* Junior Negotiators, 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
The Master Agreements team is responsible for producing, negotiating and following through to execution the following documentation:
• ISDA Master Agreements (1992 and 2002 versions)
• Loan linked ISDA Master Agreements
• Clearing Addendums
• Cleared Derivatives Execution Agreements (CDEAs)
• Credit Support Annex (English Law)
• Bespoke FX agency letters
• Confidentiality agreements
• Bespoke give-up agreements
• Global Master Repurchase Agreements
• Stocklending Agreements (GMSLA, GESLA and OSLA)
• EFET Agreements
• Regulatory VM (2016 CSA) and IM documentation (Euroclear/ Clearstream Security Agreements/ CTAs)
The team liaises with asset managers acting on behalf of several principals and this involves, amongst other things, negotiating agency ISDA Agreements and Credit Support Annexes as well as performing due diligence on the underlying principals. You may also be expected to draft ISDA Master Agreements linked to credit facilities and project finance agreements. This is predominantly for London based business contacts and is subject to the regional jurisdictional split between the other regional teams based in Paris, New York, Hong Kong, Tokyo and our colleagues at Fortis in Brussels.
Whilst the role primarily involves the drafting of ISDA Master Agreements and Credit Support Annexes, you may also be asked to negotiate Global Master Repurchase Agreements and Global Master Securities Lending Agreements for a variety of counterparty types, such as hedge funds, regulated funds, insurance companies, pension funds and trusts, banks and corporates in various countries including emerging markets and tax havens. Capacity checks are vital for certain counterparty types and often include obtaining and reviewing legal advice from external counsel.
You will be expected to maintain awareness of legal developments and bank policies and guidelines to ensure that any master agreements negotiated on behalf of the bank remain within enforceable legal frameworks.
Key responsibilities will involve the negotiation and timely execution of the referenced agreements and co-ordination throughout this process with all internal stakeholders to ensure all requisite approvals are obtained and internal guidelines are adhered to. Keeping business up to date at all times as to status of negotiations and active management of the portfolios. Time Split will generally be 80% ISDA/CSA related with the remaining 20% taken up by other agreement types.
Experience, Qualifications & Competencies
• Undergraduate or postgraduate in Law would be preferred, but we are open to considering candidates from all backgrounds who show willingness to learn and have a genuine interest in the role
• Eager and willing to learn the necessary skills to be able to effectively co-ordinate and negotiate the above referenced agreements. On the job training will be provided.
• First class organisation skills
• Able to communicate clearly both written and orally
• Ability to work effectively as part of a team
You will be a strong team player who is keen and willing to learn the requisite skills to navigate and negotiate the above referenced agreements with a view to managing an individual portfolio of negotiations.
• 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