BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 73 countries, with more than 196,000 employees, including around 149,000 in Europe. The Group has key positions in its three main activities: Domestic Markets, International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors.
BNP Paribas Corporate and Institutional Banking is a globally recognised leader offering capital markets, securities services, financing, treasury and advisory solutions.
Purpose of role
The team in Glasgow is growing to assume some of the responsibilities of the London Master Agreement Team.
Scope of role
The CIB Legal department in the UK is based primarily in London and has a growing presence in Glasgow. 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 in London and Glasgow. 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 expanding in Glasgow and this role will be located there. The Glasgow team is be led by the co-heads of the Master Agreement Team, Glasgow, who 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.
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.
Full training on all of the relevant documentation and bank policies will be provided and you will be expected to maintain awareness of legal developments 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. You will also ensure that the business is kept up to date at all times as to the status of negotiations and active management of the portfolios. The time split will generally be 80% ISDA/CSA related with the remaining 20% taken up by other agreement types.
Skill, Experience & Competencies
• Undergraduate LLB would be preferred but we are open to considering candidates from all backgrounds who show a willingness to learn, can demonstrate a commercial background and have a genuine interest in the role
• Diploma in legal practice qualification would be helpful but is not essential
• 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.