Role Overview
The Markets Legal Department is a global team organised around product groups and associated business lines. The Markets Business 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 Markets Legal Team. Comprising around approximately 330 permanent legal staff located across different parts of the world, the Markets Legal team, working in tandem with Enterprise and Country legal colleagues, provides a wide range of services, support and advice to multiple global and country Markets business and related functional areas, including general advice, transaction negotiation, document drafting and execution, as well as oversight of regulatory developments and requirements. The Markets business areas covered include the core product groups of Equities, Rates, Markets Treasury, FX, Spread Products and Commodities. In addition, the Markets Legal Team provides advice and support to product, legal and functional colleagues and to Citi’s governance forums and entity management with respect to different global booking vehicles.
Job Purpose
The role is dedicated to the Rates and Markets Treasury businesses globally with focus in the UK & Europe country clusters but with some support also provided to Asia. It covers all desks within the Rates and Markets Treasury businesses, with primary interaction being with: (i) the Rates and Markets Treasury structuring team; (ii) the Local Markets Rates business; (iii) the businesses providing bespoke/structured hedging solutions to clients; and (iv) the Strategic Origination business. This role requires a broad range of legal skills, including an understanding of finance‑linked and deal‑contingent hedging, fund‑level hedging, and the ability to understand and structure complex, bespoke trades in different legal forms (e.g. securities lending, derivatives, loans, deposits). A working knowledge of ISDA definitional booklets, relevant European regulations such as EMIR and SFTR, as well as familiarity with US regulations of global impact such as Dodd‑Frank, and experience with issues raised by transactions in emerging/local markets is required. Familiarity with applicable capital rules in both Europe and North America will also be helpful. The successful candidate will act as a senior adviser to multiple desks with varying technical requirements across the derivative and SFT spectrum, collaborate with senior stakeholders in Risk, ICM, Compliance and other areas, and manage a UK‑based team of lawyers supporting these desks.
What you’ll do
* Bespoke financing structures, including repo financing, Islamic financing, derivatives‑based financing (particularly TRS), collateralisation structures, financial guarantees and risk participation transactions
* Technical elements of derivative documentation, including close‑out provisions, optional and mandatory termination provisions, cash settlement calculations, and bespoke payoffs
* Finance‑linked hedging, explaining nuances to stakeholders in the business and to Risk and ICM, and working with junior colleagues in London and Belfast on reviewing and negotiating transaction documents from a hedging perspective
* Contingent hedging, including those relating to M&A, issuance, and project finance
* Repackaging transactions across a variety of underlying product classes
* Non‑linear derivatives, particularly swaptions and inflation‑based products
* Advising on the 2006 and 2021 ISDA Definitions and the 2003 and 2014 ISDA Credit Definitions
* General advice on disputes and queries arising from OTC transactions
* Regulatory aspects relating to the above, including applicable sections of EMIR, SFTR, and Dodd‑Frank
* Training and supporting colleagues on the above
* Working on escalations with the Global Head of Rates & Markets Treasury Legal and, as relevant, the Global Head of Markets Legal
Development Value
This is an excellent opportunity for a senior lawyer with a broad range of technical skills who enjoys combining a broad and changing diet of complex, technical work with managing a team of lawyers across a variety of desks. Knowledge of both derivatives and SFTs is important; the role can suit a candidate with an emphasis or background in either area. The successful candidate will be a subject‑matter expert and senior adviser across a number of products and desks, functioning as a key point of senior escalation on day‑to‑day matters for the wider team, and working directly with the Global Head on broader strategic goals for the relevant businesses.
What we’ll need from you
* Significant and relevant post‑qualification experience, ideally with experience of working in‑house.
* A strong, broad understanding of financial products and how they work and interact (e.g. bonds, trade financing, loans, derivatives, SFTs).
* Knowledge of regulations and law impacting the different areas of the businesses described above.
* Derivatives experience within any product group is essential, with the 2006 / 2021 Definitions and the 2003 / 2014 Credit Definitions preferred.
* Experience of structuring complex transactions is preferred, including the underlying treatment of such trades (e.g. capital, credit, XVA).
* Experience of managing a team of lawyers who cover a variety of desks.
Skills/Competencies
* Ability to work independently and efficiently.
* Ability to work under pressure.
* Excellent organisational skills.
* Good diplomatic skills and ability to interact with personnel with different working cultures / levels / backgrounds.
* Good written and oral communication skills.
* Ability to present complex issues simply to senior management.
* Ability to lead a team under pressure and prioritise appropriately.
* Ability to lead and develop team members’ skills and careers.
* Ability to interact with and train junior colleagues.
* Fluent in English (written and oral).
* Interest in technology.
* Intellectual curiosity to learn about new products and new legal structures.
Qualifications
NY or English legal qualification required.
What We Can Offer You
We work hard to have a positive financial and social impact on the communities we serve. In turn, we put our employees first and provide the best‑in‑class benefits they need to be well, live well and save well. By joining Citi London, you will not only be part of a business casual workplace with a hybrid working model (up to 2 days working at home per week), but also receive a competitively reviewed base salary and enjoy a host of additional benefits such as:
* Generous holiday allowance starting at 27 days plus bank holidays; increasing with tenure
* Discretionary annual performance‑related bonus
* Private medical insurance packages to suit your personal circumstances
* Employee Assistance Program – Pension Plan
* Paid parental leave
* Special discounts for employees, family, and friends
* Access to an array of learning and development resources
Alongside these benefits Citi is committed to ensuring our workplace is where everyone feels comfortable coming to work as their whole self every day. We want the best talent around the world to be energized to join us, motivated to stay, and empowered to thrive.
EEO Statement
Citi is an equal opportunity employer, and qualified candidates will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, status as a protected veteran, or any other characteristic protected by law. If you are a person with a disability and need a reasonable accommodation to use our search tools and/or apply for a career opportunity review, accessibility at Citi. View Citi’s EEO Policy Statement and the Know Your Rights poster.
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