Capital Optimisation Lawyer
Credit Suisse is a leading global wealth manager with strong investment banking capabilities. Headquartered in Zurich, Switzerland, we have a global reach with operations in about 50 countries and employ more than 45,000 people from over 150 different nations. Embodying entrepreneurial spirit, Credit Suisse delivers holistic financial solutions to our clients, including innovative products and specially tailored advice. Striving for quality and excellence in our work, we recognize and reward extraordinary performance among our employees, provide wide-ranging training and development opportunities, and benefit from a diverse range of perspectives to create value for our clients, shareholders and communities. We are Credit Suisse. We Offer
A department which values Diversity and Inclusion (D&I) and is committed to realising the firm's D&I ambition which is an integral part of our global Conduct and Ethics Standards.
The (CO) Capital Optimisation team sits within the General Counsel division and provides an advisory function in regards to credit risk mitigation techniques, supporting internal partners such as Credit, General Counsel Negotiation and front office across all business areas.
The team is located in Hong Kong, London, New York and Raleigh. The Global Head is based in London. Role: Lawyer to work on:
- Procuring, reviewing and assessing the quality of legal opinions on the enforceability of close-out netting and collateral arrangements in relation to bilateral transactions governed by the ISDA, GMRA, GMSLA
- Local law governed master agreement as well as clearing arrangements, and producing memoranda for internal Credit Risk Management supporting the application of favourable capital treatment or otherwise.
- Advising on whether individual over-the-counter master netting agreements should be recorded as nettable or otherwise at counterparty level on internal systems and managing the process to make such updates.
- Responding to netting or collateral related queries raised by negotiators and internal lawyers and other key partners.
- Advising on issues around credit risk mitigation that arise in the context of new business initiatives.
Description of Role: KEY RESPONSIBILITIES CO is currently responsible for amongst other things:
- Helping master agreement negotiators & other internal lawyers & partners resolve netting / collateral related critical issues.
- procuring, reviewing and assessing the quality of legal opinions on the enforceability of close-out netting & collateral arrangements in relation to bilateral transactions governed by the ISDA, GMRA, GMSLA or local law governed master agreement as well as clearing arrangements, and producing memoranda for internal Credit Risk Management supporting the application of favourable capital treatment or otherwise.
The role is to provide support in the following key areas:
- advising on whether individual OTC master netting agreements and CCP exposures should be recorded as nettable bankruptcy remote or otherwise at counterparty or CCP level in internal systems.
- Derivatives and legal, credit risk and capital issues, to ensure compliance with Basel standards on CCP and bilateral arrangements as implemented by FINMA, CRD, Dodd-Frank, and similar.
- Obtain and/or review legal opinions from external counsel on due diligence, netting and collateral enforceability for all types of master agreements for bilateral derivatives and securities financing transactions (SFTs) and CCP's.
- Make recommendations to senior management on due diligence, netting & collateral enforceability for legal systems, capital adequacy and credit line utilisation purposes.
- Assist in the development and maintenance of the netting policy and netting procedures and related projects and coordinate with other internal partners as required.
- Review and advise on underlying master netting agreements for derivatives and SFTs and rules of exchanges and clearing houses in light of regulatory capital requirements. Make recommendations to determine the netting status and other related matters as between Credit Suisse and its counterparties.
- Provide legal guidance with respect to global regulatory developments and internal standards impacting the company's derivatives, securities financing, and clearing businesses.
- Promote awareness of applicable regulatory and accounting capital and liquidity requirements related to Basel standards and Resolution and Recovery Planning.
- Contribute to the know-how and training of CO members relating to master netting & collateral agreements, CCP's and insolvency law and developments; track monitor and raise relevant changes in law.
- Exercise a challenge and control function in respect of Front Office and other areas (in particular as regards applicable Credit Suisse polices and standards) and highlight issues appropriately and in a timely manner.
- Proactively follow and promote Credit Suisse's Conduct & Ethics Standards at all times.
- Support and supervise the instruction and management of external counsel management in an efficient and cost effective manner in accordance with internal guidelines, so as to facilitate business to the appropriate degree.
- Assist with legal research and knowledge management related to capital adequacy & netting & collateral resources and materials Shared Services/Corporate Functions. Coordinate and collaborate effectively with other business partners as necessary e.g. in Compliance, Operations, Tax, New Business.
- Participate in General Counsel departmental initiatives (including internal projects).
This role is open to discussion regarding flexible / agile working. You Offer
Qualified lawyer with a minimum of 5 years post qualification experience (or equivalent) from a common or civil law jurisdiction. Relevant in-house experience gained in another financial institution!(preferable). A working knowledge and detailed understanding of clearing, close-out netting and collateral arrangements for master agreements and clearing agreements. Suitable experience in negotiating ISDAs and other master netting agreements as well as clearing agreements (preferable). Some experience and knowledge of derivatives SFT's and CCP arrangements and familiarity with different counterparty types (including hedge funds, investment funds, banks, financial institutions and corporates). An ability to identify appropriate solutions to a range of legal and regulatory issues. Good research and drafting skills. Ability to articulate sophisticated legal concepts to non-lawyers, verbally and in writing.Additionally; Passionate, self-motivated, prioritize own workload and meet work objectives. Manage the changing demands of a fast paced environment. Strong analytical, problem solving and interpersonal skills. Results-oriented, hardworking individual with outstanding written and verbal communication skills. Attention to detail and quality, outstanding skills for grasping sophisticated concepts. Credit Suisse is committed to providing equal employment opportunities, regardless of ethnicity, nationality, gender, sexual orientation, gender identity, religion, age, civil partnership, marital or family status, pregnancy, disability or any other status that is protected as a matter of local law
Credit Suisse is committed to providing equal opportunities, regardless of ethnicity, nationality, gender, sexual orientation, gender identity, religion, age, civil partnership, marital or family status, pregnancy, disability or any other status that is protected as a matter of local law.
Credit Suisse is an equal opportunity employer. Welcoming diversity gives us a competitive advantage in the global marketplace and drives our success