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Job Overview
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 is a role requiring a broad range of legal skills, ranging from an understanding of finance-linked and deal-contingent hedging to fund-level hedging to the ability to understand and structure complex, bespoke trades in different legal forms (e.g. securities lending, derivatives, loans, deposits). It will also require a working knowledge of ISDA definitional booklets, such as the Rates and Credit Definitions, knowledge of 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. Familiarity with applicable capital rules in both Europe and North America will also be helpful.
The successful candidate must therefore have the ability to work with and perform the role of a senior adviser to multiple desks with varying technical requirements across the derivative and SFT spectrum. They must also be able to work collaboratively with senior stakeholders in Risk, ICM, Compliance and other areas, as well as seniors within Legal, on the strategic aspects of supporting the relevant businesses.
The successful candidate will also be responsible for managing a team of lawyers based in the United Kingdom supporting these desks.

What you'll do:
The candidate will be responsible for managing a team of lawyers supporting the Rates and Markets Treasury businesses, and will also be expected to cover a wide range of transactions and provide advice as a senior adviser across various desks, including:

• 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, including being able to explain to stakeholders (in the business as well as other stakeholders such as Risk and ICM) the nuances of certain points and also to work with more junior colleagues both in London and Belfast who also work on: (a) reviewing and negotiating the wider transaction documents from a hedging perspective; and (b) negotiating the derivative documentation, respectively
• 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 who cover a variety of desks. Knowledge of both derivatives and SFTs is important, but this role could suit a candidate with an emphasis or background in either one of these areas. The successful candidate will be a subject-matter expert and senior adviser across a number of products and desks, and will function as a key point of senior escalation on day-to-day matters for the wider team as well as managing the part of the team that works in the United Kingdom. They will work directly with the Global Head on other points of escalation and 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 impact 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 vari