Job #: 2500
Title: Negotiation Specialist
In response to the financial crisis, the G-20 mandated the Basel Committee on Banking Supervision (BCBS) and Board of International Organization of Securities Commissions (IOSCO) to develop consistent standards for non-centrally cleared over-the-counter (OTC) derivatives. In September 2013 BCBS-IOSCO published a global policy framework and timetable for OTC derivative margin reform which aimed to reduce systemic risk by ensuring collateral is available to offset it.
The primary role is to facilitate negotiations between and its clients in relation to the establishment of regulatory compliant Initial Margining documentation:
• Work with Sales and the programme client outreach team to obtain and analyse client preferences in relation to the negotiation of IM documentation; highlighting key deviations in supportability of the client’s proposed model and standard approach
• Facilitate discussion with internal stakeholders to review and approve any client requests which deviate from the standard
• Negotiate collateral baskets with counterparties and obtain approvals for exceptions from policies if needed
• Liase with legal and documentation teams in order to progress negotiations and documentation execution
• Work with triparty agents to ensure execution of the collateral agreements and support operational on-boarding to be ready to trade
• Work with internal operational teams to onboard the agreed relationships, understanding the teams responsibilities and system flows.
• Track and maintain status updates for the business and key stakeholders, highlighting areas of concern and/or key risk items which may not meet regulatory deadlines.
– Understanding of collateral operational processes, ideally Tri Party and Third Party collateral, Swift messaging and related data flows.
– Understanding of collateral asset classes and optimisation from a funding and credit perspective
– OTC Derivative products
– Strong Excel skillset
– ISDA documentation from a collateral standpoint in particular Initial Margin documentation.