OTC and Listed Clearing Lawyer
Position Description
Job description overview
Coverage lawyer in the sales and trading team providing broad coverage focusing on (i) OTC and Listed clearing initiatives, (ii) related European regulatory changes (including with respect to EMIR); (iii) covering the Firm's platforms for clearing services for OTC and Listed products; and (iv) supporting the Firms Global Network Management division (which is responsible for maintaining the Firm's network of agent banks, custodians, depositaries, clearing houses and exchanges and all aspects of clearing and settlement of Firm and client trading activity) in relation to these products.
OTC and Listed house and client clearing
The role is for a position in the European Legal Department providing coverage for the Firm's clearing businesses across all Listed and OTC products, including those products that will become subject to clearing under US and European legislation. It is anticipated that the lawyer will split his/her time advising the client clearing businesses focusing on the Firm's offerings for OTC and Listed product, participating on legal working groups focused on offerings by third party clearinghouses and exchanges (e.g. LCH/CME/ICE/Eurex), responding to implementation issues relating to clearing under US and European legislation, supporting the documentation teams in on-boarding clients and participating in industry groups engaged in market development and standardization, although candidates are expected to be flexible and adapt their coverage to meet the demands of the business.
Clearinghouse product development (house and client clearing)
• Advice and due diligence on OTC and Listed clearinghouse and exchange platforms, including participation on legal working groups created by applicable clearinghouses and exchanges, analysis of clearinghouse and exchange standards and documentation and provision of legal input with respect to applications for clearinghouse and exchange memberships; and
• Advice on the interpretation and applicability of clearinghouse rules, amendments to such rules, supporting legal opinions and other relevant documentation.
Regulatory changes/Industry groups
• Participation in relevant industry working groups (e.g., ISDA and FOA) engaged in standardization of documentation, netting opinions and other market developments related to OTC and Listed house and client clearing and communicating output to the business and other impacted groups within the Firm;
• Analysis of regulatory changes, including EMIR rule implementation, and advise to the Firm with respect to the impact of these changes; and
• Work with Government Relations and other relevant parts of the Firm in connection with legislative issues, including with respect to EMIR.
Strategic business platform development
• Creating documentation templates and users' guides for client clearing product offerings;
• Drafting and preparing bespoke documentation to meet particular client needs;
• Advising the documentation team that supports on boarding of new clients in connection with documentation issues;
• All related matters impacting the OTC and Listed client clearing businesses, such as with respect to accounting and capital, collateral management, back office operations, accessing new markets and ongoing queries.
Skills Required
• The ideal candidate may have at least four years of experience in some or all of the following: OTC and Listed derivatives, solid grounding in securities and contract law and general up to date knowledge of EU legislation impacting sales and trading, including EMIR.
• Professional, confident, presence and initiative.
• Excellent judgment and analytical skills.
• Outstanding negotiation skills.
• Excellent oral and written communication skills.
• Strong interpersonal skills.
• Strong management and administrative skills.
Morgan Stanley is an equal opportunities employer. We work to provide a supportive and inclusive environment where all individuals can maximise their full potential.
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