Legal Counsel

The London Metal Exchange (LME) is the world’s premier metals exchange and provides the global venue for parties that wish to manage the risk associated with future metals price movements. LME Clear (LMEC) is the clearing house of the LME. The LME and LMEC operate in a highly regulated environment requiring strong legal involvement and expertise both for its core business and the development of new products.

Trading on the LME is governed by the LME rulebook, which imposes obligations on its members. Breaches of the rules can result in an investigation and enforcement action against members. Serious breaches can result in fines or even suspension or expulsion from membership. The LME also has a network of independent listed warehouse companies. Through its contractual arrangements with warehouse companies, the LME has the power to bring disciplinary action against those entities for breach of the contractual arrangements.

The legal department is responsible for advising the business on a variety of legal and regulatory matters relating to metals trading, clearing services, warehousing, enforcement and others. You will be supported and given opportunities to gain experience in enhancing your analytical, drafting, negotiation and presentation skills. The successful candidate will play a key role in supporting the work of the department. This role will be focused on investigations and enforcement, although there may be an opportunity to work on other matters as appropriate. You may also have the opportunity to work on contentious litigation and regulatory issues from time to time.

Responsibilities:

• Provide, as part of a team, and also in an independent manner, advice, analysis and support to the business, particularly Market Surveillance.
• Research and analysis of specific legal points (on a broad variety of issues).
• Drafting and reviewing notes of advice, notices of investigation, and requests for information, enforcement notices, member notices, and other investigation and enforcement material (including settlement correspondence and disciplinary notices).
• Taking a strategic approach and advising on the LME’s and LMEC’s enforcement processes, as well as leading the process for changes and updates thereto.
• Attending the Referral Committee which considers whether to open investigations into the conduct of members and warehouses, and advising the Referral Committee on possible rule breaches and conduct of investigations.
• Attending the LME Enforcement Committee as appropriate and drafting documentation for that Committee, in particular reports of investigations and notices of disciplinary action.
• Negotiating settlements of disciplinary action with members and warehouse companies.
• Conducting disciplinary action against members and warehouse companies through the LME Disciplinary Committee and Appeal Committee as appropriate, advising on procedure, conduct etc, and preparing all relevant documentation.
• Drafting amendments to the LME and LMEC rulebooks, particularly regarding investigations and enforcement.
• Advising on the soundness and enforceability of rules.
• Dealing with queries directly from members where appropriate or via other internal departments (e.g. relationship management).
• Proactively undertake monitoring of legal and regulatory changes as part of the department’s general monitoring programme.
• Advising on contractual/regulatory breaches/disputes/litigation where appropriate.
• Assistance with managing the LME Arbitration Scheme.
• Managing external counsel with a view to minimising costs and maximizing value.

Academic and Professional Qualifications Required:

• A solicitor admitted in England & Wales.
• The ideal candidate will have worked for a top City law firm in the UK and/or in-house at a financial services organisation in the UK and/or another FMI or regulator.

Required Knowledge and Level of Experience:

• Understanding of the commercial, legal and regulatory context of the financial services market in which we operate.
• Familiarity with enforcement processes is preferred, however, experience in a contentious background (i.e. litigation department in a law firm or experience at a regulator) would be considered.
• Experience of legal research, analysis and problem solving.
• Judgement, commercial awareness and experience of drafting both agreements and legal advice.
• Experience of working autonomously, knowing when to elevate issues where required.

Skills set and Core Competencies Required for Role:

• Excellent attention to detail.
• Good judgement.
• The ideal candidate will have good interpersonal skills and will be a team player.
• Excellent communication skills at all levels of seniority and the ability to influence decisions.
• Ability to work well in a team, whilst carrying out tasks autonomously.
• Flexibility and willingness to work on a broad variety of legal matters.
• Ability to prioritise work and to manage expectations.
• Excellent drafting skills.
• Ability to learn quickly.
• Ability to take the lead on strategic initiatives.
• Ability to work well with the business in a commercial manner, while managing and mitigating risk.
• Hard-working and well organised.

The LME is committed to creating a diverse environment and is proud to be an equal opportunity employer. In recruiting for our teams, we welcome the unique contributions that you can bring in terms of education, ethnicity, race, sex, gender identity, expression & reassignment, nation of origin, age, languages spoken, colour, religion, disability, sexual orientation and beliefs. In doing so, we want every LME employee to feel our commitment to showing respect for all and encouraging open collaboration and communication.