Director, Legal Commodities

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We're seeking Commodities Counsel to join our team to provide legal and regulatory advice for CIBC’s physical and financial commodities trading activities. The role supports CIBC’s Commodities team across energy, metals, power and environmental products, with a strong focus on transaction structure, regulatory analysis and risk identification. You will be expected to demonstrate a solid foundation in the documentation of physical commodity transactions.

You will review collateral packages to identify key terms and advise on the structuring of transactions to mitigate risk associated with debtor insolvency, commodity title claims, security interest perfection, and other risks related to CIBC’s secured creditor status. You are expected to have knowledge of relevant US commodity derivatives regulatory requirements and US bankruptcy principles and must demonstrate the capacity to engage and manage external counsel as and when needed based on business requirements and transaction complexity.

You should have experience dealing with major physical commodity classes relevant for CIBC, including, but not limited to, metal, natural gas and power, and environmental commodities. Ideal candidates will have experience advising on U.S. Federal Energy Regulatory Commission ("FERC") and ISO/RTO licensing and/or membership requirements and their applicability to commodity transactions. You are expected to advise the business and relevant compliance teams on the implementation of relevant requirements and processes.

You should have a strong working knowledge of standard Master Agreements under which physical commodities are transacted, including the ISDA, NAESB, EEI, and associated physical annexes and credit documentation. Ideal candidates will have a working knowledge of emissions trading schemes and the documentation of transactions relating to environmental products. Ideal applicants will demonstrate an understanding of the trading book and the use of hedging tools, including listed futures contracts, to mitigate risks associated with CIBC’s hedging and financing activity for clients.

The successful candidate must coordinate the foregoing legal advice across a range of internal stakeholders across North America and London, including our compliance teams, trading desks, sales personnel, credit risk teams, and senior business management. The position is based in New York and reports directly to Senior Counsel, Commodity Finance (US) in CIBC’s US Capital Markets division.

• Provide day-to-day legal coverage for physical and financial commodities trading
• Draft, review, and negotiate a range of commodity financing and hedging agreements, including loans, leases, consignments, prepays, repos, forwards, options, and swaps, as well as security agreements, intercreditor agreements, and guarantee agreements supporting the foregoing
• Support the business with amendments to existing credit agreements as needed
• Review and advise on commodity storage and transportation agreements as needed
• Advise on enforce ability risks associated with these agreements
• Advise on CFTC, FERC, and other regulations applicable to commodities trading in partnership with Compliance and Risk teams
• Provide time-sensitive legal advice to sales and trading personnel within CIBC’s US Capital Markets…