Managing Director, Broker-Dealer Products and Services Counsel

The Managing Director, Broker-Dealer Products and Services Counsel serves as a senior legal advisor responsible for providing strategic counsel on derivatives, complex investment products, and trading-related activities conducted through the firm’s broker-dealer and Futures Commission Merchant (FCM). This role partners closely with senior business leaders and the Chief Counsel to interpret evolving regulatory requirements, mitigate risk, and enable compliant growth across trading and markets functions.

The position operates at an enterprise level, influencing decision-making, regulatory engagement, and legal strategy for trading services, futures operations, and complex product initiatives. This role is critical to enabling the firm to navigate an increasingly complex regulatory landscape while supporting the growth of trading and derivatives businesses. By providing expert legal guidance, the Managing Director helps protect the firm from regulatory risk, supports market innovation, and ensures a strong foundation for client-facing trading capabilities.

• Provide expert legal guidance on trading activities involving derivatives, futures, options, complex equities, and ETFs.
• Interpret and apply regulatory frameworks, including CFTC, NFA, SEC, FINRA, and exchange requirements, to business activities.
• Advise on complex or ambiguous regulatory matters and translate requirements into practical business guidance.

• Identify legal and regulatory risks and develop mitigation strategies to maintain a strong control environment.
• Oversee development and maintenance of client disclosures, agreements, and risk management programs, including futures-related requirements.
• Advise on trading practices, order handling, market data usage, and regulatory reporting obligations.

• Serve as a trusted advisor to senior leadership, including Trading business leaders and Legal executives.
• Provide counsel on new products, business initiatives, and trading strategies to ensure compliance with regulatory expectations.
• Support Trading & Education and research-related functions with legal guidance and issue resolution.

• Monitor and analyze regulatory developments, rulemaking, and market structure changes impacting trading and derivatives activities
• Engage with regulators, exchanges, and industry bodies to interpret requirements and advocate for the firm’s positions. Leadership & Collaboration
• Lead and develop legal talent, including direct oversight of Director-level counsel.
• Collaborate across Legal, Risk, Compliance, and business teams to ensure consistent and effective legal support
• Manage outside counsel on complex or high-impact matters.

• Enterprise-level role within Legal Services supporting Trading, Markets & Operations
• Direct oversight of Director-level counsel (span of control: 1 direct report)
• Regular engagement with senior business leaders, regulators, and external stakeholders
• High-impact role influencing regulatory risk posture and business strategy for trading and derivatives activities

• Juris Doctor (JD) from an accredited law school and active bar membership in good standing
• Significant legal experience in financial services, with deep expertise in:
• Commodities regulation (Commodity Exchange Act, CFTC, NFA rules)
• Broker-dealer regulation (Exchange Act, FINRA rules, margin and trading regulations)
• Securities laws related to offerings, disclosures, and investment products
• Demonstrated experience advising on derivatives, futures, and complex investment products within broker-dealer and/or FCM environments
• Proven ability to interpret evolving regulatory requirements and provide clear, actionable guidance to senior stakeholders
• Experience engaging with regulatory agencies and addressing complex regulatory issues
• Strong leadership experience, including managing legal professionals and influencing senior business leaders

• Experience operating at an enterprise level within a large, regulated financial institution
• Familiarity with trading operations, including execution and clearing frameworks, futures risk management programs, and market data regulations
• Experience supporting complex product governance and new product development initiatives
• Exposure to research and trading-adjacent business functions (e.g., investment research, trading enablement)
• Strong cross-functional collaboration skills with the ability to influence across Legal, Risk, Compliance, and business teams