Position: Contracts Analyst – ISDA
Location: Houston, TX – On site – I will take relocations for this but they must be able to be on site day 1 in Houston
Qualifications & Description:
Notes from Call with Manager:
- Key Candidate Requirements -> ISDA Experience is Critical
- The manager recently interviewed a candidate who had some ISDA knowledge but came from a primarily commercial/origination background. While the candidate had experience supporting approximately 10 ISDAs per year, the role requires a much higher volume, with the team managing roughly 10 ISDAs per week.
- Key takeaway: Candidates with only limited or occasional ISDA exposure are unlikely to be successful in this role.
Recent and Relevant Experience Required
Recruiters are encouraged to thoroughly evaluate ISDA experience beyond what is listed on a resume.
The manager noted that many resumes mention ISDA experience, but upon further review:
- The experience may be outdated (e.g., last worked with ISDAs in 2007 or 2014).
- Candidates may not be familiar with current ISDA requirements and regulatory changes.
- Experience predating significant industry changes, including Dodd-Frank-related developments, may not be sufficient.
Ideal candidates should have:
- 3 to 5 years of ISDA experience.
- Consistent hands-on ISDA work within the last 5 years.
- Current knowledge of ISDA documentation and related regulations.
Long-Term Opportunity
Although there is no guarantee of permanent employment, recruiters may discuss that:
- The assignment could potentially become a long-term opportunity.
- Strong performance may create future opportunities.
- No promises regarding conversion to full-time employment should be made.
Interview Process
The manager confirmed that:
- Contractor interviews will be conducted via Microsoft Teams.
- Only one interview round is anticipated.
Recruiter Action Items
When sourcing candidates:
- Focus on candidates with current, hands-on ISDA experience.
- Verify that ISDA work has been performed consistently within the last 5 years.
- Assess the depth and volume of ISDA experience, not just resume keywords.
Screening Questions
Before submitting candidates, ask:
- How many ISDAs have you negotiated in the past 12 months?
- When was the last ISDA you negotiated?
- Do you negotiate ISDAs as a primary responsibility or occasionally?
- Have you supported energy, commodity, power, or gas trading businesses?
- How many active ISDA negotiations do you typically manage at one time?
- Have you worked with CSAs and collateral provisions?
- What percentage of your current role involves ISDA documentation?
Candidate Red Flags
Avoid candidates who:
- Last worked on ISDAs more than 5 years ago.
- Have only legal review or occasional support experience.
- Primarily performed commercial contract negotiation.
- Negotiated only a handful of ISDAs annually.
- Cannot explain current Dodd-Frank or derivatives documentation practices.
Best Recruiting Approach
Prioritize candidates currently employed in:
- Energy trading organizations
- Commodity trading shops
- Bank derivatives documentation teams
Those environments are most likely to produce candidates who can handle the volume and pace described by the hiring manager
Quick summary:
The candidate will be responsible for the drafting and negotiation of master trading agreements or specific agreements to govern physical and financial transactions for the purchase and sale of energy commodities as well as related ancillary agreements to minimize BP’s credit, legal and operational risk and in compliance with legal regulations and internal standards, policies and procedures.
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