Documentation Pros Still Hot - For Now
New electronic products may yet reduce the need for derivatives documentation specialists. Until it actually happens, however, recruiters say hiring in the area will continue going strong.
Bloomberg is the latest to pile into the market for settling derivatives trades. Finextra reports the company is offering 250,000 users of its Professional terminal the ability to link to a straight-through processing platform for credit derivatives trades. The platform is run by T-Zero, a recently launched company aimed at improving operational efficiencies in the credit derivatives space.
Bloomberg's initiative is one of several solutions for processing credit derivatives trades electronically. Scrittura, a U.S. company acquired this August by Nasdaq-listed Interwoven, provides software specifically focused on the OTC derivatives market.
The Depository Trust & Clearing Corporation announced in June it was forming a link with Communicator, a financial technology firm, to help centralize post-trade processing for over-the-counter derivatives trade confirmation for end-user firms.
Electronic clearing is necessary to clear a large backlog of unprocessed credit derivatives trades.
Despite attempts at automating the settlements process, recruiters say hiring in the area is still buoyant. "There's still loads of demand for documentation people," says one. "I don't see that changing any time soon."