Making money from MiFID: It's now(ish) or never

The MiFID time bomb is ticking insistently. Technologists who want to capitalise on the legislation are advised to act soon.

Samuel Gibbins, a consultant at recruitment firm Huxley Associates, says people with experience of the soon to be introduced Markets in Financial Instruments Directive (MiFID) are in such demand right now that they can "price themselves into the market."

In the run up to the directive's introduction next year, Gibbins says banks are hungry for MiFID expertise. However, he says so few people have the experience required that at least one bank has had to abandon its search for experienced talent while it clarifies its requirements.

Octavio Marenzi, chief executive of research and consulting firm Celent, suggests demand for MiFID-ready technologists is set to ramp up dramatically.

"A lot of firms have not really figured out their MiFID (Markets in Financial Instruments Directive) strategy yet: They are still in a holding pattern right now," he told us.

Once they finally break ranks, Marenzi says firms will need to focus their IT effort on creating the interfaces between new and legacy systems to ensure data can be easily extracted.

The individual programming skills required will depend on the company's infrastructure, but developers familiar with the business implications of MiFID should have their pick of positions.

"The skill is understating the business side of things. If I were a developer now I'd be reading up about MiFID," said Marenzi.

Those who don't prepare for the MiFID-related rush may miss out. The desirability of people familiar with the legislation will be fleeting, warns Marenzi. He predicts demand will build through the first half of next year and reach a crescendo in the third quarter. Like Y2K, however, once the deadline passes, the need for MiFID expertise is likely to diminish dramatically.