Foxy futures in FX
London's position at the heart of global FX trading is driving demand for FX-focused technologists.
The triennial survey from the Bank for International Settlements (BIS) suggests more than a third of global currency trades now go through London. And with the global FX market expanding 71% in the past three years and increasingly focused on electronic trading, demand for FX-related technologists is rising commensurately.
Andy Brown, global sales director for IT recruitment agency FDM, says there has been "tremendous growth" in hiring from investment banks, driven by the shift towards straight through processing, with skills shortages most acute around vendor packages such as Murex and Calypso and Summit.
"Average contractor rates fully loaded are around 700 per day," says Brown.
Paul Elworthy, associate director at recruitment firm Hudson, puts rates marginally lower: "A standard Java developer's getting 500 to 550 a day. Somebody who's working in the front office on core forex trading systems, who has the relevant business knowledge, can expect to earn 25% more than that."
Elworthy adds: "If the trading desk enjoys a great deal of success then that's reflected in the IT people as well and the bonuses they can expect to receive. They're rewarded highly because they're part of the team and they're contributing directly to the bottom line."
