Multi-asset class trading systems are hot, but banks aren't recruiting

There's been much chatter about the possibility of banks rolling out multi-asset class trading systems for some time now, but ironically it's the focus on cost-cutting that seems to be spurring them into action. So now may be the time to think about up-skilling.

Goldman Sachs has just released a new version of its multi-asset class execution management system, which allows buy-side firms to trade equities, options, futures, foreign exchange and synthetic instruments.

And more firms are likely to invest in these, Rishi Nangalia, managing director and global head of business development at Goldman Sachs Electronic Trading told Securities Industry News:

" If you have multiple platforms that are doing the same functions for different asset classes in different regions, the cost is so much higher. But if you have a single platform that has all of this, and you can mitigate the cost across all of these businesses on the same platform, it makes a lot of sense both for the people providing these platforms--like us--as well as the buy side."

Chris Pickles, head of investment banking and global accounts at BT Global Financial Services, says the EU's focus on post trading efficiency is also lending impetus to the rush to systems capable of working across asset classes.

Unfortunately, there's not much sign of any hiring yet.

Paul Elworthy, associate director in the IT and banking finance division of recruitment firm Hudson, says: "We're still finding that a lot of the core development staff within investment banks are focused on a particular business area, and the majority of new roles have been around developing a single asset class trading system."

But Pickles adds: "My feeling is banks will largely look to transfer people internally. Where they do recruit, they'll try and poach people who have had experience developing multi-asset class trading systems at an exchange level."