Tentative signs that Dodd Frank is spurring IT job creation
Amid the bloated corpulence of the 2000-page Dodd-Frank bill, the opportunity for job creation within financial services is expected to be slim. Within technology, however, the first project roles related to the regulations are beginning to emerge.
For the first time since the notion of shaking up IT because of Dodd Frank was mooted, recruiters are now seeing new roles for project managers, PMOs and business analysts to kick-start these regulatory-driven projects.
"Slowly, in the contract market, we're seeing more and more roles related to Dodd Frank projects, and the feedback we're receiving from our clients is that this is only the beginning," says Cat Halliwell, sales operations manager at IT in finance recruiters 7 Fifty Two Solutions.
The going rate for these roles is around 700 a day, suggest recruiters.
This is hardly surprising news; at the SIFMA conference in June, panellists were talking about how every new regulation brought about by the Dodd Frank act (and there are hundreds of them) would involve "some sort of technology solution".
Changes include the need to develop new processing and settlement platforms as firms are required to come up with a "single system" for identifying counterparties, developing more transparent post-trade reporting tools or updating trading systems to deal with expected changes in stock markets.
"Until recently, a lot of banks were offering internal mobility opportunities to technologists to move across to these regulatory projects, but now they're being forced to recruit externally," says Justin Willis, director of IT recruiters Bright Purple Resourcing. "As with Basel III or MiFID a lot of these roles require specific regulatory expertise for finite projects and therefore contract recruitment is the obvious solution."