Goldman is Sachs hiring technologists for MiFID II. Isn't it a bit late?

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Goldman Sachs' London office has released a lot of job advertisements for technologists to work on its preparations for MiFID II, the new raft of legislation governing sales, trading and research jobs in the European Union. The only thing is, it seems a bit late.

MiFID II comes into effect in January 2018, leaving Goldman just three and a half months to hire the technologists, onboard, get them up to speed, and for them to build the new product. It's all a bit ambitious, especially as Goldman has five open roles in total.

The technologists in question will all be associate-level Java programmers tasked with developing a new execution trading desktop for the Delta One business and implementing the requirements of MiFID. The new regulations will impose greater tranparency requirements upon banks, as well as introducing controls on the use of dark pools and increased use of "conditional orders" which test the use of dark pools but don't commit.

Goldman's also looking for a new developer for its MiFID II hub (coding in its proprietary Slang language) based in London, and one for a MiFID II developer based in Bengalaru.

Goldman's not the only bank with MiFID II related technology positions open. J.P. Morgan is still looking for a MiFID II business analyst to "analyze the requirements" relating to pre-trade transparency in equity derivatives and a developer based in Glasgow to join an existing team working on regulatory initiatives.

In January 2017, management consulting firm Opimas calculated that it would cost banks €2.5bn to prepare for MiFID II. The later they leave it, the higher the cost is likely to be. Earlier this year, Richard Burgess-Kelly, a MiFID project manager in London said pay for contract based project management staff in London was already £700 a day and would likely rise to £900 as January approaches. MiFID-aware technologists should benefit from the same effect.

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Photo credit:12 sec by Peter Balcerzak is licensed under CC BY 2.0.

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