A new jobs site has been launched to help financial services firms cope with the demands of European legislation coming in next year.
Simon Walker, director of London-based recruitment firm Project Partners, is among those who believes the Markets in Financial Instruments Directive (MiFID) will have a significant effect on demand for staff.
In October last year Walker registered a dedicated website – www.mifidjobs.com. He said the site, which went live last month, will provide access to qualified and experienced specialist staff on an interim and permanent basis.
MiFID, due to come into force in November 2007, seeks to ensure greater transparency of investment financial service firms. They will need improve and upgrade their systems, publish more information on their data processing arrangements and demonstrate what steps they have taken to get the best deal for the client.
Walker said: “MiFID presents vast organisational challenges for investment firms across the EU and will have huge budget implications. There will be implementation issues across the sector that could cost top-tier investment firms up to £100m each.”
Walker anticipates that demand for business technologists will peak in September this year and will continue for the next three years as the investment community ensures that the implementation of the Directive runs smoothly.
“Only 20% of companies have allocated a budget for MiFID but this will change as the seriousness of the Directive is realised and firms gear up to implementation date,” he said.
Project Partners is part of Hydrogen, which will list on the Alternative Investment Market next month (Recruiter, 17 May).