Jes Staley, the Chief Executive of JP Morgan’s Investment Bank, said that \”Having a leading technology platform in the trading and operational space is going to be critical in dealing with the regulatory waves that are coming our way.” And Dr Giles Nelson, the Deputy Chief Technology Officer (CTO) at Progress Software went on to say that \”Ten years ago, the data would have been more disparate. There would have been less standardisation and the enterprise integration technology which did exist then was used less. We\’re in a better position to start some of this standardisation and reduce the number of trading systems. However, when someone has a great idea for how they can do bond pricing better there are going to be a lot more hoops to jump through, either to use one of the existing trading platforms or to buy in some technology to satisfy that need. By the time they get through the internal hoops, perhaps the opportunity in the market will have gone. They will have gone from a leader to a follower. You\’ve got to keep an eye on that.\”
The new system could see spur demand for niche IT consultants specialised in trading systems in the future and this could be good news for IT contractors in particular. Only a couple of weeks ago a leading IT Recruitment Consultancy within the Banking Sector said that highly skilled IT Contractors in particular stand to profit in the near future with many Banks unable to hire permanent workers due to a lack of skills in the permanent market. The Director of IT Recruitment at Networkers International, James Smith, told the Recruiter that “Our business has been fuelled by the financial markets by both the banking industry and insurance as well. We have been doing a lot of recruitment for those kinds of organisations. New projects are kicking off at the banks. In 2009, with the state of the economy, a lot of cuts were made but going into 2010 and now a lot of the banks and insurance houses have started new projects which they haven’t done for the last three or four years. Overall, we see continuation of steady growth for contract and permanent staff. The demand for permanent staff remains high and is higher than contract staff. Due to the lack of skills in the permanent market, there will be a shift in terms of growth on the contract front. As clients cannot find those permanent workers, they will get contractors in to work on a shorter-term basis or a project basis.”
At Commonwealth Contractors we partner with OISC Registered Private Immigration Firms and Tier 2 Licensed Healthcare and IT Consultancies who may be prepared, where required, to sponsor an individual on a Tier 2 Visa (formerly UK Work Permit). If you are a highly skilled International professional and you would like to work in the UK Commonwealth Contractors can help. Our OISC Registered Partners specialise in Tier 1 General (formerly Highly Skilled Migrant Programme) visa applications and can assist those highly skilled individuals that either wish to apply or extend a Tier 1 General Visa.
For more Information call Commonwealth Contractors now on 0330 390 9021 or Submit your Details and we will get right back to you.