Launch of MiFID job site aids city compliance

For UK investment businesses preparing for the European Unionís Markets in Financial Instruments Directive (MiFID) the question of who will help them implement the regulations is still unanswered.

While a full cost-benefit analysis has not been undertaken there is no doubt that the directive will have significant human resource implications for the UK financial services industry. It will require new procedures and IT systems to ensure the organisation is complying with the rules laid out by MiFID, which has an implementation date of 1 November 2007.

A recruitment professional that has anticipated the demand for business technologists to aid the implementation of the Directive is Simon Walker from Project Partners, a London-based talent management organisation.

In October last year Walker registered a dedicated website - www.mifidjobs.com - cornering the market in MiFID human resource supply. The site, which went live last month, will provide access to highly qualified and experienced specialist staff on an interim and permanent basis.

Walker, a director at Project Partners, said: MiFID presents vast organisational challenges for investment firms across the EU and will have huge budget implications. Firms will need to consider changes to their internal procedures and systems, creating significant implementation issues across the sector which could cost top-tier investment firms up to 100 million each.

There is going to result in huge demand for business technologists that understand the operations of the investment community and have the IT knowledge required to implement the new systems.

Through our relationship with the MiFID Joint Working Group IT Subject Group we have developed a full understanding of the implications of the new regulations and through MiFID jobs will be able to supply the recruitment services to help meet the directiveís requirements.

Adding to his comments, PJ Di Giammarino, CEO of JWG-IT, a Think Tank for EU driven IT change in FS said: The lengthy regulatory consultation process and imminent 2007 budget cycle could cause a shortage of professionals available to aid the implementation of the regulations this year as the number of programmes with similar resource needs which kick-off in the fourth quarter will outstrip the supply of qualified IT talent required to change the bank. The market is looking for innovative solutions like mifidjobs.com to help find qualified people who have the right background to deliver the changes which the regulators are looking for by 1st of November 2007.

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.

Currently only 20 per cent 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 concludes.

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