How Will MiFID II Affect Hiring Trends
As MiFID II will come into effect in the near future, Caleb Hawkins takes a look whether this has resulted in a surge in MiFID related roles as a result.
In just 3 months MiFID II will come into effect for European financial markets. Thus bringing a large number of changes, including alterations to pre and post trade transparency, organised trading facilities, transaction reporting that will holistically change the face of Investor protection.
From a recruitment stand point, 2017 has been a hugely active and buoyant year for MiFID II hiring. Banks and other FS firms have put a number of other projects on hold until Britain is clear on it's Brexit strategy. MiFID II is the only so called project based piece of hiring that hasn't been affected by the halt to proceedings.
The majority of MiFID II based hiring as been in the project space, thus encompassing the hiring of Business Analysts, Project Managers, Programme Managers and PMO's. These people have worked closely besides legal and compliance departments to implement frameworks in which to make sure the firm are compliant to the regulatory changes that MiFID II will enforce in January 2018.
There are specialist areas within MiFID II which are requiring very niche skills and therefore are offering a higher daily rate and/or salaries. The most in demand and higher paid areas of MiFID II hiring have been; Investor Protection and Product Governance.
There has been a synergy with permanent hiring, with a need for firms to hire senior policy advisory leads and regulatory change teams to deal with MiFID II. These permanent individuals or teams, will most likely then transition into the Brexit strategy teams throughout 2018.
Although there is the deadline in place for January 2018, there will be an post implementation period in which more BAU staff will continuously be needed throughout the first half of the year in 2018.
This blog has also been picked up by the Financial Times which you can view here.