Market analysis from specialist contract recruiter Venn Group has found that contract vacancies within London’s Financial Services sector increased by 2% between May and June 2015 as uncertainty in Europe threatens to impact UK markets.
There has been unprecedented demand for experts in European Market Infrastructure Regulation (EMIR) legislation to work on a project basis within investment banking to ensure complete compliance at this pivotal time. Professionals in this area are currently earning an average of £500 a day.
Commenting on current market conditions, Jodie Finn, Associate Director at Venn Group said:
“Amid the uncertainty in Greece, June saw particular demand for futures commissioning merchants, high risk Know Your Customer (KYC) file reviewers and resource data managers with a strong background in EMIR legislation as financial institutions scrambled to limit the impact that any potential ‘Grexit’ would have on business.
Although trade with Greece represents less than 1% of total UK exports, and banking exposures to the Greek economy are fairly small, the financial services sector is anticipating the ripple effect that Greece leaving the single currency would have on other European markets – and investing in protecting itself accordingly.
While British banks have been reducing their exposure to European economies generally, when you consider that the financial services sector makes up about a tenth of Britain’s economy, it is no surprise that global compliance is top of the agenda.
Elsewhere, incoming legislation, such as the ring-fencing law – whose rules are expected to be finalised by the end of the year – is creating additional demand for regulatory analysts across financial services. While bankers, insurers and asset managers lobby government to loosen the current tax and regulatory regime, financial institutions are simultaneously bringing on board contractors to ensure they remain compliant.”