Is the job market really improving? While employers added 227, 000 jobs in February, the third straight month of gains,how does this impact workers in the financial tech industry?
It probably depends on the nature of your skill set and whether you pick sectors that are growing.
We know that sell side firms have downsized equity trading desks and that sales desks using CRM and content management systems can handle way more accounts than they used to. So productivity is up and there is less need to add people.
But what about software firms that target the capital markets space?
Here are two examples of firms that are hiring:
This morning Erado — a compliance firm involved in archiving electronic communications —announced was seeking to fill 70+ positions in customer services and technical support ranging from part time to full time.
Why is Erado, based in Renton, Washington, adding headcount when other firms aren’t? Erado focuses on a market that is booming — compliance/litigation and the need to capture, review and archive emails, instant messages and social media content from the likes of Facebook, Linkedin and Twitter. The company’s CEO Craig Brauff stated he is excited about the prospect of adding more employees from the area as the company continues to grow.
Founded in 1994, Erado helps organizations manage and enforce cost-effective compliance and records retention policies with a software-as-a-Service (SaaS) hosted model.
In February, Erado said it had added 11 new finance clients – citing a list of wealth management, financial advisory firms as new clients for its social media solution to be compliant with FINRA rules.
Obviously, an increase in regulatory requirements is adding to the compliance burden and helping Erado’s business. With the proliferation of regulations under Dodd-Frank, firms have an expanding need to archive emails, instant messages and social media, as well as use encryption, message security, and provide disaster recovery.
Yesterday, Fidessa announced the expansion of its derivatives operations with an office in Chicago. Fidessa said it chose Chicago to support its expanding client roster and service as a regional base for global futures and options trading. The new office located in the Willis Tower, will support new and existing clients using Fidessa’s global trading solutions for derivatives and other asset classes.
Though Fidessa has a strong position in the equities trading, it is not known for derivatives. But the regulatory push to trade derivatives on exchanges or electronic platforms known as swaps execution facilities or SEFs, could benefit Fidessa. Apparently, Fidessa has derivatives clients and is looking to expand its sales in the Chicago region, where the top 25 largest global FCMs are located.
“As we build on our success in this space, our derivatives clients are demanding next generation risk management, comprehensive market data and global order routing services to support their derivatives strategies,” stated Justin Llewellyn-Jones, COO at Fidessa US.
While there is hiring potential in Fidessa's Chicago office, it’s not clear that Fidessa’s will actually hire any additional staff in the short term. “Fidessa will staff the office with existing personnel and new hires in Chicago with expertise in the equities and derivatives markets,” the company said in its announcement. The office is expected to experience continued growth in 2012, suggesting that the firm will hire service and support staff as sales materialize.Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio