eFinancialCareers

The commodities trading boom is making commodity focused quant developers a scarce commodity, say recruiters.

“Everyone is really focusing on it just now,” says Paul Thoma, managing director at IT recruiter Garthorne Associates. “Last year FX was a big focus. This year, banks are focusing a lot more on commodities, and recruitment is going crazy.”

Citigroup is among those understood to be hiring. The bank has declared its intention to increase commodities trading staff by 40% and is said by recruiters to have hired Dean Eaves to build a technology team in the area.

Using IT programmes, quantitative developers build a bridge between traders' daily need for pricing and structuring information, and the complex models produced by the front-office quantitative staff – the so-called rocket scientists.

Nic DeVito at Huxley Associates, confirms the appetite for quant developers with a commodity bent. “The massive expansion in commodity derivative trading means we’re seeing more and more sophisticated models and systems being put in place – and a related demand for quant developers with specific derivatives experience.”

DeVito says commodity quant developers don’t need specific experience of working with commodity derivatives – general derivatives exposure is sufficient. However, Thoma disagrees: “They want people who’ve worked with commodity issues before and can face off with the business on an experienced footing.”

Thoma says commodity quant developers with between five and 10 years’ experience can expect to earn a base salary of £100k, plus a 100% bonus. Huxley’s DeVito puts that figure even higher.