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The problem is that the LSE can't hire top tier talent. There are plenty of people who are experts in building hugely concurrent and fail-safe exchange software

by ig1 16y ago

The problem is that the LSE can't hire top tier talent. There are plenty of people who are experts in building hugely concurrent and fail-safe exchange software, and they pretty much all work for investment banks. The LSE can't afford to compete with $1000/day salaries so they end up hiring second-tier developers. And unfortunately second-tier developers are a lot lot worse than first-tier developers.

laktek 16y ago
I don't think it's about talent, but more of a problem of proper planning and execution. It seems things had been rushed to meet the tight demands, causing the chaos. When LSE acquired MilleniumIT, to redo the platform, they claimed to have developed world fastest trading platform[1] and had enough talent under their belt developing trading systems around the globe for last decade. [1] http://www.wallstreetandtech.com/exchanges/showArticle.jhtml?articleID=220000655 http://www.wallstreetandtech.com/exchanges/showArticle.jhtml...
- ig1 16y ago
  None of the exchanges have the required talent. Being the best exchange technology company is like being the best team in a minor league. If you're good at extreme low latency stuff you're going to be working for a bank. At a bank being great at low-latency can mean tens of millions of dollars of profit for your trading desk and a huge bonus for your personally. At an exchange being great a low-latency means ... well not much, your exchange gets a bit more flow and you get a pat on the back.
  - deleted 16y ago
    [deleted]
  - chollida1 16y ago
    > At an exchange being great a low-latency means ... well not much, your exchange gets a bit more flow and you get a pat on the back. Exchanges pay out bigger bonus' than you'd imagine. 7 figures for a programmer is high but no where out of the ordinary. Says a guy who has worked for an exchange.
    - ig1 16y ago
      I seriously doubt any exchange is regularly paying developers multi-million dollar bonuses. Which exchange did you work for, I don't see one on your linkedin profile?
      - _debug_ 16y ago
        Exchanges often use (relatively) esoteric hardware + real-time OSes, such as the Tandem NonStop series. Experience with such a platform + domain knowledge about the finance industry is a rare combination, so I find it plausible that a couple of core expert programmers on the stock exchange's system get compensated quite well. High six figures + 80% bonus == seven figure, I guess?
      - chollida1 16y ago
        > I seriously doubt any exchange is regularly paying developers multi-million dollar bonuses. I'd agree with that. Having said that, I doubt many investment banks are regularly paying developers multi-million dollar bonuses. The people who get those are called quants or traders, even if they have programming skills, just my experience. > Which exchange did you work for? I'd rather not say, if you want to know, contact me via email. Not sure how you got my linked in info as it's not attached to my profile.
  - rs 16y ago
    None of the exchanges have the required talent. Ahem, based on what evidence exactly did you reach that conclusion ? TBH, from all the exchanges/brokers I've seen and dealt with in the past, there are a few that are pretty solid - Deutsche Borse is one of them. There's EuroMTS as well. Essentially, most exchanges that deal with many market makers have got an extremely challenging technical problem to solve - scaling and latency. One that most investment banks can't even begin to solve. I'm not saying there aren't any good talent in banks - there are plenty. I'm just saying that there's some really smart, talented people in exchanges.
alecco 16y ago
That's very likely. Any programmer with even an entry level position at the LSE would get head hunted by multiple agents in the first month. And the investment banks do pay £700/day for talent.
- fendale 16y ago
  I know at least two guys who are getting paid closer to £1000 a day to work in London for a bank. The money is pretty much insane imho, and the guys tells me the 'talent' is just like anywhere else - ie most people are meerly compentent (but still getting paid £500 plus a day). Even graduates with zero experience are taken on at £300 a day or more. He seems to better than competent, and so has managed to negotiate a much higher rate.

by ig1 16y ago

laktek 16y ago

I don't think it's about talent, but more of a problem of proper planning and execution. It seems things had been rushed to meet the tight demands, causing the chaos. When LSE acquired MilleniumIT, to redo the platform, they claimed to have developed world fastest trading platform[1] and had enough talent under their belt developing trading systems around the globe for last decade. [1] http://www.wallstreetandtech.com/exchanges/showArticle.jhtml?articleID=220000655 http://www.wallstreetandtech.com/exchanges/showArticle.jhtml...

ig1 16y ago
None of the exchanges have the required talent. Being the best exchange technology company is like being the best team in a minor league. If you're good at extreme low latency stuff you're going to be working for a bank. At a bank being great at low-latency can mean tens of millions of dollars of profit for your trading desk and a huge bonus for your personally. At an exchange being great a low-latency means ... well not much, your exchange gets a bit more flow and you get a pat on the back.
- deleted 16y ago
  [deleted]
- chollida1 16y ago
  > At an exchange being great a low-latency means ... well not much, your exchange gets a bit more flow and you get a pat on the back. Exchanges pay out bigger bonus' than you'd imagine. 7 figures for a programmer is high but no where out of the ordinary. Says a guy who has worked for an exchange.
  - ig1 16y ago
    I seriously doubt any exchange is regularly paying developers multi-million dollar bonuses. Which exchange did you work for, I don't see one on your linkedin profile?
    - _debug_ 16y ago
      Exchanges often use (relatively) esoteric hardware + real-time OSes, such as the Tandem NonStop series. Experience with such a platform + domain knowledge about the finance industry is a rare combination, so I find it plausible that a couple of core expert programmers on the stock exchange's system get compensated quite well. High six figures + 80% bonus == seven figure, I guess?
    - chollida1 16y ago
      > I seriously doubt any exchange is regularly paying developers multi-million dollar bonuses. I'd agree with that. Having said that, I doubt many investment banks are regularly paying developers multi-million dollar bonuses. The people who get those are called quants or traders, even if they have programming skills, just my experience. > Which exchange did you work for? I'd rather not say, if you want to know, contact me via email. Not sure how you got my linked in info as it's not attached to my profile.
- rs 16y ago
  None of the exchanges have the required talent. Ahem, based on what evidence exactly did you reach that conclusion ? TBH, from all the exchanges/brokers I've seen and dealt with in the past, there are a few that are pretty solid - Deutsche Borse is one of them. There's EuroMTS as well. Essentially, most exchanges that deal with many market makers have got an extremely challenging technical problem to solve - scaling and latency. One that most investment banks can't even begin to solve. I'm not saying there aren't any good talent in banks - there are plenty. I'm just saying that there's some really smart, talented people in exchanges.

alecco 16y ago

That's very likely. Any programmer with even an entry level position at the LSE would get head hunted by multiple agents in the first month. And the investment banks do pay £700/day for talent.

fendale 16y ago
I know at least two guys who are getting paid closer to £1000 a day to work in London for a bank. The money is pretty much insane imho, and the guys tells me the 'talent' is just like anywhere else - ie most people are meerly compentent (but still getting paid £500 plus a day). Even graduates with zero experience are taken on at £300 a day or more. He seems to better than competent, and so has managed to negotiate a much higher rate.