The availability of IT jobs within the UK financial services sector has seen a sharp increase during the first two months of 2010, with derivatives products showing the greatest demand for labour. That's according to the latest financial services IT hiring index from recruiter McGregor Boyall.

The index tracks the number of vacancies received from a constant range of sixteen financial markets organisations. "We saw a steady increase in hiring requirements from the beginning of 2009 but this upward trend has accelerated significantly during the first two months of 2010 said Laurie Boyall, managing director of  McGregor Boyall.  "It is perhaps too early to tell whether this trend is anything more than a normal New Year spike but the increase is certainly more significant than anything we have seen in the last two years".

The index also shows that while availability of contract roles outpaced permanent hiring requirements for much of 2009, this has now been reversed. "This trend is typical of the early stages of recovery when the ability to hire on a permanent basis is constrained. However, the very sharp increase in the availability of permanent roles which is now outpacing contract requirements does seem to suggest an increasing level of confidence in the market, "added Boyall.

The most in demand skills for the first quarter of 2010 has been for developers (42% of vacancies) and business analysts (16%) of vacancies. The top three most active hirers from a product area perspective have been derivatives (19%); risk (13%) and FX (14%).