UK traders trump US counterparts on pay

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UK-based bond and derivatives traders trumped their US counterparts on pay and bonuses in 2004, with the gap in compensation widening to more than 10%.

A UK-based managing director in exotic credit trading at a top-tier firm made about 130,000 (€189,000) in salary and a 1.5m bonus last year.

The same person in the US made the equivalent of 100,000 in salary and 1.1m in bonuses, according to a survey by Napier Scott, the capital markets recruitment firm.

The survey also showed that UK employees had their basic salary increase cut to about 5% from 10%, putting them in line with the US.

The survey said: "For the first time in our records we are now witnessing both sides of the Atlantic operating very similar pay structures and award systems. The best example of this is probably demonstrated by the UK reducing the basic salary pay rise from the customary 10% level to the US 5%."

The survey looked at pay in businesses including debt capital markets, credit default swaps trading, exotic credit trading and structuring, and currency derivatives sales and trading.

Overall, bonuses fell about 7% this year from a year ago, according to the survey.

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