And at the moment the feeling seems shared by many

"I fear for my place." And, at the moment, the feeling seems shared by many. "This note from a vendor of shares illustrates the atmosphere in the industry of intermediation. While the vast majority of the large international banks announce massive restructuring, many of the brokers or the intermediation of banks departments employees worry about their future. In the opinion of professionals, the France should be less affected than the City, where the ads are multiplied. "Many foreign banks have teams of intermediation relatively reduced to France, so that the haemorrhage of jobs is less important," said Thierry Guille, Director of Raymond James International.

However, in the opinion of specialists, the hexagon should not be spared. Among the brokers based in Paris off Bank no major announcement not been made. For many small and medium sized players, announced departures are limited to a few people, even more than a dozen. For example, Van der Moolen would have closed its French Office (a dozen employees, source internal). Future Finance has "frozen" intermediation Department, reducing its workforce of less than 10 people, he said, a few weeks ago. Since source market, other employees would be left of the "corporate". In Kepler Capital Markets, Laurent Quirin, the President of the Executive Board, also refers to less than a dozen departures over the past months to almost constant strength to more than 100 employees on Paris.

Activity in downturn

Among the players positioned on the mean values a segment in Bern , the answer is similar, although the net decline in operations adds to concerns. "Workforce 60 employees is stable, without reduction of scheduled employment plan," said Pascal Mathieu, the Director General of Gilbert Dupont. Same sound of a Bell in Arkeon (less than 50 employees) or Euroland Finance (15 people).

"For the moment, many brokers cut gently in their workforce, or freeze their hiring, but could see a few carts next year." "It is expected to, and we already see a decline in the volume of transactions on actions... a constant number of operators", summarizes Gilles Boyer, President and Chief Executive of Global Equities (about 70 persons).

Increasing regulatory constraints and costs for the profound changes in the industry (such as those generated by the directive on markets in financial instruments) added to trend downward of the brokerage commissions is not conducive to optimism. Many experts expect significant revenues in the sector decreased, while large segments of the customers of brokers, such as the negotiation for accounts own which tend to be reduced or closed or hedge funds.

"Productivity gains related to the introduction of new techniques such as algorithmic trading are near offsetting lower volumes and prices." "In a context of fragmented liquidity, unless very specific niches of the market players who have not reached the critical to be present on several platforms size and who have not yet made the necessary investment will no doubt more suffering than others", said Philippe Guilllot, Director of the negotiation and execution of CA Cheuvreux.

While possible cuts, brokers, traders, vendors or analysts are beginning to prepare for their future. Most of the surveyed patterns indicate receive more calls and profiles for a few months. "I see many entries in the brokering of derivatives and structured products." "For two months, I have see CV 30, against ten times less usually", indicates Gaël de Roquefeuil, consultant with Korn Ferry. The end of the period of the bonus expected setback for 2008 could lead to movements of teams at the beginning of next year.