The new Singapore Mercantile Exchange (SMX) is searching for staff as it prepares for trading in early 2009.

SMX is looking to boost its current 15-strong headcount, according to a director-level spokesman. He tells us: “We are recruiting aggressively at the moment and expect to have about 75 staff in place by the time we go live. From there, we aim to grow to about 100 and we will then hire as and when there is demand.”

A wide range of roles is up for grabs, including risk, product development, compliance, legal, business development, finance and accounts, HR, operations and IT positions.

“Not all roles require commodities experience and SMX is considering candidates with FX and OTC backgrounds as well. However, some positions do require product specialists where commodities knowledge is important,” says the spokesman.

SMX is concentrating recruitment on the financial services sector, in particular banks and brokerage firms, he adds. “Working at SMX appeals to candidates who want the challenge of growing an exchange from the ground up. Singapore is already an equities and FX trading hub and it has great potential to emerge as a significant commodities trading centre.”

But don’t expect a huge short-term surge in related commodities roles at banks purely because of the new exchange. Many traders on SMX will be based at firms overseas and many commodities jobs within banks will remain over-the-counter focused, says Fabrice Desmarescaux, head of Asia Pacific financial services at Spencer Stuart. “There may be a few relocations to Singapore, but the extent remains to be seen,” he adds.