Conventional wisdom on the effect of the financial crisis on pay in the derivatives market runs something like this.

As far back as Bear Stearns’ absorption by JP Morgan in March 2008, remuneration packages began to weaken. The flurry of redundancies that followed the collapse of Lehman Brothers in September 2008 affected all the major investment banks, if not necessarily in derivatives (JP Morgan had announced cuts even before it acquired Bear Stearns). Continued rounds of belt tightening led to significant decreases in basic pay being offered to candidates; the disastrous performance of the leading investment banks caused bonuses to shrivel.

“The effect was most striking for new hires who lacked the negotiating leverage of an existing position,” says Rob Strichartz, managing director of Optimal Financial Recruitment, a US consultancy specialising in the global treasury and capital market industries.

Talking to derivatives professionals and headhunters, it seems that this familiar...