No matter that around 25,000 traders are thought to have lost their jobs in the current downturn, and that those in a job are worried if they will ever see a decent bonus again, but some financial markets professionals are still rocking.

The Wall Street Journal reports that many of the smaller US trading firms, like First New York Securities, have taken on competent traders from investment banks, as the latter have scaled back on risk and found that they have more front office staff on their hands than they know what to do with. First New York, for example, is said to now employ around 225 traders, and over 50 were taken on in the last 12 months from firms like JPMorgan and UBS.

Another trader the newspaper says is doing well is Steven Schonfeld, the owner of trading firm Schonfeld Group Holdings. Schonfeld has already bagged around 20 traders from bigger rivals in the last year, and is said to be looking for at least a dozen more. And he is doing rather well himself - making around $200m last year. In fact, Schonfeld is said to have recently spent some $90m on a new mansion near Long Island Sound, which has its own 9-hole golf course. And the Journal also says that construction work is underway on the grounds to build 'a poolside cabana designed to look like the Cove Atlantis resort in the Bahamas'. Nice.

And does Mr Schonfeld let anyone else play on his golf course ? Apparently not. 'It's not a private golf course', he told The Journal. 'It's a personal golf course'.

In the meantime, The Financial Times reports that UK market regulator The Financial Services Authority (FSA) has backed off from mandating that senior City bankers should have two-thirds of their bonuses deferred and payable in future years. The FSA is apparently concerned that, if the UK acted unilaterally (with no global agreement to do the same in place), the City would become uncompetitive. No kiddin'. While Bloomberg reports that too firm a stance from the regulator over bonuses will only result in further increases in base pay. Some, in fact. are suggesting that City base pay could double over the next few months - effectively providing nice guaranteed bonuses for the boys!

Finally, Reuters reports that, according to compensation consultant Alan Johnson from Johnson Associates, 2009 Wall Street bonuses will rise an average of 30% this year, although will still come in below 2007's record levels. Johnson told Reuters: 'It's going to be a tough year-end. People's expectations may be ahead of the financial (results)....You have a difficult political environment. On the other hand, that beats heading into the abyss like we were last year'.

Johnson estimates that fixed income, currencies and commodities professionals could see their bonuses rise up to 50% this year-end, but says that the poor souls working in asset management may see declines of up to 35% in their payouts.

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