OpenQuant Newsletter - Edition #146
Quant News, Jobs & Internships, Upcoming Events, Puzzles and More!
Hello, fellow Quants!
Welcome to the OpenQuant newsletter - a publication dedicated to democratizing quantitative finance by sharing the latest news, jobs & internships, educational opportunities, and upcoming events in the industry.
Here’s what we have in this week’s edition:
Quant News - catch up on what’s happening around the quant industry.
Quant Jobs - discover the latest internships/jobs to land your next quant role.
Upcoming Events - find community events to meet fellow quants.
Educational Resources - latest research papers & courses to learn quant concepts.
Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.
News Headlines
📰 CFM Quants Hand Back $2 Billion to Investors as Assets Swell | Capital Fund Management, one of France’s biggest hedge funds, has returned $2 billion to investors from its flagship Stratus fund to protect performance and address capacity constraints.
📰 Citadel Securities on Track for Record Trading Year | Citadel Securities reported a bump in Q3 net trading revenue that puts the firm on track to break last year’s record, as it competes to fill orders around the world for retail & institutional investors.
Our Top Internships
✨ Trillium Trading - Software Engineer Intern | a leading proprietary trading firm active in US, Canadian, and OTC equities markets.
✨ Stevens Capital Management - Quantitative Research Analyst PhD Intern | a hedge fund specializing in the rigorous development of empirically based trading strategies.
✨ DV Trading - 2026 Trading Summer Internship | a proprietary trading firm with a significant presence on derivatives and securities exchanges worldwide.
✨ Pimco - Portfolio Management Associate Intern | a leading global asset management firm with a specific focus on active fixed income investing.
Our Top Full-Time Positions
✨ Stevens Capital Management - Senior Quantitative Researcher Futures | a hedge fund specializing in the rigorous development of empirically based trading strategies.
✨ Aleto - Quantitative Developer | a firm expanding the frontier of investing through innovative, state-of-the-art strategies.
✨ Virtu Financial - Systems Engineer | a financial services company that provides global market-making and execution services using advanced technology.
✨ Aquatic Capital Management - Research Engineer | a Chicago-based quantitative investment firm specializing in systematic strategies.
Upcoming Events
📆 Citadel - Women’s Datathon | a competition where you work through a large and complex dataset, then present their findings to a panel of judges.
📆 Citadel - India Terminal | an online games-based programming competition for university students around the globe.
Educational Resources
🚀 [Quant Researcher] Distributed Training and Efficient Finetuning | a deep dive into DeepSpeed, FSDP, practical guidelines and gotchas with multi-GPU training.
🚀 [Quant Developer] Getting from tested to battle-tested | an article by Jane Street covering techniques to make tests clearer, more effective, and more pleasant to write.
🚀 [Quant Trader] Fooled by Randomness | an investigation of uncertainty, probability, human error, risk, and decision-making in a world we don’t understand.
Weekly Quant Puzzles
Question #1 - Probability
At the Philadelphia Zoo, there are 2 types of animals at the Water is Life exhibit: giant otter, red panda. The animals each perform one of these 5 actions: eating, sleeping, rolling, swimming, resting. I saw two animals at the exhibit and one of them was a red panda swimming. Assuming that it is equally likely for me to have seen any combination of species and actions (including duplicates), what is the probability that both animals were swimming?
Quote of the Week
“human traders who are not psychologically prepared will often override their automated trading systems’ decisions, especially when there is a position or day with abnormal profit or loss.” - Ernest Chan
Really solid roundup, thanks for putting this together! That Ernest Chan quote about psycholical preparation cuts to somthing often missed in quant discussion: even the best backtest means nothing if a trader panics during drawdown. The tension between systematic rigor and emotional discipline isnt just about following rules, its about understanding why themodel expects short-term pain for long-term gain, which demands a deeper intuition about market structure than most algo traders develop.