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
📰 Jane Street Lost $15 Billion in Its First Down Month in a Decade | Jane Street posted roughly $15 billion of losses in July — its first monthly slump in about a decade — according to Bloomberg.
📰 Citadel Imposes Two-Year Non-Competes Even on Some Analysts | Ken Griffin’s Citadel is requiring non-compete agreements of as long as two years for investing staff, including some analysts.
Our Top Internships
✨ KeyBank - 2027 Summer Analytics and Quantitative Modeling | a major American regional bank headquartered in Cleveland, Ohio.
✨ AQR - 2027 Trading Summer Analyst | a global quantitative investment management firm founded in 1998.
✨ AQR - 2027 Research and Portfolio Management Engineering Summer Analyst | a global quantitative investment management firm founded in 1998.
✨ Tower Research Capital - Quantitative Trader/Researcher Intern - Summer 2027 | a prominent American quantitative and high-frequency trading firm.
Our Top Full-Time Positions
✨ Two Sigma - Quantitative Researcher | a New York-based financial sciences and quantitative investment firm.
✨ Wolverine Trading - Quantitative Trading Analyst | a diversified financial institution and proprietary trading firm.
✨ Jump Trading - Derivatives Quantitative Researcher | a large, private proprietary trading firm founded in 1999 and headquartered in Chicago.
✨ Tower Research Capital - Quantitative Trader/Researcher - 2027 | a prominent American quantitative and high-frequency trading firm.
Upcoming Events
📆 Jane Street: Get to Know Us - Strategy & Product | an info session about Jane Street’s Strategy and Product team and internship.
📆 Point72 - Fundamental Research Fellow, Canvas | 6-month intensive fellowship offering hands-on experience in research at Point72.
Educational Resources
🚀 [Quant Trader] OpenQuant Math Games | fast-paced mental math and brain games to prepare for your next quant trader interview.
🚀 [Quant Researcher] DiffusionGemma Explained | an annotated from-scratch reimplementation of Google’s new diffusion language model.
🚀 [Quant Developer] How the Claude agent loop works | understand the message lifecycle, tool execution, context window, and architecture that powers Claude.
Weekly Quant Puzzles
Question #1 - Brainteaser
You have a 10 by 10 by 10 cube made out of individual unpainted unit cubes. If you dip the entire cube in paint, how many individual cubes did not touch any paint?
Quote of the Week
“crashes are not randomly occurring lightning bolts; they are the consequence of the madness of crowds who are busy avoiding the last mania as they participate in what will turn out to be the current one.” - Emanuel Derman