OpenQuant Newsletter - Edition #3

Mar 13, 2023

Hello, fellow Quants!

Welcome to our weekly newsletter, where we share the latest jobs/internships, educational opportunities, and upcoming events in quantitative finance.

Here’s what we have on this week’s agenda:

Our Top Internships

✨ SMBC Capital Markets - Quantitative Researcher Intern | a Japanese multinational banking and financial services institution.

✨ Citadel - Associate Program (Equities) – Summer Internship, 2024 | an alternative investment manager working on behalf of the world's preeminent institutions.

✨ KeyBank - 2024 KBCM Equity Research Summer Analyst | an American regional bank that offers checking & savings accounts, credit cards, insurance, and loans.

✨ Millennium Management - Quantitative Developer/Trading Intern | a global investment management firm, built on a sophisticated operating system at scale.

✨ Bank of Montreal - Business Analyst, Summer 2023 Intern | a Canadian multinational investment bank and financial services company.

✨ Old Mission Capital - Junior ETF Trader | a global proprietary trading firm that leverages quantitative research and state-of-the-art technology.

✨ Wolverine Trading - Entry-Level Trader | a proprietary trading group engaged in market making and valuation arbitrage across global markets.

✨ Goldman Sachs - Trading/Quantitative Modeling Analyst | a leading global investment banking, securities, and investment management firm.

✨ Citi Group - Quantitative Analyst | an American multinational investment bank and financial services corporation.

✨ Susquehanna International Group - Quantitative Strategist – Graduate Hire | a global quantitative trading firm built on a rigorous foundation in financial markets.

📆 3/20 - IMC Prosperity Trading Competition | a global algorithmic trading challenge with a grand prize of a $25,000 tropical vacation.

📆 3/21 - NYU Virtual Seminar on Empirical Deep Hedging | a talk by Dr. Juho Kanniainen, a Professor in Quantitative Finance at Tampere University.

Last week’s puzzle:
“There are 12 people in 3 brackets competing against each other in a reality show. The final round has 4 contestants: the 3 winners from brackets A, B, and C, plus 1 of the dropouts from brackets A and B voted back into the game by the audience. What is the probability of winning the game for each member of bracket A or B? Assume an equal chance to advance and an equal chance for dropouts to be voted back in.”
Solution: 3/32
This week’s puzzle:
A family has 7 children, consisting of 4 boys and 3 girls. Assuming birth order is unknown and equally likely, what is the probability that the eldest 3 children are girls?

"If past history was all there was to the game, the richest people would be librarians."

- Warren Buffett