OpenQuant Newsletter - Edition #96
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
📰 Credit Quants Fear Losing their Edge in European Trading Overhaul | Quantitative traders wiring up the $5 trillion credit market in Europe say new regulation promising greater data transparency will also drive up competition.
📰 Ex-Citadel Trader Northridge Gets $1 Billion From Marshall Wace | Richard Northridge, a former portfolio manager at Citadel, has received $1 billion from Marshall Wace to trade for its flagship hedge fund.
Our Top Internships
✨ Gelber Group - Algorithmic Trading Summer Internship | a Chicago-based prop trading company and one of the industry's most innovative & enduring firms.
✨ Pimco - 2025 Masters Summer Internship - Quant Research Analyst | an investment management firm providing solutions for institutions.
✨ Point72 - 2025 Cubist Quant Academy - Researchers | a leading global alternative investment firm led by Steven A. Cohen.
Our Top Full-Time Positions
✨ Akuna Capital - Quant, Market Microstructure | an innovative trading firm with a focus on collaboration, cutting-edge technology, data driven solutions and automation.
✨ Geneva Trading - US Interest Rate Trader | a global trading company with best-in class technology, high-fidelity data, and a proven track record of incubating talent.
✨ Radix Trading - Tools & Build Engineer | a research firm, powered by technology and monetized through trading.
✨ Goldman Sachs - Quantitative Engineering, Associate | the world's preeminent investment bank, serving the most influential corporations and institutions.
Upcoming Events
📆 Jane Street Academy of Math and Programming (AMP) | a five-week summer program for recent high school graduates interested in math and computer science.
📆 Peak6 Trading Bootcamp Micro-internship | a one-week program that will introduce you to options trading and allow you to deploy a real-world trading strategy
Educational Resources
🚀 [Quant Trader] Seeing Theory | a tool developed at Brown University for understanding probability and statistics.
🚀 [Quant Researcher] The Essence of Linear Algebra | a free course offering the core concept of linear algebra with a visuals-first approach.
🚀 [Quant Researcher] Reward Hacking in Reinforcement Learning | an in depth discussion of the phenomenon known as “reward hacking” in reinforcement learning.
Weekly Quant Puzzles
Question #1 - Finance
Jamison has two call options on the underlying S with initial price S0=24 and strike K=21. One option is European and the other is American. A European option is one where you can only exercise it at expiry, while an American option can be exercised at any time.
The European option is valued at 3.21 while the American option is valued at 3.15. You also have access to bonds with discount rate Z0=0.9. The underlying pays no dividends.
What is the arbitrage? Give the answer in the form of the initial credit you receive.
Quote of the Week
“I wasn’t the fastest guy in the world. I wouldn’t have done well in an Olympiad or a math contest. But I like to ponder. And pondering things, just sort of thinking about it and thinking about it, turns out to be a pretty good approach." - Jim Simons