OpenQuant Newsletter - Edition #97
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
📰 Quant Funds are Diversifying by Building Teams of Human Traders | Quant funds are turning to human stock-pickers to diversify returns. Ex: Qube Research and Squarepoint Capital backed human traders through portfolios run by third parties.
📰 Options Giant Optiver Bets Japan’s Market Is About to Boom | Optiver is expanding its derivatives empire in Japan, where it aims to boost a single-stock options market that has so far been virtually non-existent.
Our Top Internships
✨ DL Trading - Quantitative Sports Internship | a firm that develops quantitative algorithms to trade all major US sports.
✨ Xantium - Quantitative Developer Intern | a global multi-strategy investment team that strives to uncover opportunities to generate consistently strong returns.
Our Top Full-Time Positions
✨ Old Mission Capital - Junior Quantitative Researcher | a proprietary trading firm that specializes in market making, arbitrage, and automated trading.
✨ Optiver - Machine Learning Research Engineer | a proprietary trading firm and market maker for various exchange-listed financial instruments.
✨ Valkyrie Trading - Quantitative Trader | a Chicago-based company that aims to provide liquidity to various disjoint, competitive financial markets.
✨ Valkyrie Trading - Python Engineer | a Chicago-based company that aims to provide liquidity to various disjoint, competitive financial markets.
Upcoming Events
📆 Optiver - Future Focus 2025 | an exclusive educational program designed to give students a unique, behind-the-scenes look at the world of quantitative trading.
📆 Two Sigma - New Seekers Summit 2025 | learn how you can apply your experience to solve the toughest problems in financial sciences.
Educational Resources
🚀 [Quant Trader] A Practical Guide To Quantitative Finance Interviews | a book covering key concepts for quantitative finance interviews.
🚀 [Quant Researcher] Advances in Financial Machine Learning | learn to understand and implement the latest ML innovations to improve your investment performance.
🚀 [Quant Developer] Learn C++ | a free website devoted to teaching you how to program in modern C++ (the most common programming language for quant devs).
Weekly Quant Puzzles
Question #1 - Statistics
Using OLS, we regress y onto X1 and find that the model has an R^2 of 0.45. We also regress y onto X2 and find that the model has an R^2 of 0.3. Let [min,max] denote the lower and upper bound of R^2 of a model which regresses y onto X1,X2. Find both the min and max R^2 values for the new model.
Quote of the Week
“At the end of World War II, the average holding period for a stock was four years. By 2000, it was eight months. By 2008, it was two months. And by 2011 it was twenty-two seconds” - Scott Patterson