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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Two Sigma’s Feuding Founders Head to Arbitration in Fresh Battle | Two Sigma Investments’ billionaire founders are headed to another round of arbitration, the latest front in what seems to be intractable infighting at the quant trading giant.

📰 Marshall Wace Joins Hedge Fund Peers in Planning Japan Office | Marshall Wace, the $90B UK money manager, plans to open a Japan office next year, joining hedge fund peers building a local presence.

Our Top Internships

✨ Macquarie - 2027 Risk Management Group Summer Intern Program | a global financial services group providing clients with asset management.

✨ Kershner Trading - Trading Desk Intern Summer 2027 | a proprietary trading and technology firm that provides capital, trading infrastructure, and software.

✨ Pimco - 2027 Summer Intern – Trading Analyst | a global leader in active fixed income with deep expertise across public and private markets.

View all 100+ Internships

Our Top Full-Time Positions

✨ Bridgewater Associates - Trading Associate | one of the world’s largest and most successful hedge fund management firms.

✨ Bridgewater Associates - Portfolio Engineer | one of the world’s largest and most successful hedge fund management firms.

✨ FalconX - Core Quantitative Developer | a leading digital asset prime brokerage and cryptocurrency trading platform.

✨ Radix Trading - Quantitative Technologist | a quantitative research and proprietary trading firm that uses ML and statistics to trade on global electronic markets.

View all 100+ Quant Jobs

Upcoming Events

📆 Jane Street: Get to Know Us - Strategy & Product | an info session about Jane Street’s Strategy & Product team - a role at the intersection of tech and finance.

📆 CME Group - September Trading Challenge | prepare to face off against fellow traders and a pro in a risk-free, simulated environment for exchange futures.

Educational Resources

🚀 [Quant Developer] Intern Spotlight: 2026 Software Engineering Summer Projects | annual look at what our Software Engineering interns at HRT were up to last summer.

🚀 [Quant Researcher] An Introduction to Statistical Learning | a broad and less technical treatment of key topics in statistical learning.

🚀 [Quant Trader] High-Frequency Trading: A Practical Guide to Algorithmic Strategies and Trading Systems | a fully revised edition of the guide to HFT.

Weekly Quant Puzzles

Question #1 - Probability

Samuel flips a fair coin until he lands a tails. By playing this game, Samuel receives min⁡(64,2^n) dollars, where n is the number of times he flipped the coin. What is Samuel's expected payoff?

View the Solution

Quote of the Week

“Truth - more precisely, an accurate understanding of reality - is the essential foundation for producing good outcomes.” - Ray Dalio

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Virtu Exploring Sale of Brokerage and Algos Unit for More Than $3.5B | Virtu Financial is considering a potential sale of its agency brokerage & tech division, in a deal that would free up capital to invest in the company’s market making operation.

📰 Hudson River Trading Posts Record $11.4 Billion Trading Revenue | Hudson River Trading pulled in a record $11.4B of trading revenue in Q2 and went on to post a gain for the month of July, defying an AI stock rout.

Our Top Internships

✨ Pimco - 2027 Summer Intern, Trading Analyst | a global asset management firm specializing in active fixed-income investments.

✨ Xantium - Quantitative Researcher Internship | a global multi-strategy investment firm and quantitative trading division of Tudor Group.

✨ Xantium - Quantitative Developer Intern | a global multi-strategy investment firm and quantitative trading division of Tudor Group.

✨ Balyasny Asset Management - Quantitative Researcher - Risk (Summer Intern) | a multi-strategy asset management firm.

View all 100+ Internships

Our Top Full-Time Positions

✨ Geneva Trading - Senior Quantitative Risk Analyst | a trading company with best-in class technology, high-fidelity data, and a proven track record of incubating talent.

✨ AQR - Quantitative Research – Prediction Markets Analyst | a global quantitative investment management firm founded in 1998 by Cliff Asness.

✨ Pimco - Trader, Investment Grade Credit | a global asset management firm specializing in active fixed-income investments.

✨ Balyasny Asset Management - Engineer, Macro and Fixed Income Data Tech | a multi-strategy asset management firm.

View all 100+ Quant Jobs

Upcoming Events

📆 Five Rings Capital - LINK 2027: Software Development Intensive Program | a 5-day workshop exploring how trading systems technologies are designed and built.

📆 SIG - Discovery Program: Quantitative Trading and Quantitative Strategy | a multi-day event to learn what life looks like for our quantitative developers and traders.

📆 Valkyrie Trading: Campus Recruiting interest form | interest form for Valkyrie Trading’s one-week Trading Boot Camp later this year.

Educational Resources

🚀 [Quant Trader] A Collection of Dice Problems | a growing collection of dice-related mathematical problems, with accompanying solutions.

🚀 [Quant Researcher] The last 6 months in LLMs | an overview of the last six months in LLMs, illustrated by pelicans on bicycles by Simon Willison.

🚀 [Quant Developer] Richard Lee on Being a Quantitative Developer | an overview of the Quantitative developer role at Citadel Securities.

Weekly Quant Puzzles

Question #1 - Probability

Suppose you roll a fair 6-sided die until you’ve seen all 6 faces. What is the probability you won’t see an odd numbered face until you have seen all even numbered faces?

View the Solution

Quote of the Week

“Free financial markets—in which forecasters have real money on the line—are better at predicting events than pundits with nothing at stake” - Tarek Mansour

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. 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.

View all 100+ Internships

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.

View all 100+ Quant Jobs

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?

View the Solution

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

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Jane Street Joins $2 Billion Group With Bet on Australia AI | Jane Street is among a group of investors committing $2 billion to Australian data center company Firmus Technologies, marking the firm’s latest bet on the country’s fast-growing AI sector.

📰 Coatue’s Hedge Fund Sinks 8% in Worst Drop in More Than a Year | Coatue Management’s hedge fund plunged 8.3% last month, marking the latest technology-focused money manager to be whipsawed after a sharp selloff in AI stocks.

Our Top Internships

✨ TransMarket Group - Algorithmic Trader Intern | a privately held global markets proprietary trading firm, that manages risk in financial markets.

✨ Jump Trading - Campus AI Research Engineer (Intern) | a global, privately held proprietary trading firm founded in 1999 and headquartered in Chicago.

✨ Jump Trading - Campus Quantitative Researcher (Intern) | a global, privately held proprietary trading firm founded in 1999 and headquartered in Chicago.

✨ Virtu Financial - 2027 Internship - Frontend Engineer (UI) | a leading American electronic trading firm and global market maker.

View all 100+ Internships

Our Top Full-Time Positions

✨ TransMarket Group - Junior Algorithmic Trader | a privately held global markets proprietary trading firm, that manages risk in financial markets.

✨ Valkyrie Trading - Junior Derivatives Trader | a private proprietary trading firm founded in 2011 and based in Chicago, Illinois.

✨ Pimco - Senior Software Developer – Security Risk Modeling | a global investment management firm founded in 1971 in Newport Beach, California.

✨ Weiss Asset Management - Investment Analyst | a Boston-based hedge fund and investment firm founded in 1991 by economist Andrew Weiss.

View all 100+ Quant Jobs

Upcoming Events

📆 Jane Street - Bridge | a one-day program for first-and second-year students to learn about Strategy & Product or Institutional Sales & Trading at Jane Street.

Educational Resources

🚀 [Quant Trader] Stacie Mintz – Turning Qualitative Fundamentals into Quantitative Factors | a conversation on the evolution of quant equity strategies at PGIM.

🚀 [Quant Researcher] Causal Inference for The Brave and True | a light-hearted yet rigorous approach to learning impact estimation and sensitivity analysis.

🚀 [Quant Developer] Can you reverse engineer an ASIC? | a Jane Street puzzle on reverse engineering an ASIC.

Weekly Quant Puzzles

Question #1 - Probability

There are 5 distinct sets with 3 blocks each. Six blocks are removed at random. Compute the expected number of complete sets remaining.

View the Solution

Quote of the Week

“Don’t play to win —play to win by a landslide.” - Ken Griffin

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Hedge Fund Trader Kassam Readies a Billion-Dollar Millennium Cub | Farzad Kassam, a senior macro portfolio manager at Millennium Management, is preparing to start his own outfit with backing from Izzy Englander’s multistrategy firm.

📰 Man Group Assets Hit All Time High After Bumper First Half | Man Group hit a 16yr high after the company’s assets jumped in the first half of the year as clients put money into the firm’s long-only investment strategies, according to Bloomberg.

Our Top Internships

✨ Virtu Financial - 2027 Internship- Hardware Engineer (FPGA) | a global financial services and trading firm that specializes in high-frequency market making.

✨ Radix Trading - Quantitative Technologist (C++ Intern) | a private high-frequency proprietary trading and quantitative research firm.

✨ BlackEdge Capital - Quantitative Developer Intern | a trading firm based in Chicago that specializes in options market making and liquidity provision.

View all 100+ Internships

Our Top Full-Time Positions

✨ Hudson River Trading - Data Strategist | a multi-asset class quantitative trading firm that provides liquidity on global markets and directly to our clients.

✨ Pimco - Quantitative Research Analyst | a major global investment management firm specializing in active fixed-income markets.

✨ Virtu Financial - Machine Learning Engineer | a global financial services and trading firm that specializes in high-frequency market making.

✨ Radix Trading - Quantitative Researcher (Full-Time - PhD+) | a private high-frequency proprietary trading and quantitative research firm.

View all 100+ Quant Jobs

Upcoming Events

📆 Voloridge - Ascend Program | a program that brings together early undergrad and Ph.D. students to work closely with Voloridge researchers/traders.

📆 Jane Street - IN FOCUS | a program that invites undergrad and grad students to understand how we solve challenges at Jane Street.

Educational Resources

🚀 [Quant Trader] Harvard, Statistics 110: Probability | a free online course by Joe Blitzstein covering the foundations of probability.

🚀 [Quant Developer] A Day with Jonathan, a Software Engineer Intern at Citadel | a day in the life of a Software Engineer intern at Citadel.

🚀 [Quant Researcher] An Overview of Data Scientist Archetypes in the AI Era | an article covering how the data scientist role has evolved with AI.

Weekly Quant Puzzles

Question #1 - Statistics

Imagine you are given a standard deck of 52 cards (half of the cards are red and the other half are black). A run is defined as a block of cards that are drawn consecutively and all have the same color. As an example, BBRRBBB has 3 runs.

Part 1

Find the expected number of runs in a shuffled deck of cards.

View the Solution

Quote of the Week

“I don’t prompt Claude anymore. I have loops running ... prompting Claude and figuring out what to do. My job is to write loops.” - Boris Cherny

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Hedge Fund That Millennium Exited Reboots With Schonfeld Backing | Khalid Malik’s stocks-focused hedge fund that lost a $1.5B backing from Millennium more than two years ago has reset its business with a cash injection from Schonfeld.

📰 JPMorgan Moves Over 30 China Quant Researchers to Singapore, HK | JPMorgan Chase moved more than 30 quant staff from mainland China to Singapore and Hong Kong in recent months to consolidate the team in regional hubs.

Our Top Internships

✨ Seven Research - Deep Learning Researcher Intern | a quant research & tech firm specializing in systematic strategies, machine learning, and global financial markets.

✨ Seven Research - Algorithmic Developer Intern | a quant research & tech firm specializing in systematic strategies, machine learning, and global financial markets.

✨ Two Sigma - AI Research Scientist Intern | a financial sciences and quantitative investment management company.

✨ BlackEdge Capital - Quantitative Trader Intern | a proprietary trading firm specializing in options market making.

View all 100+ Internships

Our Top Full-Time Positions

✨ Old Mission Capital - Quantitative Trader (2027 Graduate) | a global, privately held quantitative market-making and proprietary trading firm.

✨ Bridgewater Associates - Commodities Research Associate | a massive American investment firm known as the world’s largest hedge fund.

✨ BlackEdge Capital - Graduate Quantitative Trader | a proprietary trading firm specializing in options market making.

✨ DRW - Quantitative Researcher | a prominent, technology-driven proprietary trading firm founded in 1992.

View all 100+ Quant Jobs

Upcoming Events

📆 Citadel - Ignite Women’s Trading Program | an invite-only, weeklong introductory program for sophomore women interested in exploring a career in trading.

📆 Akuna Capital - Expression of Interest: 2027 Trading Sneak Peek Weeks | one-week micro-internships designed to provide a hands-on intro to trading at Akuna Capital.

Educational Resources

🚀 [Quant Researcher] The Pricing of Options and Corporate Liabilities | an overview of the Black Scholes model — a mathematical framework for pricing options.

🚀 [Quant Trader] Quantitative Trading Summary - Headlands Tech | an attempt to shed some light on modern quantitative trading.

🚀 [Quant Developer] Introduction to Async in Rust | a talk on the world of asynchronous programming in Rust.

Weekly Quant Puzzles

Question #1 - Brainteaser

What is the smallest number of cuts required to create 64 unit cubes from a 4 by 4 by 4 unit block of wood?

View the Solution

Quote of the Week

“many of these algorithmic secrets, there are $100 million secrets that are a few lines of code” - Dario Amodei

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Citi Shares Drop as CEO Fraser Plans Deeper Job Cuts This Year | Citigroup Inc. shares slumped after the bank’s top executives said they plan to bring forward job cuts and key technology investments, moves that could increase costs later this year.

📰 Citadel Data Shows Retail Inflows Hit Near Record Highs Despite Option Fatigue | Retail investors are continuing to pour money into US equities at one of the fastest paces on record, even as signs of dip-buying fatigue are starting to surface.

Our Top Internships

✨ Hudson River Trading - Algorithm Development Internship (2027) | a quantitative trading firm headquartered in New York City.

✨ Flow Traders - Quantitative Trading Intern (2027) | a leading global proprietary trading firm and liquidity provider.

✨ Five Rings Capital - Quantitative Trader Intern (2027) | a quantitative proprietary trading firm founded in 2009.

✨ Five Rings Capital - Software Developer Intern (2027) | a quantitative proprietary trading firm founded in 2009.

View all 100+ Internships

Our Top Full-Time Positions

✨ Hudson River Trading - Algorithm Developer | a quantitative trading firm headquartered in New York City.

✨ Flow Traders - Institutional Trader | a leading global proprietary trading firm and liquidity provider.

✨ Five Rings Capital - Quantitative Trader | a quantitative proprietary trading firm founded in 2009.

✨ Five Rings Capital - Software Developer | a quantitative proprietary trading firm founded in 2009.

View all 100+ Quant Jobs

Upcoming Events

📆 Point72 - Fundamental Research Fellowship, Canvas | a 6-month intensive fellowship offering experience in research, business analysis, and collaboration.

Educational Resources

🚀 [Quant Trader] Akuna Options 101 | learn the intricacies of options trading including pay-off diagrams, volatility, and option screens.

🚀 [Quant Researcher] 3Blue1Brown - But what is cross-entropy? | an overview of where the loss function for training LLMs comes from.

🚀 [Quant Developer] Harness Engineering for Self-Improvement | how future AI progress will come from systems that can auto improve their own harnesses over time.

Weekly Quant Puzzles

Question #1 - Probability

Two players take turns rolling two six-sided dice. Player A goes first, followed by player B. If player A rolls a sum of 6, they win. If player B rolls a sum of 7, they win. If neither rolls their desired value, the game continues until someone wins. What is the probability that player A wins?

View the Solution

Quote of the Week

“When you develop your opinions on the basis of weak evidence, you will have difficulty interpreting subsequent information that contradicts these opinions, even if this new information is obviously more accurate.” - Nassim Nicholas Taleb

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Citadel Drops US Suit After UK Win Over Ex-Staffers | Citadel Securities dropped a US lawsuit accusing Portofino Technologies of trade-secrets theft, saying it was focusing instead on collecting a £6 million judgment against the firm’s founders.

📰 Macro Hedge Fund Deem Raised $1 Billion From Abu Dhabi’s ADIC | Asfandyar Nadeem’s hedge fund has received about $1 billion in new capital from an Abu Dhabi investor, amid a surge in appetite for macro strategies.

Our Top Internships

✨ Stevens Capital Management - Quantitative Research Analyst Internship | a firm that specializes in the rigorous development of empirically based quant trading.

✨ Optiver - Software Engineer Intern (Summer 2027 - Austin) | a leading global proprietary trading firm and market maker.

✨ Optiver - Quantitative Intern (Summer 2027) | a leading global proprietary trading firm and market maker.

View all 100+ Internships

Our Top Full-Time Positions

✨ Jane Street - Machine Learning Researcher | a highly secretive, quantitative proprietary trading firm and liquidity provider.

✨ Pimco - Software Engineer, Short Term Technology | a global leader in active fixed income with deep expertise across public and private markets.

✨ BlackRock - Analyst, Quant Research | a global asset manager and technology provider dedicated to helping more and more people experience financial well-being.

✨ Wolverine Trading - Quantitative Trader - High Frequency Futures | a proprietary trading group engaged in market making and valuation arbitrage across markets.

View all 100+ Quant Jobs

Upcoming Events

📆 CME Group - Trading Challenge | test-drive trading strategies with our range of futures products for a chance to win cash prizes.

📆 Point72 Academy Investment Analyst Program | a paid ten-month training program designed to prepare you for a potential career as an analyst at Point72.

Educational Resources

🚀 [Quant Trader] A Look Inside Jane Street’s Internship Program 2026 | a preview into the internship program at Jane Street.

🚀 [Quant Researcher] Complex Feature Engineering at Two Sigma | a podcast on the intricacies of feature generation in quantitative investment strategies.

🚀 [Quant Developer] Introducing Muse Spark 1.1 | an overview of Meta’s new multimodal reasoning model built for agentic tasks.

Weekly Quant Puzzles

Question #1 - Probability

Suppose you roll a fair 6-sided die until you’ve seen all 6 faces. What is the probability you won’t see an odd numbered face until you have seen all even numbered faces?

View the Solution

Quote of the Week

“I also learned the value of withholding judgement until I could make a decision based on evidence.” - Edward Thorp

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Hedge Fund Whale Rock Soars Nearly 73% in 2026 as Tech Bets Jump | Whale Rock Capital Management’s flagship hedge fund gained 72.5% this year, making the $19 billion tech-focused firm one of the industry’s top performers.

📰 Millennium to Back Citadel Alum’s Hong Kong Quant Hedge Fund Startup | Millennium Management will back a new quantitative hedge fund firm led by former Citadel researcher Paul Dou, which may oversee more than $1 billion.

Our Top Internships

✨ Virtu Financial - 2027 Internship - Quant Research (Undergrad) | a leading global high-frequency trading firm and electronic market maker.

✨ Blackstone - 2027 Quant and Portfolio Analytics Summer Analyst (London) | the world’s largest alternative asset manager, overseeing over $1.3 trillion in assets.

✨ Citadel - Quantitative Research Engineer – PhD Intern (US) | a massive multinational hedge fund founded in 1990 by Kenneth Griffin.

✨ Citadel - Machine Learning Researcher – PhD Intern (US) | a massive multinational hedge fund founded in 1990 by Kenneth Griffin.

View all 100+ Internships

Our Top Full-Time Positions

✨ Kalshi - Quantitative Developer | a federally regulated financial exchange that allows users to trade on the outcome of real-world events.

✨ Geneva Trading - Equity Delta-One & TRF Trader | a premier proprietary principal trading firm headquartered in Chicago.

✨ Pimco - Quantitative Research Analyst, Mortgages | a global leader in active fixed income with deep expertise across public and private markets.

✨ Wintermute - Options Trader | a leading global algorithmic trading firm and liquidity provider in the digital asset ecosystem.

View all 100+ Quant Jobs

Upcoming Events

📆 IMC Trading - Launchpad (Sydney) | IMC’s 3 day discovery program for students graduating in ‘28/29 who are curious about a career in quant trading or research.

📆 Equities – Citadel Associate Program | the Citadel Associate Program teaches foundational equities investing skills to aspiring early career talent.

Educational Resources

🚀 [Quant Trader] Portable Alpha: Solving the Funding Problem of Alternatives | a discussion on portable alpha strategies, focusing on managing risks and tracking error.

🚀 [Quant Researcher] Scaling Laws, Carefully | an article about how AI scaling laws predict performance improvements as models, data, and compute grow.

🚀 [Quant Developer] Efficient Algorithms and Intractable Problems | UC Berkeley’s open-sourced algorithm design and analysis course.

Weekly Quant Puzzles

Question #1 - Probability

A quilt shop sells three different colored quilts: blue, red, and green. Of the first 1000 quilts sold, 400 were green. Calculate the appropriate test statistic to determine if customers have a preference for green quilts. Assume random sampling, variance homogeneity, and that preference is approximately normally distributed.

View the Solution

Quote of the Week

“We are at what is widely viewed as a real inflection point in the evolution of technology, with the rise of large language models. Some are convinced that within three years almost everything we do as humans will be done in one form or another by LLMs and other AI tools. For a number of reasons, I am not convinced that these models will achieve that type of breakthrough in the near future.” - Ken Griffin

• Options are derivative contracts that give the buyer the right, but not the obligation, to buy (call) or sell (put) an underlying asset at a specified price before a set expiration date.

• Market makers provide liquidity by continuously quoting bids and offers around a theoretical value, profiting from the spread collected across thousands of trades.

• Option pricing depends on five primary inputs: the underlying price, strike price, time to expiration, interest rates, and implied volatility.

• The Greeks—delta, gamma, theta, vega, and rho—measure how an option’s price responds to changes in these inputs and are the primary tools traders use to measure and manage risk.

• Volatility is the central variable in options trading. The relationship between implied volatility (the market’s expectation of future volatility) and realized volatility (what actually occurs) is a major driver of profits and losses for many options trading strategies, particularly those used by market makers.

• The core tradeoff in options trading is between gamma and theta: long options gain positive gamma, benefiting from large price moves but suffering from time decay, while short options collect theta but are exposed to large adverse moves.

Read More: In this article we cover the foundations of options and their applications in quant trading.

Read more

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Hedge Fund With $1.5 Billion to Shut, Team Joins ExodusPoint | Ovata Capital Management, a Hong Kong hedge fund overseeing $1.5B, will shut its doors as its founder and most of its staff prepare to join ExodusPoint Capital Management.

📰 Jump Trading Buys Stake in Multistrat Digital Hedge Fund Nickel | Jump Trading has bought a minority stake in hedge fund Nickel Digital Asset Management, in signs that prop. trading firms are extending reach beyond traditional businesses.

Our Top Internships

✨ XTX Markets - AI Research Intern (New York) | a leading algorithmic trading firm which uses state-of-the-art machine learning technology.

✨ Radix Trading - Quantitative Technologist (Chicago) | a research firm, powered by technology and monetized through trading.

✨ Jump Trading - Campus Crypto Researcher Intern (London) | a privately held, Chicago-based proprietary trading and technology firm.

✨ Wintermute - DeFi Algorithmic Trading Internship (Singapore) | a leading global algorithmic market maker and liquidity provider in digital assets.

View all 100+ Internships

Our Top Full-Time Positions

✨ Arrowstreet Capital - Senior Software Engineer | a Boston-based investment firm delivering systematic strategies for institutional investors across global markets.

✨ Man Group - Quantitative Researcher | an investment management firm focused on performance and portfolio solutions.

✨ Man Group - Quantitative Portfolio Implementation Analyst | an investment management firm focused on performance and portfolio solutions.

✨ BlackEdge Capital - Trading Strategy Software Engineer | a proprietary trading firm based in Chicago, Illinois, specializing in options market making.

View all 100+ Quant Jobs

Upcoming Events

📆 Liquidity Arena 2026 - AI Quant Trading Competition | a global AI-powered quantitative trading competition organized by LiquidityTech.

📆 Bridgewater Associates - Forecasting the Future Competition | a global macro economics challenge hosted by Bridgewater Associates.

Educational Resources

🚀 [Quant Trader] Jane Street - Figgie | a free online game by Jane Street that simulates the exciting elements of markets and trading.

🚀 [Quant Developer] Building a Data Warehouse from Scratch | a discussion on Superstore, a distributed columnar database now central to Jane Street’s tech stack.

🚀 [Quant Researcher] How agents are transforming work | how AI agents are shifting from simple assistants to autonomous collaborators.

Weekly Quant Puzzles

Question #1 - Probability

If I roll a dice 36 times, what is the probability that each number appears exactly 6 times?

View the Solution

Quote of the Week

“If you are not aggressive, you are not going to make money, and if you are not defensive, you are not going to keep money.” - Ray Dalio

• While machine learning tends to excel at prediction and pattern recognition tasks, it often struggles greatly in identifying true causal relationships.

• This distinction is critical in quantitative finance, where individuals such as asset managers need to determine whether a strategy’s edge comes from a genuine causal driver (e.g., risk premium) or a spurious correlation.

• For example, while the VIX and total trading volume tend to be strongly correlated, the relationship is likely driven by a third external factor—market uncertainty—that influences both.

• Over the past few years, econometricians have developed several methods for teasing apart causality. In this article we cover three applicable to financial time-series data: difference-in-differences, synthetic control, and causal ARIMA.

Read More: In this article we cover the foundations and methods for causal inference with time series data along with their specific applications in Quantitative Finance.

Read more

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Citadel Backs Hedge Fund Toms Capital With $500 Million in Rare Move | Ken Griffin’s Citadel has backed Benjamin Pass’s hedge fund Toms Capital Investment Management in a rare move to allocate cash to an external money manager.

📰 Rokos’ Hedge Fund Weighs Paying Outsiders for Stock Ideas | Chris Rokos’ firm is looking at tapping stockpicking intelligence from outsiders, joining a slew of peers like Marshall Wace and Citadel that already operate such programs.

Our Top Internships

✨ Susquehanna International Group - Machine Learning Internship - PhD: 2027 | one of the world’s largest privately held quantitative trading and technology firms.

✨ Susquehanna International Group - Quant Research Internship - Summer 2027 | one of the world’s largest privately held quantitative trading and technology firms.

✨ Susquehanna International Group - Quantitative Trader Internship: Summer 2027 | one of the world’s largest privately held quantitative trading and technology firms.

✨ Quantitative Strategy Developer Internship: Summer 2027 | one of the world’s largest privately held quantitative trading and technology firms.

View all 100+ Internships

Our Top Full-Time Positions

✨ Two Sigma - Data Scientist - Modeling | a leading quantitative investment management and financial sciences firm.

✨ Two Sigma - Quantitative Researcher, Machine Learning | a leading quantitative investment management and financial sciences firm.

✨ Jane Street - Quantitative Trader | a quantitative trading firm and liquidity provider with a unique focus on technology and collaborative problem solving.

✨ TransMarket Group - Senior Corporate Bonds Trader | a privately held global markets proprietary trading firm.

View all 100+ Quant Jobs

Upcoming Events

📆 Akuna Capital’s 2026 Virtual Quant Trading Challenge | gain hands-on trading experience by writing your own market-making bots to compete an open exchange.

📆 SIG - First Year Discovery Event: October 2026 | join Susquehanna for a Virtual Discovery Day, designed for first-year students interested in quantitative trading.

Educational Resources

🚀 [Quant Trader] Cut the Knot: Probability | a book of probability riddles curated to challenge the mind and expand mathematical and logical thinking skills.

🚀 [Quant Researcher] SIG - How Do We Quantify the Value of a Defensive Basketball Player? | an article by a SIG quant on using stats to evaluating defensive prowess.

🚀 [Quant Developer] Jane Street OCaml Blog | Using OxCaml to implement type-safe reference counting between OCaml and Python.

Weekly Quant Puzzles

Question #1 - Finance

What’s the value of a vanilla European call option of infinite maturity, and a given strike, volatility, interest rate, and spot price?

View the Solution

Quote of the Week

“many of these algorithmic secrets, there are $100 million secrets that are a few lines of code.” - Dario Amodei

• Monte Carlo (MC) methods are a class of algorithms that allow us to estimate solutions to problems that are difficult or impossible to solve analytically.

• MC accomplishes this by repeatedly drawing random samples and leveraging statistical principles such as the linearity of expectation and the Law of Large Numbers, allowing estimators to converge toward the true solution as the number of samples increases.

• In practice, generating samples can be challenging for complex probability distributions (e.g., log-normal, multivariate, or otherwise non-standard distributions). As a result, specialized sampling techniques such as inverse transform sampling and rejection sampling have been developed.

• Given their ability to model uncertainty and evaluate high-dimensional integrals, Monte Carlo methods have become indispensable tools in quantitative finance, particularly for risk management, portfolio analysis, and derivative pricing.

Read More: In this article we cover the probability theory underpinning these methods along with their specific applications in Quantitative Finance.

Read more

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Citadel Backs Hedge Fund Toms Capital With $500 Million in Rare Move | Ken Griffin’s Citadel has backed Benjamin Pass’s hedge fund Toms Capital Investment Management in a rare move to allocate cash to an external money manager.

📰 Blackstone to Back Two Sigma Veteran’s Quant Hedge Fund Startup | Jinger Zhao, a former Two Sigma managing director who spent 18 years at the firm, is preparing to start her own Asia-focused hedge fund with backing from Blackstone.

Our Top Internships

✨ Walleye Capital - Equity Volatility Quant Researcher Intern (2027) | an American multi-strategy hedge fund management firm headquartered in New York.

✨ Walleye Capital - Investment Data Science Intern (Summer 2027) | an American multi-strategy hedge fund management firm headquartered in New York.

✨ Walleye Capital - Quantitative Developer Intern (Summer 2027) | an American multi-strategy hedge fund management firm headquartered in New York.

View all 100+ Internships

Our Top Full-Time Positions

✨ Wellington Management - Quantitative Strategist | one of the world’s largest independent investment management firms.

✨ Renaissance Technologies - Research Scientist | an investment management firm that employs mathematical methods in the design of its investment strategies.

✨ Arrowstreet Capital - Senior Quantitative Developer | a Boston-based investment firm delivering innovative, systematic strategies for investors across global markets.

✨ Point72 - Data Scientist | a premier global alternative investment firm led by billionaire investor Steven A. Cohen.

View all 100+ Quant Jobs

Upcoming Events

📆 Jane Street FTTP | On opportunity for first-year university students to learn about trading and technology models for a couple of days at Jane Street’s office.

📆 Point72 - Fundamental Research Fellowship, Canvas | a 6-month intensive fellowship offering hands-on experience in research and business analysis.

📆 OpenAI - AI Agent Security Competition | build an attack algorithm that stress-tests tool-using AI agents in a deterministic offline benchmark.

Educational Resources

🚀 [Quant Trader] Advances in Financial Machine Learning | learn to understand and implement the latest ML innovations to improve your investment performance.

🚀 [Quant Researcher] Deep Reinforcement Learning Bootcamp | video lectures from the Deep RL bootcamp held at UC Berkeley.

🚀 [Quant Developer] Formal methods and the future of programming | an article by Jane Street on their plan to make formal methods a useful tool for building software.

Weekly Quant Puzzles

Question #1 - Probability

Two players each start with 12 tokens. They roll three dice until the sum is either 11 or 14. If the sum is 14, player A gives a token to player B; if the sum is 11, player B gives a token to player A. They repeat this process until one player, the winner, has all the tokens. What is the probability that player A wins?

View the Solution

Quote of the Week

“It is important to view knowledge as sort of a semantic tree -- make sure you understand the fundamental principles, ie the trunk and big branches, before you get into the leaves/details or there is nothing for them to hang on to.” - Elon Musk

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Citadel Set to Pay for Trading Ideas From Other Hedge Funds | Ken Griffin’s Citadel is preparing to launch a new program that will collect trading insights from other hedge funds in exchange for a fee to feed into its own quantitative strategies.

📰 AI Isn’t Replacing Credit Hedge Fund Traders Yet, Barclays Says | Hedge funds and asset managers are increasingly using artificial intelligence when investing in global credit markets, but the technology isn’t replacing human traders.

Our Top Internships

✨ TransMarket Group - Quantitative Trader Intern | a privately held global markets proprietary trading firm in Chicago.

✨ TransMarket Group - DevOps/SRE Intern | a privately held global markets proprietary trading firm in Chicago.

✨ Stevens Capital Management - Quantitative Research Analyst Intern | a quantitative hedge fund manager based in Radnor, Pennsylvania.

View all 100+ Internships

Our Top Full-Time Positions

✨ Voleon Group - Member of Research Staff | a technology company that applies state-of-the-art AI and machine learning techniques to real-world problems.

✨ TransMarket Group - Junior Quantitative Trader | a privately held global markets proprietary trading firm in Chicago.

✨ TransMarket Group - Junior Software Engineer | a privately held global markets proprietary trading firm in Chicago.

✨ Pimco - Quantitative Research Analyst – Client Analytics | a global leader in active fixed income with deep expertise across public and private markets.

View all 100+ Quant Jobs

Upcoming Events

📆 Citadel NeurIPS Travel Grant | a grant to support rising talent in STEM. Share ideas, connect with colleagues and make an impact at conferences around the world.

📆 2027 Citadel Associate Program | a program designed to develop exceptional early-career talent into associates on Citadel’s equities platform.

Educational Resources

🚀 [Quant Researcher] Interpretable Machine Learning | a book on model-agnostic methods for interpreting black box machine learning models.

🚀 [Quant Developer] The Network as a Program with Nate Foster | a talk about what happens when you bring a software mindset to network engineering.

🚀 [Quant Trader] Get to Know Us: Nicole Talks Trading at Jane Street | an overview of the day in the lift of a quant trader at Jane Street.

Weekly Quant Puzzles

Question #1 - Probability

There are three coins in a hat. One with probability 1/3 of getting heads, another with probability ​2/3 of heads, and the last coin always landing on heads. I take one out and flip it twice landing on heads both times. If I flip the coin twelve more times, how many heads do you expect among these flips?

View the Solution

Quote of the Week

“We think the challenges, consolidation, and changes in the industry are due to one main factor: There isn’t enough alpha to make everyone happy.” - Dmitry Balyasny

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Citadel Securities Reels In Record $4.3 Billion Trading Haul | Citadel posted a record $4.3 billion of trading revenue in the first quarter as the firm benefited from the volatility that’s spurred windfalls at market-making peers and Wall Street banks.

📰 Two Sigma’s Main Macro China Fund Extends Tumble Into April | Two Sigma flagship onshore China fund lost further ground in April, after market turmoil related to the Iran war in March left it nursing its largest monthly loss on record.

Our Top Internships

✨ Voleon Group - Research Intern (London) | a tech company that applies state-of-the-art AI and machine learning techniques to real-world problems in finance.

✨ CME Group - Quant Risk Management Intern | an American financial services company that operates the world’s largest derivatives marketplace.

View all 100+ Internships

Our Top Full-Time Positions

✨ Point72 - Trader / Quant Analyst | a prominent global alternative investment firm founded in 2014 by billionaire investor Steven A. Cohen.

✨ Citadel Securities - Quantitative Trader | a tech-driven, next-generation global market maker that provides liquidity to institutional investors.

✨ Citadel Securities - Quantitative Research Engineer | a tech-driven, next-generation global market maker that provides liquidity to institutional investors.

✨ SquarePoint Capital - Junior Quant Researcher | a global quantitative hedge fund specializing in systematic, data-driven trading strategies.

View all 100+ Quant Jobs

Upcoming Events

📆 Jane Street - Visiting Researcher Program | pursue cutting-edge research in ML, programmable hardware, applied mathematics, and compiler design with Jane Street.

📆 Hull Tactical - Market Prediction | a competition to predict the stock market returns while also managing volatility constraints.

Educational Resources

🚀 [Quant Developer] Jane Street - strace-ui, Bonsai_term, and the TUI renaissance | an article on the resurgence of terminal user interfaces with AI coding agents.

🚀 [Quant Researcher] Intern Spotlight: HRT AI Labs Project | an intern project at Hudson River Trading’s AI Labs that explored using AI and ML.

🚀 [Quant Trader] Seeing Theory - Brown University | A visual introduction to the foundations of statistics and probability.

Weekly Quant Puzzles

Question #1 - Brainteaser

N undercover agents have been found in don’s lair. Less than half of them are terrorists and the rest are anti-terrorists. The nature of their job is so secret that there is no proof whatsoever to testify who is who. However, each of them knows who was the actual terrorist and who was the anti-terrorist because they worked in teams.

A query consists of asking person i if person j is anti. Anti will always speak truth but a terrorist may lie to confuse you. What is the fewest number of queries required to find the anti?

View the Solution

Quote of the Week

“Look for people who have lots of great questions. Smart people are the ones who ask the most thoughtful questions, as opposed to thinking they have all the answers. Great questions are a much better indicator of future success than great answers.” - Ray Dalio

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Former Citadel Quants Raise $78 Million for AI Fintech Moment | Moment, the fintech company founded by former Citadel traders and researchers, raised $78M after signing partners Edward Jones, LPL Financial Holdings and Hightower Advisors.

📰 Schonfeld-Backed Perbak Closing Hedge Fund After ‘Too-Short’ Run | Perbak Capital, a UK hedge fund backed by Schonfeld, is winding down after determining its assets haven’t grown enough to maintain a “financial buffer” to protect the business.

Our Top Internships

✨ Voloridge Investment Management - Quantitative Developer Intern 2027 | a Jupiter, Florida-based quantitative hedge fund.

✨ Voloridge Investment Management - Quantitative Research Intern 2027 | a Jupiter, Florida-based quantitative hedge fund.

✨ Jane Street - Software Engineer Internship | a quant trading firm and liquidity provider with a unique focus on technology and collaborative problem solving.

View all 100+ Internships

Our Top Full-Time Positions

✨ Hudson River Trading - AI Researcher, LLMs | a leading, multinational quantitative trading firm headquartered in New York City.

✨ Arrowstreet Capital - Senior Quantitative Researcher | an investment firm delivering innovative, systematic strategies for institutional investors.

✨ DV Trading - Graduate Trader (DV Commodities) | a prominent, multi-asset proprietary trading firm headquartered in Chicago.

✨ DV Trading - Quantitative Developer (DV Equities) | a prominent, multi-asset proprietary trading firm headquartered in Chicago.

View all 100+ Quant Jobs

Upcoming Events

📆 Virtu Financial - 2026 Quant Research Networking Event | Come network with Virtu’s researchers and recruiters on June 25th.

📆 Jane Street SEE | a select group of university students will meet Jane Street employees and learn how math and computer science have a real-world impact

Educational Resources

🚀 [Quant Trader] Quant Interview Questions | 100+ curated probability, discrete math, and finance questions sourced from past quant interviews.

🚀 [Quant Researcher] A ML based Pairs Trading Investment Strategy | an investigation of ML techniques to address developing pairs trading strategies.

🚀 [Quant Developer] ML & Data Centers at Jane Street: A Conversation with Dwarkesh | A conversation on GPUs, trading horizons, and hiring.

Weekly Quant Puzzles

Question #1 - Probability

How many permutations of {1,2,…,7} have no adjacent even digits?

View the Solution

Quote of the Week

“Most useful and most dangerous are the stock market averages, most useful in revealing the general trend of the market, most dangerous if they mislead the trader into forgetting that, after all, his profits depend on the movements of the individual stocks in which he deals.” - Philip Carret

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Citadel Tells Some Quant Staff to Relocate From Hong Kong, the Financial Times Reports | Hedge fund giant Citadel has moved some of its core researchers out of Hong Kong, highlighting pressures facing quantitative traders in the Chinese hub.

📰 Hedge Fund CFM Opens China Office, Assets Top $27 Billion | French quant hedge fund Capital Fund Management has opened an office in Shanghai, following in the footsteps of peers in establishing a presence in the world’s second largest market.

Our Top Internships

✨ Bridgewater Associates - 2027 Investment Associate Intern | an American investment management firm and the world’s largest hedge fund.

✨ Jane Street - Tools and Compilers Research and Development Internship | a highly successful, secretive quantitative trading firm and global liquidity provider.

✨ TransMarket Group - Systems Engineer Intern | a privately held proprietary trading and market-making firm.

✨ TransMarket Group - DevOps/SRE Intern | a privately held proprietary trading and market-making firm.

View all 100+ Internships

Our Top Full-Time Positions

✨ Flow Traders - Digital Assets Trader | a leading global technology-enabled liquidity provider and market maker.

✨ Flow Traders - Trading Systems Engineer | a leading global technology-enabled liquidity provider and market maker.

✨ Old Mission Capital - Python Engineer | a global, quantitative proprietary trading firm and multi-asset market maker.

✨ Old Mission Capital - Junior ETF Sales Trader | a global, quantitative proprietary trading firm and multi-asset market maker.

View all 100+ Quant Jobs

Upcoming Events

📆 Citadel - International Conference on Machine Learning Grant | a grant to support rising talent in STEM in attending conferences around the world.

📆 Citadel - High School Terminal | a Citadel hosted online programming competition of technical and creative problem-solving.

Educational Resources

🚀 [Quant Developer] Dwarkesh Goes Inside Jane Street’s Latest AI Data Center | a tour of Jane Street’s AI data center with 4,032 GPUs, liquid cooled.

🚀 [Quant Trader] A Collection of Dice Problems | a growing collection of dice-related mathematical problems, with accompanying solutions.

🚀 [Quant Researcher] John Gu – Crypto Market Making & The Cold Start Problem | a discussion on the intricacies of crypto markets and the founding of Caladan.

Weekly Quant Puzzles

Question #1 - Discrete Math

Raj and Rachel are playing a special game of tennis with the following rules:

1. Scoring starts at 0, when someone wins a point, their score goes up by 1 (thus after the first point, the score is either 1-0 or 0-1).

2. If a player gets 4 points before the other player, they win, unless the score was 3-3 (deuce). If it was a deuce, a player has to win by two points to win the game.

How many ways are there to get to a score of 4-4?

View the Solution

Quote of the Week

“If we can mobilize the effort to curate known mathematics and build the system to use and generate computational knowledge around it, then we will... thrust pure mathematics into a period of dramatic growth.” - Stephen Wolfram

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:

1. Quant News - catch up on what’s happening around the quant industry.

2. Quant Jobs - discover the latest internships/jobs to land your next quant role.

3. Upcoming Events - find community events to meet fellow quants.

4. Educational Resources - latest research papers & courses to learn quant concepts.

5. Quant Puzzle - keep your interview skills sharp with a weekly brainteaser.

News Headlines

📰 Sydney Hedge Fund Regal Sees Inflows Jump for Inflation Hedges | Sydney-based fund manager Regal Partners is on track to hit $1.4B in net inflow this year, as conflict in the Middle East spurs demand for strategies offering a hedge against inflation.

📰 Citi Targets $700B of Prime Balances in Hedge Fund Push | Citigroup is aiming to boost its prime brokerage balances to more than $700B by 2028 — more than triple the amount it had in 2022 — as the bank deepens ties with hedge fund clients.

Our Top Internships

✨ Stevens Capital Management - Quantitative Research Analyst Internship | a Pennsylvania-based quantitative hedge fund manager established in 2002.

✨ Gelber Group - Trading Internship, Boston Summer 2026 | a proprietary trading firm that uses technology-driven strategies to trade across global markets.

✨ Wintermute - DeFi Algorithmic Trading Internship | a leading global algorithmic trading firm and crypto-native market maker founded in 2017.

✨ Citadel - Quantitative Research Analyst Intern | a multi-strategy alternative investment manager, pursuing superior long-term returns for our investors.

View all 100+ Internships

Our Top Full-Time Positions

✨ Geneva Trading - Senior AI Engineer | a leading proprietary trading firm founded in 1999, specializing in listed derivatives, commodities, and fixed-income markets.

✨ Hillsdale Investment Management - US Portfolio Manager | an independent, employee-controlled, and client-aligned investment boutique founded in 1996.

✨ IMC Trading - Quantitative Researcher | a leading global market maker and proprietary trading firm specializing in algorithmic trading.

✨ IMC Trading - Senior Equity Options Volatility Trader | a leading global market maker and proprietary trading firm specializing in algorithmic trading.

View all 100+ Quant Jobs

Upcoming Events

📆 Jane Street SEE - a several day program offering classes and activities in two separate tracks: trading and research, and software engineering..

📆 Man Group Unconventional Investing Conference | a discussion featuring interactive sessions and thought-provoking presentations from Man Group’s leaders.

Educational Resources

🚀 [Quant Researcher] Mathematics for Machine Learning | a collection of resources to learn mathematics for machine learning.

🚀 [Quant Developer] Jane Street OCaml Workshop | Exercises and projects for Jane Street’s OCaml Workshop to help you get started developing in OCaml.

🚀 [Quant Trader] How The Economic Machine Works by Ray Dalio | a video that breaks down fundamental economic concepts like credit, deficits and interest rates.

Weekly Quant Puzzles

Question #1 - Probability

You place three dots along the edges of an octagon at random. What is the probability that all three dots lie on distinct edges of the octagon?

View the Solution

Quote of the Week

“Truth - more precisely, an accurate understanding of reality - is the essential foundation for producing good outcomes.” - Ray Dalio