Quantitative Researcher

PortalPlayer, Inc.; Chicago (IL); On-site; USD 175,000 - 225,000; Full time

Benefits offered by this job

401(k) and Roth 401(k)

Medical, dental, vision benefits

Generous vacation time

Parental leave

FSA for health care & dependent care

Job summary

Group One Trading is seeking a Quantitative Researcher in the United States with a focus on equity options. You will work with traders and developers to improve pricing and risk models, leveraging Python and SQL to analyze large datasets and test hypotheses.

Within 1–6 months you will progress from understanding current systems to owning research initiatives and implementing measurable improvements in trading performance.

Qualifications

• Experience in quantitative research for equity options.
• Strong knowledge of volatility modeling and option pricing.
• Ability to analyze large datasets and test hypotheses.

Responsibilities

• Develop an understanding of equity options market making and pricing models within 1 month.
• Independently analyze models and trading behavior and test improvements within 3 months.
• Own research initiatives from hypothesis through production implementation within 6 months.

Skills

Quantitative research

Equity options

Volatility modeling

Option pricing

Risk management

Python

SQL

Data analysis

Statistical methods

Independent thinking

Education

Advanced degree in Physics/Mathematics/CS

Tools

Python

SQL

Job description

Location: Chicago, IL or New York, NY
Salary Range: $175,000 - $225,000

Base salary is only one part of Group One Trading's total compensation, which includes an annual discretionary bonus.

THE OPPORTUNITY

Our Quantitative Researchers combine a deep theoretical and practical understanding of financial markets with a data-driven scientific mindset to drive our business forward. They partner with our quantitative software developers to improve our proprietary trading systems and with traders to translate quantitative research into better trading decisions. Our researchers generate and validate hypotheses that ultimately improve the trade quality, volume, and profitability of our equity options market-making.

The Skillset

• Professional experience in quantitative research, trading, or risk modeling within equity options
• Expertise with volatility modeling techniques such as local, stochastic, and rough volatility models, as well as arbitrage-free implied volatility surfaces
• Deep understanding of option pricing models, and measuring and managing complex portfolio level risk
• Strong foundation in probability, statistics, numerical methods, and empirical analysis
• Experience analyzing large datasets and rigorously testing hypotheses
• Understanding of equity options market structure and the practical dynamics of electronic market making
• Proficiency in Python and SQL, or comparable quantitative research tools
• Independent judgment, intellectual curiosity, and a willingness to challenge existing models and assumptions
• A bachelor's or advanced degree in a scientific field (e.g., Physics, Mathematics, Computer Science)

We value demonstrated research ability, options expertise, and trading insight over experience with any particular technology or academic pedigree.

What To Expect As a Quantitative Researcher

Within 1 month, you will develop an understanding of our equity options market-making business, proprietary trading platform, pricing and risk models, research environment, and historical data. You will work directly with traders and quantitative developers to understand how we price options, measure portfolio risk, and make trading decisions.

Within 3 months, you will independently analyze our models and trading behavior, investigate weaknesses or opportunities in how we represent risk, and test improvements against historical and live-market data. Your research will begin influencing our pricing, volatility modeling, hedging, and risk-management decisions.

Within 6 months, you will own research initiatives from hypothesis through production implementation. You will identify opportunities to improve how we model and manage the complex risks inherent in an equity options portfolio and work with traders and quantitative developers to turn successful research into measurable trading improvements.

The Benefits

Our Quantitative Researcher earns a competitive salary, including a performance-based bonus. We provide fantastic benefits, including 401(k) and Roth 401(k) retirement plans with employer matching, medical, dental, vision, generous vacation time, paid holidays, parental leave, and flexible spending accounts (FSA) for health care, dependent daycare, and parking or mass transit expenses.

Salary: $175000 - $225000 per year