- Citadel Trading Corporation
- Trader Development Rotation Program
- Ken Griffin’s fund Citadel rumored in shocking drop in Tiffany shares
- Ex-Citadel macro traders are finding new jobs at rival funds
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Citadel Trading CorporationMarch 20, pm Updated March 22, pm. The steep selloff had fueled speculation that the LVMH-Tiffany deal might be in trouble amid the coronavirus crisis. Indeed, LVMH was forced to issue a statement last week saying it was interested in buying Tiffany shares on the open market before its deal closed. The speculation comes as hedge funds eye their merger arbitrage desks — which take major positions in the stocks of merging companies, profiting from relatively small upticks when the deals are completed — as cash piles ripe for harvesting in case of a liquidity crunch, sources said. With the coronavirus crushing stocks, hedge funds are eager to keep a healthy balance sheet to protect against redemptions and margin calls, sources said. This strategy has become a financial minefield as virtually every asset class has imploded and the credit market has seized up, forcing many hedge funds to make a mad dash for cash, experts say. Read Next. Curbside beer sales satiate thirsty Americans during coron Stay informed with our Coronavirus Daily Update newsletter. Read Latest Updates. This story has been sharedtimes. This story has been shared 93, times. This story has been shared 59, times. Would you like to receive desktop browser notifications about breaking news and other major stories? Not Now Yes Please. Business exclusive. View author archive email the author follow on twitter Get author RSS feed. View author archive Get author RSS feed. Name required. Email required. Comment required. Enlarge Image. Ken Griffin Getty Images. More On: ken griffin. Read Next Curbside beer sales satiate thirsty Americans during coron Share Selection. Video length 50 seconds Heart-pounding house fire rescue of 8-year-old boy left for dead. More Stories. New York Post Would you like to receive desktop browser notifications about breaking news and other major stories? Post was not sent - check your email addresses! Sorry, your blog cannot share posts by email.
Trader Development Rotation Program
When you work for a major hedge fund, it can be hard to leave - especially if you're a particularly valued member of trading staff. In this case, you can find yourself slapped with a non-compete clause that prevents you from working elsewhere for two whole years. Citadel is a case in point. Headhunters say the fund uses punitive two year non-competes for various staff. One of those afflicted has just confirmed this. Over the next six years, he rose to become a quantitative researcher in Citadel's Chicago office, working on "alpha generation" for statistical arbitrage and high frequency trading. Zhang quit Citadel in May. It's not clear what he intends to do next, but with the two year non-compete he can't do anything for 24 months anyway. Zhang doesn't say so, but the upside of Citadel's non-competes is that you generally get paid while you sit out of the market mixing baby formula. The downside is that Citadel policies its policy pretty ferociously. Two years isn't forever and it might be argued that Zhang's lucky to have this time with his family. While he appears to be making the best of it, he's also clearly a bit irked by the situation. Under his present employer, he's listed: "My wife. Citadel's nasty non-competes don't seem to be persuading senior traders from joining. As we reported yesterday, it's just hired Bridgewater's head of trading in New York. Contact: sbutcher efinancialcareers. Get the latest career advice and insight from eFinancialCareers straight to your inbox. Please click the verification link in your email to activate your newsletter subscription. Click here to manage your subscriptions. Search Jobs. Graduate Guide. Ex-Citadel trader on punitive non-compete makes light of bad situation by Sarah Butcher 08 June Follow MadameButcher.
Ken Griffin’s fund Citadel rumored in shocking drop in Tiffany shares
When you think of data science, trading is probably not one of the first words that comes to mind. However, the applications of data science to trading are worth taking a look at. In addition, the career experiences of traders, outlined here, can help you succeed in other roles. Traders simultaneously manage risk, identify investment opportunities, and make critical trading decisions in a fast-paced environment. As critical as it is rewarding, this position requires a unique skillset and focus on quick critical thinking. To understand what makes a good trader, it helps to hear from the best. With maps and tools in hand, they peer out at the terrain and make decisions about how to most efficiently, and safely, get to higher ground. More literally, here are the primary roles of a trader:. Here are some of skills required to be a strong trader:. We also look for our traders to have moderate coding abilities. Most Citadel traders know how to code, but their skills are not expected to be on par with those of a software engineer. From there, Laurent takes a step back from the market and spends time communicating market information to the portfolio managers. Lastly, Laurent executes on trades and reviews opportunities to improve profitability. You must be a competitive and driven person who is not only comfortable working under pressure, but thrives under it. In your interview, be prepared to demonstrate your capacity to stay cool, calm, and collected. Like the other roles we covered in this Guide, strong communications skills are par for the course. Because of the fast-paced nature of your work, a successful trader knows how to communicate quickly and concisely. Because we entrust our traders with such a high level of personal responsibility, you will have to be comfortable taking complete ownership of something, and the highs and lows that go along with it. However, significant personal responsibility does not mean you are on your own. As with other positions, the ability to work in a team environment is not just important, it is paramount to your success at Citadel. Specifically, we aim to provide traders with the autonomy to make the most of their ideas and the resources of a firm that has billions of assets under management. Only you can decide if this industry is for you, but we hope this Guide helps you make an informed decision that will propel a long and successful career in data science. In markets around the world, we work relentlessly to uncover and capture new opportunities. Across a range of investment strategies, we deploy capital with the goal of delivering market leading investment results to our capital partners. All rights reserved. Investor Login Counterparties. Here are some of skills required to be a strong trader: Managing risk in uncertain conditions Recognizing patterns in large datasets Developing relationships with business stakeholders Understanding financial math, including asset pricing theory, probability and statistics We also look for our traders to have moderate coding abilities. You might also like.
Ex-Citadel macro traders are finding new jobs at rival funds
If your reading list is looking bare as summer winds down, one of the largest trading firms in the world has you covered. Citadel Securities, the market maker founded by Ken Griffin, released a fall reading list based on four topics it believes traders should read more on. Read more: An inside look at landing a tech job at one of Wall Street's largest trading firms, which is harder to get into than Harvard and requires final sign-off by the CEO — even for interns. The result was four books spanning a wide range of topics, touching on everything from a popular programming language to game theory. The suggestions are all highly analytical, which should come as no surprise coming from a firm that prides itself on taking such an analysis-driven approach to everything it does, including hiring interns. Why Citadel Securities says it's important: "Continuously challenge yourself to understand the breadth and depth of statistical methods. About the book: Originally published inthe fourth edition of the book was released in Basic statistic theories and techniques are explained using real-world examples. Buy it here. Why Citadel Securities says it's important: "The principles of game theory help traders understand the potential motivations for other market participants. Click here to buy. Why Citadel Securities says it's important: "The complexity and volume of data we analyze makes it helpful to be familiar with a coding language such as Python. The book aims to tackle the basics of learning the language specifically for those on Wall Street. Why Citadel Securities says it's important: "You'll want to cultivate both functional and domain knowledge. The book, according to its Amazon description, is known as "the bible" for those in business and economics. Account icon An icon in the shape of a person's head and shoulders. It often indicates a user profile. Login Subscribe. My Account. World globe An icon of the world globe, indicating different international options. BI Prime. Dan DeFrancesco. This story is available exclusively on Business Insider Prime. Join BI Prime and start reading now. Citadel Securities, one of the largest trading firms in the world, released a fall reading list based on recommendations from its traders. The books are centered around four topics its team felt traders should read more on: Statistics, game theory, Python, and options and futures.