Quantitative Researcher - Delta One at DRW

<p><strong>DRW</strong> is a diversified trading firm with over 3 decades of experience bringing sophisticated technology and exceptional people together to operate in markets around the world. We value autonomy and the ability to quickly pivot to capture opportunities, so we operate using our own capital and trading at our own risk.</p> <p>Headquartered in Chicago with offices throughout the U.S., Canada, Europe, and Asia, we trade a variety of asset classes including Fixed Income, ETFs, Equities, FX, Commodities and Energy across all major global markets. We have also leveraged our expertise and technology to expand into three non-traditional strategies: real estate, venture capital and cryptoassets.</p> <p>We operate with respect, curiosity and open minds. The people who thrive here share our belief that it’s not just what we do that matters–it's how we do it. <strong>DRW</strong> is a place of high expectations, integrity, innovation and a willingness to challenge consensus.</p> <p></p> <p></p> <p style="margin: 0in; font-family: Calibri; font-size: 14.0pt;"><span style="font-weight: bold;">Senior Quantitative Researcher – Delta One&nbsp;</span></p> <p style="margin: 0in; font-family: Calibri; font-size: 11.0pt;">DRW is seeking a Senior Quantitative Researcher (Delta One) to join the FICC options trading business. This individual will serve as an embedded quantitative research lead within an established discretionary and systematic options platform, with a mandate to research, develop, and validate futures-driven systematic strategies that complement and enhance the broader FICC options franchise.</p> <p style="margin: 0in; font-family: Calibri; font-size: 11.0pt;">This role focuses on delta-one strategy research, quantitative signal generation, systematic futures execution research, and portfolio hedging across global futures markets. The individual will partner closely with options traders and developers to translate research into production strategies and integrate futures-based signals, directional overlays, and risk-efficient hedging frameworks into the broader derivatives platform.</p> <p style="margin: 0in; font-family: Calibri; font-size: 11.0pt;">This position is suited for someone with deep quantitative expertise, a demonstrated record of research contributing to trading performance, and experience developing scalable systematic models within derivatives markets.</p> <p style="margin: 0in; font-family: Calibri; font-size: 14.0pt;"><span style="font-weight: bold;">Key Responsibilities</span></p> <ul style=" margin-top: 0in; margin-bottom: 0in;" type="disc"> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Research, develop, and validate systematic<strong> </strong></span><span style="font-family: Calibri; font-size: 11pt;">delta-one futures strategies</span><span style="font-family: Calibri; font-size: 11.0pt;"> across global markets, including rates, FX, commodities, and equities.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Build and refine </span><span style="font-family: Calibri; font-size: 11pt;">quantitative signal generation frameworks</span><span style="font-family: Calibri; font-size: 11.0pt;"> to support both standalone futures strategies and options portfolios.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Develop and evaluate </span><span style="font-family: Calibri; font-size: 11pt;">futures-based hedging methodologies</span><span style="font-family: Calibri; font-size: 11.0pt;"> to improve portfolio risk management across the FICC options business.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Research<strong> </strong></span><span style="font-family: Calibri; font-size: 11pt;">directional options overlays</span><span style="font-family: Calibri; font-size: 11.0pt;"> grounded in quantitative futures signals, partnering with traders on implementation and evaluation.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Model and analyze strategy and portfolio risks, including exposure, volatility, liquidity, and cross-asset correlations.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Partner closely with traders, developers, and trading infrastructure teams to productionize research, establish model monitoring, and improve execution.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Conduct rigorous research, backtesting, out-of-sample validation, and performance attribution, incorporating realistic transaction costs and execution constraints.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Analyze live strategy performance to identify model weaknesses, changing market conditions, and opportunities for improvement.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Continuously refine models to improve signal quality, robustness, scalability, and capital efficiency.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Develop quantitative frameworks to inform portfolio construction, capital allocation, and risk budgeting within the FICC platform.</span></li> </ul> <p style="margin: 0in; font-family: Calibri; font-size: 14.0pt;"><span style="font-weight: bold;">Qualifications</span></p> <ul style=" margin-top: 0in; margin-bottom: 0in;" type="disc"> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">2+ years of experience in quantitative research supporting systematic trading, preferably in futures and listed derivatives.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Proven track record of developing quantitative signals or models that have been deployed in production and contributed to trading performance.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Strong understanding of derivatives pricing, volatility dynamics, and risk modeling.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Deep experience in signal research, statistical modeling, and alpha generation.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Expertise in research design, backtesting, and model validation, including addressing overfitting, data leakage, and implementation costs.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Fluency in Python and experience working with large-scale financial datasets.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Strong knowledge of market microstructure and execution modeling.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Ability to independently lead research projects while collaborating effectively with traders and developers.</span></li> </ul> <p style="margin: 0in; font-family: Calibri; font-size: 14.0pt;"><span style="font-weight: bold;">Preferred Background</span></p> <ul style=" margin-top: 0in; margin-bottom: 0in;" type="disc"> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Experience researching strategies across global futures markets, including equities, rates, commodities, and FX.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Experience integrating options strategies within systematic futures frameworks.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Familiarity with portfolio construction, capital allocation, and risk budgeting models.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Experience working within or alongside an options trading desk.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Experience supporting the full research lifecycle, from hypothesis development and empirical testing through production implementation and ongoing evaluation.</span></li> <li style="margin-top: 0; margin-bottom: 0; vertical-align: middle;"><span style="font-family: Calibri; font-size: 11.0pt;">Advanced degree in Mathematics, Statistics, Physics, Engineering, Computer Science, or a related field</span></li> </ul> <p></p> <p></p> <p>The annual base salary range for this position is $150,000 to $250,000 depending on the candidate’s experience, qualifications, and relevant skill set. The position is also eligible for an annual discretionary bonus. In addition, DRW offers a comprehensive suite of employee benefits including group medical, pharmacy, dental and vision insurance, 401k (with discretionary employer match), short and long-term disability, life and AD&amp;D insurance, health savings accounts, and flexible spending accounts.</p> <p><strong>For more information about DRW's processing activities and our use of job applicants' data, please view our Privacy Notice at <a href="https://drw.com/privacy-notice">https://drw.com/privacy-notice</a>.</strong></p> <p><strong> California residents, please review the California Privacy Notice for information about certain legal rights at <a href="https://drw.com/california-privacy-notice">https://drw.com/california-privacy-notice</a>.</strong></p> <p><strong>#LI-JW1</strong></p>