Distribution and Liquidity Management - NYC

The Firm

XTX Markets is a leading algorithmic trading firm which uses state-of-the-art machine learning technology to produce price forecasts for over 50,000 financial instruments across equities, fixed income, currencies, commodities and crypto. It uses those forecasts to trade on exchanges and alternative trading venues, and to offer differentiated liquidity directly to clients worldwide. The firm trades over $250bn a day across 35 countries and has over 250 employees based in London, New York, Singapore, Paris, Bristol, Mumbai, Yerevan and Kajaani.

We leverage the talent of the people who work here, modern computational techniques and state-of-the-art research infrastructure to analyse large data sets across markets quickly and efficiently, to maximize the effectiveness of our proprietary trading algorithms. We are actively seeking new methods and ideas. The models that drive our trading strategies have evolved considerably over the last 10 years, from econometric methods that gave our company its name, to trees, to neural networks, to modern deep learning architectures.

XTX Markets has an unrivalled level of computational resources in the trading industry, with a growing research cluster currently containing over 25,000 GPUs with 650 petabytes of usable storage. Teams across the firm include world-class researchers, developers and technologists with backgrounds in pure math, programming, physics, computer science and machine learning. The firm is also constructing a large-scale data centre in Finland to future-proof its significant computational capabilities.

At XTX Markets technology is our business and we are a diverse organization which attracts outstanding talent from across all industry backgrounds. We are focused on teamwork, and our people collaborate on all aspects of the business, working openly and with respect for each other, our clients and the market. Our culture is non-hierarchical and one where everyone is valued. We strive for excellence in everything we do.

The Role

Distribution and Liquidity Management.

You will be working in a small, collaborative and highly technical team to help build and further improve our rapidly growing client business across equities, FX, precious metals, ETFs and other products.

Your initial focus will be to manage a portfolio of existing equities and FX clients, but the remit is wide, and you should expect to be challenged and grow into a cross-asset role where responsibilities are fluid and will expand alongside our US business, which is growing rapidly. 

You will have full exposure to the workings of our business and be expected to contribute across what are typically three distinct roles at competitors: e-trading, e-sales, and product.

We play an active role in shaping market structure rather than just passively accepting the status quo: market participants will tell you things are impossible or just plain absurd, and you will achieve them anyway.

 

Responsibilities

The sort of things you’ll be doing day-to-day include:

• Analysing flow and optimising pricing across a portfolio of venues and clients – both institutional and retail/wealth firms.
• Maximising the value of existing client relationships. Where necessary you will use data, alongside your deep technical understanding of e-trading, to help convince clients of the benefits of evolving the way in which they trade with liquidity providers.
• Understanding and communicating XTX’s value proposition. To start with there will be a core focus on equities but we’ll provide training and, when you’re ready, the role will expand to become cross asset with a particular focus on equities and FX.
• Deepening relationships with existing clients by visiting them and understanding their business holistically.
• Becoming an expert in market structure and microstructure and debating these topics with clients, vendors, tech providers and regulators.
• Driving forward one-off projects. Typical examples include: writing market structure notes and working with the media; working with ECNs, TCA providers, aggregation vendors to improve their products; working with developers to improve internal tools and/or automate liquidity management processes.
• Occasional travel to customers and conferences, largely within North America – estimated 3-4 weeks per year.

 

Attributes

• A fundamental understanding of Electronic Trading, which will likely have been gained over 2-5 years in a relevant role. You will also be eager to learn or grow your knowledge of other asset classes. While this role primarily focuses on equities and FX, your experience may be rooted in a different asset class.
• Strong technical reasoning skills and an ability to reason from first principles in real-time.
• Track record of (and genuine interest in) client interaction – you do not have necessarily had to work in a Distribution role before.
• You actively seek to continuously improve and respond well to constructive feedback.
• You adhere to principles that objectively would be considered as moral and of high integrity.
• Current and former colleagues consider you hard agency, high energy, detail-oriented, pragmatic, proactive. You get things done.
• Excellent written, verbal, and presentational communication skills.

 

Benefits

• Extensive medical and wellness benefits including gym membership.
• Breakfast and lunch provided daily.
• Beautiful Hudson Yards office.
• 25 days paid holiday per year + statutory holiday and paid sick days.
• Generous 401k contributions.
• We work 4 days per week in the office, 1 from home unless stated otherwise.

Compensation

The base salary range for this role is between $150,000 to $225,000 depending on relevant job-related skills and experience. You will be eligible for participation in a discretionary annual performance bonus scheme and will enjoy a comprehensive package of benefits. All bonuses, benefits, and any sign-on payments are in addition to the base salary range stated.

Interview format

Our interview process is highly selective.

The first stage is an introductory meeting with the hiring manager, which will include technical questions and a general discussion.

In the next stage you will meet additional members of the team and complete a quant interview with another set of technical questions.

Technical questions will focus on trading intuition and seek to gain an understanding of whether you can reason from first principles about market microstructure and liquidity management topics. No preparation is necessary and we’re looking for signs of potential rather than the finished product.

The final interview will be with a member of the XTX executive committee.