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Heard on the Street: Quantitative Questions from Wall Street Job Interviews

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These results suggest that market liquidity conditions were resilient in the fixed income ETF market throughout the crisis. Moreover, the results suggest that fixed income ETF prices continued to provide a real-time view of the value of the underlying bonds during the crisis,” BoC said. “In contrast, the net asset value of fixed income ETFs with less liquid holdings provided only a lagged indication of their ‘true’ value due to poor bond trading activity.” Fed thumbs-up Jane Street is this big, important and growing player that no one’s really heard of,” says Steve Zamsky, previously head of corporate credit trading at Morgan Stanley and now a fund manager at Smith Capital. “They’re sophisticated, quirky and not typical of Wall Street traders.” Questions that appeared in (or are likely to appear in) traditional corporate finance job interviews are indicated with a bank symbol in the margin (72 of the 242 quant questions and 196 of the 267 non-quant questions). This makes it easier for corporate finance candidates to go directly to the questions most relevant to them. Most of these questions also appeared in capital markets interviews and quant interviews. So, they should not be skipped over by capital markets or quant candidates unless they are obviously irrelevant. He has previously written commentary on a wide range of companies for Heard on the Street, including airlines, real estate companies and luxury goods makers. However, a fire sale by investors desperate to raise cash hit bond trading in March. That meant APs struggled to narrow the widening dislocations between the fast-sliding prices of bond ETFs and the lagging value of their assets, simply because they had trouble selling the underlying bonds.

This wasn’t an ETF liquidity story,” says Matt Berger, head of bond trading at Jane Street. “It was liquidity drying up in the underlying fixed income markets.” In practice, many bond ETFs traded almost like traditional closed-end funds, the Bank of Canada concluded in a postmortem published in December. For an industry that often cultivates cinematic genesis stories, the opacity around Jane Street’s birth, ownership and even management is unusual. Nonetheless, the events of 2020 highlight just how big and influential the growing bond ETF universe is, and how vitally important firms like Jane Street are to their functioning. And that has some downsides.Stephen Wilmot is an editor of The Wall Street Journal's Heard on the Street column, based in London. In addition to editing, he writes columns about car makers, often focused on the impact of electric vehicles on automotive strategy and on the case for investing in companies like General Motors, Tesla and Volkswagen. Jane Street’s unorthodoxy goes well beyond its programming language. Mr Granieri is the only remaining founder still at the company, but there is no chief executive, hierarchy or even a clear management committee. Instead, Jane Street almost resembles an anarchist commune, informally led by a group of 30 or 40 senior executives. A smattering of titles have been reluctantly adopted in recent years, but internally they are little used and people rotate around the firm to keep things fresh. Few leave. The city of Montpelier is continuing to finalize the layout for FEMA’s temporary direct housing project to be placed on the city-owned Country Club Road property. This project is to provide housing to those who lost homes in the summer flooding event. City officials and FEMA contractors have settled on the boundaries, which are consistent with the outline shown to the City Council, according to the Oct. 13 city manager’s report. Additionally, the remainder of lease and infrastructure agreements are being completed. This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by He previously wrote Ahead of the Tape for the Journal and the Lex column for the Financial Times. He was an analyst and later director of Emerging Europe, Middle East and Africa Equity Research at Credit Suisse.

We think of ourselves as mainly built for crises,” says Rob Granieri, one of the company’s founders. Nonetheless, Mr Granieri insists there is little triumphalism at Jane Street. “I still walk in every day thinking that we’re still struggling to survive,” he admits. Jane Street traders in New York offices. The company’s forte is lubricating trading in exchange traded funds and other markets Liquidity warning A year ago, the world seemed oblivious to signs that a novel virus outbreak in China was a serious, global threat. But one of Wall Street’s biggest but most secretive money machines saw the debacle coming and battened down the hatches.Our basic service, standing ready to buy and sell ETFs, options and bonds, is even more critical in times of stress,” says Josh Kulkin, one of its top traders. “Because we bought all that extra protection we didn’t have to worry about the extreme moves, and were prepared to provide liquidity in an outsized way.” The reason Jane Street has been able to seize such a big role in bond ETF trading is that it straddles the approach of high-speed, algorithm-powered trading firms like Virtu or Jump Trading and the human bond traders that still dominate Wall Street trading desks. Advance Auto Parts stomped on the gas pedal and, instead of accelerating, flooded the engine. Since former PepsiCo executive Tom Greco took over in April 2016, and especially the past few years, the retailer has been notable for struggling in a hot retail category. Its shares have lagged behind rivals O’Reilly Automotive and AutoZone by 300 and 270 percentage points, respectively, and have shed more than half of their value during his tenure. This document was uploaded by our user. The uploader already confirmed that they had the permission to publish Tim Reynolds, Michael Jenkins, Mr Granieri and Mr Gerstein were soon joined by a medley of traders and coders, such as Yaron Minsky, who convinced the firm to adopt OCaml as its sole programming language. Today, Jane Street’s source code is 25m lines long, about half as much as the Large Hadron Collider uses.

They obviously have a lot of smart technologists, but in their DNA they are really traders,” says a one-time rival. “Many market-makers are very technology-driven, but Jane Street is a trader-driven firm. Jane’s niche is that they will price less liquid ETFs better than anyone.” One way for American banks to offset the pressure coming from rising deposit costs would be to boost business: More loans, even if earning less individually, could still lead to overall revenue growth. Equity ETFs are often supported by a plethora of market-makers and APs, but bond ETFs are more specialised, with a narrower club dominating activity. Some analysts and investors have long fretted what would happen if an accident were to befall one of the bigger players. “If you think the fixed income ETF market is systemically important, then Jane Street is systemically important,” says the one-time rival. Spencer Jakab is global editor of Heard on the Street, The Wall Street Journal’s home for financial analysis and commentary.What now for Wall Street’s least-known trading tycoons? Jane Street made a move into trading directly with investment groups in 2014 — territory historically dominated by big banks. It is now expanding its business in Asia and planning to push more aggressively into equity market options. Police Investigate School Bus Shooting; City Clears Encampment From Which Shots Were Allegedly Fired Even Charles Schwab, the founder of his eponymous brokerage and once a sceptic of the new breed of higher-speed, modern market-makers like Jane Street, has grown more appreciative of the role they play. “They provide an essential service to the marketplace,” Mr Schwab says. “They provide liquidity by both buying and selling, which is crucially important. You could see the results when markets took a deep dive in March of last year.” Jane Street’s executives say they are well aware of the implications. “We know we are an important part of the efficiency of many of these markets, and that’s something that we feel a huge responsibility for and take very seriously,” Mr Berger says.

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