Citadel Securities Software Engineer Salary

Citadel Securities Software Engineer Salary – Here’s How Much Top Market Makers Pay Their Traders, Engineers, Researchers, and More From Citadel Securities to Jump Trading

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Citadel Securities Software Engineer Salary

Angle down icon An icon in the shape of an angle pointing down. Insiders have collected Visa documents to reveal what high-frequency trading firms pay traders, researchers and other talent. DRW; Susquehanna International Group; Hudson River Trade; Citadel Securities; Jane Street; Eye support; Vicki Leta/Insider

No One Wants To Work For Citadel

Long ago, “high-frequency trading” was a dirty word on Wall Street — code for secretive companies to hunt down microwave towers, fiber optic cables and other expensive equipment and prey on other investors who were in front of them. process

Today, these “Flash Boys” – as they were called in Michael Lewis’ 2014 book – are the most powerful and influential trading juggernauts on the market. The controversy that once engulfed them has largely subsided, except for those who pay retail brokers like Robinhood for consumer trading orders. The practice, called payment order streaming, has come under increased scrutiny from regulators and lawmakers over the past year. .

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They are recognized as critical liquidity providers across a range of asset classes, including equities, fixed income, derivatives, ETFs and increasingly digital assets. They are privately owned and do not manage external funds such as hedge funds. They still guard their inner workings like characters in a John Le Carré detective novel, but some prop dealers have given up on secrecy.

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For example, Citadel Securities CEO Peng Zhao recently spoke with Bloomberg about his rise through the ranks in his first news interview. “You get to a point where staying under the radar is no longer an option,” he said of the decision to speak out. “We’d rather tell our own story than have the story told about us.”

“High-frequency trading” has lost some of its harmful effects as these companies have become strong bases in several global markets. Still, these organizations often favor a more stable “market maker” or “owner company organization,” in part because they see an emphasis on reducing speed, which emphasizes Tesla’s acceleration at the expense of its other engineering and design initiatives.

Billions per second speeds are still a critical competitive advantage. But as these companies continue to expand into new asset classes, including cryptocurrencies and longer trading horizons, new research and advanced trading algorithms are an equally powerful weapon.

“Our ability to make money is based on our research and quantitative horsepower and data science, not our speed,” David Olsen, president and chief investment officer of Chicago-based Jump Trading, told The Wall Street Journal.

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As a result, support trading firms are voracious hirers of engineers, data scientists, and quantitative traders and researchers. They fight to bring the most promising Ph.D. Every year, graduates with hard sciences compete not only with systematic hedge funds but also with Silicon Valley’s elite companies.

Due to fierce competition, many are looking beyond the borders of the United States to hire talented technicians. When US companies apply for visas on behalf of current or potential foreign workers, they must disclose how much basic compensation the workers receive. And every year, the Office of Foreign Labor Certification reveals this salary information in a huge data set.

Insider analyzed the agency’s 2021 disclosure data on permanent and temporary foreign workers to find out what these proprietary trading firms paid for talent last year. These figures do not include bonuses, which typically make up a significant portion of total compensation.

According to a U.S. Department of Labor document, the wages reported in the disclosures are the minimum amounts reported by companies on foreign worker certification applications for certain workers.

Interviewing For High Frequency Trading?

Wages are derived from the average wage paid by similar workers in a given occupation and industry, known as the “prevailing wage”.

In addition to Citadel Securities and Jump, other top market makers on the list include: DRW, Hudson River Trading, Jane Street, Susquehanna International Group and Tower Research. Virtu, one of the largest retail HFT firms, is a public company and is not listed.

Here are the salaries for the most common sales, engineering and research positions at US recruitment companies.

Citadel Securities last year employed more than 150 people on H-1B visas, including 49 quantitative researchers, 23 quantitative research analysts, 19 software engineers and 16 traders. Brendan McDermid/Reuters

Citadel Securities Jobs, Internships & Grad Programs

The market making of Ken Griffin’s financial empire, founded in 2001, is often overshadowed by its old hedge fund sibling Citadel.

This dynamic has changed in recent years due to its size. Citadel Securities is now one of the largest options and stock trading companies. It handles more than a quarter of US stock market volume and more individual investor trades than any other firm. But it has grown into a major player in ETFs, interest rate swaps, U.S. Treasuries and foreign currencies, trading with more than 1,600 financial institutions.

The expansion has attracted attention – also from tent investors. After posting a record $7 billion in revenue last year, the company in January received a $1.15 billion investment from Sequoia Capital and Paradigm, valued at $22 billion. Both venture capital firms are aggressively involved in crypto, which marks a change for Griffin, one of the digital asset’s most vocal critics.

But the e-commerce giant gained notoriety during the GameStop short-squeeze in 2021, becoming a conspiracy-minded retailer with close ties to popular free trading app Robinhood. Citadel Securities and other leading market makers pay retail brokers like Robinhood hundreds of millions in commissions for the right to place their clients’ stock and options trades.

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As one of the largest prop trading firms, Citadel Securities is surprisingly the most common employer of H-1B visa professionals. Last year, it hired more than 150 people through the H-1B visa program, including 49 quantitative researchers, 23 quantitative research analysts, 19 software engineers and 16 salespeople.

One of the oldest prop trading companies on the block, DRW was founded in 1992 by its namesake, Donald Wilson, who was then a young player in live trading on the Chicago Mercantile Exchange. Utilizing technology and focusing on the growth of e-commerce, the company started trading Eurodollar options. It has continuously expanded its scope with offices around the world and systematic trading strategies focused on commodities, forex, ETFs and cryptocurrencies.

DRW was one of the earliest financial institutions to adopt bitcoin, creating and trading the digital asset through its Cumberland subsidiary starting in 2014. With the spread of acceptance, it became one of the leading cryptocurrency market makers and in 2021 it was the first to adopt Goldman Sachs. Ever Crypto Block Trade in the form of Bitcoin Futures.

In 2020, amid spikes in business caused by the pandemic, Bloomberg reported that DRW generated $1.5 billion in revenue and $750 million before taxes, depreciation and amortization.

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DRW employs the fewest H-1B visa workers on this list, with a total of 21. That includes four quantitative business analysts and three software developers.

Hudson Securities leased 92 H-1B visas last year, trailing only the larger Citadel Securities and Jump Trading. HRT/Glassdoor

Hudson River Trading claims to be a math-centric company with a mantra of “Built by coders. Led by coders.” The smallest company on the list by headcount, HRT hired users, engineers and developers on H-1B visas last year — 92 in all, trailing only the much larger Citadel Securities and Jump Trading. Algorithm Developer (21), Core Developer (14) and Algorithm Engineer (11) are the most common positions hired by VISA.

According to LinkedIn data, the organization’s hiring pace has doubled in the past two years and the number of staff has doubled.

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Founded in 2002, HRT handles about 8% of daily U.S. stock trading, but like many of its competitors, develops algorithms for derivatives, forex, fixed income and cryptocurrency trading.

Last summer, the firm revealed plans to compete with Citadel Securities, Vertu and others through online brokerages that handle giant trades for individual investors.

Jane Street used the H-1B program last year to hire 14 software engineers and seven traders and two exotic options traders. Jane Street

Jane Street, like its main HFT competitors, trades across similar asset classes, from stocks and options to cryptocurrencies. But its bread and butter are exchange-traded funds, one of the world’s largest market makers, trading trillions in ETF volume each year.

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