Quantitative Researcher - Delta One

As a Senior Quantitative Researcher in Delta One at DRW, you will lead quantitative research within the FICC options trading business. You'll develop and validate systematic futures-driven strategies that complement the broader FICC options franchise, partnering closely with options traders and developers to translate research into production strategies across global derivatives markets.

What you'll do

• Research, develop, and validate systematic delta-one futures strategies across global markets, including rates, FX, commodities, and equities
• Build and refine quantitative signal generation frameworks to support both standalone futures strategies and options portfolios
• Develop and evaluate futures-based hedging methodologies to improve portfolio risk management across the FICC options business
• Research directional options overlays grounded in quantitative futures signals, partnering with traders on implementation and evaluation
• Model and analyze strategy and portfolio risks, including exposure, volatility, liquidity, and cross-asset correlations
• Partner closely with traders, developers, and trading infrastructure teams to productionize research, establish model monitoring, and improve execution
• Conduct rigorous research, backtesting, out-of-sample validation, and performance attribution, incorporating realistic transaction costs and execution constraints
• Analyze live strategy performance to identify model weaknesses, changing market conditions, and opportunities for improvement
• Continuously refine models to improve signal quality, robustness, scalability, and capital efficiency
• Develop quantitative frameworks to inform portfolio construction, capital allocation, and risk budgeting within the FICC platform

What you bring

• 2+ years of experience in quantitative research supporting systematic trading, preferably in futures and listed derivatives
• A proven track record of developing quantitative signals or models that have been deployed in production and contributed to trading performance
• Strong understanding of derivatives pricing, volatility dynamics, and risk modeling
• Deep experience in signal research, statistical modeling, and alpha generation
• Expertise in research design, backtesting, and model validation, including addressing overfitting, data leakage, and implementation costs
• Fluency in Python and experience working with large-scale financial datasets
• Strong knowledge of market microstructure and execution modeling
• Ability to independently lead research projects while collaborating effectively with traders and developers

Nice to have

• Experience researching strategies across global futures markets, including equities, rates, commodities, and FX
• Experience integrating options strategies within systematic futures frameworks
• Familiarity with portfolio construction, capital allocation, and risk budgeting models
• Experience working within or alongside an options trading desk
• Experience supporting the full research lifecycle, from hypothesis development and empirical testing through production implementation and ongoing evaluation
• An advanced degree in Mathematics, Statistics, Physics, Engineering, Computer Science, or a related field

What we offer

• Annual base salary of $150,000 to $250,000 depending on experience, qualifications, and relevant skill set
• Annual discretionary bonus eligibility
• Group medical, pharmacy, dental and vision insurance
• 401k with discretionary employer match
• Short and long-term disability insurance
• Life and AD&D insurance
• Health savings accounts and flexible spending accounts

About DRW

DRW is a diversified trading firm with over three decades of experience, headquartered in Chicago with offices throughout the U.S., Canada, Europe, and Asia. The firm trades a variety of asset classes including fixed income, ETFs, equities, FX, commodities and energy across all major global markets, and has expanded into real estate, venture capital and cryptoassets.