DRW is a technology-driven, diversified principal trading firm. We trade our own capital at our own risk, across a broad range of asset classes, instruments and strategies, in financial markets around the world. As the markets have evolved over the past 25 years, so has DRW – maximizing opportunities to include real estate, cryptoassets and venture capital. With over 1000 employees at our Chicago headquarters and offices around the world, we work together to solve complex problems, challenge consensus and deliver meaningful results. It’s a place of high expectations, deep curiosity and thoughtful collaboration.

DRW is looking to bring on an Equity Analyst to build out a repeatable and scalable research process.  This process will support the derivatives trading team by providing inputs into options pricing and the structuring of trades.  As an Equity Analyst you will be responsible for understanding all the catalysts and events related to each stock as well as covering the corporate calendar, news stories, and sell side research.  We are looking for a results driven individual who enjoys the challenge of understanding a situation in a much greater level of detail than anyone else in the market.  In addition to providing daily research updates and real-time coverage for the traders, this role will be an opportunity to build a scalable process which can extend to sectors, indices, and cross asset coverage due to the diversified nature of the products the desk trades.  Another responsibility will be liaising with external data vendors to evaluate their products and working with software developers to implement a suitable database on which trade ideas can be generated.  Understanding the impact of stock events on derivatives markets will be key, as well as an ability to digest and synthesize complex corporate action and legal situations.  This is a rare opportunity to be in a research role where ideas can be quickly translated into trades within the same team and a chance to be associated with the resulting revenue stream.

Responsibilities:

  • Provide real-time analysis on a broad range of stocks to the trading team
  • Work with traders to structure trades around the research process output
  • Develop sector wide themes and macroeconomic thesis
  • Maintain dividend and earnings calendars
  • Create implied probability distributions for stocks based on fundamental analysis of company events
  • Model likely outcomes on stock price from various events and catalysts
  • Listen to company earnings calls, attending company shareholder events, industry conferences, etc.
  • Work with Software Engineers to develop automated web scrapers and other data analytics tools
  • Manage external relationships with investor relations teams, sell side research desks and data vendors
  • Engage with the intern and graduate hiring processes with a view to building out the team to support the wider product universe including sector indices, ETF options, and rebalances

Requirements:

  • Minimum 2 years in Equity research role (Hedge Fund / Market Maker / Sell Side Bank / Private Equity)
  • Extreme attention to detail and accuracy
  • Strong understanding of descriptive statistics
  • Coding capability in R , Python, Matlab or similar statistical language
  • Ability to synthesize qualitative and sometimes messy quantitative information, from often disparate and incomplete sources
  • Experience working with large data sets
  • Strong understanding of financial markets and global macro themes
  • Understanding of options pricing and greeks
  • Confident communicator

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