Quantitative Researcher - Delta One

DRW•Chicago, IL

33d

About The Position

DRW is seeking a Senior Quantitative Researcher (Delta One) to join the FICC options trading business. This individual will serve as an embedded quantitative research lead within an established discretionary and systematic options platform, with a mandate to research, develop, and validate futures-driven systematic strategies that complement and enhance the broader FICC options franchise. This role focuses on delta-one strategy research, quantitative signal generation, systematic futures execution research, and portfolio hedging across global futures markets. The individual will partner closely with options traders and developers to translate research into production strategies and integrate futures-based signals, directional overlays, and risk-efficient hedging frameworks into the broader derivatives platform. This position is suited for someone with deep quantitative expertise, a demonstrated record of research contributing to trading performance, and experience developing scalable systematic models within derivatives markets.

Requirements

2+ years of experience in quantitative research supporting systematic trading, preferably in futures and listed derivatives.
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 Haves

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.
Advanced degree in Mathematics, Statistics, Physics, Engineering, Computer Science, or a related field

Responsibilities

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.