I wonder how’s the work life balance there especially if you are full time employee and what’s it like to work their as a Linux engineer.
What the interns have wrought, 2021 edition
61–70 of 71 posts
Re: What the interns have wrought, 2021 edition
#62Earlier quoted context omitted.
> Like most companies, Jane Street also doesn't discuss pay. However, as we reported last year, pay for U.S. trading interns at Jane Street in 2020 was $14.5k a month, plus an extra $500 a week work from home stipend (making $16.5k as a monthly total) for. From https://www.efinancialcareers.com/news/finance/jane-street-p...
They’re paying their interns how much ? Either finance pays way more than I thought, or that’s wildly off - for comparison as the most senior developer in our London based organisation, having been here since the beginning, I make about $11k a month.
I saw a ad for a job at an HFT the other day claiming it paid $850k a year, not sure if that was base of TC though.
From what I hear though, interviews are hell, worse than FAANG or any tech companies and probably extremely competitive.
Re: What the interns have wrought, 2021 edition
#63Whenever I hear about Jane Street and other such trading companies I wonder what do they bring of value into the world. It seems they're basically just working on increasing economic equalities.
I personally think it's refreshingly honest to focus on moving a number up and to the right, rather than pretending to "make the world a better place" while the bottom-line is to move a number up and to the right.
Exactly. Trading has a clarity of purpose that I just love: unlike other jobs no one is lying to themselves, no one is claiming to help other people. We know there is only one reason why we work together: to make as much for ourselves and the firm as humanly possible.
Re: What the interns have wrought, 2021 edition
#64Whenever I hear about Jane Street and other such trading companies I wonder what do they bring of value into the world. It seems they're basically just working on increasing economic equalities.
they improve ocaml libraries?
Re: What the interns have wrought, 2021 edition
#65Earlier quoted context omitted.
Just because financial firms provide legitimately important services, doesn't mean the value they capture is commensurate with that value creation. So yes, it's a leap of abstraction for most people to grasp that 'market making' etc. is an important function, and that there's legit value created. ... but the amount of surplus capture is gigantic and that's the problem. Fouquet became Louis IX 'CFO' and somehow at the…
If you count the trading firms that don't do so well, are the people in finance really making off with all that much money, or is it the best firms taking all the sunlight from the middle and worst firms?
Sure, but then you'd have to count the regular businesses that don't post heavy profits of which there are many.
Also either it's 'market making' or 'trading' I think it should never be the same thing under one roof and that market making should have a fair bit of regulation and transparency.
Re: What the interns have wrought, 2021 edition
#66According to wikipedia they have only 1200 employees. And 87 interns, that's quite a lot. Given the level of granularity in that code, I can't imagine what they are all doing. How do you have 87 people tweak a code-base and then just leave? There's an incredible amount of sophistication in some of those project, surely they're not all used, but imagine the team you need just to maintain any of that. With only 1200 st…
I think at most top of line places, internships are viewed as a two way interview. Firms get to see how the intern performs over 8-12 weeks, and the intern gets to see company culture/fit for 8-12 weeks. The work the intern is doing isn't the goal of the internship.
I understand that, but $45K is a huge amount of money to spend on that, and especially for so many.
I worked at a blue chip we hired a lot of interns and we put them to work, man they ran a lot of things.
That said, it was hit or miss.
Re: What the interns have wrought, 2021 edition
#67Where are we standing with multicore Caml?
Closer than ever :)
There is a monthly post on ocaml's discourse that reports progress in upstreaming patches into mainline ocaml (see https://discuss.ocaml.org/t/multicore-ocaml-july-2021/8232 for the latest). I think it'll happen next year.
Re: What the interns have wrought, 2021 edition
#68Do the interns get paid?
> Like most companies, Jane Street also doesn't discuss pay. However, as we reported last year, pay for U.S. trading interns at Jane Street in 2020 was $14.5k a month, plus an extra $500 a week work from home stipend (making $16.5k as a monthly total) for. From https://www.efinancialcareers.com/news/finance/jane-street-p...
It sounds about right — finance engineering interns from our school like 5-6 years ago after our 2nd/3rd years fielded offers for $12k-$14k a month, with a housing stipend included
Re: What the interns have wrought, 2021 edition
#69Re: What the interns have wrought, 2021 edition
#70Earlier quoted context omitted.
If you count the trading firms that don't do so well, are the people in finance really making off with all that much money, or is it the best firms taking all the sunlight from the middle and worst firms?
Sure, but then you'd have to count the regular businesses that don't post heavy profits of which there are many. Also either it's 'market making' or 'trading' I think it should never be the same thing under one roof and that market making should have a fair bit of regulation and transparency.
Are you aware of market making actually means?
Because your statement about "either it's 'market making' or 'trading' I think it should never be the same thing under one roof" is like saying "it either gotta be 'playing soccer' or 'kicking the ball', they should not be the same".
Sure, "kicking the ball" is done by many different sports and in many different ways, but it is literally an integral part of playing soccer, so you cannot say "either or" here. The same.
The whole point of market making is trading securities at both ask prices and sell prices, thus providing liquidity to the markets. So they essentially are making profit off bid-ask spread, but doing so reduces bid-ask spread and decreases market inefficiency (thus converging on a more accurate value of the security in question).
And to your point about regulation of market makers, they already have more than just a "fair bit of regulation and transparency".