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Heard on the Street: Quantitative Questions from Wall Street Job Interviews

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While almost every trading desk enjoyed a trading bonanza in 2020, Jane Street’s first-half revenues were equivalent to one-seventh of the combined fixed income, commodities and currency trading revenues of all the world’s biggest banks over the same period, according to research group Coalition. It was more than twice the reported earnings of Citadel Securities, the formidable market-maker owned by hedge fund magnate Ken Griffin. The city of Montpelier is continuing to finalize the layout for FEMA’s temporary direct housing project to be placed on the city-owned Country Club Road property. This project is to provide housing to those who lost homes in the summer flooding event. City officials and FEMA contractors have settled on the boundaries, which are consistent with the outline shown to the City Council, according to the Oct. 13 city manager’s report. Additionally, the remainder of lease and infrastructure agreements are being completed.

It’s that time of year again: alternate-side winter parking regulations begin Nov. 15. The object is to have residents park in a way that allows the Department of Public Works to clear each side of the street from snow and slush during winter. The regulation calls for all cars to be parked on the correct side of the street from midnight to 5 p.m. as indicated by building numbers in relation to the calendar days. For example, odd-numbered calendar days call for parking on odd sides of the street and even-numbered calendar days call for parking on even numbered sides of the street. The transition period to move your vehicle is from 5 p.m. to 11:59 p.m. No parking is allowed downtown from 1 a.m. through 6:59 a.m.The reason Jane Street has been able to seize such a big role in bond ETF trading is that it straddles the approach of high-speed, algorithm-powered trading firms like Virtu or Jump Trading and the human bond traders that still dominate Wall Street trading desks.

That extra confidence paid off handsomely when markets were thrown into a tailspin last March, and bond ETFs emerged as a major faultline. Some sceptics argue that only the Federal Reserve’s extraordinary stimulus prevented a disaster for fixed income ETFs, and remain convinced that they could still prove fragile. If an ETF trades above the value of its assets, APs buy the underlying securities that match the ETF and use them to create new shares to sell to investors. When ETFs fall below the value of their assets, they instead redeem shares for a proportional slice of the underlying portfolio and then sell them. Mostly this continuous arbitrage doesn’t actually require the ETF itself to buy or sell anything and keeps it trading in line with its index. He previously wrote Ahead of the Tape for the Journal and the Lex column for the Financial Times. He was an analyst and later director of Emerging Europe, Middle East and Africa Equity Research at Credit Suisse. Advance Auto Parts stomped on the gas pedal and, instead of accelerating, flooded the engine. Since former PepsiCo executive Tom Greco took over in April 2016, and especially the past few years, the retailer has been notable for struggling in a hot retail category. Its shares have lagged behind rivals O’Reilly Automotive and AutoZone by 300 and 270 percentage points, respectively, and have shed more than half of their value during his tenure.Our basic service, standing ready to buy and sell ETFs, options and bonds, is even more critical in times of stress,” says Josh Kulkin, one of its top traders. “Because we bought all that extra protection we didn’t have to worry about the extreme moves, and were prepared to provide liquidity in an outsized way.”

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