Microstructure/TCA Quantitative Researcher
We are seeking a Quantitative Researcher to join a systematic equities team focused on transaction cost analysis (TCA), market microstructure research, and execution strategy development. The role will involve researching and improving order execution algorithms across cash equities and equity futures, with an emphasis on order placement, parent/child order optimization, and short-horizon trading environments.
Responsibilities

• Conduct research on market microstructure, order book dynamics, and execution quality.
• Develop and enhance execution strategies focused on minimizing transaction costs and improving fill performance.
• Analyze trading data to identify opportunities for improving order placement logic across venues and market conditions.
• Research and model execution performance related to VWAP, implementation shortfall, and other execution benchmarks.
• Collaborate closely with trading and technology teams to deploy research into production trading systems.
• Design and evaluate systematic approaches to liquidity discovery, venue selection, and order routing.

Requirements

• 4 to 6 years of experience in quantitative research, execution research, market microstructure research, or systematic trading.
• Strong understanding of exchange mechanics, order books, market structure, and electronic trading workflows.
• Experience researching execution algorithms, transaction cost analysis, or order placement strategies in equities markets.
• Strong programming skills in Python; familiarity with C++ is a plus.
• Experience working with large-scale market and order book data.
• Advanced degree in a quantitative discipline such as Mathematics, Statistics, Computer Science, Physics, Engineering, or a related field.

Preferred Backgrounds

• Quantitative Researchers focused on market microstructure or execution research at hedge funds, asset managers, or proprietary trading firms.
• Electronic Trading or Execution Quant Researchers from investment banks.
• Alpha Researchers with significant experience utilizing order book and market microstructure signals.
• Researchers with experience developing systematic execution strategies in cash equities or closely related asset classes.

This position offers the opportunity to work on high-frequency, short-horizon trading problems where market microstructure and execution quality are central to the investment process.