Options

Options Market Making — Quantitative Trader/Researcher

Applications open

Research and manage quotes in SPY and AAPL options. You will investigate volatility and relative value, adjust prices for the positions your desk holds and coordinate hedges with teammates. The exchange supplies option marks, Greeks and shared analytics.

What you'll do

Arm: Options — Market Making · Places: 4 per team · Team size: 7

About QTE

Queen's Tower Exchange is a financial-markets simulation for Imperial College London students. You will learn by testing ideas against live market data and competing with other student teams using simulated capital.

Responsibilities

Research how option prices and volatility vary across strikes and expiries.
Propose quote prices, sizes and inventory adjustments.
Test ideas on recorded sessions and work with developers on implementation.
Monitor positions and coordinate qualifying stock hedges in the matching underlying.
Review whether trading edge survives subsequent price changes and hedging costs.

What success looks like

Research that improves quoting and explains the risks behind a position. The team is scored on risk-adjusted returns, retained edge, vega-weighted market share and risk discipline, alongside its quoting requirements.

Prerequisite knowledge

Basic understanding of calls, puts, strike prices and expiry.
Introductory familiarity with delta and the role of volatility in option prices.
Comfort with probability, basic calculus and numerical analysis.
Enough Python to explore a dataset and explain your findings.

You do not need industry experience or advanced derivatives coursework. Foundations can come from university work or self-study.

Useful, but not required

Knowledge of gamma and vega, time-series analysis or an options-related project.

What you'll be taught

Much of your learning will take place during a dedicated training week, held after teams are selected and before trading begins. Your Head of Arm will deliver lectures exclusively for the teams in your arm, giving you a strong grounding in the concepts and tools you will use in your role.

How to interpret Greeks and use the exchange's pricing and risk tools.
How option market makers balance spreads, fills, inventory and hedging.
QTE's published quoting set, daily strike changes and pre-expiry wind-down.
How to evaluate retained edge after accounting for the underlying price move.
Why a stock hedge can reduce delta while leaving other option risks in place.

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