Algo developer getting paid

Why the top jobs in finance will go to gig workers

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eFinancial Careers reported on the Battle of the Quants meeting in June 2017.  The article quotes CloudQuant CEO Morgan Slade in discussing opportunities to be paid by becoming a crowdsourcing algorithmic trading developer.

 

Quantitative research and data science applied to create trading strategies

Morgan Slade, the CEO of CloudQuant, formerly with Merrill Lynch and Citadel, said they officially put their website up publicly six months ago and now researchers in 70 different countries are using it already. He sees this crowdsourced development model as an opportunity for students, recent graduates and career-changers alike.

“We’re tapping into the new skills coming out of educational institutions and students’ and graduates’ new ways of looking at things, but there are also opportunities for experienced people to connect the dots related to the ontological relationships between the data and the stock markets and other assets,” Slade said. “There are huge untapped resources out there, and we try to engage with the researchers as if they were employees and support them as such.”

Two of the freelance researchers wrote trading algorithms that were so impressive that Slade hired them as full-time portfolio managers.

“We’re building [in-house] teams to support [freelance] researchers’ investment strategies, and we expect that to continue,” Slade said. “If we see people who are especially talented, then we might decide to have remote teams centered on individuals who stand out.

“To be successful, they have to master a prediction step, a portfolio construction step and a trading expression step – we give researchers the chance to take a stab at portfolio construction and trade expression on their own,” he said. “We help them with things they’re not going to be good at, such as trade expression – we help them get better execution and give advice on portfolio construction if they need it.

“People are spending their free time doing research, and if they weren’t getting something out of it, then they wouldn’t be engaged with our site, and there are also experienced traders who don’t have the ability to build what we have – people are eager to retain their IP, which we let them, so add it to our platform and we can both make money off of it.”

Read the full article on eFinancial Careers

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