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“Hedge funds will go to great lengths in pursuit of , whether it is by counting cars in satellite photos of parking lots or shipping gold across the Atlantic. Building a —a piece of that turns human-written code into programs a computer can execute—for your homegrown language? That still raises eyebrows.

is the quant shops’ quant shop, and it does just that, with great success. Last year its trading revenue almost doubled, to $21bn, putting it on a par with giants such as and . And the goose that lays the golden egg is its system.

But it is what this system is built from that is really unusual. Other firms employ a hotchpotch of , allowing staff to choose the right one for the job. At Jane Street almost everyone works in an obscure tongue developed by French academics: .

Ask a at the firm for its benefits and they will reel off a string of features, such as its support for and , that make it hard to learn but powerful when applied to a problem. The company says the language helps “maximise the of each person we hire”.”

/ <economist.com/finance-and-econ> (paywall) / <archive.md/DQ0ku>

wo hands raise a small camel in their palms. A speech bubble appears to come from the camel's mouth and wraps around the wrists
The Economist · Jane Street’s sneaky retention tacticBy The Economist

“The big news this morning is that India’s has banned from the country’s markets for a “sinister scheme” to manipulate Indian and .

The Securities and Exchange Board of allege that the trading firm made $550mn of illegal gains from these strategies, which it is now wants back before the ban will be lifted”

<ft.com/content/41c4789a-afa6-4> (paywall) / <archive.md/dnE3V>

www.ft.comClient Challenge

@peterrenshaw it’s telling that the only place I know Jane Street for is hiring ads on 3blue1brown and Veritasium and Numberphile …

@darkuncle
“Lisp is worth learning for the profound enlightenment experience you will have when you finally get it; that experience will make you a better programmer for the rest of your days, even if you never actually use Lisp itself a lot” — Eric Raymond

Paul Graham noted a similar strategy as a sort of intelligence sieve. Those interested in learning an obscure non imperative (OC is ML, not purely functional) computer language were motivated not by money, but by curiosity alone.* The alternative? Blub programming.

<paulgraham.com/avg.html>

* OC is functional but ticks the “type-safe, compiled with static analysis & well tooled” boxes.

paulgraham.comBeating the Averages

@darkuncle the “building a complier” line tells me the author isn’t an SE, programmer or someone who hacks. They also missed an important point: “when you're writing software that only has to run on your own servers, you can use any language you want.” — pg.

I’ll bet Jane Street use their own .

@peterrenshaw given what little exposure I've had to high frequency trading and quant outfits, optimizing to gain milliseconds can result in millions in profit over the course of a year, so I wouldn't be surprised.