Q and As | Midas Technologies

From Summer Intern to Full-Time Success

Thu, 13 Feb 2025 00:00:00 +0000

Introduction

Meet Kevy, a master’s graduate from New York University who joined Midas Technologies as an options trading intern in the summer of 2024. Through his outstanding performance, he quickly earned a full-time position with our team. In this post, we highlight Kevy’s journey and growth at Midas, with insights to inspire your own career path.

Key Projects and Contributions

During his internship, Kevy played a vital role in the operation and monitoring of our high-frequency options market-making system across various assets. His work involved optimizing trading strategies, adjusting system parameters in real-time, and analyzing risk exposure, order book data, and market dynamics to enhance overall trading performance. Kevy also conducted research on the SABR volatility model using Python, improving the accuracy of volatility predictions and risk sensitivity calculations.

Additionally, he participated in a structured training program led by our team leader, deepening his understanding of options theory, HFT concepts, and their real-world applications. This foundational knowledge empowered him to tackle complex trading challenges effectively.

Collaboration and Mentorship

Collaboration is central to the Midas experience, and Kevy benefited from close interactions with experienced traders and quantitative researchers. His mentorship played a pivotal role in his growth, as he gained valuable insights into market dynamics and trading strategies. Kevy remarked, “The mentorship I received was incredible. The team’s willingness to share knowledge and provide guidance helped me grow both personally and professionally.”

Challenges and Learning Opportunities

Adapting to the fast-paced, high-pressure environment of options trading posed challenges for Kevy, particularly when it came to real-time decision-making and juggling multiple tasks. However, with the support of his training and mentors, Kevy developed strategies for breaking down complex problems into manageable steps, boosting both his confidence and efficiency.

Transition to Full-Time Role

Kevy’s analytical skills, adaptability, and ability to deliver results were quickly recognized, leading to a full-time offer at the end of his internship. He swiftly became an integral part of the team and continues to contribute to innovative trading strategies. In his full-time role, Kevy plays a crucial part in monitoring and adjusting the high-frequency trading system, ensuring it stays responsive to market dynamics and consistently delivers results.

Personal Reflection and Advice

Reflecting on his journey, Kevy shared, “The internship at Midas was a game-changer. It not only enhanced my technical and analytical skills but also taught me how to navigate the dynamic world of trading.”

His advice for prospective interns? “Stay curious and ambitious. The opportunities at Midas are endless if you’re willing to put in the effort. Every mistake is just a future funny story and a lesson in disguise. So, dive in, embrace the chaos, and enjoy the ride—it’s worth it!”

Call to Action

Inspired by Kevy’s story? Join our 2025 Summer Internship Program and start your journey with Midas Technologies. Applications are now open, and we can’t wait to meet the next generation of innovators. Apply Now!

Researcher Spotlight

Thu, 08 Sep 2022 00:00:00 +0000

Tell us about yourself

My name is Minda. I received B.S. degree from Tsinghua University and M.S. degree from Columbia University. I lived in New York City for seven years. I started my career as a machine learning researcher at Cubist Systematic Strategies and later moved to Google to develop Google Assistant with deep learning models.

After moving back home, I worked at Tencent for two years to help optimize their ads bidding platform before joining Midas.

Why did you decide to move from Big Tech to High Frequency Trading?

I am interested in solving challenging real-world problems with state-of-the-art technologies. High Frequency Trading, in certain aspect, is like tech companies in the sense that the amount of data is massive, and participants compete to provide the best service. Big tech companies have invested heavily on deploying models and computing powers in recent years to the extent that further development only achieves marginal improvement. The market making business, however, still provides ample opportunities to tackle given the solutions will require both technology and domain-specific knowledge. I decided to join Midas to be able to work on these interesting problems with a group of practitioners with similar motivations.

What are some differences between working at Google/Tencent and working at Midas?

The biggest difference would probably be the platform and growth.

Working at companies like Google/Tencent requires aligning research interests with the platform. It was relatively hard to quantify one’s contribution since there are thousands, if not tens of thousands of people working to improve the same platform. Maximizing one’s impact depends on selecting the right direction, which in turn relies on understanding the macro picture. As a result, the experience and skills gained are often tied to the platform and are non-transferable.

At Midas, we study the market microstructure from an objective aspect and compete to provide liquidity. As a quantitative researcher, I am also the user of the end product of my own work. So it is fairly easy to maximize the utility function.

How do you like working at Midas so far?

Midas has a legit tech stack which allows it to punch above its weight. I was honestly impressed during the interview and my first a few weeks here. At the core of my work here is the sense of ownership and responsibilities. My work directly impacts our performance and the quality of life for everyone in the team. The team has maximized transparency and promotes communication, which is unusual in the industry.

What advice would you give to others considering a career change?

I recommend an emphasis on long-term personal career development. We are in an era where work responsibilities are divided into minimal subareas. Similar to the idea of getting a take-away message after reading a paper or attending a seminar, it is crucial to learn stuff from your day-to-day work to the extent that you actually gain skill sets that are benefiting in the long run.

Trader Spotlight

Wed, 03 Nov 2021 00:00:00 +0000

Chenglong is a quantitative trader at Midas Technologies. As a recent graduate and one of the newest members of the team, he shares his unique perspective.

Tell us about yourself.

My name is Chenglong. I recently graduated from Renmin University of China with a bachelor’s degree in finance. Before I graduated, I interned with the team for a year. My career path has been quite different from my peers. While most finance majors strive for internships in consulting and investment banking, I instead spend my time on coding and modeling, leading me to Midas.

Why did you choose high-frequency trading?

I follow my interests. During college, I participated in several business competitions and entrepreneurial projects, as well as some modeling competitions and hackathons, usually finding myself drawn towards the latter events. After many similar experiences, I confirmed my interests and decided to pursue a job where I can write code and build models.

There is a book titled Bullshit Jobs that talks about the emergence of pointless jobs, which only make people busier. I deeply believe in the value of work and would never choose such a role. When I was an intern at Midas, I witnessed how low-latency trading improves the liquidity in the market, reducing transaction costs, and driving the market to be more rational and stable. I sense the creation of value.

Why Midas? What do you think of this company?

I chose Midas for four reasons:

I have a good opportunity to grow with the team. During my one year at Midas, I gained experience in the industry, learned great relevant knowledge, and got more familiar with the business. I am confident that I will be competent for more important roles here.
I agree with the philosophy of the company. Midas has an international vision with long-term greed, and would never kill the goose to get a few golden eggs. It is not running in a small operation style, which is commonly seen at other quant firms. Everyone in the team can give full play to their values.
Midas has great benefits for employees. During my internship, I already had a decent pay and it was improved after I took the return offer. At Midas, the bonus is paid quarterly, which I appreciate.
The culture at Midas is great. Here, at Midas, we embrace openness, equality and communication. For example, the name of the company is voted by the team. In leisure time, we play foosball and Super Smash. Besides, we are not encouraged to punch card and work overtime, and we enjoy unlimited vacation.

What is the application process like? How do you prepare for it?

I participated different projects during my internship and decided to take the return offer as a logical next step.

Quantitative trader is a combination of programmer and product manager at Midas. We need to write a lot of code as well as work side by side with engineers. To get ready for all this, you should hone your coding skill, and also show your communication skill.

I think practice comes first. It is quite common to feel confused with future career. However, those confusions cannot be cleared up easily. You will not be so certain about what kind of job you like until you gain some hands-on experience. Once you figure out the true interest of yours, it is not late to think more about your future career.

Developer Spotlight

Mon, 22 Mar 2021 00:00:00 +0000

Kevin is a quantitative developer and infrastructure engineer at Midas Technologies. He graduated from Liaoning University of Technology with a Bachelor’s degree in Computer Science.

When you were looking for career opportunities, why did you ultimately choose to pursue electronic market making instead of working in Big Tech?

For me, it all boils down to growth.

Generally speaking, Big Tech companies are very structured. They tend to follow a strict “chain of responsibility” design pattern, which leads to people developing a very specific area of knowledge. In electronic market making, tasks are typically not as granularized. People learn about a broad range of topics on the job, so that they grow horizontally as well as vertically.

I like that flexibility – I want to be at a place where I can use and develop a complete and versatile toolset.

What do you do for fun?

I enjoy outdoor activities, like going to the beach and exploring nature. I also enjoy sports. Baseball, volleyball, tennis, and swimming are among my favorites.

I like to bowl, but I don’t think bowling counts as a sport. For those who do, sorry!

What personality traits do you think are the most important for quantitative developers?

I think quantitative developers need to be more proactive than the average developer. The average developer might typically respond to problems as they happen, looking back at code mainly when something needs to be fixed. But, in an environment as competitive as market making, there is always room for improvement. We quantitative developers often find ourselves examining our code to see if it can perform better, even if it is already working well.

How would you describe the culture at Midas Technologies?

The culture is collaborative, and the team is full of talented and genuinely friendly people. In an industry where the technical work can be very challenging, these qualities are extremely important, yet hard to find.

Where do you see yourself in five years?

In five years, I want to be at the top of my field, managing my own team at Midas Technologies.

Trader Spotlight

Tue, 15 Dec 2020 00:00:00 +0000

We asked Jack, one of our full-time electronic traders, to share some of his thoughts with us. Jack holds a bachelor’s degree in economics from Shanghai Jiao Tong University, a master’s degree in finance from Syracuse University, and a master’s degree in operations research from Columbia University.

What makes you a good trader?

Basically, I tolerate risk well. In terms of math, I am willing to bear variance, as long as there is positive expected value. Also, I have always been passionate about quantitative finance and thus have invested time into sharpening my technical skills throughout my education.

What do you wish you had known when you started?

There are plenty of things I wish I had known at the start of my career. Quantitative finance can be a fiercely competitive field to break into, especially in China, where it is still relatively new. So you must position yourself wisely and choose a team where you can grow.

What is the best part of working at Midas Technologies?

There are so many great things about working at Midas. The best is the opportunity to work with a group of wildly intelligent people. Everyone here is not only smart and knowledgeable, but also very kind and humble – you can literally always ask anyone for advice.

What advice do you have for people interested in pursuing a career in trading?

If you think trading is all about “making a ton of money in the blink of an eye”, then I have a bridge to sell you. Trading is not as sexy as people think. The secret to success is going long-term greedy – doing the right thing consistently, keeping your word, and doing your homework.

Q and As | Midas Technologies

From Summer Intern to Full-Time Success

Introduction

Key Projects and Contributions

Collaboration and Mentorship

Challenges and Learning Opportunities

Transition to Full-Time Role

Personal Reflection and Advice

Call to Action

Researcher Spotlight

Tell us about yourself

Why did you decide to move from Big Tech to High Frequency Trading?

What are some differences between working at Google/Tencent and working at Midas?

How do you like working at Midas so far?

What advice would you give to others considering a career change?

Trader Spotlight

Tell us about yourself.

Why did you choose high-frequency trading?

Why Midas? What do you think of this company?

What is the application process like? How do you prepare for it?

As a recent graduate, what would be some points that you want to share with those who wants to take their first step into the industry from campus?

Developer Spotlight

When you were looking for career opportunities, why did you ultimately choose to pursue electronic market making instead of working in Big Tech?

What do you do for fun?

What personality traits do you think are the most important for quantitative developers?

How would you describe the culture at Midas Technologies?

Where do you see yourself in five years?

Trader Spotlight

What makes you a good trader?

What do you wish you had known when you started?

What is the best part of working at Midas Technologies?

What advice do you have for people interested in pursuing a career in trading?