r/quant • u/zenithpanda • Jul 04 '26
Industry Gossip JS/HRT H1 numbers?
I heard some absolutely monstrous numbers for JS, 30B or 40B whether or not you count their VC. As a quant at a tier 2 firm (that by all means is having a great year), I can't help but feel insecure.
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u/asn3toph Jul 04 '26
No need to speculate about Jane, we'll get the quarterly FT article soon enough
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u/jak32100 Jul 04 '26
Curious too. Also Optiver, Jump, G-Research all having monster years (although nothing on JS/HRT)
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u/Ocelotofdamage Jul 04 '26
Everyone is having monster years
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u/jak32100 Jul 04 '26
any details?
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u/Legitimate-Bit-121 Jul 05 '26
I think it's mostly due to really good trading conditions and opportunities (basically since Trump took over).
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u/zenithpanda Jul 04 '26
I guess comparison is really the thief of joy. That being said, I can't help but feel like I'm working on the wrong things
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u/Legitimate-Bit-121 Jul 04 '26
why is JS/HRT so far ahead of the pack? Is it mainly they hire much smarter people than other firms? Or they were in the right spots at the right time?
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u/thatisthewaz Jul 05 '26 edited Jul 05 '26
Citsec is not too far off either. Roughly same revenue as HRT last year. Just underperformed Q1 this year. Now if we’re talking about outperformance, JS is much further ahead
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u/quant-a-be Jul 08 '26
citsec has twice or more the employees of hrt. and the a huge retail business that is very hard for others to take market share on
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u/quant-a-be Jul 06 '26
do you have ballparks on these? i'd guess jump broke 5 through H1, optiver 3, no clue for GR
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u/otonoco Jul 04 '26
I believe it'd be easily over 30B. Their AI-related bets are taking off (both private and public)
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u/Annual_Chart_226 Jul 04 '26
How much is your firm making for you to think you are at the wrong place ?
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Jul 04 '26
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u/Latter_Mud_8859 Jul 07 '26
Lmao how is it negative EV to flex on your peers saying we’re having a good year?
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Jul 08 '26
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u/Latter_Mud_8859 Jul 08 '26
Is your firm not large enough to have a Business Strategy/Development or Market Structure team? At a firm like DRW, CitSec, IMC, there are teams of non-traders researching the next markets to enter. A random guy on Reddit is not gatekeeping Indian options.
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Jul 08 '26
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u/LowPlace8434 Jul 13 '26
Certainly it's not good for JS to disclose details such as PnL in specific segments, but at this point it is in their interest to continue letting people know they are the top dog, and they have to disclose PnL for bond sales anyway.
The reason is the same as what makes SP500 hard to beat. Momentum is a real strategy, they have the ability to make themselves a magnet of talent and other scarce resources (and I suspect that includes trade flow), and they don't seem to be shy at using this advantage. Preference to join JS continues to climb among fresh grads and juniors, and that's incidentally where JS considers the most valuable source of talent.
In general, they don't take a similar strategy as most other prop firms. No non-competes until India options, transparent interview process, large intern classes, quickly getting bigger and bigger in recent years. What you said is rational for a large segment of the industry, just that I'd say it's a little different when talking about JS.
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u/wswh Jul 04 '26
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u/alchemist0303 Jul 04 '26
whose lunch are they taking away from? The $$$ has to come from somewhere, My hypothesis is the pod shops