{"id":47197,"date":"2019-11-13T13:42:11","date_gmt":"2019-11-13T18:42:11","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/"},"modified":"2024-04-01T16:32:21","modified_gmt":"2024-04-01T20:32:21","slug":"inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/","title":{"rendered":"Inside the new quant gold rush, bond traders get rich by coding"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a09aa0a6b454]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09aa0a6b454'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Inside the new quant gold rush, bond traders get rich by coding<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09aa0a71456'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">November 13, 2019<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09aa0a72e46'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by Yakob Peterseil\u00a0and\u00a0Cecile Gutscher. It appeared first on the Bloomberg Terminal.<\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Winning in the bond market used to come down to math skills, gut instinct and the patience to wade through a hefty prospectus. That was before the quants came.<\/p>\n<p>These days the ability to code is one of the hottest skills out there. The multi-trillion dollar market in company debt is getting wired up by systematic players, and firms are having to pay up for the best talent.<\/p>\n<p>Hedge funds are poaching from rivals, sweetening compensation packages and committing more resources, according to recruiters. Credit-quant clients at London firm\u00a0<a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/0496634D:LN\">Selby Jennings<\/a>\u00a0are offering annual compensation of up to $400,000 to a Ph.D. graduate with five years\u2019 experience as a desk strategist.<\/p>\n<p>For seasoned quant traders, opportunities abound. Take ex-Citadel head of quantitative research for global credit Frederic Boyer. He was\u00a0<a title=\"Flash Boys Come for Credit as Jump Targets Ex-Citadel Quant\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-09-26\/flash-boys-come-for-credit-as-jump-targets-ex-citadel-quant\" target=\"_blank\" rel=\"noopener noreferrer\">tapped<\/a>\u00a0by Chicago-based Jump Trading earlier this year as the high-frequency pioneer steps up a push into the bond market.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Empower your work with enterprise data & tech insights.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the monthly newsletter<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_139421916394613919\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/enterprise-data-and-tech\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Hugh Willis, co-founder of BlueBay Asset Management, is\u00a0<a class=\"terminal-news-story\" title=\"Ex-BlueBay Duo Starting Computer-Driven Bond Investment Fund: FT\" href=\"https:\/\/www.bloomberg.com\/news\/terminal\/PIQING6JTSE8\" target=\"_blank\" rel=\"noopener noreferrer\">readying<\/a>\u00a0a systematic debt investment firm in London. More than 70% of its 55 staff members are able to code. Man Numeric, a quant arm of the $113 billion hedge fund,\u00a0<a class=\"terminal-news-story\" title=\"Man Numeric Hires Apollo\u2019s Lam as Credit Co-Head With Kamenski\" href=\"https:\/\/www.bloomberg.com\/news\/terminal\/PGE4M36S973T\" target=\"_blank\" rel=\"noopener noreferrer\">started<\/a>\u00a0a corporate debt group last year.<\/p>\n<p>After years of tiptoeing around systematic styles in debt markets, investors are starting to believe in the promise &#8212; ushering in a new world of advanced statistics and robot-learning. About 70% of institutional and 78% of wholesale investors reckon the strategy of dissecting securities by their factors, like value and momentum, are applicable to fixed income, according to a\u00a0<a title=\"Bond Quants Are Growing in Negative-Rate World, Invesco Says (2)\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-10-20\/bond-quants-growing-in-negative-rate-world-invesco-survey-shows\" target=\"_blank\" rel=\"noopener noreferrer\">study<\/a>\u00a0by Invesco Ltd.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"456\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/2019-11-07_16-53-37.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Chart about one of the first credit factor funds that surged in 2019\" title=\"2019-11-07_16-53-37\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/2019-11-07_16-53-37.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/2019-11-07_16-53-37.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/2019-11-07_16-53-37.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/2019-11-07_16-53-37.jpg 1261w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>\u201cThere\u2019s been an intensification of interest and willingness to put money on the table in the past 18 months,\u201d said\u00a0Luke Williams, partner at London-based recruitment firm Lascaux Partners Ltd. \u201cCredit has emerged as a stand-alone business in the systematic investing world.\u201d<\/p>\n<p>It\u2019s been a long time coming. While quants for decades have mined stocks for riches, fixed income remains a nascent field. The academic research is slim compared with the volumes devoted to investing in shares. And with equity factors misfiring of late, it\u2019s become the next frontier for data-intensive active strategies.<\/p>\n<p>This new era demands new skills, and fresh entrants are bringing their scientific smarts to an industry where traders still regularly conduct business with peers on a first-name basis.<\/p>\n<p>Andrew Das Sarma\u00a0is cut from that cloth. Jump recently hired Das Sarma from Citadel where he was a fund manager focused on convertible arbitrage and systematic credit strategies, according to a person familiar with the matter who asked not to be named because the information isn\u2019t public. He holds a master\u2019s degree in Applied Mathematics and a bachelor\u2019s in Physics from Harvard University, according to his\u00a0LinkedIn page.<\/p>\n<p>Das Sarma didn\u2019t return requests for comment via email and LinkedIn.<\/p>\n<p>The race to acquire such talent is heating up. Recruiter Options Group reports that interviews for credit quant positions are up by a quarter from a year ago.<\/p>\n<p>Man Numeric\u2019s Robert Lam, who leads the firm\u2019s quantitative credit group alongside co-head Paul Kamenski, says the pool of candidates is vanishingly small.<\/p>\n<p>\u201cBuilding a solid team is a very difficult task,\u201d said Kamenski. Most candidates are skilled in either systematic strategies or credit markets &#8212; but rarely both. \u201cIt takes a lot of hard work to get the expertise on the systematic strategies side, as well as be an expert in credit markets.\u201d<\/p>\n<p>Members of Kamenski\u2019s team are trained in disciplines like machine learning, engineering, computer science, and econometrics, or using programming and statistics to inform trading.<\/p>\n<p id=\"day-in-the-life\"><strong>Day in the Life<\/strong><\/p>\n<p>Within the glass-walled offices housing Robeco\u2019s Rotterdam headquarters, PhD graduates from the nearby Erasmus University practically have the run of the place. They\u2019re \u201cable to take empirical data, program a backtest and analyze the results and make sense of them,\u201d says portfolio manager Patrick Houweling.<\/p>\n<p>A day in the life of a credit quant is considerably different from a traditional bond manager, who might spend their days on the phone and wading through dictionary-sized offering documents.<\/p>\n<p>At Robeco the firm\u2019s fundamental traders gathered around TV sets earlier this year to catch one of Mario Draghi\u2019s final ECB press conferences. But the quants were conspicuous by their absence.<\/p>\n<p>\u201cThere\u2019s no Draghi on TV screens where the quant researchers sit,\u201d said Houweling, author of a pioneering 2014 paper on credit-factor investing.<\/p>\n<p>A proprietary software program dubbed COBRA hums along each night, delivering an email to portfolio managers in the morning, recommending allocations. If no changes are identified to the model, then no trades are made that day. On the fifth floor, where the firm\u2019s quant researchers sit, the atmosphere is as still as a library\u2019s.<\/p>\n<p>\u201cIt\u2019s less straightforward than equity research,\u201d says Houweling. \u201cIt requires much more attention to detail.\u201d<\/p>\n<p>For instance, credit markets are plagued by byzantine corporate structures and multiple alphanumeric codes for a single security. Unlike stocks, bonds mature. Plus there\u2019s a dearth of data relative to equities and more stringent liquidity screens.<\/p>\n<p>The computing chops required are far more than just knowing how to make a pivot table in Excel, and the skills in demand go way beyond finance. \u201cOne strategist I recently placed had competing offers from Netflix, Google, Facebook and the hedge fund I eventually placed him with,\u201d said Deepali Vyas, global co-head of FinTech at recruitment firm Korn Ferry in New York.<\/p>\n<p>But that\u2019s not to say that good, old-fashioned human judgment is obsolete, the type earned from thousands of hours spent on a trading floor.<\/p>\n<p>At Robeco, humans still intervene in around 5% of its model\u2019s investment decisions when they pick up on something it might have missed, cautions Houweling.<\/p>\n<p>\u201cYou need the quant skills and you need the fixed-income skills,\u201d he says. \u201cIf you\u2019re not a fixed-income expert, you may miss out on a lot of these bond-specific things which are simply not there in stocks.\u201d<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a09aa0a7d890]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09aa0a7d890'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a09aa0a805af'] = {\"config\":{\"uuid\":\"\",\"title\":\"\",\"filter_label\":\"\",\"post_type\":\"post\",\"order_by\":\"date\",\"direction\":\"desc\",\"show_date\":\"no\",\"show_excerpt\":\"no\",\"display\":\"limit\",\"filter\":\"OR\",\"max_items\":\"3\",\"skip_cache\":\"no\",\"feed_style\":\"grid\",\"published_date\":\"\",\"show_cta\":\"\",\"featured_image\":\"yes\",\"el_class\":\"\",\"terms_post\":\"\",\"terms_page\":\"\",\"terms_attachment\":\"\",\"terms_webinar\":\"\",\"terms_bbmegamenu\":\"\",\"terms_directory\":\"\",\"terms_datalayer\":\"\",\"terms_templatera\":\"\",\"terms_bbg-fourofour\":\"\",\"terms_reusable\":\"\",\"terms_cookie_items\":\"\",\"terms_bbl_email_subscriber\":\"\",\"terms_dynamic_table_ticker\":\"\",\"terms_bfix\":\"\",\"terms_quicklinks\":\"\",\"terms_interstitial\":\"\",\"terms_slide\":\"\",\"terms_gated_content_form\":\"\",\"terms_site_alert\":\"\",\"terms_country\":\"\",\"terms_region\":\"\",\"terms\":\"\"},\"cpt\":{\"name\":\"post\",\"label\":\"Posts\",\"labels\":{\"name\":\"Posts\",\"singular_name\":\"Post\",\"add_new\":\"Add New\",\"add_new_item\":\"Add New Post\",\"edit_item\":\"Edit Post\",\"new_item\":\"New Post\",\"view_item\":\"View Post\",\"view_items\":\"View Posts\",\"search_items\":\"Search Posts\",\"not_found\":\"No posts found.\",\"not_found_in_trash\":\"No posts found in Trash.\",\"parent_item_colon\":null,\"all_items\":\"All Posts\",\"archives\":\"Post Archives\",\"attributes\":\"Post Attributes\",\"insert_into_item\":\"Insert into post\",\"uploaded_to_this_item\":\"Uploaded to this post\",\"featured_image\":\"Featured image\",\"set_featured_image\":\"Set featured image\",\"remove_featured_image\":\"Remove featured image\",\"use_featured_image\":\"Use as featured image\",\"filter_items_list\":\"Filter posts list\",\"filter_by_date\":\"Filter by date\",\"items_list_navigation\":\"Posts list navigation\",\"items_list\":\"Posts list\",\"item_published\":\"Post published.\",\"item_published_privately\":\"Post published privately.\",\"item_reverted_to_draft\":\"Post reverted to draft.\",\"item_trashed\":\"Post trashed.\",\"item_scheduled\":\"Post scheduled.\",\"item_updated\":\"Post updated.\",\"item_link\":\"Post Link\",\"item_link_description\":\"A link to a post.\",\"menu_name\":\"Posts\",\"name_admin_bar\":\"Post\"},\"description\":\"\",\"public\":true,\"hierarchical\":false,\"exclude_from_search\":false,\"publicly_queryable\":true,\"show_ui\":true,\"show_in_menu\":true,\"show_in_nav_menus\":true,\"show_in_admin_bar\":true,\"menu_position\":5,\"menu_icon\":\"dashicons-admin-post\",\"capability_type\":\"post\",\"map_meta_cap\":true,\"register_meta_box_cb\":null,\"taxonomies\":[],\"has_archive\":false,\"query_var\":false,\"can_export\":true,\"delete_with_user\":true,\"template\":[],\"template_lock\":false,\"_builtin\":true,\"_edit_link\":\"post.php?post=%d\",\"cap\":{\"edit_post\":\"edit_post\",\"read_post\":\"read_post\",\"delete_post\":\"delete_post\",\"edit_posts\":\"edit_posts\",\"edit_others_posts\":\"edit_others_posts\",\"delete_posts\":\"delete_posts\",\"publish_posts\":\"publish_posts\",\"read_private_posts\":\"read_private_posts\",\"read\":\"read\",\"delete_private_posts\":\"delete_private_posts\",\"delete_published_posts\":\"delete_published_posts\",\"delete_others_posts\":\"delete_others_posts\",\"edit_private_posts\":\"edit_private_posts\",\"edit_published_posts\":\"edit_published_posts\",\"create_posts\":\"edit_posts\"},\"rewrite\":false,\"show_in_rest\":true,\"rest_base\":\"posts\",\"rest_namespace\":\"wp\\\/v2\",\"rest_controller_class\":\"WP_REST_Posts_Controller\",\"rest_controller\":{},\"revisions_rest_controller_class\":false,\"revisions_rest_controller\":{},\"autosave_rest_controller_class\":false,\"autosave_rest_controller\":{},\"late_route_registration\":false},\"taxonomies\":[{\"taxonomy\":\"post_format\",\"terms\":[{\"term_id\":33,\"name\":\"Link\",\"slug\":\"post-format-link\",\"term_group\":0,\"term_taxonomy_id\":33,\"taxonomy\":\"post_format\",\"description\":\"\",\"parent\":0,\"count\":12,\"filter\":\"raw\"},{\"term_id\":666,\"name\":\"Link\",\"slug\":\"post-format-link\",\"term_group\":0,\"term_taxonomy_id\":666,\"taxonomy\":\"post_format\",\"description\":\"\",\"parent\":0,\"count\":2,\"filter\":\"raw\"}]},{\"taxonomy\":\"post_series\",\"terms\":{\"0\":{\"term_id\":3751,\"name\":\"Asia Centric\",\"slug\":\"asia-centric\",\"term_group\":0,\"term_taxonomy_id\":3751,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":51,\"filter\":\"raw\"},\"1\":{\"term_id\":3741,\"name\":\"Bloomberg Expert Access\",\"slug\":\"bloomberg-expert-access\",\"term_group\":0,\"term_taxonomy_id\":3741,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":10,\"filter\":\"raw\"},\"2\":{\"term_id\":3739,\"name\":\"Bloomberg Pro Tips\",\"slug\":\"bloomberg-pro-tips\",\"term_group\":0,\"term_taxonomy_id\":3739,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":59,\"filter\":\"raw\"},\"4\":{\"term_id\":3743,\"name\":\"Functions for the Market\",\"slug\":\"ffm\",\"term_group\":0,\"term_taxonomy_id\":3743,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":7,\"filter\":\"raw\"},\"5\":{\"term_id\":3770,\"name\":\"Market Dialogues\",\"slug\":\"market-dialogues\",\"term_group\":0,\"term_taxonomy_id\":3770,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":11,\"filter\":\"raw\"},\"6\":{\"term_id\":3742,\"name\":\"Need to Know\",\"slug\":\"need-to-know\",\"term_group\":0,\"term_taxonomy_id\":3742,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":15,\"filter\":\"raw\"},\"7\":{\"term_id\":3798,\"name\":\"Pricing Insights\",\"slug\":\"pricing-insights\",\"term_group\":0,\"term_taxonomy_id\":3798,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":6,\"filter\":\"raw\"},\"8\":{\"term_id\":3740,\"name\":\"Terminal Essentials\",\"slug\":\"terminal-essentials\",\"term_group\":0,\"term_taxonomy_id\":3740,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":6,\"filter\":\"raw\"}}},{\"taxonomy\":\"type\",\"terms\":{\"0\":{\"term_id\":3762,\"name\":\"Article\",\"slug\":\"article\",\"term_group\":0,\"term_taxonomy_id\":3762,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":1646,\"filter\":\"raw\"},\"1\":{\"term_id\":3763,\"name\":\"Case Study\",\"slug\":\"case-study\",\"term_group\":0,\"term_taxonomy_id\":3763,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":41,\"filter\":\"raw\"},\"3\":{\"term_id\":3765,\"name\":\"Podcast\",\"slug\":\"podcast\",\"term_group\":0,\"term_taxonomy_id\":3765,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":504,\"filter\":\"raw\"},\"4\":{\"term_id\":3815,\"name\":\"Press Release\",\"slug\":\"press-release\",\"term_group\":0,\"term_taxonomy_id\":3815,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":81,\"filter\":\"raw\"},\"5\":{\"term_id\":3766,\"name\":\"Q&amp;A\",\"slug\":\"qa\",\"term_group\":0,\"term_taxonomy_id\":3766,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":101,\"filter\":\"raw\"},\"6\":{\"term_id\":3767,\"name\":\"Report\",\"slug\":\"report\",\"term_group\":0,\"term_taxonomy_id\":3767,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":78,\"filter\":\"raw\"},\"8\":{\"term_id\":3768,\"name\":\"Video\",\"slug\":\"video\",\"term_group\":0,\"term_taxonomy_id\":3768,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":135,\"filter\":\"raw\"}}}],\"excluded_taxonomies\":{\"\":[]},\"post_id\":47197};\n<\/script>\n<div class=\"feed\" data-id=\"6a09aa0a805af\"><\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--white bbg-row--full-bg-bleed\" data-anchor='row-6a09aa0a8164b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Request a Demo<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2120529734196042794\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Winning in the bond market used to come down to math skills, gut instinct and the patience to wade through a hefty prospectus. That was before the quants came.<\/p>\n","protected":false},"author":1610,"featured_media":32133,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"","footnotes":""},"categories":[435,444],"tags":[463,445],"series":[],"class_list":["post-47197","post","type-post","status-publish","format-standard","hentry","category-data","category-trading","tag-data-science-quant","tag-sales-and-trading","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inside the new quant gold rush, bond traders get rich by coding | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Winning in the bond market used to come down to math skills, gut instinct and the patience to wade through a hefty prospectus. That was before the quants came.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inside the new quant gold rush, bond traders get rich by coding | Insights | Bloomberg Professional Services\" \/>\n<meta property=\"og:description\" content=\"Winning in the bond market used to come down to math skills, gut instinct and the patience to wade through a hefty prospectus. That was before the quants came.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/\" \/>\n<meta property=\"og:site_name\" content=\"Bloomberg Professional Services\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/bloomberglp\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-13T18:42:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-01T20:32:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F10%2F315491040_1-6.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1066\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"eengelman2\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theterminal\" \/>\n<meta name=\"twitter:site\" content=\"@theterminal\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"eengelman2\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/\"},\"author\":{\"name\":\"eengelman2\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/6e9a6ee215ba4d77ab9c4782fd6680e4\"},\"headline\":\"Inside the new quant gold rush, bond traders get rich by coding\",\"datePublished\":\"2019-11-13T18:42:11+00:00\",\"dateModified\":\"2024-04-01T20:32:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/\"},\"wordCount\":\"1204\",\"publisher\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\"},\"keywords\":[\"Data Science \/ Quant\",\"Sales and Trading\"],\"articleSection\":[\"Data\",\"Trading\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/\",\"name\":\"Inside the new quant gold rush, bond traders get rich by coding | Insights | Bloomberg Professional Services\",\"isPartOf\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#website\"},\"datePublished\":\"2019-11-13T18:42:11+00:00\",\"dateModified\":\"2024-04-01T20:32:21+00:00\",\"description\":\"Winning in the bond market used to come down to math skills, gut instinct and the patience to wade through a hefty prospectus. That was before the quants came.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#website\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/\",\"name\":\"Bloomberg Professional Services\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.bloomberg.com\/professional\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"contentUrl\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"width\":\"512\",\"height\":\"103\",\"caption\":\"Bloomberg Professional Services\"},\"image\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.instagram.com\/bloomberg\/\",\"https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/\",\"https:\/\/www.facebook.com\/bloomberglp\",\"https:\/\/twitter.com\/theterminal\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/6e9a6ee215ba4d77ab9c4782fd6680e4\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/www.bloomberg.com\/professional\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Inside the new quant gold rush, bond traders get rich by coding | Insights | Bloomberg Professional Services","description":"Winning in the bond market used to come down to math skills, gut instinct and the patience to wade through a hefty prospectus. That was before the quants came.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/","og_locale":"en_US","og_type":"article","og_title":"Inside the new quant gold rush, bond traders get rich by coding | Insights | Bloomberg Professional Services","og_description":"Winning in the bond market used to come down to math skills, gut instinct and the patience to wade through a hefty prospectus. That was before the quants came.","og_url":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/","og_site_name":"Bloomberg Professional Services","article_publisher":"https:\/\/www.facebook.com\/bloomberglp","article_published_time":"2019-11-13T18:42:11+00:00","article_modified_time":"2024-04-01T20:32:21+00:00","og_image":[{"width":1600,"height":1066,"url":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F10%2F315491040_1-6.jpg","type":"image\/jpeg"}],"author":"eengelman2","twitter_card":"summary_large_image","twitter_creator":"@theterminal","twitter_site":"@theterminal","twitter_misc":{"Written by":"eengelman2","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/#article","isPartOf":{"@id":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/"},"author":{"name":"eengelman2","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/6e9a6ee215ba4d77ab9c4782fd6680e4"},"headline":"Inside the new quant gold rush, bond traders get rich by coding","datePublished":"2019-11-13T18:42:11+00:00","dateModified":"2024-04-01T20:32:21+00:00","mainEntityOfPage":{"@id":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/"},"wordCount":"1204","publisher":{"@id":"https:\/\/www.bloomberg.com\/professional\/#organization"},"keywords":["Data Science \/ Quant","Sales and Trading"],"articleSection":["Data","Trading"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/","url":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/","name":"Inside the new quant gold rush, bond traders get rich by coding | Insights | Bloomberg Professional Services","isPartOf":{"@id":"https:\/\/www.bloomberg.com\/professional\/#website"},"datePublished":"2019-11-13T18:42:11+00:00","dateModified":"2024-04-01T20:32:21+00:00","description":"Winning in the bond market used to come down to math skills, gut instinct and the patience to wade through a hefty prospectus. That was before the quants came.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.bloomberg.com\/professional\/insights\/data\/inside-the-new-quant-gold-rush-bond-traders-get-rich-by-coding\/"]}]},{"@type":"WebSite","@id":"https:\/\/www.bloomberg.com\/professional\/#website","url":"https:\/\/www.bloomberg.com\/professional\/","name":"Bloomberg Professional Services","description":"","publisher":{"@id":"https:\/\/www.bloomberg.com\/professional\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.bloomberg.com\/professional\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.bloomberg.com\/professional\/#organization","name":"Bloomberg Professional Services","url":"https:\/\/www.bloomberg.com\/professional\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/","url":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","contentUrl":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","width":"512","height":"103","caption":"Bloomberg Professional Services"},"image":{"@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.instagram.com\/bloomberg\/","https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/","https:\/\/www.facebook.com\/bloomberglp","https:\/\/twitter.com\/theterminal"]},{"@type":"Person","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/6e9a6ee215ba4d77ab9c4782fd6680e4","name":"Bloomberg Professional Services","url":"https:\/\/www.bloomberg.com\/professional"}]}},"_links":{"self":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/47197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/users\/1610"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/comments?post=47197"}],"version-history":[{"count":2,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/47197\/revisions"}],"predecessor-version":[{"id":57289,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/47197\/revisions\/57289"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/media\/32133"}],"wp:attachment":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/media?parent=47197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/categories?post=47197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/tags?post=47197"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/series?post=47197"},{"taxonomy":"type","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/type?post=47197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}