At the end of internships, we ask for feedback that we can share.
Hadi - 2018 Summer Intern, Quant, DePaul University, Class of 2019
My summer at 3Red has given me the opportunity to work alongside an experienced trader and develop a strategy from the ground up. At the start I was given a few working theories which I would turn into a strategy. At first, a lot of research and preliminary models helped me gain insight into what was truly going on in the market and what was just noise. These methods leveraged sophisticated mathematical analysis which served as a stepping stone to a successful strategy.
The most insight we got from the market was through a number of metrics I created which mostly were comprised of simple Trigonometry along with high level Linear Algebra and Probability. These complex metrics allowed us to gain a cleaner look into the market and develop a strategy based on the power of these metrics. I also automated some data analysis operations we were repeatedly doing. I increased the speed of computations from libraries such as numpy and sklearn by replacing many functions of theirs with my own. This led to a significant decrease in back testing time which saved time for more market research and directly increased the speed at which live trading would be implemented thus increasing the team’s pnl.
The biggest contribution to the team I made was creating a successful strategy which showed to be very successful in out of sample back tests as well as daily back tests during my internship of the previous day. The strategy which is comprised of over a dozen smaller ones that work independently has shown day after day to be continuously profitable and has also served to disprove some of the assumptions we made at the beginning of my internship which allows us to get a cleaner idea of what is happening in the market. The work is not over as we believe the strategy can be cleaned up further which will lead to increased pnl for the team. I would definitely recommend this internship to anyone offered it. This gives individuals a chance to prove themselves through their own work but also supports them through a variety of other traders and developers which you can rely on for help in their field of expertise.
John - 2018 Summer Intern - Quant, Rice University, Class of 2019
I worked on three projects this summer that included analyzing tick data for one product, minute data for another group of products and an optimization problem for one of the desks. I really enjoyed the autonomy I got this summer as well as the opportunity to make a real impact on the firm’s pnl. With the guidance of several people (anyone at the firm is happy to give advice at any time which is great), I was able to generate several profitable strategies this summer. Although it was too hectic at the end to put the strategies in production and actually trade, it was still a great learning experience and I got lots of practice with my favorite data analysis techniques.
Overall, I loved my time here! The people here are so helpful and nice and there’s no pressure to work overtime at all. Chicago is an awesome city for the summer – there’s tons of things to do every single weekend.
Folarin - 2017 Summer Intern - Quant, Princeton University, PhD Postdoc, Class of 2017
My time as an intern at 3Red was delightful. While my background was mainly in academic research in engineering with a focus on problems related to statistical physics, my experience at 3Red exposed me to research and trading in the commodities markets. During my time here, my projects involved data analysis using a variety of unsupervised and supervised learning techniques and parameter optimization for simulation trading. I enjoyed analyzing, coding, and (sim) trading. Outside of work work, there were several fun events including a ping-pong championship and a live soccer game. Overall, I strongly recommend 3Red to PhDs who are looking for challenging and dynamic problems.
Ariana - 2016 Summer Intern - Quant, Texas A&M University - PhD student, Class of 2017
This was my first exposure to application of Machine Learning and mathematical analysis methods in trading. As a PhD student with focus on applied statistics and bioinformatics, I found trading a very interesting area to apply data analysis techniques. I mostly used Python. I worked on projects including optimizing parameters and strategies for trading, learning patterns from the limited observed data points and making estimation and predictions based on those, feature selection in variety of problems, modeling noise in future fair value predictions and other related projects. Part of my final output was an automated and ready to use set of scripts which helped traders choose and optimize parameter values to use in trade strategies.
As a PhD student looking to graduate soon I can say I'm very happy of the choice I made in going to 3Red Trading for summer internship. There I faced a lot of complicated and challenging problems to work on, in machine learning, optimization and data science which added a lot to my experience and helped me learn a lot in practical settings. I think this experience enriched my resume a lot. I also enjoyed working with a very friendly team who never hesitated to help me and a fun and rewarding atmosphere with a lot of positive and delightful events going on, from weekly lunches to city tours to other outdoor events. I strongly recommend 3Red to other graduate students who seek to learn and gain practical experience in data science and have a very nice job experience before their graduation.
Tony - 2016 Summer Intern - Trading, Duke University - Class of 2017
This was my first experience in the trading industry and I’ve enjoyed it greatly. Overall my projects were improving various estimates, trading several strategies, optimizing other strategies, and trying to automate another team’s trading. The betas and correlation the team was using was based on a simple model. I worked on trying to capture a better estimate for these. In addition, I worked on creating different optimization methods, allowing the team to find better parameters for their strategies. Backtesting results look very promising and should improve the team’s pnl.
3Red also allowed to me to work with a different trading team for further exposure to different trading methods. Here I worked on trying to automate their trading, working on trying to find a model that would be profitable. While the models we developed still need much tweaking, I think the team can use it as a tool for further improving how they trade those products.
Overall, I learned a lot about quantitative trading and data analysis. 3Red has a great work culture with everyone friendly and willing to help one another. Even as an intern, everyone will make time for your ideas or if you need something from them. 3Red had weekly events in which I got to know the employees better and just have fun in general. I definitely would recommend 3Red to anyone trying to get an internship. It’s definitely an enjoyable and great learning experience.
Keshav - 2016 Summer Intern, Technology, Brown - Class of 2017
The 3Red summer internship was an amazing experience. I got to work closely with a mentot on the Dev team, and he was able to devote some of his time advising me on directions to take with the project. The final product was an app to monitor statistics for message latency data. Over the course of the summer, I learned quite a lot about the software engineering process at a proprietary trading firm. The team culture was fun and welcoming, and it was evident that the company truly cares about its employees and interns. Weekly events and outings allowed us to socialize with memebers of other teams and get a taste of the colorful city of Chicago. If you have a chance to work here, don't miss it!
Geoff - 2016 Summer Intern - Technology, UChicago - Class of 2018
This summer I worked on a few projects: a market data preprocessor in Python, a command line interface for our Hadoop cluster, and a C++ trading simulator. The market data preprocessor streamlines the process for our traders to retrieve historical data for testing, providing a consistent experience regardless of whether we have existing preprocessed data or the program has to fetch it anew. I wrote the Hadoop CLI from the ground up, selecting one from several APIs and improving performance for file system commands over our current solution by more than 10X. The trading simulator provided an opportunity for me to understand, maintain, and add features to an existing piece of software.
Throughout my time interning at 3Red I really enjoyed being able to work alongside my knowledgeable and enthusiastic mentor. I always felt free and encouraged to ask any questions I encountered while learning to develop software in a production context, letting me learn a lot about the testing, code review, and development process. Not only did this internship improve my own skills as a programmer, but it was also a great experience – the development team at 3Red is fun to work with, and we went on a lot of fun outings as a team around the city of Chicago.
Alec - 2015 Summer Intern - Trading, Carleton College - Class of 2016
My summer with 3Red has given me a unique and rewarding opportunity to gain experience in the world of algorithmic trading. On my first day with the team I was introduced to one of their existing models to work on; throughout the rest of the summer I performed optimizations and fine-tunings on this strategy while collaborating on its trading in the market each day. By the end of my internship I was involved in over a dozen such models—many of which I helped parameterize completely from scratch. I also had the opportunity to pursue some additional projects, namely building predictive models, exploring new products to trade, and automating day-to-day processes that were previously done by hand. With all of my work I was able to contribute positively to the team’s profitability and efficiency.
One very notable aspect of my role as an intern was the level of trust that was placed in my work; in my first week I was already having my suggested improvements applied to our models and actually hitting the markets within 24 hours. What’s more, my projects were not just trivial problems with trivial solutions, but unexplored territories with high upside potential. Giving them thorough investigation allowed me not only to add real value to the company, but to enhance my own trading fluency and develop quantitative intuition about markets as well. My mentors provided ample guidance whenever I found myself stuck or looking for ways to dig deeper into my work. It was overwhelmingly the case that I felt I was working with them and not for them.
Overall, 3Red’s emphasis on company culture makes for a highly productive office that is truly fun to work in each day. The relationships go beyond the workplace, and the entire company has an undeniable chemistry that was wonderful to be a part of for 10 weeks. The weekly intern events were also a fantastic way to experience Chicago’s attractions and connect with the team further. I would absolutely recommend the internship program at 3Red to all who are offered a chance to join this amazing group of individuals.
Alex - 2015 Summer Intern - Trading, MIT - Class of 2017
This summer I was supporting three strategies. Two were existing strategies and one was something we started trading early July. One has been really profitable during the time I’ve been running it this summer, another has been fairly profitable, and the last has been more of a challenge. We haven’t been able to find anything that’s consistently profitable throughout the day, but have something that works pretty well at times and a slight improvement PNL-wise from what was running before. Overall I think I added a reasonable amount of value/pnl from backtesting, collaborating on size/edge parameter tweaks during the day, and starting a new strategy.
Previously the team did not have a way to historically track certain information on a second-by-second timescale. So my main project for the summer was to create a tool for the team. This tool allows them to have more information to go on when comparing and analyzing the performance of strategies. Our team lead said he expects this to contribute positively to PNL down the road so hopefully that’s the case!
Overall, I definitely learned a ton about data processing from the project and about markets/trading strategy in general from being involved in the three strategies. The team members were super willing to answer questions and I learned a great deal from them as well. This summer has far exceeded my expectations and I’m extremely happy I chose to come to 3Red in the end.
Michael - 2015 Summer Intern - Trading, Harvard - Class of 2017
This summer, I had the opportunity to work with one of the algorithmic trading teams at 3Red. In my first week, I was able to learn how to use the trading platform and start working with my team leader to run my own model in the market, which was a very cool and unique experience. In addition to refining my model throughout the summer, I also worked on building an automation tool to optimize the settings of a model using various statistical algorithms. Starting with a process that required manual adjustments to one that was completely automated at the end, my projects over the summer helped improve the model-tuning process for the entire team. By the end of the summer, I was able to see this optimization tool fully incorporated into the day-to-day process of improving the trading models.
Working at 3Red allowed me to see firsthand the operations of a trading team, create and run my own trading models, and build a statistical tool that will continue to be used by the team. Through my projects, I was able to work with all members of the team and learn from their experiences in the trading industry. In addition, the weekly events organized for the interns were definitely a great opportunity to explore the city of Chicago and get to know the people of 3Red better. ‘Working hard and playing hard’ is, without a doubt, an integral part of the growing culture at 3Red, and I would wholeheartedly recommend this internship program to anyone lucky enough to join.
Allison - 2015 Summer Intern - HR, UMich - Class of 2017
This summer I had the opportunity to intern here at 3Red and work on a number of different projects. The smaller size of the company made this internship program unique as it allowed me to explore many different aspects such as marketing, human resources, and recruiting. Being able to work on different projects made my work here new and exciting each day. It also provided me with a wide range of valuable skills for the future.
One thing I particularly enjoyed about my experience at 3Red was how valued my work was. I felt that each project I completed contributed to the company and was never just “busy work”. The work that I did was immediately put to use and I could tell that it was always appreciated. This made the work I did here very rewarding and greatly impacted my experience.
Overall, I thoroughly enjoyed my time here at 3Red. Everyone was very welcoming from the start and seemed to have my best interest in mind. I would highly recommend interning at 3Red to anyone who is considering the opportunity.
Matt - 2015 Wintern - Trading, UChicago - Class of 2016
I’ve worked with one of the trading teams at 3Red for the past several months, and it has been fantastic working with such an exciting company and such a smart and friendly group of people. Projects I worked on include building forecasting models, data analysis, and writing scripting tools to automate certain processes.
Something I particularly enjoyed about working at 3Red was the freedom they afford their interns; I was able to approach projects however I wanted, and there was an ideal balance struck on their part between allowing me to experiment and work independently while still providing a great deal of help and guidance when needed. It was also extremely cool to see how quickly completed projects were integrated, giving a sense of genuine contribution rather than assignments feeling like contrived exercises or “busy work”. Projects were given to me because the team felt they would be useful, so it was very satisfying when things worked well and I was able to see my work utilized almost immediately after finishing it. I learned a great deal about how to systematically approach building a model from data, and about things like writing flexible, maintainable code and documenting research in a reproducible manner, so 3Red has given me the opportunity to take away a lot of invaluable experience from my time here as well.
3Red was also very flexible in in terms of arranging a part-time and off-cycle internship, working with me around my concurrent semester’s classes and other demands. Despite the fact that I was not part of their formal internship program, they were always responsive and organized with respect to my involvement. Overall 3Red has been an amazing place to work, and I wouldn’t hesitate to recommend their internship program here.
Alex – 2014 Summer Intern - Technology, UMich - Class of 2016
This summer I had the opportunity to work closely with a team of developers to build my own C++ application. I started with just the project specification, and by the end of the summer the appliciation was released and being used by the 3Red team. Working for a smaller company provided a very unique opportunity for me to be able to see my product go through all the steps of production. Creating an application that immediately goes into production provides many challenges that aren't present when working on small class projects. I learned the importance of code design, style, performance, and maintainability. Throughout the whole process I had a brilliant mentor that I worked closely with. I could ask any questions I had, and I would get responses very quickly. My mentor not only helped me get my project completed on time, but he also took the time to teach me a lot about programming and what it's like to code in the real world.
In addition to a great work experience, interning at 3Red provided a lot of opportunities for me to explore the city of Chicago. Every Thursday we would have an outing after work. We started off exploring the city doing events like the Sky Deck at Willis tower and the architectural boat tour on the river. We also did some 'just for fun' outings like Whirlyball and poker night. 3Red's culture is unique and continually being formed. We all worked hard, but when it was time to participate in the annual Ping Pong Tournament everyone stepped up to the challenge. Working for 3Red was an excellent experience for me and I would highly recommend it to anyone who gets the opportunity.
DK - 2014 Summer Intern - Technology, UMich - Class of 2015
Over the summer I developed an application in C++ to process real time market data. I gained experience with several areas of software development including profiling and debugging tools, design patterns, and unit testing.
What I learned the most from this internship is the importance of good coding practices to in order to write expressive and maintainable code. Writing consistent and readable software allows others to understand it more quickly and deeply and also is better for troubleshooting and debugging.
Kathy – 2014 Summer Intern - Trading, Carleton College - Class of 2015
For the first two weeks, during market hours, I would talk to my team about the models they were running. We would talk through what the different settings did, what variables they used in their trading strategies, how they decided what models to run, patterns they observed in certain products, and just generally what they were watching out for in a model. In my third week, I started running a model with my mentor, and we would discuss our observations about under what conditions the model seemed to perform better, and how we might change our approach going into the next day. Not too long after that, I was able to add more opinion to our models. It was a really cool sign of trust and a good opportunity to see what I'd learned. We'd communicate after close about how the model did, and I also got to give input on which models I thought would be worth running based on simulation results. From there, I worked my way up to a lot more independent work and stayed involved in the process of deciding what models to use.
I worked on a few scripts to make research and day-to-day trading more efficient when trading hours were over (and in the background when we were trading). The details of the project we can’t put online but since it dealt with the GUI, I talked to our developers quite a bit for this one. As a smaller project, I also did some statistical regressions for valuing instruments.