What now for Wall Street’s least-known trading tycoons? Jane Street made a move into trading directly with investment groups in 2014 — territory historically dominated by big banks. It is now expanding its business in Asia and planning to push more aggressively into equity market options. Questions that appeared in (or are likely to appear in) traditional corporate finance job interviews are indicated with a bank symbol in the margin (72 of the 242 quant questions and 196 of the 267 non-quant questions). This makes it easier for corporate finance candidates to go directly to the questions most relevant to them. Most of these questions also appeared in capital markets interviews and quant interviews. So, they should not be skipped over by capital markets or quant candidates unless they are obviously irrelevant.

That extra confidence paid off handsomely when markets were thrown into a tailspin last March, and bond ETFs emerged as a major faultline. Some sceptics argue that only the Federal Reserve’s extraordinary stimulus prevented a disaster for fixed income ETFs, and remain convinced that they could still prove fragile. Starting with the 22nd edition, questions that appeared in (or are likely to appear in) traditional corporate finance job interviews are indicated with a bank symbol in the margin (71 of the quant questions and 192 of the non-quant questions). This makes it easier for corporate finance candidates to go directly to the questions most relevant to them. Most of these questions also appeared in capital markets interviews and quant interviews. So, they should not be skipped over by capital markets or quant candidates unless they are obviously irrelevant. It’s that time of year again: alternate-side winter parking regulations begin Nov. 15. The object is to have residents park in a way that allows the Department of Public Works to clear each side of the street from snow and slush during winter. The regulation calls for all cars to be parked on the correct side of the street from midnight to 5 p.m. as indicated by building numbers in relation to the calendar days. For example, odd-numbered calendar days call for parking on odd sides of the street and even-numbered calendar days call for parking on even numbered sides of the street. The transition period to move your vehicle is from 5 p.m. to 11:59 p.m. No parking is allowed downtown from 1 a.m. through 6:59 a.m. They obviously have a lot of smart technologists, but in their DNA they are really traders,” says a one-time rival. “Many market-makers are very technology-driven, but Jane Street is a trader-driven firm. Jane’s niche is that they will price less liquid ETFs better than anyone.” Stephen Wilmot is an editor of The Wall Street Journal's Heard on the Street column, based in London. In addition to editing, he writes columns about car makers, often focused on the impact of electric vehicles on automotive strategy and on the case for investing in companies like General Motors, Tesla and Volkswagen.Nonetheless, the events of 2020 highlight just how big and influential the growing bond ETF universe is, and how vitally important firms like Jane Street are to their functioning. And that has some downsides. Equity ETFs are often supported by a plethora of market-makers and APs, but bond ETFs are more specialised, with a narrower club dominating activity. Some analysts and investors have long fretted what would happen if an accident were to befall one of the bigger players. “If you think the fixed income ETF market is systemically important, then Jane Street is systemically important,” says the one-time rival. Tim Reynolds, Michael Jenkins, Mr Granieri and Mr Gerstein were soon joined by a medley of traders and coders, such as Yaron Minsky, who convinced the firm to adopt OCaml as its sole programming language. Today, Jane Street’s source code is 25m lines long, about half as much as the Large Hadron Collider uses. Spencer Jakab is global editor of Heard on the Street, The Wall Street Journal’s home for financial analysis and commentary.

Banks of all sizes are more reluctant to lend, with overall loan growth lagging far behind the long-term average pace. Photo: Clarissa Bonet for The Wall Street Journal The revised 24th edition contains 242 quantitative questions collected from actual job interviews in investment banking, investment management, and options trading. The interviewers use the same questions year-after-year, and here they are with detailed solutions! This edition also includes 267 non-quantitative actual interview questions, giving a total of more than 500 actual finance job interview questions. These results suggest that market liquidity conditions were resilient in the fixed income ETF market throughout the crisis. Moreover, the results suggest that fixed income ETF prices continued to provide a real-time view of the value of the underlying bonds during the crisis,” BoC said. “In contrast, the net asset value of fixed income ETFs with less liquid holdings provided only a lagged indication of their ‘true’ value due to poor bond trading activity.” Fed thumbs-upHe has previously written commentary on a wide range of companies for Heard on the Street, including airlines, real estate companies and luxury goods makers. One way for American banks to offset the pressure coming from rising deposit costs would be to boost business: More loans, even if earning less individually, could still lead to overall revenue growth.

Police Investigate School Bus Shooting; City Clears Encampment From Which Shots Were Allegedly Fired This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by The city of Montpelier is continuing to finalize the layout for FEMA’s temporary direct housing project to be placed on the city-owned Country Club Road property. This project is to provide housing to those who lost homes in the summer flooding event. City officials and FEMA contractors have settled on the boundaries, which are consistent with the outline shown to the City Council, according to the Oct. 13 city manager’s report. Additionally, the remainder of lease and infrastructure agreements are being completed. He previously wrote Ahead of the Tape for the Journal and the Lex column for the Financial Times. He was an analyst and later director of Emerging Europe, Middle East and Africa Equity Research at Credit Suisse. The reason Jane Street has been able to seize such a big role in bond ETF trading is that it straddles the approach of high-speed, algorithm-powered trading firms like Virtu or Jump Trading and the human bond traders that still dominate Wall Street trading desks.This wasn’t an ETF liquidity story,” says Matt Berger, head of bond trading at Jane Street. “It was liquidity drying up in the underlying fixed income markets.” While almost every trading desk enjoyed a trading bonanza in 2020, Jane Street’s first-half revenues were equivalent to one-seventh of the combined fixed income, commodities and currency trading revenues of all the world’s biggest banks over the same period, according to research group Coalition. It was more than twice the reported earnings of Citadel Securities, the formidable market-maker owned by hedge fund magnate Ken Griffin. Jane Street’s executives say they are well aware of the implications. “We know we are an important part of the efficiency of many of these markets, and that’s something that we feel a huge responsibility for and take very seriously,” Mr Berger says.