The quantitative trading and hedge fund world is not monolithic.
Firms like Jane Street, Citadel, Renaissance Technologies, Two Sigma, Millennium, Optiver, IMC, Hudson River Trading, Susquehanna, Jump Trading, and Five Rings operate across fundamentally different business models, strategy types, and market structures.
Lumping them together as “quant firms” misses the structural distinctions that determine where the money actually comes from.
This article breaks down each major category, names the firms that sit in each, and explains what their core business actually is.
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