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Why banks need C++ developers more than ever

As banks everywhere look to build up their systematic trading teams as a matter of strategic urgency in the face of competition from electronic market makers like Jane Street and Citadel Securities, a new wave of demand for C++ developers has been unleashed.

Justifiably known as one of the most difficult coding languages to master, banks need engineers proficient in C++ to work on the low latency trading systems that are key to winning business from quantitative hedge funds.

Earlier this month, Goldman Sachs' CEO Stephen Scherr said the bank had boosted its entire equities franchise by building a "tech stack" that was "aimed at the systematic clients in prime." Now, Goldman is hiring C++ coders to work on systematic market making systems across the firm. The bank currently has around 25 technology jobs in systematic market making globally, many of them specifying C++ as a prerequisite. It's also looking for a C++ software engineer to work in the franchise data strategies group that feeds real time data to the Marquee risk and pricing platform - even though most Marquee jobs are in Python.

As other banks also focus on the imperative to improve trading infrastructure and upgrade data capabilities, they too are looking for C++ expertise. JPMorgan has been looking for a London-based global head of electronic market technology who's conversant in C++ since January. Morgan Stanley wants multiple "strong software developers" coding in C++ to join its algorithmic trading team in Montreal, Canada.
rush.jpg
 
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Daniel Duffy

C++ author, trainer
It's what I've been saying since 1989!! That's when I started Datasim centred around C++, OOP and applications.

Justifiably known as one of the most difficult coding languages to master,

I know the way C++ feels
And all of the hearts that it steals
C++ tells me it's easy
When you do it right
 
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As banks everywhere look to build up their systematic trading teams as a matter of strategic urgency in the face of competition from electronic market makers like Jane Street and Citadel Securities, a new wave of demand for C++ developers has been unleashed.

Justifiably known as one of the most difficult coding languages to master, banks need engineers proficient in C++ to work on the low latency trading systems that are key to winning business from quantitative hedge funds.

In other words they want trained and experienced C++ programmers -- but don't want to go to the time and expense of training them themselves. Typical. I've got no sympathy for them.
 
In other words they want trained and experienced C++ programmers -- but don't want to go to the time and expense of training them themselves. Typical. I've got no sympathy for them.
I would assume that if you're applying for a position like that then you must be an expert already, no?
 

Daniel Duffy

C++ author, trainer
In other words they want trained and experienced C++ programmers -- but don't want to go to the time and expense of training them themselves. Typical. I've got no sympathy for them.
Penny-wise, pound foolish.

It's strange that if a motivated working quant (who already works with production C++ libraries, say) wants to improve C++ skills, more time than not they have to pay out of their own pocket.
 
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Daniel Duffy

C++ author, trainer
Why C++? Why not Rust? Rust is more safer and as fast as C.
A bit like the videotape format war.




The main determining factor between Betamax and VHS was the cost of the recorders and recording time. Betamax is, in theory, a superior recording format over VHS due to resolution (250 lines vs. 240 lines), slightly superior sound, and a more stable image; Betamax recorders were also of higher-quality construction. However, these differences were negligible to consumers, and thus did not justify either the extra cost of a Betamax VCR (which was often significantly more expensive than a VHS equivalent) or Betamax's shorter recording time.

JVC, which designed the VHS technology, licensed it to any manufacturer that was interested. The manufacturers then competed against each other for sales, resulting in lower prices to the consumer. Sony was the only manufacturer of Betamax initially, and so was not pressured to reduce prices. Only in the early 1980s did Sony decide to license Betamax to other manufacturers, such as Toshiba and Sanyo.
 
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A bit like the videotape format war.




The main determining factor between Betamax and VHS was the cost of the recorders and recording time. Betamax is, in theory, a superior recording format over VHS due to resolution (250 lines vs. 240 lines), slightly superior sound, and a more stable image; Betamax recorders were also of higher-quality construction. However, these differences were negligible to consumers, and thus did not justify either the extra cost of a Betamax VCR (which was often significantly more expensive than a VHS equivalent) or Betamax's shorter recording time.

JVC, which designed the VHS technology, licensed it to any manufacturer that was interested. The manufacturers then competed against each other for sales, resulting in lower prices to the consumer. Sony was the only manufacturer of Betamax initially, and so was not pressured to reduce prices. Only in the early 1980s did Sony decide to license Betamax to other manufacturers, such as Toshiba and Sanyo.
Are you implying Python is VHS and C++ Betamax? ;)
 

Daniel Duffy

C++ author, trainer
Are you implying Python is VHS and C++ Betamax? ;)
Are you shifting the goalposts?? Now it's Python v C++?


From a business manager perspective, is Rust future-proof?

In August 2020, Mozilla laid off 250 of its 1,000 employees worldwide as part of a corporate restructuring caused by the long-term impact of the COVID-19 pandemic.[43][44] Among those laid off were most of the Rust team,[45] while the Servo team was completely disbanded.[46] The event raised concerns about the future of Rust.[47]

I won't be betting my money on Rust.
 
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I recently started using R, I wanted to ask if we could all the work of Finance in R and how is C++ better and in what ways, I am new to all programming and cant differentiate between them,
 

Daniel Duffy

C++ author, trainer
I recently started using R, I wanted to ask if we could all the work of Finance in R and how is C++ better and in what ways, I am new to all programming and cant differentiate between them,
R is a tool with lots of useful packages, C++ is a programming language.
They serve different purposes.
 
I recently started using R, I wanted to ask if we could all the work of Finance in R and how is C++ better and in what ways, I am new to all programming and cant differentiate between them,
R is slow, but useful for scientific computing lots of packages and the language itself made for easier scientific programming, but when it comes to trading and speed is important, C++ is the choice.
 
Are you shifting the goalposts?? Now it's Python v C++?


From a business manager perspective, is Rust future-proof?

In August 2020, Mozilla laid off 250 of its 1,000 employees worldwide as part of a corporate restructuring caused by the long-term impact of the COVID-19 pandemic.[43][44] Among those laid off were most of the Rust team,[45] while the Servo team was completely disbanded.[46] The event raised concerns about the future of Rust.[47]

I won't be betting my money on Rust.
 
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Daniel Duffy

C++ author, trainer
Many big tech companies has joined Rust foundation and the users of Rust are growing exponentially. The benefits of Rust comparing to C++ is huge, and when it comes to financial trading, I think it's the best choice. It has the same speed as C/C++, less memory/leaking skills needed, more developer friendly and less bugs. The benefits are just far more.
Sounds too good to be true. Is it a one-trick pony?

Rust is #24 in the top 100 Billboard charts.


Sounds like waffle, your post. No offence intended.
 

Daniel Duffy

C++ author, trainer
According to some research billions of dollars are due to fact of memory leak in C/C++, which requires very high skill on the developers. When it comes to quantitative finance, same thing. No matter how many good students you teach, they make mistakes and maybe the next financial crisis could be because of C++ and memory leak.
Bla, bla bla.

Heard of smart pointers?

Try this



There are two kinds of programmers
1. those who do C++
2. those who talk about C++ (ad nauseam)

Anyways, you did not address my queries on Rust.
 
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