DRW

DRW is a Chicago-based trading firm founded in 1992 by Don Wilson, who started it while trading Eurodollar options in the pit at the Chicago Mercantile Exchange and still leads it as CEO. From the start the firm used modelling to find opportunities in global markets, and it still trades only its own capital, with no outside investors. DRW now describes itself as a diversified trading firm working across both traditional and newer markets. It is active on exchanges on five continents and has more than 2,000 employees, over 800 of them technologists.

Around the core trading business, DRW has built a group of related companies: Cumberland DRW, its cryptoasset trading arm, founded in 2014; DRW Venture Capital, set up in 2011; the real estate business Convexity Properties, from 2008; Artemeter, which works in carbon markets and launched in 2024; and DRW NX, which designs and runs the firm’s networks. Wilson also co-founded the non-profit Climate Vault.

The firm has offices in Chicago, Amsterdam, Austin, Dubai, Greenwich, Hong Kong, Houston, London, Montréal, New York, Palo Alto, Singapore and Tel Aviv. Austin came with the acquisition of RGM Advisors in 2017, Houston opened the same year when DRW hired an energy trading team there, and the Hong Kong trading desk followed in 2023. Technology runs through everything DRW does: most of its job ads ask for Python or C++ on Linux, more specialised teams work in Java, Rust, Kubernetes, Kafka and FPGA development, and the firm says its systems have processed more than 13 million transactions in a single day.

What DRW Trades

• ETFs
  An independent liquidity provider and authorised participant in more than 2,000 ETFs worldwide.
• Futures and options
  Block liquidity in global equity index futures, and options across fixed income, currencies and commodities, where DRW calls itself a top-ranked liquidity provider.
• Digital assets
  Crypto trading through Cumberland DRW, which has been active since 2014.
• Energy and carbon
  Physical North American natural gas and power, and compliance carbon markets in the EU and the US.
• Newer strategies
  Current openings include desks in prediction markets, mid-frequency equities and global macro volatility.

Culture and Benefits

DRW describes its culture as low-ego, with minimal hierarchy and a focus on continuous learning. The principles it names are integrity, critical thought, learning, challenging consensus, preparation, respect and a sense of urgency. Benefits listed on its careers pages include catered meals, massages, yoga and meditation, a gym subsidy, flexible working arrangements, mentorship, sports teams, a game room and poker tournaments. The Montréal office was named one of Montréal’s Top Employers for both 2024 and 2026.

Hiring at DRW

DRW hires quantitative traders, quantitative researchers and software developers, as well as specialists in areas such as FPGA engineering, platform engineering and trading operations. Most open roles are in Chicago and London, followed by New York, Singapore and Montréal. Students can join 10-week internships that include an orientation, mentoring and furnished housing near the office provided by DRW, and graduates start with a personalised learning programme. Current US job ads list an annualised base salary of 250,000 US dollars for Quantitative Trading Analyst interns in Chicago, and 250,000 to 300,000 US dollars for quantitative research interns.

DRW publishes its selection process for students and graduates, which runs in four steps:

• Application
  Submit your résumé. Applications are reviewed on a rolling basis.
• Technical challenge
  A timed challenge taken at home: probability and logic problems for traders and researchers, or a coding challenge on Codility for developers.
• Video interview
  Around 45 minutes with a developer, trader or researcher, mixing technical and behavioural questions.
• Final round
  Two days on site. The first afternoon brings introductions and another technical challenge, and the second day is a full day of technical and behavioural interviews.

DRW’s own advice for the final round depends on the role. Developers should expect in-depth computer science questions, traders should be ready to talk about what is happening in the markets, and researchers should be able to discuss their research and publications in detail.