A scientific approach
to trading

We model relationships between instruments and look for deviations that may revert. Positions in pairs and baskets are constructed to capture relative price movements while managing exposure to broader market factors.

What mattersModel stability, changing correlations, crowding and the cost of trading all legs of a position.

Providing liquidity is a continuous pricing problem. Our models combine order book data, short-term price forecasts and current inventory to determine quote prices and sizes, and when to reduce exposure.

What mattersAdverse selection, inventory exposure, queue position and execution quality.

Markets can adjust gradually as information and capital move through them. We study persistent price behaviour across instruments and horizons, with systematic entry, sizing and exit rules that adapt exposure as conditions change.

What mattersFalse starts, sharp reversals, turnover and concentration in shared market drivers.

We examine relative pricing across linked instruments, including cash and derivatives and different maturities. Carry strategies assess the income and costs of holding a position, including yield, funding and roll effects. Both require careful assessment of trading costs and exposure to adverse price moves.

What mattersFunding conditions, basis risk, liquidity and the risk that expected convergence does not occur.

Option prices reflect both expectations of future price movements and compensation for bearing risk. We analyse implied and realised volatility, skew and term structure to identify relative pricing opportunities and construct hedged positions.

What mattersNonlinear exposures, price gaps, tail risk and the cost and limitations of hedging.