[et_pb_section fb_built=”1″ admin_label=”stopthespread” _builder_version=”4.5.2″ background_color=”#142c4a” background_color_gradient_direction=”290deg” background_image=”https:\/\/magazine.mcs.cmu.edu\/math\/wp-content\/uploads\/sites\/2\/2020\/12\/ss_chips_bg.png” parallax=”on” parallax_method=”off” custom_padding=”0|0px|0|0px|false|false” box_shadow_style=”preset2″ box_shadow_color=”rgba(0,0,0,0.86)” locked=”off”][et_pb_row _builder_version=”4.5.2″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_image src=”https:\/\/magazine.mcs.cmu.edu\/math\/wp-content\/uploads\/sites\/2\/2020\/12\/cat_student-stories_right.png” alt=”Student Stories Right” title_text=”Student Stories Right” align=”right” _builder_version=”4.5.2″ _module_preset=”default”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”3_5,2_5″ _builder_version=”4.5.2″ background_enable_color=”off” custom_padding=”0px||29px|||”][et_pb_column type=”3_5″ _builder_version=”3.14″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/magazine.mcs.cmu.edu\/math\/wp-content\/uploads\/sites\/2\/2020\/12\/ss_quantclub_title.png” alt=”quant club and citadel host market making game” title_text=”quant club and citadel host market making game” _builder_version=”4.5.2″ _module_preset=”default”][\/et_pb_image][et_pb_text _builder_version=”4.5.2″ text_text_color=”#fff” header_font=”|700|||||||” header_text_color=”#ffffff” header_font_size=”35px” header_2_font=”|600|||||||” header_2_text_color=”#ffffff” header_2_line_height=”1.2em” header_3_text_color=”#008bbe” header_3_text_shadow_style=”preset3″ header_3_text_shadow_color=”#000000″ inline_fonts=”Times New Roman”]<\/p>\n
I<\/span>n February 2020, 150 students gathered to test their financial prowess at a Market Making Game. The event was hosted by Carnegie Mellon University\u2019s Quant Club and sponsored by Citadel Securities, one of the world\u2019s biggest market makers. It brought together undergraduate and graduate students from all across the university.<\/p>\n The game was a thought-provoking mixture of estimation, optimization and negotiation. Teams of participants took on the role of market makers as they tried to maximize their capital by trading with other teams.<\/p>\n Twenty-five teams started the game with contracts and some (fake) cash. Throughout five rounds of play, teams had to use their cash to buy contracts or sell contracts to make more cash. However, there was a catch. They didn\u2019t actually know the value of the contracts. Instead, each round rotated through questions about Citadel securities, the economy, mathematical puzzles and general trivia that teams had to solve to reveal the price of the contracts.<\/p>\n \u201cThese were tricky problems,\u201d said Bill Hrusa, mathematical sciences professor and faculty advisor to the Quant Club. \u201cFor example, one probability-focused question asked the number of times you need to roll a six-sided die in order that the product is going to be bigger than 20200201, the date of the event.\u201d<\/p>\n Hrusa was not surprised to see teams using a variety of strategies throughout the game.<\/p>\n One of those strategies is to visit the liquidity station. The liquidity station knows the hidden value of all the contracts. Teams could trade with the station once per round to gain information on the true value of their contracts.<\/p>\n \u201cThey can assume we will make the choice that maximizes our profit or minimizes our loss,\u201d said Quant Club President Tony Wang, who oversaw one of the stations. Essentially, if the liquidity station buys a contract, the team then knows they undervalued the contract. If the station sells the team a contract, the team knows it overvalued the contract.<\/p>\n It\u2019s a lot of uncertainty, but that\u2019s what makes the game all the more exciting.<\/p>\n \u201cThe most challenging part is the uncertainty that comes from not knowing the exact value of the contract and having to trade it anyways if you want any chance to make money,\u201d said Dallas Foster, recent computational finance graduate.<\/p>\n Fellow 2020 computational finance graduate Jason Ren agreed. His team managed that uncertainty by splitting up into different roles based on their strengths. Shengming Luo, a Ph.D. candidate in statistics, and Justin Cao, another computational finance recent graduate, solved the problems to find out the value of the contracts; Ren and mathematical sciences student Wynn Huang drove hard bargains as the team\u2019s traders; and computational finance major Cindy Ding also traded with other teams and managed the contracts and communication for the team.<\/p>\n The team took home first prize, ending the day with a 10% return on their contracts.<\/p>\n Ren\u2019s favorite part about the event was interacting with other teams. \u201cWith a room of 150 people, it can get pretty intense,\u201d he said. \u201cMultiple groups are trying to compete at the same time. It almost felt like a trading floor where people are shouting on the floor and the phone.\u201d<\/p>\n The Quant Club has been hosting the Market Making Game for a few years, but this was their first university-wide event. Former Quant Club executive Max Chen brought the game to the club after participating in a trading competition at another university. Chen, a computational finance graduate, went on to earn his master\u2019s in machine learning from CMU before joining Citadel as a trader in August this year. He wrote all the questions for the event and, along with Wang, helped organize the partnership with Citadel. Citadel representatives gave advice to teams during the game and chatted with students at a pre-event lunch.<\/p>\n The event was undoubtedly a success for the Quant Club. \u201cI think the Market Making Game is my favorite Quant Club event,\u201d said Lily Qiao, a computational finance student and club executive. \u201cIt is a lot of fun because it\u2019s so interactive. It\u2019s not just based on problem-solving but teamwork, too.\u201d<\/p>\n \u25a0 Emily Payne<\/em><\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”2_5″ _builder_version=”3.14″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_gallery gallery_ids=”1411,1408,1409,1410″ fullwidth=”on” _builder_version=”4.5.2″ _module_preset=”default” auto=”on” auto_speed=”2500″][\/et_pb_gallery][et_pb_gallery gallery_ids=”1413,1416,1414″ fullwidth=”on” _builder_version=”4.5.2″ _module_preset=”default” auto=”on” auto_speed=”2300″][\/et_pb_gallery][et_pb_gallery gallery_ids=”1412,1415,1417,1418″ fullwidth=”on” _builder_version=”4.5.2″ _module_preset=”default” auto=”on” auto_speed=”2700″][\/et_pb_gallery][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ fullwidth=”on” module_id=”spotlight” _builder_version=”4.5.2″ _module_preset=”default” box_shadow_style=”preset1″ box_shadow_color=”rgba(0,0,0,0.87)”][et_pb_fullwidth_image src=”https:\/\/magazine.mcs.cmu.edu\/math\/wp-content\/uploads\/sites\/2\/2020\/12\/ss_student-spotlight.jpg” alt=”Trajan Hammonds” title_text=”Trajan Hammonds” _builder_version=”4.5.2″ _module_preset=”default”][\/et_pb_fullwidth_image][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.5.2″ _module_preset=”default” background_color=”#00687f” custom_padding=”2px||9px|||” box_shadow_style=”preset1″ box_shadow_color=”rgba(0,0,0,0.82)”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_column type=”1_2″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_text _builder_version=”4.5.2″ _module_preset=”default” text_text_color=”#e0e0e0″]<\/p>\n Trajan Hammonds spent his undergraduate years cultivating experiences that would give him as much exposure as possible to research in mathematics, a journey that has prepared him for his next steps as a Ph.D. candidate at Princeton University.<\/p>\n Each summer, Hammonds participated in a Research Experience for Undergraduates (REU) program, always hoping to find a new problem to tackle. He spent his first summer at the Mathematical Sciences Research Institute Undergraduate Program, the next at Williams College and his final summer at the University of Minnesota, Duluth.<\/p>\n \u201cAll three REU programs were instrumental in my decision to pursue a research career in mathematics,\u201d said Hammonds.<\/p>\n His passion for research culminated in an impressive five papers during his time as an undergraduate, three of which have been published: one in the Houston Journal of Mathematics, one in the Journal of Number Theory and another in the International Journal of Number Theory.<\/p>\n \u201cTrajan has been a vibrant and valuable member of the mathematics community at CMU,\u201d said Hammond\u2019s advisor, Director of Undergraduate Studies Jason Howell. \u201cHe accomplished a great deal during his four years here, and I know that the future for Trajan is very bright.”<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_text _builder_version=”4.5.2″ _module_preset=”default” text_text_color=”#e0e0e0″]<\/p>\n Number theory, which uses a variety of tools from other subjects like algebraic geometry and harmonic analysis to answer basic questions about whole numbers, is Hammonds overarching area of study. And what led him to continue his studies at Princeton.<\/p>\n \u201cI chose Princeton primarily for its abundance of faculty in number theory, including two recent Fields medal winners, who together cover a wide range of topics in number theory,\u201d Hammonds said.<\/p>\n While Hammonds has physically moved to New Jersey, he\u2019s starting his graduate studies virtually. He spends his time in classes, seminars, reading groups and in finding his doctoral research path. Currently, much of his research consists of trying to understand what has been done in the field before. A lot of number theory research consists of trying to figure out the right way to think about things, Hammonds notes. And he\u2019s looking for the central story that links everything together.<\/p>\n \u201cI want to identify key tools and components in the landscape that would be useful for problems I may try to solve in the future. Moreover, it’s important to really understand how things work in a classical setting in order to try to frame things in a more general setting,\u201d he said.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ module_id=”destinations” _builder_version=”4.5.2″ _module_preset=”default” background_color=”#e05929″][et_pb_row column_structure=”1_5,1_5,1_5,1_5,1_5″ _builder_version=”4.5.2″ _module_preset=”default” custom_padding=”2px||0px|||”][et_pb_column type=”1_5″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_image src=”https:\/\/magazine.mcs.cmu.edu\/math\/wp-content\/uploads\/sites\/2\/2020\/12\/ss_commencement_05.jpg” alt=”Class of 2020″ title_text=”Class of 2020″ force_fullwidth=”on” _builder_version=”4.5.2″ _module_preset=”default”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_image src=”https:\/\/magazine.mcs.cmu.edu\/math\/wp-content\/uploads\/sites\/2\/2020\/12\/ss_commencement_04.jpg” alt=”Class of 2020″ title_text=”Class of 2020″ _builder_version=”4.5.2″ _module_preset=”default”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_image src=”https:\/\/magazine.mcs.cmu.edu\/math\/wp-content\/uploads\/sites\/2\/2020\/12\/ss_commencement_03.jpg” alt=”Class of 2020″ title_text=”Class of 2020″ _builder_version=”4.5.2″ _module_preset=”default”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_image src=”https:\/\/magazine.mcs.cmu.edu\/math\/wp-content\/uploads\/sites\/2\/2020\/12\/ss_commencement_01.jpg” alt=”Class of 2020″ title_text=”Class of 2020″ _builder_version=”4.5.2″ _module_preset=”default”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_image src=”https:\/\/magazine.mcs.cmu.edu\/math\/wp-content\/uploads\/sites\/2\/2020\/12\/ss_commencement_02.jpg” alt=”Class of 2020″ title_text=”Class of 2020″ _builder_version=”4.5.2″ _module_preset=”default”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_column type=”1_2″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_text _builder_version=”4.5.2″ _module_preset=”default” text_text_color=”#e0e0e0″ header_text_color=”#e0e0e0″]<\/p>\n Firms that hired more than one member of the class:<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/magazine.mcs.cmu.edu\/math\/wp-content\/uploads\/sites\/2\/2020\/12\/ss_destinations.png” alt=”Amazon – Barclays – Capital One – Citi – Microsoft – Credit Suisse – PNC” title_text=”Amazon – Barclays – Capital One – Citi – Microsoft – Credit Suisse – PNC” _builder_version=”4.5.2″ _module_preset=”default”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.5.2″ _module_preset=”default”][et_pb_text _builder_version=”4.5.2″ _module_preset=”default” text_text_color=”#e0e0e0″ header_3_text_color=”#e0e0e0″]<\/p>\n University of Chicago<\/strong>, Penn State University<\/strong>, Princeton University<\/strong>, University of California, Los Angeles<\/strong>, University of North Carolina at Chapel Hill<\/strong>, University of Wisconsin<\/strong>, [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.22″ background_color=”#e0e0e0″ custom_margin=”0px|||||” custom_padding=”30px|0px|30px|0px|false|false” locked=”off”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”3.25″ custom_padding=”0|0px|0|0px|false|false”][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”\/math\/2020-issue\/alumni-news\/” button_text=”Alumni News” _builder_version=”4.5.2″ custom_button=”on” button_text_color=”#00687f” button_border_width=”0px” button_font=”||||||||” button_icon=”%%2%%” button_icon_color=”#00687f” button_icon_placement=”left” button_on_hover=”off” button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”\/math\/2020-issue\/student-awards\/” button_text=”Student Awards” button_alignment=”right” _builder_version=”4.5.2″ custom_button=”on” button_text_color=”#00687f” button_border_width=”0px” button_font=”||||||||” button_icon=”%%3%%” button_icon_color=”#00687f” button_on_hover=”off” button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" In February 2020, 150 students gathered to test their financial prowess at a Market Making Game. The event was hosted by Carnegie Mellon University\u2019s Quant Club and sponsored by Citadel Securities, one of the world\u2019s biggest market makers. It brought together undergraduate and graduate students from all across the university. The game was a thought-provoking […]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":1156,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-1404","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/magazine.mcs.cmu.edu\/math\/wp-json\/wp\/v2\/pages\/1404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magazine.mcs.cmu.edu\/math\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/magazine.mcs.cmu.edu\/math\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/magazine.mcs.cmu.edu\/math\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/magazine.mcs.cmu.edu\/math\/wp-json\/wp\/v2\/comments?post=1404"}],"version-history":[{"count":20,"href":"https:\/\/magazine.mcs.cmu.edu\/math\/wp-json\/wp\/v2\/pages\/1404\/revisions"}],"predecessor-version":[{"id":1603,"href":"https:\/\/magazine.mcs.cmu.edu\/math\/wp-json\/wp\/v2\/pages\/1404\/revisions\/1603"}],"up":[{"embeddable":true,"href":"https:\/\/magazine.mcs.cmu.edu\/math\/wp-json\/wp\/v2\/pages\/1156"}],"wp:attachment":[{"href":"https:\/\/magazine.mcs.cmu.edu\/math\/wp-json\/wp\/v2\/media?parent=1404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}“[The Market Making Game] is not just based on problem-solving but teamwork, too.” \u2014 Lily Qiao
<\/strong><\/em><\/span><\/h3>\nClass of 2020 Destinations<\/h1>\n
Doctoral Programs<\/h3>\n
Statistics<\/p>\n
Mathematics<\/p>\n
Mathematics<\/p>\n
Mathematics (x2)<\/p>\n
Bio Statistics<\/p>\n
Mathematics<\/p>\n