Job Description:

Experienced Traders
IRAGE 2

We are looking for

Experienced Traders
iRage is looking for experienced traders with a successful
track record and a good understanding of the capital
markets.

We provide an extremely high performance automated

trading system with:
• extreme low latency
• seamless on-demand scalability (spans multiple servers
with single control window)
• mechanical sympathy (optimize intelligently according to
hardware)
• robust risk handling
• easy interface to code (faster strategy on-boarding)
• fast quant library

We also provide sophisticated in-house analytical tools and

a huuuuge historical data store.

We also provide great learning opportunities through in-

house learning sessions and a youthful work environment.

We also provide extremely lucrative profit share

arrangements for traders introducing new trading
strategies to iRage.
www.iragecapital.com
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Inputs for evaluation (1/2)

Since we get a lot of applications from various traders,
we try to evaluate trading strategies on the basis of the
risk adjusted returns, drawdown characteristics, biases in
the strategy (say, w.r.t. overall market prices, implied
volatility, etc), etc.

Please therefore provide the following inputs to assist us

to evaluate the internal metrics of your trading strategy:

1. Strategy / portfolio characteristics:

a. Instrument universe
b. Is it high frequency-ish or low-frequency-ish
i. Latency requirement
ii. Holding period (minimum, 10%ile, 50%ile, 90%ile, max)
iii. Market Data granularity requirement (tick-by-tick, end of second snapshot, etc)
iv. Does your strategy quote to get a trade or does it hit market?
c. Daily volume turnover (50%ile, max)
d. Liquidity Impact cost (drop in returns when scaling up the portfolio by INR 1 Cr, or USD
1 million)
e. Delta exposure (intraday max)
f. Delta exposure (overnight max)
g. For option strategies
i. Vega exposure (intraday max)
ii. Vega exposure (overnight max)
iii. Theta exposure (intraday max)
iv. Theta exposure (overnight max)
h. What other risk factors are there? (for e.g. daily MTM settlement of futures vs options,
physical settlement of derivatives, etc)
i. What are the limitations (OI limits like MWPL, Position Sizing limits, etc)

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IRAGE 4

Inputs for evaluation (2/2)

2. If strategy was not run in live markets, and only back-tested statistically or run against
simulators
a. What slippage value was assumed?
b. What trade prices were considered (for e.g.: for buy trades, did you consider
bid/ask/mid/ltp)?
c. What time granularity of data did you use for back-testing (tick-by-tick, end-of-
second snapshot, end-of-minute snapshot, end-of-day snapshot)?
d. What transaction costs were applied?
e. What are the other assumptions?
3. What is the margin requirement (max, 90%ile intraday; max, 90%ile overnight)?
4. Please provide the daily pnl statement for atleast 6 months (for trading strategies with
holding periods of upto 1 day) or more. Based on these inputs, we would do the risk
adjusted return analysis, drawdown analysis, inherent bias analysis.

While our current style of trading is high-frequency

automated-trading, our objective is to undertake trades
which are profitable on a risk adjusted basis.

We therefore invite traders from other schools of

trading to also apply with their track records (as long as
there is a consistent track record of risk adjusted
profits).

www.iragecapital.com
IRAGE 5

Please apply by emailing

(i) your track record and
(ii) your resume
to:
recruit.experienced.trader@iragecapital.com

www.iragecapital.com
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Appendix – About lRage

www.iragecapital.com
IRAGE 7

About
Us

We are IRAGE

iRageCapital was founded in 2009 with a view to be

the leader in algorithmic trading in India. Leveraging
its combined strengths in both quantitative finance
and technology, iRageCapital has emerged as one of
the pioneers in the field of high frequency trading in
India.
 IRAGE

The IRAGE Way

We trade a basket of high frequency strategies everyday.

We trade a few hundred independent portfolios on a daily basis

and provide liquidity in a few thousand exchange traded financial
instruments in India on a continual basis throughout the day
(possibly the highest by any firm in India).
In simplified words, this means providing both buy and sell
quotes for thousands of products at all points of time.
We also manage overnight positions in a few thousand
derivatives on a daily basis.

In addition to providing liquidity, we also aim to identify

mispricings on the exchange and trade to reduce mispricings -
thus helping in proper price discovery of financial assets

These complex tasks have been made possible by the

combination of extremely smart quantitative traders and an
equally smart technology development team who have built a
world-class technology infrastructure in-house.

Recently, we also ventured into fund management with the

launch of iRage MasterTrust Absolute Return Fund (AIF
Category III)
IRAGE 9

Few words about

what we do

We provide liquidity
(i.e. Buy and Sell prices) in 1000s
of complex derivatives & equities
continuously throughout the day!

(spread across tens of servers

and hundreds of portfolios)

www.iragecapital.com
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Few words about

what we do

PROCESS
1000s of EVENTS
(peak data flow:10s GBps)

EXECUTE
COMPLEX LOGIC
(mega portfolio of 1000s derivatives)

MANAGE
RISKS REAL TIME
in

(0 errors despite complexity)

In 1µs

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IRAGE 11

Few words about

what we do

PERFORM
QUADRILLION
Instructions per server

PROCESS
100S OF GIGABYTES
of data
Across 1 day
MANAGE
STATE of MILLIONS
of orders per server

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IRAGE 12

We also try to
have fun at the same
time

Turf soccer/cricket outings every week

In-house yoga sessions every week

Weekly
Pizza parties

Monthly Fun activities and competitions

Off-sites / Annual day celebrations Annually

•

Recreation area (foosball, et al)

Stocked Cafeteria

Others Library (under creation/expansion)

Health insurance (to self & dependents)

Continued Education Benefits

www.iragecapital.com
IRAGE

A look at
our people.
Rajib focusses on business strategy, trading
strategies, risk management & internal processes.
He is a regular speak at algorithmic trading
conferences across Asia, America & Europe
Prior experiences – quant research (Bloomberg, NY);
high frequency trading (Optiver, Amsterdam); data
analytics technology (Oracle); business strategy for
an investment firm & derivatives exchanges
Represented India at World Puzzle Championship 4
times. Finalist at Indian National Biology Olympiad.
Rajib is also a visiting faculty in finance at IIM
Ahmedabad Rajib Ranjan Borah
B.E. Computer Engineering (NIT Surathkal) CEO
PGDM – IIM Calcutta

Gaurav leads the quantitative trading development at

iRage along with the overall clientele business. He
also leads on the Systems, Performance and
Strategy Development including trading systems
development, latency reduction & optimization.
Prior to iRage, Gaurav worked in bank treasury a
Forex-Interest Rates Derivatives Trader. He also
worked as a Performance Engineer at Veritas
Software, where he picked up the feel for
Optimization.
Gaurav is also a visiting faculty in finance at IIM
Ahmedabad Gaurav Raizada
B.Tech, Chemical Engineering (IIT Kanpur) Partner
PGDM – IIM Lucknow

www.iragecapital.com
 IRAGE

A look at
our people.

Sameer leads the core technology and machine

learning research at iRage as the Chief Architect.

He is passionate about driving the core technology in

setting new benchmarks in tick-to-trade latency.
He is involved with designing trading models using
deep learning research harnessing the temporal and
spatial nature of market microstructure concurrently.

Masters in Economics & Information Systems (BITS

Sameer Kumar Pilani)

Core Technology

Vivek is the Director at Kredent Enterprises, which is

one of the strategic investors in various iRage group
initiatives. He has been a trader himself & manages
200+, traders trading multiple assets. He is part of
various committees of exchanges & regulators and
has been an active contributor in the evolution of
Indian Derivatives Market. As an educationalist, he
manages a training academy called Kredent
Academy. A recent area of focus has been in
building the highly acclaimed mobile informational
app for financial markets – StockEdge. He is a
speaker in various colleges and higher institutions
including IIT & IIMs.
Vivek Bajaj
Strategic Investor, Mentor Chartered Accountant & Company Secretary;
PGDM – IIM Indore

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IRAGE

A look at
our people.

Nitesh has a rich experience in financial markets

spanning across various asset classes in different
roles. Prior to leading QuantInsti™ as its CEO, he
was the business lead for iRage.

He has prior experience in bank treasury (FX &

Interest rate domain) and in proprietary trading desk.

B.Tech, Electrical Engineering (IIT Kanpur);

PGDM – IIM Lucknow
Nitesh Khandelwal
CEO, QuantInsti

At iRage, Anil managed multiple trading strategies

and then also designed firm-wide risk and
compliance practices. Anil has successfully
developed and led the scalable Quantitative Strategy
development for the fund operations.

Prior to iRage, Anil worked as an independent

commodities trader, managing a portfolio of metals
and energy products and as a senior Analyst at
TCG’s Private Equity fund and as a Convertible
Analyst at Lehman Brothers.

B.Tech, Mechanical Engineering (IIT Kanpur); Anil Kumar yadav

PGDM – IIM Lucknow Fund Manager - Long Short Fund

www.iragecapital.com