How Jane Street and Citadel print
Trading P&L. There is no SaaS attach. The desk is the product.
Multi-strat trading P&L. Fees on outside capital. The pod is the unit.
The mix
Hover a slice
- Trading P&L100%85%
- Mgmt / other—15%
- Jane StreetCitadel
Jane Street
They buy and sell. The researcher and the engineer are the same bet.
Pays: Markets. Other desks. Nobody 'subscribes.'
Builds: QR, QT, and SWE on the same floor. The book is the firm.
Citadel
A hedge fund that pays like a lab. The product is the return.
Pays: Allocators. Markets.
Builds: PMs, QR, and the platform SWE who keep the pods fast.