Citadel Securities' ex-head of low latency trading in APAC joins Hudson River Trading in New York
Multiple electronic trading firms have built up sizeable teams in Australia, but Hudson River Trading (HRT) is a notable exception. Despite this, it seems to appreciate talent in the region; it just hired a senior trader from Citadel Securities and relocated him to New York.
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David Zderic joined HRT as an algorithm developer. He spent two years at market maker Citadel Securities, where he was latterly the firm's head of APAC low latency trading based in the firm's Sydney office, home to ~90 employees. He left the firm in May 2024, 21 months ago, which would suggest that he has been on an extended gardening leave period.
Zderic also spent eight years with another market maker, IMC. He joined as a systems engineer initially before transitioning into a trading role. He also spent the last two years at the firm based in Chicago before moving back to Sydney with Citadel Securities.
Hudson River Trading has distanced itself from the notion that it's a pure high-frequency trading firm. Speaking on Bloomberg's Odd Lots podcast, the firm's head of AI Iain Dunning said that medium frequency strategies (held for minutes to days at a time) ar now "a big part of the business." It still has some high performing HFT teams, however; Bloomberg reported that the firm's team in India made $264m in profits last year, compared to $248m at Citadel Securities and $334m at Jane Street.
Hudson River Trading's algorithm developers are led by Jesse Cohen, an ex-Goldman Sachs MD who joined the firm aged 28. He is thought to be a big star at the firm, and was promoted into the role following the departure of HRT partner Oaz Nir.
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