From people who've gotten offers, I've gotten the impression that those people wouldn't be happy anywhere else in finance- or at least at your typical investment bank or hedge fund. If you're rejected, I've heard they will tell you that it's a huge compliment to even make it to final round interviews with them and not to feel bad about it, and then they will give you a detailed synopsis of what went well and what went wrong in the interviews. If you make it to final round interviews, I think you'll get a call from one of the senior partners who interviewed you either way. My impression is that it seems like a Google-like culture that also requires a little aggressiveness/assertiveness. By "Cultural Fit", they're looking for intellectuals who are usually quiet and down to earth but can be both very aggressive, creative, and very nice/respectful all at the same time when the situation calls for it. They are particularly careful about finding brilliant people (smarter even than most people on the trading floors at most bulge-bracket investment banks) who are good cultural fits. GETCO is arguably one of the most selective- and secretive- prop shops out there. My impressions are pretty limited and a little dated, but they might still be helpful in the absence of other information Trading Firm to restore the peg,” said the SEC.Both of these firms recruited from Illinois when I was a senior several years ago, and I managed to pick up a little information about these firms while I was focusing on the New York investment banks. “Specifically, Terraform and Kwon emphasized the purported effectiveness of the algorithm underlying UST in maintaining UST pegged to the dollar – misleadingly omitting the true cause of UST’s re-peg: the deliberate intervention by the U.S. The fact that the firm stepped in to prevent a market selloff at the time was allegedly what drove the modified terms to acquire LUNA at such discounted prices. Under modified terms of its loan agreement with Terra to serve as its market maker, Jump was able to buy LUNA for as little as $0.40 per token, even when LUNA was trading at over $90 in the open market.Īccording to the SEC, when UST briefly lost its peg in May 2021, it was the unnamed third party (in this case, Jump Trading) that ultimately helped the asset recover by buying up Terra’s tokens. The firm was known to have been an active participant in the Terra ecosystem, having co-led a $1 billion investment in the Luna Foundation Guard (LFG) along with now-defunct hedge fund Three Arrows Capital last year. At the time of writing, the SEC had not accused Jump of any wrongdoing.Ī spokesperson from Jump reportedly declined to comment on the accusations. People with knowledge of these trades told The Block that proprietary trading firm Jump Trading was the unidentified trading firm that the SEC referred to in the lawsuit. In 2020, the trading firm allegedly began actively selling LUNA into the market and made approximately $1.28 billion in the process. In its complaint, the SEC alleged that Terra had loaned 30 million LUNA to a “US Trading Firm” in 2019 – something Kwon explained to a small group of investors as a transaction to improve liquidity of the token. The United States Securities and Exchange Commission (SEC) filed a lawsuit against Terraform Labs and its founder Do Kwon last week, alleging the parties were responsible for a “multi-billion dollar crypto asset securities fraud.” Jump Trading is allegedly the unnamed partner that supported the TerraUSD (UST) stablecoin, according to a report from The Block.
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