“If it is easy and obvious, there is no edge in it” - TD Quant Matt Schrager

Podcast: Odds on Open · Ethan Kho

Opublikowano: 2026-05-07

In this episode of Odds on Open, TD Quant Matt Schrager discusses the microstructure of municipal bond market making and the technical challenges of extracting alpha from illiquid fixed income instruments. We analyze the shift from low-latency HFT frameworks to the probabilistic modeling and statistical pricing required for securities with fragmented liquidity. Matt details the mechanics of systematic inventory management, risk-adjusted P&L optimization, and the cultural integration of elite proprietary trading teams within institutional balance sheets.Schrager outlines a variant view on finding edge in "ugly," inefficient markets, focusing on the structural opacity of private credit and the...