Equity Fundamental Research Analyst (PnL Responsibilities)

Title: Fundamental Research Analyst
Division: Leading Market Making Firm
Business: Options
Location: New York

Role Overview

The Fundamental Research Analyst will sit within the Options business, specifically in the semi-systematic options group. The role is embedded directly on the trading desk and focuses on applying fundamental research to support and enhance single-stock options strategies. Analysts are expected to progress toward direct risk ownership and contribute to both existing and new trade ideas.

Team Context

• Part of the Options platform, which is organized across multiple groups including fixed income, options, and systematic strategies
• This role sits within the semi-systematic options team, distinct from a separate fully systematic desk
• The semi-systematic group is the larger and more established options team
• Team is primarily based in New York, with potential presence in Miami
• The team has grown materially since 2020 and currently consists of ~15 analysts
• Team composition spans a wide range of seniority, from campus hires to senior professionals with 10-15+ years of experience
• The organizational structure is intentionally flat; all team members hold the title Fundamental Research Analyst

Key Responsibilities

• Perform fundamental equity research to support single-name options trading
• Generate actionable investment views to:
• Refine existing semi-systematic strategies
• Develop and validate new trading ideas
• Work fully embedded on the trading desk, collaborating closely with traders and other researchers
• Assume risk-taking responsibility, initially at a smaller scale with the ability to grow position size and impact over time based on performance
• Maintain primary coverage responsibility for an assigned list of individual equities
• Operate within short-duration, high-turnover investment timeframes
• Contribute to a research-driven, collaborative environment with continuous feedback from trading

Strategy Focus

• Short-term, event-driven and tactical opportunities rather than long-duration investments
• Index options are handled by a separate, dedicated desk
• The platform has increased its ability to deploy risk and continues to do so selectively

Required Skills and Experience

• Strong grounding in fundamental equity analysis
• Demonstrated judgment, analytical rigor, and investment intuition
• Ability to operate effectively in a fast-paced trading environment
• Willingness and aptitude to take risk, not purely advisory research
• Options knowledge and theory are beneficial but not required
• Training is provided on options mechanics and strategy implementation
• Coverage background is flexible (e.g., healthcare, financials, consumer, industrials, etc.)

Role Characteristics

• Direct exposure to trading decisions and P&L
• Opportunity to scale personal risk capital based on performance
• High level of interaction across research and trading
• Performance-driven environment with clear accountability
• Stable, profitable options franchise with consistent performance across market cycles