Millenniums *other* immoral hiring

[MikeLawrence]

Most of us will have heard of Millennium's recent poaching of two Jane Street traders (allegedly) to steal JS's strategies (they definitely weren't trading options in India).

I just learned that Millennium did the same thing back in '07 - this time they poached two RenTec employees.

Is Millennium a larger poacher than usual, or do I just happen to know these two stories and no one else's?

https://www.reuters.com/article/idUSN19159445/?ref=thediff.co

 

[MikeLawrence]

Lol, Millennium used this exact same defense during the JS hearings

"Renaissance's alleged trade secrets are nothing more than general ideas that are well known to people familiar with with statistical arbitrage and quantitative finance." - Jonathan Williams, Millenniums attorney

 

[Paul Lopez]

Putting morality with quant finance is very sweet

 

[MikeLawrence]

Putting morality with quant finance is very sweet

Let me rephrase:

Millennium's *other* [hiring they got called out on]

Immoral was the wrong word, but you get my point.

 

[Andy Nguyen]

Latest development in the case

https://www.bloomberg.com/news/arti...s-disclosing-secrets-to-millennium-in-dispute

 

[kombuchalover]

I would wager this is pretty common at every quant trading firm....

 

[MikeLawrence]

I would wager this is pretty common at every quant trading firm....

Yeah, everyone snipes top talent occasionally - but Millennium seems to be a little more nonchalant. Only firm I know to take talent from the two largest heavyweights who both happen to have very good retention- and then get almost immediately sued for it.