Quantitative Research Internship - 6 Months, Central Execution Research

Tower Research Capital is a leading quantitative trading firm founded in 1998. Tower has built its business on a high-performance platform and independent trading teams. With a 25+ year track record of innovation, Tower is known for discovering unique market opportunities.

Tower is home to some of the world’s best systematic trading and engineering talent. The firm empowers portfolio managers to build their teams and strategies independently while providing the economies of scale of a large, global organization.

Engineers at Tower develop electronic trading infrastructure at a world-class level, solving challenging problems in low-latency programming, FPGA technology, hardware acceleration, and machine learning. Ongoing investment in top engineering talent and technology helps ensure the platform remains unmatched in functionality, scalability, and performance.

At Tower, every employee plays a role in the firm’s success. Business Support teams help build and maintain the platform that powers everything Tower does—combining market access, data, compute, and research infrastructure with risk management, compliance, and a full suite of business services. These teams enable trading and engineering teams to perform at their best.

As an intern on the Central Execution Desk, you will work on execution research, modeling, and execution performance evaluation.

Responsibilities

• Explore execution and trading ideas by analyzing market microstructure for patterns in liquidity, trading costs, and execution outcomes.
• Build tools, simulations, and analytics to support trading and execution decisions.
• Contribute to research libraries and production workflows for execution analysis.
• Design and evaluate models; perform causal analysis.
• Work with large, noisy datasets and build robust data-processing and model-calibration pipelines.

Qualifications

• A current student from a top-tier university pursuing a PhD in Mathematics, Statistics, Computer Science, Financial Engineering, Physics, Operations Research, Economics, or an equivalent quantitative discipline.
• Strong grounding in mathematics, statistics, optimization, and machine learning.
• In-depth data-mining and analysis skills.
• Strong programming skills in one or more of Python, C++, and Rust.
• Interest in market microstructure, optimal execution, causal inference, and quantitative trading.
• Familiarity with large financial, tick, or order-book datasets, market microstructure, transaction cost analysis, market impact, simulation, or optimal execution is a plus but not required.
• Internship can start on a timeline convenient to you, preferably within 6 months.

Benefits

Tower’s headquarters are in the historic Equitable Building in the heart of NYC’s Financial District, with global impact through over a dozen offices worldwide.

At Tower, work is both challenging and enjoyable. The firm fosters a culture where smart, driven people thrive without ego—supported by an open concept workplace, casual dress code, and well-stocked kitchens.

Benefits include:

• Generous paid time off policies
• Savings plans and other financial wellness tools available in each region
• Hybrid working opportunities
• Free breakfast, lunch, and snacks daily
• In-office wellness experiences and reimbursement for select wellness expenses (e.g., gym, personal training, and more)
• Company-sponsored sports teams and fitness events (e.g., JPM Corporate Challenge, Cycle for Survival, Wall Street Rides FAR)
• Volunteer opportunities and charitable giving
• Social events, happy hours, treats, and celebrations throughout the year
• Workshops and continuous learning opportunities

Tower offers a collaborative and welcoming culture with diverse teams and a workplace that values both performance and enjoyment. No unnecessary hierarchy. No ego. Just great people doing great work—together.