I noticed KCG posted up awful earnings this quarter and Virtu's stock has been jammed every day for weeks.
I did some research in treasury market microstructure years ago and have recruiters for Jump, Teza, HRT, and DRW spamming me non-stop recently. Typically, when firms are trying to scoop up new blood, it's because their existing trades aren't working. I have another, more stable, industry job at a bank, so why bother? The days of 20something guys making 7-figure bonuses must be over by now.
Why is this industry doing so poorly? Is it saturated? Low VIX? Bad environment due to QE?
