The Realities of Quant Trading and Market Making
In the latest episode of FinTech Focus TV, Toby welcomes Corstian Ten Hoor, the Head of Quant Trading at All Options, for a comprehensive and engaging discussion that shines a spotlight on the nuanced and often misunderstood world of market making and quantitative trading. This insightful conversation not only uncovers the foundational principles of market making but also explores the practical challenges and cultural evolution within a modern FinTech trading firm.
For those working in or interested in FinTech recruitment, quantitative finance careers, and the future of trading, this episode offers a masterclass in innovation, leadership, and the strategic thinking needed to grow both teams and businesses in this high-performance sector. It is a valuable resource for those seeking FinTech jobs or aiming to understand the changing nature of quantitative trading roles in the global financial landscape.
Understanding Market Making in Financial Technology and Quant Trading
Toby begins the discussion by addressing a widespread misconception about market making. Often glamorised or misunderstood through portrayals in popular media like The Wolf of Wall Street, market making is far from chaotic trading pits and aggressive phone calls. Corstian quickly sets the record straight by providing a practical and grounded explanation of what market makers actually do.
Market makers play a crucial role in maintaining liquidity in financial markets. They always stand ready to both buy and sell a financial instrument—whether it be stocks, options, or bonds. Corstian uses a compelling analogy to simplify the concept: imagine going to a supermarket to buy or sell tomatoes. In the supermarket model, you can only buy; however, in financial markets, thanks to market makers, you can also sell, because there is always someone on the other side ready to transact.
This continuous presence ensures that markets operate smoothly and efficiently. It also contributes to price formation. Unlike in a market where participants hide their hands until an offer is made, market makers display live prices that help other market participants understand the fair value of a financial asset. As Corstian describes, market making provides a level of transparency and reliability that is indispensable in today’s interconnected financial ecosystem.
Inside All Options: A FinTech Workplace Driven by Innovation and Culture
As the conversation progresses, Toby asks Corstian to describe the culture and daily environment at All Options. Visitors to their trading floor in Amsterdam are often taken aback by what they see—not the frenetic, high-pressure atmosphere they expected, but a collaborative and technologically sophisticated space.
Rather than shouting matches and old-school trading antics, the trading floor at All Options is populated by professionals focused intently on data-driven decision-making. The team sits at large desks with multiple monitors, tracking vast amounts of real-time market data. There are noises—alerts and system notifications—but the overall setting is one of concentration and efficiency.
Corstian highlights an important cultural point: All Options doesn’t serve external clients in the traditional sense. The firm trades with its own capital on exchanges, which means that its internal processes and relationships are not constrained by client expectations. This model allows for a great deal of autonomy and innovation within the company, fostering an environment where employees are encouraged to take ownership, experiment, and build new systems that can enhance trading performance.
From Graduate Hire to Head of Quant Trading: A FinTech Career Progression
One of the most inspiring segments of the episode is Corstian’s career journey within All Options. He joined the firm at the end of 2019, directly after completing a master’s degree in quantitative finance. Starting out as a junior quant analyst, his role initially focused on building business intelligence reports—gathering and processing data to create automated dashboards that helped traders make better decisions.
As one of the first quants in the firm, Corstian saw a need for greater standardisation. He took the initiative to build an internal library of standard computations and functions to reduce redundancy and ensure accuracy. This systematized approach made the workflow far more efficient and scalable.
His next milestone came when the team began integrating this internal library with their trading system, allowing direct interaction between the analytics and live trading positions. This integration not only improved the speed and reliability of trade management but also marked a transition in Corstian’s role—from quant analyst to quant trader, and eventually to Head of Quant Trading.
This career progression showcases what is possible in FinTech when talent meets opportunity and innovation. It is also a testament to the entrepreneurial culture at All Options, where merit and initiative are rewarded with real responsibility.
FinTech Expansion into the United States: Strategic Growth from Amsterdam to Austin
Toby and Corstian then turn their attention to international growth, specifically All Options’ expansion into the United States. After successfully covering the European equity index options market, the firm faced a strategic choice: expand into new asset classes or new regions. They chose the latter, remaining focused on their core competency—equity options trading—and launched a new office in Austin, Texas.
The decision to expand into the US was carefully considered. Austin offered several advantages, including a strong tech ecosystem, lower cost of living compared to New York or Chicago, and a growing pool of skilled professionals. However, expanding into a different time zone introduced operational challenges, particularly in terms of real-time collaboration between teams in Amsterdam and Austin.
To address this, All Options implemented evening shifts in Amsterdam, ensuring overlap with the US office. They also encouraged frequent cross-office visits, allowing team members to build relationships, align values, and maintain cultural cohesion. This commitment to communication and collaboration ensured that the expansion was not just geographical, but also organisationally coherent.
The Shift from Technical Expert to FinTech Leader
Corstian’s story takes another interesting turn as he describes the challenges of moving from technical contributor to team leader. Leaving behind the hands-on coding work was initially difficult, but he came to appreciate the broader impact he could make by mentoring others, shaping strategy, and creating the right environment for high performance.
Managing a fast-growing team, especially in a competitive and technically demanding field like quantitative trading, requires a unique combination of skills. Corstian reflects on the importance of empathy, structured feedback, and openness to learning. He credits his development to a mix of mentorship, trial and error, and formal training.
Toby acknowledges how difficult it can be to lead people who were once peers, and Corstian agrees. However, he emphasises that good leadership is about listening, communicating clearly, and being willing to evolve. His approach is rooted in humility and a genuine desire to build a high-performing, values-driven team.
What Makes a Great FinTech Hire: Recruitment at All Options
As the conversation shifts to recruitment, Toby asks Corstian what he looks for in a new hire. Corstian is quick to highlight that values and cultural fit are more important than technical ability alone. Candidates who are collaborative, entrepreneurial, and enthusiastic about trading are far more likely to succeed at All Options than those who are technically brilliant but culturally misaligned.
That said, the firm does run a rigorous assessment process. Applicants are tested on mental maths, probability, coding skills, and their understanding of financial models. These tests help identify candidates who can think quickly, solve complex problems, and operate effectively in high-pressure environments.
However, All Options is not rigid in its approach. If a CV shows promise and enthusiasm, the team may choose to interview a candidate regardless of test scores. This holistic recruitment strategy ensures that the firm doesn’t miss out on hidden talent—those who may not have perfect scores, but who bring the right mindset and energy.
Corstian also notes that candidates who go the extra mile—researching the company, asking thoughtful questions, and demonstrating their interest—stand out significantly. This reinforces an important principle in FinTech recruitment: preparation, attitude, and cultural alignment are just as crucial as technical credentials.
Why All Options Is a Standout FinTech Employer
As the episode nears its end, Toby asks Corstian what differentiates All Options from other trading firms. Corstian responds with a focus on culture and opportunity. All Options gives its employees significant responsibility from the outset and supports them with a collaborative environment where innovation is encouraged.
The firm avoids internal competition by discouraging siloed work and instead promoting shared information and collective success. This “one position to the outside world” approach ensures that the team operates as a single unit, enhancing both performance and cohesion.
Corstian’s own journey—from entry-level quant to Head of Quant Trading—is a compelling example of what’s possible within the firm. When asked what he would say to a candidate deciding between offers from multiple firms, Corstian says he would share his story and emphasise the unique journey available at All Options.
A FinTech Recruitment Perspective: Lessons for the Industry
For Harrington Starr, a leading FinTech recruitment business, this episode of FinTech Focus TV provides a rich source of insight into what makes a trading firm successful. It underscores the importance of clear cultural values, strategic growth, and investment in talent. These lessons are directly applicable to any company operating in FinTech, quantitative finance, or technology-driven financial services.
Professionals exploring careers in FinTech—particularly in trading, data science, or quant analytics—can learn a great deal from Corstian’s story. Meanwhile, hiring managers and recruitment teams will benefit from understanding the value of aligning technical requirements with cultural and behavioural expectations.
The episode also reinforces the importance of strategic expansion. By maintaining focus on their core competencies, and by building operational bridges between international offices, All Options has been able to grow without losing its cultural identity.
FinTech Careers, Culture, and the Future of Quantitative Trading
This episode of FinTech Focus TV is a compelling case study in how a modern FinTech trading firm operates, scales, and recruits. Through the lens of Corstian Ten Hoor’s career and leadership, we see how personal initiative, cultural alignment, and technical excellence come together to create a high-performing organisation.
Whether you’re a graduate exploring FinTech jobs, a recruiter looking to hire top talent, or a business leader navigating international growth, the insights shared in this episode are invaluable. They illustrate that success in FinTech is not just about algorithms and analytics—it’s about people, culture, and the ability to evolve.
