Yiyang Yang, Quantitative Strategist, Virtu Financial, won STEM Champion at Markets Media Group’s 2022 Women in Finance (U.S.) Awards.
What was your reaction to winning the award?
It was one of excitement and gratitude. I am honored to be recognized in the field of quantitative research and super grateful to have had the opportunity to work at Virtu Financial and develop my skills in this area. I have been fortunate to have the support of mentors and colleagues who have encouraged and guided me along the way. And I am thrilled to become a role model and inspire other women to pursue careers in STEM fields.
What are the challenges of modeling the market? How do you uncover interesting patterns?
Modeling the financial market is challenging due to the vast amount of information that needs to be processed. For example, the price of a particular stock may seem like a simple number, but in the time it takes to blink, thousands of tick messages are consumed to form an order book which demonstrates all trade intention, then an incoming marketable order crosses the top of the book and generates a “stock price”. The sheer amount of data makes it difficult to filter out the most valuable information.
Another major challenge is uncertainty. Modeling is about extracting consistent patterns and trends from history that may be repeated in the future with a certain level of statistical significance. However, markets are constantly changing and evolving. For example, the oil price crash during the COVID-19 pandemic was an event that challenged traditional assumptions. Even though the oil contract had always been positive in the past, it would not have been wise to bet on price reverting when it approached zero, as a new record low price was about to be set at negative 37 dollars.
To uncover interesting patterns, I closely monitor market developments and apply a combination of mathematical modeling, statistical analysis, and data mining techniques to identify and analyze relationships and trends of interest.
What excites you about the financial industry?
The financial industry presents a unique challenge and opportunity to utilize my quantitative skills and knowledge. I am drawn to its fast-paced, dynamic nature and the constant need to stay current and adapt to changing market conditions. I also appreciate that the research results can have a direct and immediate impact on the success of a business.
If you could compare yourself with any animal, which would it be and why?
I would compare myself to the eagle. Eagles and great quantitative researchers have many similarities: staying focused, determined, and persistent in pursuit of goals; having a sharp eye for detail and the ability to see things from different perspectives; adaptable to changing environments and always looking to grow and improve. These traits are essential for navigating and succeeding in both the unpredictable natural world and financial market.
What are your future goals?
My goals include continuing to develop and advance my skills as a quantitative researcher, and taking on new challenges and responsibilities within Virtu Financial. Additionally, I hope to inspire and support other women in pursuing careers in the financial industry and becoming STEM champions in the field.
What’s your advice to the next generation of women in finance?
My advice is to pursue your passion and be willing to take on challenges. Don’t let stereotypes or barriers hold you back, and don’t hesitate to ask for help or support when you need it. Find mentors and role models who can guide and inspire you, and take advantage of educational and professional development opportunities to build your skills and knowledge. And above all, believe in yourself and your abilities, and don’t be afraid to stand out and be a leader in your field.
