About Rajib Ranjan Borah
Rajib Ranjan Borah is the Co-founder and CEO of iRage, a firm specializing in high-frequency and algorithmic trading across asset classes like equities, currencies, and commodities. Under his leadership, iRage has become one of India’s leading high-frequency trading firms. Rajib is also the Co-founder and Director of QuantInsti, where he has been instrumental in creating educational programs like EPAT, which trains professionals in algorithmic trading worldwide.
Read more here.
Why did you get into HFT?
Rajib Ranjan Borah: "When you're doing high-frequency trading, you're competing with some of the smartest people on earth. And then, it's like playing a video game every day. At the end of the day, you get a score—you know if you’re doing well or not. That’s what makes it fun."
What is the work culture like in HFT?
Rajib Ranjan Borah: "HFT is like a Western movie where you have Clint Eastwood and then a lot of other actors. The industry is dominated by a few key players, with the winner taking a significant portion of the pie. It's a people business. The kind of talent that you hire defines how you will do. We focus on hiring people who have shown excellence prior to joining us."
How does HFT work?
Rajib Ranjan Borah: "You either make a prediction for a very short duration or find an opportunity that might not persist for long. You get hundreds of gigabytes of data per day, and during market activity, the microbursts are significant. The challenge is processing this information quickly and effectively to capitalize on market opportunities."
What skills are essential to succeed in HFT?
Rajib Ranjan Borah: "The traditional boundary between developer, researcher, and trader is becoming blurred. The successful ones do the research, implement it, trade it, get live feedback, and make changes. It’s a mix of quantitative analysis, coding, and financial markets expertise."
Should I learn Python or C++ for HFT?
Rajib Ranjan Borah: "To quickly make insights and test hypotheses, people use Python. But as the amount of data they analyze grows, they start using C++. The execution part, especially if it's low latency, must be in C++. If you're a developer working on exchange connectivity and low-latency risk management, C++ is essential."
How important is programming in HFT?
Rajib Ranjan Borah: "Programming is not as scary as it is made out to be. It's just logical thinking. But if you're aiming for a meaningful role in a top HFT firm, you have to be good at programming. You have to code your strategies, test new hypotheses, and adapt in real-time."
What courses or certifications help in getting into HFT?
Rajib Ranjan Borah: "CFA is a fundamental course but not stats-heavy or quant-heavy. CQF is quant-heavy but not necessarily focused on capital markets. EPAT (Executive Programme in Algorithmic Trading) was designed by people from an HFT background and is well suited for systematic trading and HFT roles."
What qualities help in cracking HFT interviews?
Rajib Ranjan Borah: "Perseverance is key. You might give up just before becoming Clint Eastwood. We look for ‘sparks’ in resumes. We check for your passions, hobbies, and interests. Have you pursued something to a high level of excellence? HFT requires deep thinking, so we look for people who dig deep into problems rather than just scratching the surface."
Is machine learning used in HFT?
Rajib Ranjan Borah: "Yes, we use ML techniques in multiple cases for research. You have to reduce the universe of features to a workable set. While ML is not always used directly for trading strategies, it plays a key role in data analysis and pattern recognition."
What advice do you have for aspiring HFT professionals?
Rajib Ranjan Borah: "Do things that you enjoy. Get into an industry that resonates with what excites you. If competing with the smartest people and seeing a daily score excites you, get into HFT. If not, find what truly excites you."
How do SEBI regulations impact HFT?
Rajib Ranjan Borah: "There are two sets of rules—one for retail and one for index trading. These changes mean the market microstructure will change, which is both a threat and an opportunity. If you are fast and nimble, you will find opportunities because trading styles will change. Traders who can identify how behavior shifts will benefit from regulatory volatility."
How can someone secure a quant role in HFT?
Rajib Ranjan Borah: "Try to participate in programming contests, publish your code on GitHub, and join hackathons. Use platforms like Quantra or BlueShift to learn about backtesting and quantitative trading strategies. Hands-on experience is key."
What is the difference between scalping and market making?
Rajib Ranjan Borah: "Market making is providing liquidity, while market taking involves short-duration price predictions. Arbitrage is finding mispricings and locking into those prices. Scalping involves capturing small price inefficiencies for profit."
What kind of hardware is used in HFT?
Rajib Ranjan Borah: "GPUs enable you to do a lot of things in parallel. FPGAs process data at the hardware level, reducing latency. Almost everyone in HFT now uses FPGA programming to minimize delays. The game has moved from software optimization to hardware optimization."
Final Thoughts
Rajib Ranjan Borah: "Be true to yourself and aim for excellence in whatever you do, whether in HFT or another industry. Never get into an industry where coming to work feels like a chore. You have to spend 30+ years in your career—choose something you love."
Next steps
To dive deeper into the world of high-speed trading, start by exploring High-Frequency Trading Jobs to understand the career paths and skills required. Then, get a solid grasp of the core concepts with our guide on High-Frequency Trading, covering how it works and why it matters. For context, don't miss the History of Algorithmic Trading & HFT to see how this field has evolved over time.