quantitative tools/frameworks implemented in the industry
Is there a standard set of pricing tools/frameworks/engines used at hedge funds to model securities? Or do firms pretty much write all of their own implementations of Black-Scholes/swaps pricing/binomal trees, etc? I'm not talking about commercial APIs like for Bloomberg or MD-Trader but I would assume those are used heavily anyway.
Is there any value (in terms of real world usage), in an open-source quant framework like QuantLib (http://quantlib.org/index.shtml)?
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It really depends on the
As far as I know, there really is no standard package for HFs. It really depends on the fund, but a lot of places use Excel, Matlab, and C#. R is commonplace for statistical analysis. Bloomberg is used for market data.
Quantlib is a good resource. For the most part though, HFs that want to, already have similar or better implementations for a given strategy than QuantLib. It's still a useful reference for personal learning though.
Take my post with a grain of salt since most of my knowledge on this topic is hearsay.