Matt Schrager
TD Quant and former Headlands trader specializing in systematic market making for municipal bonds and other fixed income; experienced in building probabilistic pricing, simulation/backtesting, and scaling trading technology into commodities and credit.
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May 7, 2026 • 1h 16min
“If it is easy and obvious, there is no edge in it” - TD Quant Matt Schrager
Matt Schrager, a TD Quant and former Headlands trader who built systematic market making for municipal bonds, walks through muni microstructure and why illiquid fixed income needs probabilistic pricing. He discusses adapting HFT simulation to rare trades. He explores inventory management, scaling prop trading into a bank, finding edge in gnarly markets, and how AI and talent shift the game.
