The London-based firm, founded by Alex Gerko, also includes a “generous sign-on bonus” for the 12–14 week placement.

This new salary significantly surpasses the $21,000 per month offered to interns at rival firm Jane Street Capital last year, which at the time was considered an exceptionally high figure. The XTX Markets internship stipend equates to an annualised salary of $420,000, Financial Times reports.

However, the opportunity is aimed at a highly specialised group of candidates. Applicants are required to be pursuing an advanced degree, ideally a PhD, in a quantitative field such as computer science, mathematics, or electrical engineering, with at least a year of study remaining. Candidates must also demonstrate solid programming skills and a “proven publication record in leading machine learning and AI venues”.

The substantial remuneration highlights the intense competition within the quantitative trading sector for elite talent in artificial intelligence. Meanwhile, Jane Street’s career portal appears to have become more discreet, with specific salary details for its internships no longer publicly disclosed.