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A secretive remote HFT firm using Rust has been making some big hires

BetterHand Financial Technologies, also known as BHFT, is a high-frequency trading firm seemingly based in Dubai, but it prides itself on its approach to remote work. The firm has quietly been growing, and has managed to attract talent from some major competitors.

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This month, BHFT hired a new CTO, Ilya Malinovsky. He spent the last seven years as global head of trading and research compute at HFT firm Tower Research Capital. Prior to that, he was Credit Suisse's global head of electronic trading infrastructure. BHFT also hired Ruslan Rezhepov as head of trading from Russian investment bank Renaissance Capital, where he was head of derivatives and algorithmic trading. The former is based in New York; the latter, Cyprus.

BHFT is hiring in Singapore too. Brook Teeter joined last month as global head of business development. Another former Credit Suisse director, Teeter was also a managing director at three major HFT firms, KCG Holdings, Tower Research, and DRW Trading. Most recently, he was a VP at Singaporean crypto algorithmic trading firm Caladan.

There are still more questions than answers that surround BHFT, however. It says it has over 100 employees in current job listings, but less than a quarter of that number shows up on social media. It also doesn't disclose who its founder is; the most senior employee publicly visible is managing director Alex Varshavsky, who previously spent 14 years at IBM, but he recently joined Israeli IT firm Matrix as head of its data and AI solutions group.

Based on archived data for BHFT's website on the Wayback Machine, the firm appears to have launched in late 2021. Online reviews via Glassdoor and Indeed date back to only late 2022, which seems to support this. Archived versions of the site also show the firm has an interest in sportspeople; it previously said it had three chess champions, six padel titilists, two martial arts competition winners and three world contest winners in math and science.

Another unique quirk of BHFT is that it uses Rust in place of industry standard C++. Executives in the industry have said that quants are partial to experimenting with the language in their own time, but BHFT is one of the few firms (outside of crypto) prioritizing its use with "50+ Rust and DevOps experts."

The people working at BHFT seem to enjoy it. Reviews praise the "very friendly multicultural team with an open mindset," lack of bureaucracy and modern tech-stack. The remote working aspect is a bit more divisive; some love it, others think it provides friction for communication.

BHFT is currently hiring for nine roles, each remote-first, except for a middle-office engineer in Dubai. It's hiring senior quant traders and researchers, and is running a two-month internship or "bootcamp" for a site reliability engineer. The quant trader listing specifically asks for a proven track-record in the Chinese and Indian trading markets.

BHFT did not respond to a request for comment.

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AUTHORAlex McMurray Editor

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