Market-Making & EV Desk Game
Re-roll games, pot odds, fair-value quoting, adverse selection and payoff PnL the trading-game maths a desk screens for.
The scenario
You're in the trading assessment. The interviewer runs you through the bread-and-butter of a market-maker's head: price a game to its expected value, quote a two-sided market, read the flow when you get picked off, and tally the PnL. Be decisive and be right.
Where this shows up
Expected-value games, make-a-market exercises and payoff PnL are the heart of trading assessment days and technical rounds at prop and market-making firms.
Firms such as Optiver, Jane Street, SIG.
DeskPrep is not affiliated with, endorsed by, or sponsored by any named firm. Firm names are used for illustrative, educational purposes only and do not imply that these materials are official assessments of, or are connected with, those firms.
The drill
Answer each item. Numeric answers are graded to a small tolerance. The table asks for profit-and-loss per contract (100 shares).
Sample question
You are paid, in pounds, the face value of a fair die but you may re-roll once and must keep the second roll. What is the fair value of the game?
Included with the Trading pack
The full graded drill is part of the Trading & Execution pack a one-time purchase unlocks every concept, coding guide, interview playbook and take-home in this track.
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