Quantitative Analyst Intern

About the companyAt Aplo, you won’t just do a job - you’ll own outcomes, grow every day, and work with a team that wins together.Aplo is the only EU-registered crypto prime broker for institutional investors offering transparent, conflict-free, self-service execution with fast asset listing across hundreds of coins.In October 2025, Aplo was acquired by Coincheck N.V. (Nasdaq CNCK), a publicly listed company.We combine the agility of a startup with the rigor of a regulated financial institution, giving institutional clients access to crypto markets with the reliability of traditional finance.About the roleThe intern will have the possibility to choose between the two topics described below.They will report directly to Jacques, Managing Director & Chief Investment Officer (CIO) and work closely with the quant team, as well as the ops, engineering, sales, and compliance teams. Topic A: Modeling Price Dynamics Using Jump ProcessesContext:As part of its real-time market risk management for client portfolios, Aplo deploys a suite of tools for live position monitoring.The aim of this internship is to develop a new tool based on jump-process modeling of digital asset prices to estimate, in real time, the probabilities of portfolio losses. This will enable risk teams to take preventive measures before forced liquidation thresholds are reached.Tasks:Under the supervision of a mentor and with guidance from a technical referent, you will:Select one or several price jump processes and build a tool that consumes historical market data to estimate loss probabilities over time.Apply these results to develop a live-monitoring tool that processes tick-by-tick market data and publishes real-time loss probabilities for monitored portfolios.Deliverables:Research paperHistorical validator (backtester)Real-time monitoring tools Topic B: Request For Quotes (RFQ)Context:As part of its brokerage activity, Aplo may receive client requests for firm quotes to buy or sell blocks of digital assets whose size exceeds the typical liquidity available on the market.The goal of this internship is to analyze how combining spot-market liquidity with derivatives-market liquidity can help provide the necessary execution while accounting for the associated risks.Tasks:Under the supervision of a mentor and with guidance from a technical referent, you will:Model hedging strategies for individual positions and combined exposures within a centralized portfolio.Use these results to build the RFQ engine and subsequently a hedging tool for positions originating from RFQs.Deliverables:Modeling research paperRFQ toolsHedging toolsRequired SkillsStochastic calculus, portfolio risk management, probability, modelingSimulation, PythonExperience with time-series databases and C++ is a plusBecause our working environment is fully international, a minimum English proficiency level of C2 is required for this internship. Clear written and spoken communication is essential for collaborating with teams. Compensation & BenefitsSalary: €26,500 per year 100% coverage of the Navigo passMeal vouchers (up to 10.83€ per day)Sports subscription up to €45/monthHybrid remote work policyOur Recruitment Process at the glance️‍♀️ HR Screening with Diane (30 minutes)An introductory discussion with Diane, HRBP focused on your background, motivation, overall fit with Aplo’s culture, and “logistical” aspects of the internship.️‍♀️ Interview with Jacques (30 minutes)A motivation and reasoning interview with Jacques, Managing Director & CIO.️‍♀️ Take-home testAn assignment sent to complete at home.️‍♀️ Interview with Rémi (1 hour)A technical discussion with Rémi, Quant Engineer.️‍♀️ Interview with Lucas (1 hour)A second technical session with Lucas, Quant Engineer.️‍♀️ Final discussion with Jacques (15 minutes)High-level discussion on ownership & fit with the team’s mission.️‍♀️ Reference check & offerAfter successful completion of the interviews, we perform reference checks and extend a formal offer. Internship DetailsThis internship may lead to a full-time position (CDI) for strong performers.The internship can start as soon as possible.It is a 6-month internship based in Paris (9th arrondissement) and is open exclusively to Master 2 students or final-year students.Please note that we will not consider Master 1 candidates, as this is a full 6-month internship.