Belvedere Trading Interview Questions

Inside the Belvedere Trading interview

Belvedere Trading is a Chicago-based options market maker specializing in equity-index options. Its interviews probe whether you can price under uncertainty and quote fast — leaning on probability, expected value, and the mechanics of a two-sided market rather than memorized formulas.

What they test

The core is probability and expected value — dice, card, and coin setups, posterior updates, and pattern-race problems — paired with a market-making block on reading fair value off the order book, adverse selection, and quoting under flow. A genuine options-pricing strand covers Black-Scholes, butterfly/convexity arbitrage, and the forward curve, with a steady run of brain-teasers and fast mental math.

The recurring shapes

Expect to compute an expectation by conditioning (expected tosses to a pattern, balls left in a match box, coins after pairing), update a posterior after an observation (double-headed coin, a buy print moving fair value), and reason about convexity and no-arbitrage in option prices across strikes. The coding questions are interview-floor data-structure work: order-book ladders, as-of joins, and running best-trader aggregations.

How to approach

Quote a number with a tight, defensible range and say how you'd update it — that mirrors making a market. State your assumptions out loud, lean on linearity of expectation and conditioning before brute force, and for the microstructure and options problems, anchor on no-arbitrage and adverse selection rather than reaching for a closed form.

A medium-leaning set with a meaningful hard tail in options pricing, game theory, and stochastic reasoning, plus easy mental-math warmups to build speed.