# Changelog All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.90.0] - 2026-08-23 ### Added - HIGHFLYER_SPECIAL.md — the dual-engine-king deep-dive: how Liang Wenfeng's quant firm funded AGI (quant engine: 700亿+ closed-source, 2025 +56.6%; AGI engine: DeepSeek, $45B pre-money with Big Fund lead, >500亿 raised from Ma Huateng/Zeng Yuqun/ Ding Lei/Liu Qiangdong), the Firefly-supercomputer lineage (3FS open-sourced), the mother-silent-descendant-open pattern (High-Flyer → DeepSeek → dsh → dsh-quant), the world-AI-richest founder (360亿美元), the 2026-08 hedge-fund drawdown, and the twin-open-source contrast with UBIQUANT_SPECIAL (50 reports total) ## [0.89.0] - 2026-08-23 ### Added - UBIQUANT_SPECIAL.md — China AI-transform deep-dive: the "North Jiukun" (北九坤) story — WorldQuant-lineage founders (Wang Chen / Yao Qicong), the ~800亿 AUM and active capsizing paradigm (2018 / 2021 freezes, 3y lockups, self-purchase), the AI pivot (Beiming supercomputer, "AI in 80% of strategies"), the 2026 open-source IQuest-Coder-V1 (40B code model, streaming training, beats GPT-5.1), the Zhizhi Innovation Institute + SJTU lab, the 2022 -39% leverage lesson, and the "second DeepSeek moment" thesis (49 reports total) ## [0.88.0] - 2026-08-22 ### Added - `quant_trading_cost`: cost model — commission + slippage (half-spread) + Almgren-Chriss market impact (∝ σ × √participation) - `quant_rebalance_schedule`: optimal rebalance frequency — drift vs cost trade-off scan (57 → 59 tools) - `tests/trading-cost-rebalance.spec.ts`: 5 hand-computed baselines — unit suite 210 → 215 ## [0.87.0] - 2026-08-22 ### Added - `quant_factor_correlation`: pairwise factor correlation matrix, high-correlation pairs, effective independent factor count (Participating Ratio) - `quant_deflated_sharpe`: Bailey & López de Prado overfitting-adjusted Sharpe — min-significant Sharpe from trial count, p-value, significant flag (gold standard after any tuning) - `quant_stress_test`: portfolio loss under market scenarios (crash, liquidity crisis, vol spike) given weights/betas/vols - `quant_parameter_sensitivity`: grid robustness scan — plateau vs needle-sharp detection (53 → 57 tools) - `tests/validation-tools.spec.ts`: 10 hand-computed baselines — unit suite 200 → 210 ## [0.86.0] - 2026-08-22 ### Added - `quant_layered_backtest`: quantile-layer backtest — top/bottom/long-short equity curves, per-layer mean returns, rebalance with fees (research → strategy sketch bridge) - `quant_trade_quality`: execution quality on fills — fill rate, slippage bps, holding bars, buy/sell counts (simulation → live expectations bridge) - `quant_attribution`: portfolio attribution — per-asset contribution, optional factor-exposure regression with R² and residual alpha - `tests/layered-attribution.spec.ts`: 7 hand-computed baselines — unit suite 193 → 200 (50 → 53 tools) ## [0.85.0] - 2026-08-22 ### Added - `quant_ic_decay` tool: IC decay analysis across horizons — per-horizon IC, half-life (signal shelf-life), best horizon, signal type (short/medium/long) - `quant_portfolio_optimize` tool: weight optimizer — maxSharpe (mean-variance), minVar, riskParity (equal risk contribution), with portfolio stats and concentration (48 → 50 tools) - `tests/decay-optimizer.spec.ts`: 7 hand-computed baselines (short/long decay via alternating & AR(1) constructions, minVar/maxSharpe/riskParity weights, preconditions) — unit suite 186 → 193 ## [0.84.0] - 2026-08-22 ### Added - `quant_data_pit` tool: AI-infra level data quality report — point-in-time look-ahead step detection, survivorship (silent gaps + tail truncation), channel reliability ranking, composite health score (46 → 48 tools) - `quant_channel_guide` tool: agent-ready channel access guide (setup steps, prerequisites, example call, fallback) + optional access readiness check - CLI: `dsh-quant quality ` (quality report) and `dsh-quant channel [--check]` (access guide) commands - `tests/quality.spec.ts`: 7 hand-computed baselines (PIT steps, survivorship gaps/tail, channel ranking, health score) — unit suite 179 → 186 - quant-upstream README: industry-chain loop section (P-Research: we are both data consumers and producers, closed loop) ## [0.83.0] - 2026-08-22 ### Fixed - `quant_factor_neutralize`: repaired broken import wiring — the tool was registered (46-tool set) but its `factorNeutralize` import was missing, so execution could never resolve. Now imported, re-exported and fully tested end-to-end (group z-score / OLS residual / zscore control). ### Added - `tests/factor-neutralize.spec.ts`: 5 hand-computed baselines (zscore standardization, within-group z-score, OLS residual with R², residual direction retention, precondition errors) — unit suite 174 → 179. ## [0.82.0] - 2026-08-22 ### Added - TYO_QUANT.md — the Tokyo yen-rates-center census: ~9 firms (Capula stronghold / Two Sigma / Balyasny / Millennium / Squarepoint / ExodusPoint / Dimensional / Jump / AQR), the 2025 $30M yen-rates talent war (Ron Choy → Balyasny, Harimoto → Modular, Capula/Dymon bank hires), the structural analysis (why only ~9 firms but deep positioning), the Asia-three-city division (HK China / SG crypto / TYO yen-rates), and the depth-over-breadth lesson ## [0.81.0] - 2026-08-20 ### Added - CHI_QUANT.md — the Chicago market-making city census: ~14 firms (7 HQs: Citadel/Jump/DRW/CTC/Wolverine/Balyasny/ Akuna), the exchange-gene (CME/CBOT/CBOE + Black-Scholes 1973 + trading-pit heritage), the UChicago MSFM talent pipeline, the crypto second curve (Jump/Cumberland), the Citadel 2022 exit narrative, and the Chicago/NY/London three-city division ## [0.80.0] - 2026-08-20 ### Added - QUANT_PEOPLE_CN.md + QUANT_PEOPLE_GLOBAL.md — the 101st-release quant headcount estimates: China (~30,000-50,000 broad quant workers, top-60 firms ~9,000, structure analysis) and the four-city version (London ~8-12k / New York ~10-15k / Singapore ~3-5k / Hong Kong ~3.5-6k, ~25-38k combined, global ~80-120k), with the CN-vs-four-city single-firm scale comparison and the density findings ## [0.79.0] - 2026-08-20 ### Added - QUANT_WORLD_MAP.md — the 100th-release special: the global quant world map synthesizing 14 firm deep-dives + 4 city censuses (HK/SG/LDN/NYC) + the office network into one map: five-city axis (London-NY-Chicago triangle + HK-SG twins), nine success paths (black-box/cradle/mother/factory/ML/data/ scale/per-capita/type), the global talent tree (mother → spawn → China branches), the four-city census summary table, and five map laws distilled from 94 firm archives ## [0.78.0] - 2026-08-20 ### Added - NYC_FOREIGN_QUANT.md — the New York hedge-fund-universe census: ~28 firms, the 12-HQ old-money core (Millennium / Point72 / Schonfeld / Squarepoint / ExodusPoint / PDT + DE Shaw / Two Sigma / Jane Street / HRT / Tower / Virtu / Renaissance), the ~16 US-firm branch layer (Citadel / Balyasny / BH / XTX / QRT etc.), the Connecticut suburb dark core (Greenwich / Stamford / East Setauket), the NY-vs-London twin-city comparison (multi-strat home vs fixed-income/macro port), and the five rules of New York dominance ## [0.77.0] - 2026-08-20 ### Added - LDN_FOREIGN_QUANT.md — the London global-quant-hub census: ~30 firms (world #1 city), the 12-HQ core (Man Group / Brevan Howard / Winton / Aspect / Marshall Wace / XTX / QRT / GSA / Capula / Rokos / Eisler / Wintermute), the ~20 US-firm Europe-hub layer (Citadel Tower move, Point72 £650k avg pay on 300+ staff, Millennium/JS Europe hubs), the FT/Hedgeweek 2025 "London = global quant hub" verdict, the four-city comparison (London/New York/HK/SG), and the five rules of London dominance ## [0.76.0] - 2026-08-20 ### Added - SG_FOREIGN_QUANT.md — the Singapore foreign-quant census: ~20 foreign quant/hedge-fund offices in five categories (multi-strat / systematic / market-making / macro / crypto), the 2024-2026 expansion wave (Wintermute Asia new SG HQ with doubled APAC headcount, Jane Street relocation, Citadel hub, Balyasny PM hires), the crypto/market-making/family-office edge, the Modular reverse flow (SG-born → HK), and the HK-vs-SG "Asian twins" comparison table ## [0.75.0] - 2026-08-20 ### Added - HK_FOREIGN_QUANT.md — the Hong Kong foreign-quant census: ~26 foreign quant/hedge-fund offices in five categories (multi-strat / systematic / market-making / macro / crypto), each with establishment, scale, role-in-system and approximate headcount (marked 待核 where unverified), the 2025-2026 expansion wave (Jane Street / QRT / Citadel Securities / Point72 / Jain Global), the hub-vs-branch structure analysis, and the GSR/QRT-as-HQ samples ## [0.74.0] - 2026-08-20 ### Added - QRT_SPECIAL.md — the data-king deep-dive: how the Credit Suisse systematic team's management buyout became the most successful bank-spinoff (MBO 2015-2016 → $42B in 2025, 40× in ten years), the data-and-engineering platform (one platform, four asset classes), the extreme-low-profile culture, the Dao China fund 10×/98% breakout as the foreign-quant China comeback flagbearer, and the nine-path showdown with Two Sigma/WorldQuant/Citadel/ XTX/RenTec/SIG/DE Shaw/JS ## [0.73.0] - 2026-08-20 ### Added - TWOSIGMA_SPECIAL.md — the ML-pioneer deep-dive: the DE Shaw spawn flagship (Overdeck math + Siegel engineering), science- method-as-brand (Two Sigma = two standard deviations), data-infrastructure-first strategy, tech-company culture, BeakerX/Flint open source, Venn productization, the China talent branch (Yanfu/Zhixingtongda), the dual-founder governance rise and 2024-2025 arbitration crisis, and the eight-path showdown with DE Shaw/RenTec/SIG/WorldQuant/ Citadel/XTX/JS ## [0.72.0] - 2026-08-20 ### Added - DESHAW_SPECIAL.md — the cradle-king deep-dive: how Columbia professor David Shaw brought computation into finance (1988), the DE Shaw Mafia talent tree (Bezos → Amazon, Overdeck/Siegel → Two Sigma), the Anton supercomputer scientist turn (DESRES molecular dynamics, COVID-19 simulations), institutionalized governance after the founder, and the seven-path showdown with RenTec/SIG/WorldQuant/Citadel/XTX/JS ## [0.71.0] - 2026-08-20 ### Added - RENAISSANCE_SPECIAL.md — the black-box-king deep-dive: Jim Simons' three turns (mathematician → NSA code-breaker → quant king), the Medallion myth (66% pre-fee annualized for 30 years, ~$100B+ cumulative profits, +80% in 2008, size-capped on purpose), the scientist-culture secret (IBM speech-recognition transplant, no-finance-hiring), the external-funds cautionary tale, the philanthropic legacy, and the six-path showdown with SIG/WorldQuant/Citadel/XTX/JS ## [0.70.0] - 2026-08-20 ### Added - WORLDQUANT_SPECIAL.md — the alpha-factory deep-dive: why WorldQuant industrializes alpha production (BRAIN/WebSim crowdsourced pipeline, ~100M simulated alphas, the IQC competition-as-recruitment funnel, 101 Formulaic Alphas as the industry's public textbook, LLM-accelerated research, the China talent-tree mother role, and the factory-vs-mother-vs- scale-vs-per-capita four-path showdown) ## [0.69.0] - 2026-08-20 ### Added - SIG_SPECIAL.md — the poker-mother deep-dive: why Susquehanna is the industry's mother firm (probability-as-operating-system, the 1987 poker-table founding, 7-round poker-flavored interviews, the talent tree root for Jane Street/HRT/Five Rings, the hidden ByteDance angel round with ~15,000× return, $572B→$868B 13F options-heavy portfolio, and the four-path showdown with Jane Street/Citadel/XTX) ## [0.68.0] - 2026-08-20 ### Added - CITADEL_SPECIAL.md — the scale-king deep-dive: dual-engine (multi-strategy fund + world's largest market maker) how the two engines feed each other, $16B peak profit year (2022, all-time high), $97B→$120B Citadel Securities trading revenue (2024-2025), the 2008 self-rescue, Miami HQ relocation, and the per-capita-king (XTX) vs scale-king (Citadel) showdown ## [0.67.0] - 2026-08-19 ### Added - XTX_SPECIAL.md — the per-capita-productivity king deep-dive: £1.28B profit on ~200 people (£14M per head), the six secrets (zero human traders, single-business focus, pure prop, ML-first H100 arsenal, flat partnership, mathematician founder), the biggest-taxpayer and AI-chip-buyer stories, and the lean-scale philosophy parallel to dsh-quant ## [0.66.0] - 2026-08-19 ### Added - SHOWDOWN_CN_GLOBAL.md — the six-dimension China-vs-global quant showdown: pay (converging at $300-400k for grads), AUM (5-15x gap), strategy spectrum (8 lines vs 3), market access (bidirectional asymmetry), age (242 vs 22 years), capital style — plus the transparency inversion discovery (Chinese privates must disclose while foreign prop shops disclose nothing) ## [0.65.0] - 2026-08-19 ### Added - LISTED_QUANT.md — the listed-quant census: Virtu is not alone (Man Group LSE 1994, Virtu NASDAQ 2015, Flow Traders Euronext 2015, the 2015 market-maker IPO year), the Knight Capital death chain (45-minute $440M bug → KCG → Virtu 2017), five reasons listing is rare, the Citadel Securities rumor, and China's zero listed quant firms ## [0.64.0] - 2026-08-19 ### Added - CAPITAL_MODEL.md — the capital-structure census of all 42 foreign archives: prop (Jane Street/Optiver/IMC/SIG/Jump/HRT/XTX/crypto makers), hedge-fund (pod shops, macro, quant funds), hybrid (RenTec's internalized Medallion, DE Shaw's Oculus, Citadel's dual engine, Point72's family-office-to-fundraise transition), plus the China contrast and the open-source-prop positioning of dsh-quant ## [0.63.0] - 2026-08-19 ### Added - POD_PLATFORM.md — the pod-shop capstone: how platform-structure firms operate across five angles (organization/fundraising/prop capital/multi-office/product), the risk-and-rebuild lessons, and the isomorphism with dsh-quant's five-slot free-fill / unified-contract architecture ## [0.62.0] - 2026-08-19 ### Added - BALYASNY_SPECIAL.md — the sixth firm deep-dive: the 2001 Chicago three-founder origin (Balyasny/Schroeder/O'Malley), the Schonfeld broker lineage, the 2018 AUM halving and rebuild, the 2024 'trading too much, not investing enough' self-critique, and the pod shop's office chronicle ## [0.61.0] - 2026-08-19 ### Added - MILLENNIUM_SPECIAL.md — the fifth firm deep-dive: 1989 Belzberg-seeded origin, the pod federated structure, all 14 offices (NYC HQ → London/ HK/Singapore/Tokyo/Dublin/Geneva/Zug/Tel Aviv/Paris/Miami/Bengaluru/ Dubai), the risk-hating track record, the $10B-cap-vs-$20B-demand discipline, and the China talent-tree grandparent thesis ## [0.60.0] - 2026-08-19 ### Added - POINT72_SPECIAL.md — the fourth firm deep-dive: the 72 Cummings Point Road name, the SAC rebirth story (18亿美元 plea → family office → 2018 reopening), all 14 offices from the official locations page (incl. the Taipei systematic-research office and the Warsaw/ Bengaluru talent hubs), Cubist Systematic Strategies, and Steve Cohen the Mets owner/art collector ## [0.59.0] - 2026-08-19 ### Added - OPTIVER_SPECIAL.md — the third firm deep-dive: the Dutch name (optie verhandelaar), 1986 Amsterdam origin (Johann Kaemingk), office chronicle (Amsterdam → Chicago/Sydney → London/Singapore/Shanghai → Austin/Mumbai), the 2007-08 CFTC crude-oil case, Ready Trader Go, Pyth data provider — and the tool-level lineage to dsh-quant's options/volatility board ## [0.58.0] - 2026-08-19 ### Added - JANE_STREET_SPECIAL.md — the second firm deep-dive: the SIG ETF-trio origin (Reynolds/Granieri/Gerstein + Jenkins), the Greenwich Village street-name, office chronicle (NYC 2000 → London/HK/Singapore/ Amsterdam), full-stack OCaml culture with the Dune build system, and the type-safety-as-contract parallel to dsh-quant's schema DSL ## [0.57.0] - 2026-08-19 ### Added - IMC_SPECIAL.md — the first firm deep-dive special: full name (International Marketmakers Combination), 1989 Amsterdam origin, office chronicle (establishment/scale/positioning per office), the Prosperity competition series, the 2016 CSRC investigation event, Rob Defares the art collector, and the R&D takeaways ## [0.56.0] - 2026-08-19 ### Added - QUANT_VENDORS_CN.md — China's picks-and-shovels layer: data vendors (Wind/iFinD/Choice/DataYes/聚源/朝阳永续/排排网), trading systems (Hundsun/QMT/A5/ATP/Esunny), FPGA low-latency (Shengli/AcceleCom), execution algos (Kafang Tech as the flagship sample, JoinQuant Alpha-T), platforms (JoinQuant/RiceQuant's open-source RQAlpha/ MyQuant/UQER/BigQuant), alt-data — with the 94-archive linkage and the two open-source milestones (RQAlpha + jqdatasdk) ## [0.55.0] - 2026-08-19 ### Added - FOREIGN_CN_MAP_V2.md — fully verified foreign-in-China map: 7 WFOE PFM entities all in Shanghai (adding DE Shaw 2019, QRT 宽立 2024-12, Optiver 澳帝桦), tech/service entities (Akuna 奥可纳, Citadel 城堡 咨询, Marshall Wace 马歇尔伟世), HRT Xuhui office, the 2024-2026 second wave (CFM Paris 2026-05, AXQ Capital 安贤 breaking 100亿), Schonfeld demoted to unverified ## [0.54.0] - 2026-08-19 ### Added - SHANGHAI_GRAVITY.md (why Shanghai holds 55% of Chinese quant HQ — five engines: exchange infrastructure incl. CFFEX, capital/channel density, Fudan/SJTU talent, path dependence, policy) and FOREIGN_CN_MAP.md (all foreign quant footprints in China: 4 WFOE PFM entities all in Shanghai, WorldQuant/Millennium Beijing offices, and a to-verify branch list) ## [0.53.0] - 2026-08-19 ### Added - Quant maps (city-centric, two files): QUANT_MAP_GLOBAL.md (London/ New York/Chicago/Greenwich/HK/Singapore/Amsterdam and more, every city with its full firm list) and QUANT_MAP_CN.md (Shanghai ~26 HQ, Shenzhen retention concern, Beijing academia, city-university binding, the register-office split phenomenon) ## [0.52.0] - 2026-08-19 ### Added - Office maps (two files): OFFICE_GLOBAL.md (42 firms' office networks, city ranking — London the global No.1 with ~30) and OFFICE_CN.md (Shanghai hegemony ~25/47, overseas-office rate below 10%, HK as the sole outbound bridgehead) ## [0.51.0] - 2026-08-19 ### Added - Signature encyclopedias (two files): SIGNATURES_GLOBAL.md (naming science — Optiver = Dutch for options market maker, Wintermute from Neuromancer — OCaml culture, pod structures, lore) and SIGNATURES_CN.md (Chinese naming art — Banyang/Luoshu/Jiukun's I Ching — the compute camp vs factor camp, quirks as memory points) ## [0.50.0] - 2026-08-19 ### Added - Age chronicles (two files): AGE_CN.md (Chinese firms 2004-2022, four eras, the 2013-2015 burst window = 57% of the archive) and AGE_GLOBAL.md (global firms 1783-2018, six eras, tool-revolution cycles, China-global generational mapping) ## [0.49.0] - 2026-08-19 ### Added - D-tier research reports (four): REGULATION.md (2015-2026 penalty & rule timeline), TALENT_MAP.md (eight foreign mothership lineages + academic motherships + split events), STAR_PRODUCTS.md (Golden Bull × fate four-quadrant cross table), QUANT_AI.md (three phases, nine firm samples, the quant-to-AI spillover spectrum) ## [0.48.0] - 2026-08-19 ### Added - Five cross-border/foreign Lite archives (94 firms total): Tengsheng (Two Sigma's official China entity), Inshiman (Man Group China), Yuansheng (Winton China), GSR (ex-Goldman crypto market maker, SC Ventures-backed), Eisler Capital (the Goldman prodigy's London multi-strategy) ## [0.47.0] - 2026-08-19 ### Added - Eight more Chinese Lite archives (89 firms total), the Golden Bull evergreen tier: Kaifeng (macro decade), Honghu (first-award survivor), Egret (Zhejiang multi-strategy), Zhuoshi (low-frequency pure alpha), Hande (Millennium/WorldQuant Tsinghua trio), Niankong (quant assembly line, NeurIPS paper), Mengxi (full-spectrum alpha), Xinhong Tianhe (relative-value three-peat) ## [0.46.0] - 2026-08-19 ### Added - Seven more Chinese Lite archives (81 firms total), the 'storied' tier: Shenyi (2004, ex-Goldman pioneer), Jasper Dayan (Wang Yiping's boom-and-bust decade), Liyi (2008, vanished relative-value champion), Bodao (Mo Taishan's private-to-public-fund transition), Zunjia (2009, Chengqi's former employer, Fintech pivot), Qianyi (Minghong's second platform, 50:50 governance), Pingfanghe (PKU founder's 100亿 and the invoice-fraud fine) ## [0.45.0] - 2026-08-19 ### Added - Three more Chinese Lite archives (74 firms total): Tianyan (2014, the 2023 power-struggle case), Aifang (2012, Shanghai state-capital arbitrage veteran), Maoyuan (2013, founder Guo Xuewen — entered Tsinghua at 14; the first foreign-hiring penalty case) ## [0.44.0] - 2026-08-19 ### Added - Ten more Chinese Lite archives (71 firms total): Zhicheng Zhuoyuan (the Kunming-based 'Four King', bank-data crossover), Qianxiang (CTA evergreen), Blackwing (Stanford twins), Inno AM (multi-PM), LongQi (BGI lineage, α+β+Σ logo), JoinQuant (open-community-driven, GitHub jqdatasdk), Evolution (hand-written logic factors), Sixie (the 勰 trio), Bridgewater China (foreign sole Golden Bull regular), Beyang (Zhou Zhihua disciple, all-AI team) ## [0.43.0] - 2026-08-19 ### Added - Golden Bull special report (`quant-history/GOLDEN_BULL.md`): every quant-category winner of the China Private Fund Golden Bull Awards 2014-2025, listed year by year regardless of count — plus cross-analysis with the 61 archives (12 in-archive winners, ten fun facts incl. Huanfang winning as 'Zhejiang Jiuzhang', Minghong's 2022 double award, the 2025 'quant coming-of-age' categories, and Qiaoshui's macro triple) ## [0.42.0] - 2026-08-19 ### Added - Five new Lite archives (61 firms total): Hongxi (Guangdong quant CTA, Golden Bull 2025), Mingshi (founded 2010 — earliest quant privates, the 2021 power struggle), Wenbo (Zheng Yao's high-frequency 'Sisyphus'), Luoshu (Xie Dong's CTA ten-year trailblazer), Pansong (Wu Que's low-frequency star, fastest to 100亿, 2024 rumor rebuttal) - Founding dates verified and backfilled: ChaoQuanZi 2015-06, YanSheng 2014 (ex-Goldman lineage confirmed), Banyang 2021-09-03 ## [0.41.0] - 2026-08-19 ### Added - Two-mode DD system: Deep (nine-section) vs Lite (six-section quick sketch with fun facts / data-analysis hooks / lineage front and center) - Three new Lite archives: ChaoQuanZi (CUHK professor Zhang Xiaoquan), YanSheng (Tsinghua's Zhang You, options & multi-strategy), Banyang (named after the semimartingale — mid-high frequency newcomer) ## [0.40.0] - 2026-08-19 ### Changed - Due-diligence standard v1 (`quant-history/DD_STANDARD.md`): nine-section checklist (all founders with backgrounds, founding dates, negative-event timelines, AUM evolution with source attribution, strategies, lineage, open-source posture, directional analysis, per-fact sources + to-verify list) — now mandatory for new and revised archives - China batch 1 re-due-diligenced to the standard: High-Flyer (DeepSeek dual engine, 1000亿 peak, 老鼠仓 suspicion), Ubiquant (Wang Chen / Yao Qicong WorldQuant lineage, -39.13% USD fund, IQuest-Coder open source), Minghong (first 1000亿 quant, 暂停备案三个月 penalty), Yanfu (the Ruitian split, two voluntary closes, 800-900亿), Century Frontier (Chen Jiaxin & Wu Di CUHK co-founders verified, model-failure 2024-02) - Preserved the original R&D-insight sections and fun facts alongside the new detail set ## [0.39.0] - 2026-08-19 ### Added - China batch 2 (53 firms total) — six detailed archives: Zhixing Tongda (Citadel APAC chief Han Jiarui), Chengqi (Millennium/WorldQuant), Ruitian (the 2019 split that spawned Yanfu + the Huanfang lawsuit), WizardQuant (SAC lineage), Lingjun (the 2·19 penalty → 2025 champion V-shape), Xiaoyong (native self-built, Liang Jie joined 2025) - Each archive now carries the full detail set: founders with backgrounds, founding date, event timeline, AUM evolution table, strategies, lineage, open-source posture, directional analysis, and sources - Cross-batch finding: the WorldQuant China lineage (Ubiquant/Chengqi/ Lingjun/Xiaoyong) is the strongest talent tree in Chinese quant ## [0.38.0] - 2026-08-17 ### Added - Bank/brokerage lineage report (`quant-history/BANK_LINEAGE.md`): 13 firms tracing to big-bank desks or broker prop — two founding waves (1988-2005, 2012-2018 Volcker spinoffs), three-generation propagation tree (AQR/BH/GSA/Capula/PDT/Squarepoint/QRT → XTX/Rokos/Balyasny → ExodusPoint), asset-class genes (London fixed income vs NY equities), and the zero-open-source finding for the whole bank line ## [0.23.0] - 2026-08-17 ### Added - quant-history + quant-repo columns (Citadel/Optiver/Jane Street) ## [0.24.0] - 2026-08-17 ### Added - Millennium/WorldQuant/Jump batch (6 firms) ## [0.25.0] - 2026-08-17 ### Added - HRT/Point72/Squarepoint batch (9 firms) ## [0.26.0] - 2026-08-17 ### Added - Two Sigma/Virtu/DE Shaw/Renaissance batch (13 firms) ## [0.27.0] - 2026-08-17 ### Added - Man Group/AQR/GSA/Bridgewater batch (17 firms) ## [0.28.0] - 2026-08-17 ### Added - Balyasny/IMC/XTX/Five Rings + DE Shaw boost (21 firms) ## [0.29.0] - 2026-08-17 ### Added - SIG + quant chronicle timeline (22 firms) ## [0.30.0] - 2026-08-17 ### Added - QRT/Capula/Winton/DRW/Tower batch (27 firms) ## [0.31.0] - 2026-08-17 ### Added - Market-making & crypto batch incl. Alameda failure case (32 firms) ## [0.32.0] - 2026-08-17 ### Added - Systematic Europe batch (37 firms) ## [0.33.0] - 2026-08-17 ### Added - Macro legends batch (42 firms) + first data analysis report ## [0.34.0] - 2026-08-17 ### Added - Quant lineage report (five motherships) ## [0.35.0] - 2026-08-17 ### Added - Core UX: PDAT→PET onboarding (BTC example) + mcp/AGENT_GUIDE ## [0.35.1] - 2026-08-17 ### Added - Full English README (all content translated, counts refreshed) ## [0.35.2] - 2026-08-17 ### Added - Brand line: 🐳 dsh-quant — The Everything-Plugin Quant OS ## [0.36.0] - 2026-08-17 ### Added - plugin/ five-slot external plugin library (22 repos & MCPs) ## [0.36.1] - 2026-08-17 ### Added - Five-slot closed-loop case study + 10 supplyable plugin candidates ## [0.36.2] - 2026-08-17 ### Added - AGENTS.md + CLAUDE.md agent onboarding ## [0.36.3] - 2026-08-17 ### Added - AGENTS.md engagement loop — full vision (#36) + ask-your-human CTA ## [0.37.0] - 2026-08-17 ### Added - China batch 1 — High-Flyer, Ubiquant, Minghong, Yanfu, Century Frontier (47 firms, lineage closes) ## [0.22.0] - 2026-08-17 ### Added - Options & volatility board, inspired by Optiver's public practice (Ready Trader Go market making, optibook simulation, options pricing challenges): - `quant_option`: Black-Scholes price from volatility (or implied volatility from market price via bisection) plus the five greeks (delta, gamma, vega per 1% vol, theta per year, rho per 1% rate) - `quant_volatility`: realized volatility from log returns, annualized (default 252), with the aligned log-return series — the RV-vs-IV gap is the volatility-risk-premium research entry - 7 hand-computed cases (ATM call, put-call parity, IV roundtrip, deep ITM/OTM deltas, RV, preconditions); 46 tools, 174 unit tests ### Notes - Public pricing and volatility methods only; market-making execution and inventory management stay internal ## [0.21.0] - 2026-08-17 ### Added - `quant_bond`: fixed-income analytics (FICC link with the internal PFIC line) — price ⇄ yield (bisection), Macaulay/modified duration, convexity, DV01 with payments-per-year support (44 tools total) - `quant_data_guide` knowledge base 13 → 15 channels: ChinaBond (chinabond) and CFETS (cfets) bond data sources - 6 hand-computed bond cases (annual coupon, zero-coupon, semi-annual par, price-yield roundtrip, preconditions) ### Notes - Public side ships methods only: day-count, curve construction and continuous-compounding conventions stay internal (PFIC) ## [0.20.0] - 2026-08-16 ### Added - `quant_market_fetch` gains the `yahoo` provider: free US/global daily klines (AAPL, ^GSPC, 0700.HK) with null-row filtering and limit → range mapping — the "free data-source interfaces" promise now spans crypto, A-shares and US - `researchMultiAsset`: parallel multi-symbol full-chain research (per-symbol failure isolation) + `demos/multi-asset-research.ts` runnable demo; the dsh scaling path (one subagent per symbol) is documented in the demo notes - `quant_data_guide` knowledge base expanded 8 → 13 channels: tencent/yahoo free interfaces + dsh ecosystem data plugins (capital-generation, dsh-us-stocks, llmquant data-mcp) - 162 unit tests (+ market yahoo parsing, multi-asset isolation, guide counts) ### Notes - Stooq rejected (JS proof-of-work bot wall); tencent US klines return only first/last rows for US symbols → tencent stays A-share only, yahoo owns US ## [0.19.0] - 2026-08-16 ### Added - `quant_linear_model`: standalone OLS/Ridge fit (lambda penalizes feature weights only) with out-of-sample predictions and test R2/IC — the minimal explainable ML building block (43 tools total) - `docs/ML_GUIDE.md`: quant ML/DL architecture knowledge map — research pipeline architecture, model ladder (linear → trees → DL → RL), out-of-sample validation gold standards (walk-forward / no random K-fold / deflated Sharpe), overfitting checklist, RL problem formalization - `demos/ml-workflow.ts`: executable ML demo (live data → features → neutralization → linear model → walk-forward → conclusions) - dsh-ml domain README rewritten: ML framework status + DL/RL knowledge layer (fulfills the public PCPT promise of "demos + ML/DL knowledge + frameworks") - 7 hand-computed linear-model cases (156 unit tests total) ## [0.18.0] - 2026-08-16 ### Added - `quant_market_fetch` A-share providers: `sina` (free daily/minute klines, no credentials) and `tencent` (qfq forward-adjusted daily klines) — fulfills the "simple free data-source interfaces" positioning - `quant_factor_evaluate` gains `rankIc` (Spearman) and `icDecay` (horizon 1..N IC decay curve) — backward compatible - `quant_factor_neutralize`: group z-score (industry-style) / OLS style residual / plain z-score, all hand-testable - `quant_walk_forward`: rolling OLS train → out-of-sample predict with OOS IC/RankIC and per-window weights — the minimal honest ML workflow - `quant_drawdown`: underwater series, max/current drawdown, per-peak periods with recovery tracking - `quant_execute_sim`: order execution simulation (slippage, latency, two-sided fees, long-only position cap) — the no-live-trading execution framework - `quant_research_pipeline`: one-call PDAT→PET chain (data → quality → stats → indicators → backtest → metrics → risk → drawdown → fund → factor → report → charts) - 149 unit tests (+36) + 4 loader composition + live verification incl. sina/tencent A-share klines ## [0.17.0] - 2026-08-16 ### Added - New domain `dsh-community` (open-source ecosystem domain, unique to the open side — no internal team counterpart): eat your own dog food - `quant_repo_stats`: live GitHub ecosystem stats via the public API (stars, forks, watchers, open issues/PRs, topics, license, latest release) - `quant_npm_stats`: live npm ecosystem stats (latest version, last-week and last-month downloads) - `quant_oss_pulse`: 0-100 open-source influence score with A/B/C/D grade and concrete action suggestions (stars base 20%, downloads 15%, star momentum 25%, community health 20%, release freshness 20%; missing optionals score neutral 50) — pure, hand-computable, fully unit-tested ## [0.16.0] - 2026-08-16 ### Changed - Domain-driven src layout: dsh-data (PDAT) / dsh-alpha (PAAT) / dsh-ml (PCPT) / dsh-risk (PRT) / dsh-execution (PET), each with a domain README; package-level API unchanged (backward compatible) - verify.ts provider fallback chain (binance → okx → bybit) after live outage: Binance 451 region block + Bybit CloudFront block; OKX remains available All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.15.0] - 2026-08-16 ### Added - `quant_var_backtest`: Kupiec POF test (failure count vs expected, LR statistic, approximate p-value, 95% pass decision) - `quant_resample`: OHLCV weekly/monthly aggregation (7/30-bar buckets for 24/7 markets) - `quant_report`: Markdown research-report assembly from metrics/risk/factor/ fund outputs - 100 unit tests milestone All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.14.0] - 2026-08-16 ### Added - `quant_risk`: historical VaR/CVaR (configurable confidence), downside deviation, max drawdown, Beta, Jensen alpha, information ratio and tracking error against an optional benchmark - 6 hand-computed risk cases (VaR quantile, beta=2 linear benchmark, beta=1 identical benchmark, preconditions); live BTC verification All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.13.2] - 2026-08-16 ### Changed - Ship demos/ in the npm package (R&D workflow, Jane Street-style UI demo, standalone HTML, demo data + generator, UI preview PNG) All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.13.1] - 2026-08-16 ### Fixed - UI demo: self-contained standalone HTML (embedded data) so it opens directly from file:// (fetch of local JSON is blocked by browsers); CDN fallback for Lightweight Charts All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.13.0] - 2026-08-16 ### Added - `quant_fund`: quant hedge-fund simulation (default ¥100M capital, NAV 1.00, daily management fee 2%/yr, high-water-mark performance fee 20%) with final NAV/AUM, peak AUM, gross/net returns, total fees, net-NAV series - UI demo Fund block (8 cards + net-vs-gross NAV chart) - 4 hand-computed fund cases; live verification All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.12.0] - 2026-08-16 ### Added - `quant_metrics`: full backtest metric suite (9 equity metrics + trade-level metrics) with required trio return/drawdown/sharpe - METRIC_CATALOG metric directory for UI metric pickers - Jane Street-inspired UI demo (demos/ui-demo.html + gen-ui-demo-data.ts): candlestick + overlays + trade markers, equity curve, metric selector - 7 hand-computed metric cases; Discussion #7 for metric-system PRs ### Fixed - profitFactor semantics: null (not Infinity) when there are no losses (Infinity is not lossless JSON) All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.11.0] - 2026-08-16 ### Added - `quant_chart`: renderer-neutral chart data (dsh-chart protocol) — candles (with overlays and trade markers), series, and annotation views - Pure chart builders (chartCandles / chartSeries / chartBacktest / chartAnnotate); 4 hand-computed cases; live verification All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.10.1] - 2026-08-16 ### Added - `demos/rd-workflow.ts`: executable end-to-end R&D demo on live data (fetch → stats → quality → indicators → factor eval → backtest → conclusion) - RD-assistance log (three modes: research / development / data governance; ecosystem positioning vs RD-Agent, LLMQuant, inalpha, alphalens) All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.10.0] - 2026-08-16 ### Added - `quant_factor_evaluate`: alphalens-methodology factor evaluation (IC/ICIR/ quantile returns/long-short/turnover/autocorrelation), pure functions - `quant_factor_combine`: multi-factor z-score weighting + cross-sectional rank normalization - Ecosystem research log (alphalens/qlib/RD-Agent landscape + differentiation) - 6 hand-computed factor cases; live BTC ROC-factor verification All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.9.1] - 2026-08-16 ### Added - `quant_series_quality`: missing / z-outlier / jump / frozen-run detection - `quant_data_annotate`: point-level data labeling (5 label kinds, 3 severity levels) — Scale AI-inspired labeling philosophy - Seven dimension folders (skill/tool-use/memory/rag/benchmark/eval/plan) referencing the internal PAT dimension system (private repo, method-level reference only) - 4 hand-computed unit cases All notable changes to this project are documented here. The format follows [Keep a Changelog](https://keepachangelog.com/en/1.1.0/); versioning follows [SemVer](https://semver.org/). ## [0.9.0] - 2026-08-16 ### Added - `quant_series_stats`: descriptive statistics (skew/kurtosis/autocorr/annVol) - `quant_data_quality`: OHLCV health check with healthy flag - 5 hand-computed unit cases; live BTC verification ### Fixed - candlesCheck now inspects the first candle too (high