Shay Heffetz

Director of Quantitative Investment Strategies, eToro

Shay Heffetz has spent two decades fusing trading, fintech and AI. He leads eToro’s quantitative-investment group, overseeing research teams, retail-flow analytics and AI-enhanced portfolio solutions that power systematic strategies for millions of global investors.

Expertise:

  • Systematic & quantitative trading
  • AI / machine-learning for finance
  • Portfolio construction & risk management
  • Retail brokerage infrastructure
  • Fintech strategy & product leadership
  • Macroeconomic & market commentary
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Articles by Shay

More about Shay

  • Shay specialises in systematic and quantitative trading strategies, including long/short, market-neutral, factor-based, and smart beta approaches.
  • Applies AI and machine learning in finance, from retail-flow signal extraction to building LLM-driven research and analytics pipelines.
  • Shay has experience in portfolio construction and risk management, leveraging advanced techniques such as HRP, ERC, derivatives-based hedging, and leverage optimisation.
  • He combines fintech product leadership with technical infrastructure expertise, scaling multi-asset trading platforms, designing APIs, and building “no-dealing-desk” liquidity systems. 
  • Shay has also contributed his market insights as a speaker and media commentator.

Experience

  • During his time at eToro, Shay has led the development of an AI-driven “signal factory,” overseeing systematic multi-asset portfolios and setting firm-wide quantitative risk management policies.
  • Previously at eToro, he worked as a Senior Consultant focused on trading infrastructure and hedging, where he built automated execution systems, integrated analytics pipelines, and enhanced retail-flow signal extraction.
  • From 2012 to 2019, Shay served as CEO and Managing Director of InterTrader, scaling the brokerage into a prime-of-prime provider, launching a no-dealing-desk CFD business, and leading two successful M&A deals while maintaining FCA regulatory oversight.
  • At bwin (2008–2012), Shay spearheaded the company’s entry into financial services, establishing a cross-asset dealing desk and integrating CRM systems to support retail trading products.
  • Earlier in his career, Shay held business development and CRM leadership roles at PartyGaming, Empire Online, and Spark Networks.

Education and Certifications

  • M.Sc. Financial Mathematics from Bar-Ilan University (2022). Specialised in machine-learning applications to option pricing and risk.
  • B.Sc Industrial Engineering & Management from Shenkar College of Engineering & Design (2004).
  • Series 3 (Derivatives) from Chartered Institute for Securities & Investment (2013). Registered Commodity Futures & Options professional.
  • Object-Oriented Software Development Certificate from Sela Institute (2000). Focused on C#/.NET for trading applications.