I don’t think it matters, but I’m not sure that’s true. I think the major quant firms are already using LLMs in their trading and plan to use more.
In terms of making full use of frontier models, the models aren’t currently good enough to send forth, and trade, and you have the problem of adverse selection (if you start putting bad quotes, they get snapped up). Firms are definitely making use of the models in building their systems. I think quant firms are perhaps the 2nd-most AI-pilled segment of society.
But my point is that I think there are a lot of what you might call “LLM-based trading strategies”. One example is using LLMs to read press wires or earnings reports/filings. Another might just be that LLMs allow you to MM on markets much more easily that you wouldn’t have bothered with before to set up the infrastructure. For example, if there are some 100 markets in Chile that have $10k of volume a day that nobody currently bothers with, all of a sudden, you can throw your LLM at it and make 1% on that volume, maybe. Not worth paying a quant trader to actively MM and get adversely selected against. But worth $20 of tokens,

I agree with all of this and matches my experience in quant trading (though ive been out of the game for a while)