I applied through university. The process took 1 day. I interviewed at Allston Trading (Chicago, IL) in Jun 2014
Interview
2 rounds interviews
1) with developers. Basic Java questions, linked list, array, search and sorting algos
2) With traders, mainly about past experience and understanding about financial markets
Both interviews were phone interviews. 2 interviews finished in one day. Each round was about 45 minutes. The interviews were pretty straight forward, they had my resume, so we skipped the "introduce yourself" part. I had exactly skills they were looking for. No brain teasers either, all the interviews questions were related to their daily business. They were looking for someone who could add value to the team right away.