Daniel Lo, a former UBS financial law expert, has joined Acheron Trading as the new Chief Legal Officer, coinciding with a 369% surge in trading volumes for the crypto market maker.
Points
- Daniel Lo, with over 12 years of experience in financial law, joins Acheron Trading as Chief Legal Officer.
- Acheron Trading has seen a 369.6% increase in trading volumes in the first half of 2024.
- The company is expanding its team to handle increased trading levels and regulatory measures.
- Acheron Trading is enhancing its infrastructure and technology to scale operations.
- The crypto market maker remains committed to transparency and accountability.
In a strategic move coinciding with a remarkable surge in trading volumes, Acheron Trading has appointed Daniel Lo as its new Chief Legal Officer. Lo brings over 12 years of experience in financial law, having previously worked with major investment banks such as UBS and RBC Capital Markets. His expertise is expected to bolster Acheron Trading’s regulatory and compliance capabilities as the company navigates the rapidly evolving cryptocurrency market.
Acheron Trading, which has been operating in the crypto market-making space for six years, reported a staggering 369.6% increase in trading volumes for the first half of 2024. This significant growth underscores the firm’s expanding influence and the increasing demand for its services.
Daniel Lo’s appointment is part of a broader initiative by Acheron Trading to scale its operations in response to the surge in trading volumes. The company is also adding new staff in quantitative trading, quantitative development, and sales departments, recruiting talent from leading firms such as SpaceX and Interactive Brokers.
Wesley Pryor, founder of Acheron Trading, highlighted the company’s commitment to adapting its traditionally lean operational strategy to meet the demands of the growing industry. “Daniel’s appointment and the many others we have just made underscore Acheron Trading’s unwavering commitment to meet the evolving needs of our clientele. Both the individual and collective professional experiences
of our new hires are invaluable to our strategy as we rise to this new tide of activity,” Pryor stated.
Acheron Trading’s recent expansion efforts include developing new partnerships and technological advancements. The firm introduced a principal market-making service and has been enhancing its Command Station, an in-house trading infrastructure platform. Additionally, Acheron formed a collaboration with the tech incubator forgd.com and acquired HedgeTech, a Boston-based firm specializing in algorithmic market-making solutions, in 2022.
The company has also observed changes in market dynamics, noting an extension of the initial price discovery phase for new assets from an average of 1.2 days to 6 days. Despite this, the sector remains highly concentrated, with the top eight largest exchanges accounting for more than 90% of global market depth.
Acheron Trading’s ongoing commitment to transparency and accountability, coupled with its strategic hires and technological enhancements, positions it well to continue thriving in the competitive crypto market-making landscape.
