Trading vet joins little-known prop shop that's doing billions in volumes
August 6, 2021, 12:45PM EDT
1 min read
MGNR — an under-the-radar player in the crypto trading world — has just made a big hire as its business continues to grow.
The firm, which bills itself as a proprietary trading firm, has brought on Randy Chen, whose career in high-speed trading includes DRW, Vatic Labs, and Headlands Technologies. Chen has joined the firm as a partner where he will engage in quant trading.
Chen's time in the trading and high-frequency trading world spans nearly two decades. He has held senior positions, such as head of algorithmic trading at Vatic and head trader of Sun Trading's energy desk.
A source close to the firm said that he will "bring in his years of trading experience and market knowledge to further improve our quant models."
The firm trades about a billion dollars a day, despite not making as many headlines as some of the other well-known proprietary trading firms like Alameda Capital and CMS Holdings. Still, they have a well-followed Twitter account that pops off about various crypto market structure topics.
MGNR was founded by Bryn Christopher Solomon, who previously worked at Akuna Capital as a senior derivatives trader. Solomon served as head of fixed income, metal and currency derivatives. As per his LinkedIn, MGNR engages in quant trading, derivatives trading, and seed and early stage investments.
MGNR's headcount currently stands at 10 with alumni from Goldman Sachs, IMC, Nasa, and JPMorgan.