Akuna Capital Explained

Akuna Capital LLC
Type:Private
Industry:Financial services
Products:Proprietary trading
Algorithmic trading
High-frequency trading
Founders:Andrew Killion
Mitchell Skinner
Location:333 South Wabash, Chicago, Illinois, U.S.
Key People:Andrew Killion (Chairman)
Num Employees:580 (2022)
Footnotes:[1]

Akuna Capital is an American proprietary trading firm headquartered in Chicago. It has additional offices in London, Shanghai, and Sydney.

Background

Akuna Capital was co-founded by Andrew Killion in 2011 in Chicago.[2] [3] [4] Killion was previously a partner at Optiver and had left his hometown of Sydney in 2011 to move to Chicago. Chicago was selected to launch Akuna Capital as it was considered the center of the world for derivatives and options.

The word Akuna comes from an Australian Aboriginal word that means flowing water.

Akuna Capital has an affiliated broker-dealer named Akuna Securities.[5]

According to Bloomberg News, Akuna Capital had one of the highest monthly salaries for internships in the financial sector from 2021 to 2022.[6]

History

In 2015, Akuna Capital signed a deal with the state of Illinois worth $4.5 million in tax breaks.[7] Under the deal, Akuna Capital would hire ten new employees where five would be in trading and five would be in software.

In 2019, Akuna Capital lost $5.4 million on cryptocurrency assets and technology startups.[8]

In January 2023, the firm cut 11% of its entire global workforce with some new hires having their contracts rescinded.

In June 2023, Akuna cut 40% of its Asia-pacific workforce.

Notes and References

  1. Web site: BrokerCheck - Find a broker, investment or financial advisor . brokercheck.finra.org.
  2. Web site: November 8, 2020 . Derivatives trader makes $30m return to hometown . February 1, 2023 . Australian Financial Review . en.
  3. Web site: January 4, 2021 . Chicago exec buys $23 million homeā€”in Australia . February 1, 2023 . Crain's Chicago Business . en-US.
  4. Web site: Turner-Cohen . Alex . June 29, 2023 . Australian derivatives trading firm Akuna Capital slashes 40% of APAC workforce . News.com.au.
  5. Web site: Andrej Bolkovic Becomes New CEO at Chicago-Based OCC . February 1, 2023 . Financial and Business News Finance Magnates . June 22, 2022 . en.
  6. News: April 14, 2022 . Interns Are Making Over $16,000 a Month as Wall Street Talent Wars Heat Up . en . Bloomberg.com . February 1, 2023.
  7. Web site: May 23, 2017 . Akuna Capital signed tax break deal with state of Illinois estimated to be worth $4.5M . February 1, 2023 . Illinois Policy.
  8. Web site: January 20, 2023 . Australian trading company Akuna Capital slashes 11 per cent of workforce . news.com.au.