Architect Financial Technologies Set to Offer Derivatives Brokerage Services
Summary:
Brett Harrison's startup, Architect Financial Technologies, is set to offer derivatives brokerage services following its subsidiary, Architect Financial Derivatives, gaining approval from the National Futures Association (NFA) to serve as an independent introducing broker. The firm aims to break into the traditional and crypto derivatives market. Architect's trading platform will support diverse derivatives trading on exchanges regulated by the US Commodity Futures Trading Commission, also offering access to 20+ internationally regulated exchanges for eligible clients. The venture was founded with a $5 million investment and aims to provide trading software for institutional investors.
Brett Harrison, ex-president of FTX.US and founder of Architect Financial Technologies, is set to offer derivatives brokerage services. This news follows after his offshoot company, Architect Financial Derivatives, gained clearance from the National Futures Association (NFA) to serve as an independent introducing broker. This new development will allow Harrison's company to venture into both traditional and crypto derivatives markets.
An introducing broker, as authorised by the NFA, is permitted to propose or receive orders to purchase or sell futures contracts, commodity options, off-exchange forex contracts, or swaps, without receipt of customers’ remuneration. It indicates that Architect only functions as a software provider.
In a conversation with Bloomberg Markets, Harrison articulated his company's main objectives to grow within regulated exchange-traded derivatives sphere, going beyond just crypto derivatives.
According to an official announcement, the trading platform of Architect will enable trading in diverse derivatives on exchanges sanctioned by the United States Commodity Futures Trading Commission and backed by regulated partners. Additionally, the platform will provide access to over 20 internationally regulated exchanges for qualified clientele.
Harrison founded Architect in January, armed with a $5 million investment from backers like Coinbase Ventures and Circle Ventures among others, to generate trading software for institutional investors.
During his tenure as president of FTX.US from May 2021 to September 2022, Harrison led the firm through a $400 million funding phase and earlier efforts to establish a stock trading platform. Later on, the crypto exchange along with other FTX-affiliated firms declared bankruptcy in November the same year. Harrison's professional journey, including his association with FTX CEO Sam Bankman-Fried, has been captured in an expansive Twitter (now X) exchange in January.
The reputation of Harrison, alike ex-FTX executives including Bankman-Fried, stems from his initial career days at Jane Street Capital. The recent development followed the announcement of Paxos’ $500K Bitcoin fee, impending FTX token sales, and other news recorded in the Hodler’s Digest, September 10-16 segment.
Published At
9/22/2023 8:01:01 PM
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