Architect fintech receives NFA approval to operate as introducing broker

Architect Financial Technologies, the start-up established by former FTX.US president Brett Harrison, will supply derivatives brokerage services after its Architect Financial Derivatives subsidiary received approval from the National Futures Association (NFA) to run as an independent introducing broker. The business is eyeing both the cryptocurrency derivatives market and the traditional market, Harrison said.An introducing broker is an NFA member that “solicits or accepts orders to buy or offer futures contracts, product options, retail off-exchange forex agreements, or swaps,” but does not get cash from consumers for doing it. Architect is a software provider.Harrison informed Bloomberg Markets the primary focus for the business is to:” Build out regulated businesses in the exchange-traded derivatives spaces, not just for crypto derivatives, however for derivatives at large.” According to a statement, the Architect trading platform will offer trading in a series of derivatives on exchanges managed by the United States Commodity Futures Trading Commission with clearing services through regulated partners. It will also offer access to over 20 controlled exchanges worldwide to certified customers. Related: Sky-high rates of interest are precisely what the crypto market needsHarrison began Architect in January with $5 million from financiers that included Coinbase Ventures and Circle Ventures, to name a few. It was developed with the intent of supplying trading software for institutional investors. Designer offerings. Source: architect.xyzHarrison was the president of FTX.US from May 2021 to September 2022, resigning before the cryptocurrency exchange went bankrupt together with other FTX-linked business in November of that year. Harrison recorded his relationship with FTX CEO Sam Bankman-Fried in a huge Twitter (now X) thread in January.Unified, configurable, multi-exchange alternatives trading on @Architect_xyz pic.twitter.com/cgd8JfaFow— Brett Harrison (@BrettHarrison88) September 1, 2023

Under Harrisons leadership, Chicago-based FTX.US finished a $400-million funding round and announced plans to open a stock trading platform. Like Bankman-Fried and other former FTX executives, Harrison started his career at Jane Street Capital. Magazine: Paxos $500K Bitcoin charge, FTX tokens sales set to start and other news: Hodlers Digest, Sept. 10-16