Architect fintech receives NFA approval to operate as introducing broker
Architect Financial Technologies, the startup founded by former FTX US president Brett Harrison, will provide derivatives brokerage services following its Architect Financial Derivatives subsidiary receiving approval from the National Futures Association (NFA) to operate as an independent introducing broker. The company 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 sell futures contracts, commodity options, retail off-exchange forex contracts, or swaps” but does not receive money from customers for doing it. Architect is a software provider.
Harrison told Bloomberg Markets the main focus for the company is to:
“Build out regulated businesses in the exchange-traded derivatives spaces, not just for crypto derivatives but for derivatives at large.”
According to a statement, the Architect trading platform will offer trading in a range of derivatives on exchanges regulated by the United States Commodity Futures Trading Commission with clearing services through regulated partners. It will also offer access to over 20 regulated exchanges internationally to qualified customers.
Related: Sky-high interest rates are exactly what the crypto market needs
Harrison started Architect in January with $5 million from investors that included Coinbase Ventures and Circle Ventures, among others. It was created with the intention of providing trading software for institutional investors.
Harrison was the president of FTX US from May 2021 to September 2022, resigning before the cryptocurrency exchange went bankrupt along with other FTX-linked companies in November of that year. Harrison documented his relationship with former FTX CEO Sam Bankman-Fried in a massive Twitter (now X) thread in January.
Unified, configurable, multi-exchange options trading on @Architect_xyz pic.twitter.com/cgd8JfaFow
— Brett Harrison (@BrettHarrison88) September 1, 2023
Under Harrison’s leadership, Chicago-based FTX US completed a $400-million funding round and announced plans to open a stock trading platform. Like Bankman-Fried and other former FTX executives, Harrison began his career at Jane Street Capital.
Magazine: Paxos’ $500K Bitcoin fee, FTX tokens sales set to begin and other news: Hodler’s Digest, Sept. 10-16
Donald Trump has reignited his row with London mayor Sir Sadiq Khan after calling him a “nasty person” who has done “a terrible job”.
During an hour-long news conference with Sir Keir Starmer in Scotland, the US president hit out at the Labour mayor, who has responded with his own snipey remarks.
Trump latest: US leader gives Putin new deadline to end war
Asked if he would visit London during his state visit in September, Mr Trump said: “I will, I’m not a fan of your mayor, I think he’s done a terrible job.
“A nasty person, I think.”
The prime minister then interrupted and said: “He’s a friend of mine.”
But the president added: “I think he’s done a terrible job but I will certainly visit London, I hope so.”
Sir Sadiq’s spokesperson then released a statement saying: “Sadiq is delighted that President Trump wants to come to the greatest city in the world.
“He’d see how our diversity makes us stronger not weaker; richer, not poorer.
“Perhaps these are the reasons why a record number of Americans have applied for British citizenship under his presidency.”
Sir Sadiq Khan was knighted in June. Pic: PA
They noted that Sir Sadiq has won three mayoral elections, including when Mr Trump lost the US election in 2020.
This is not the first time Mr Trump and Sir Sadiq have locked horns.
Read more:
US and EU agree trade deal
Scots divided as Trump heads to Turnberry
The PM told Mr Trump that Sir Sadiq is a friend of his – seen here laying wreaths for the anniversary of the 7/7 bombings. Pic: PA
During his first presidential term, Mr Trump called the London mayor a “stone cold loser who should focus on crime in London”.
Sir Sadiq then described Mr Trump as a “poster boy for racists”.
And in November 2024, after Mr Trump won his second term, Sir Sadiq said many Londoners would be “fearful” about what it would “mean for democracy”.
However, as Sir Keir tried to show diplomacy with Mr Trump after becoming PM, Sir Sadiq said he “wanted to work closely with the American president” ahead of his inauguration in January.
The London mayor said as somebody “who believes in democracy, and voting and elections, we should recognise the fact that Donald Trump is the elected president of the United States”.
But he added: “Let’s keep our fingers crossed that this president is different from the last time he was president.”
The SEC delayed decisions on the Truth Social Bitcoin ETF and Grayscale’s Solana Trust, extending review periods as the US Congress moves with crypto regulation.
The US House of Representatives will be in recess for the month of August, but the Senate still has a week of business to address two crypto bills before breaking.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike