Will Perps Eat All of Finance? Ex-FTX.US CEO Brett Harrison Bets Yes - Ep. 940
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I'm particularly excited about rolling out the full array of asset classes on our exchange. To me, the the really interesting capital efficiencies come in when a single customer can build a portfolio out of perps across multiple asset classes, you know, energy products, metals, stocks, stock indexes, currencies, and build, you know, a long short portfolio that's cross margin all within the same system. Hey, everyone.
I'm executive editor Steve Ehrlich, and I'm really excited, to have with me today Brett Harrison. Brett is, the former CEO of FCX US, but, we are most excited to talk to him today about his new venture architect and some of the really exciting, rollouts and that he's announced, I think, last week and sort of the future of of what he's building. It dovetails very nicely with some of the big, trends and themes that we've been seeing over the last, month or or so, especially in crypto.
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So, Brett, welcome.
Yeah. Thanks so much for having me on. Good to see you.
Yeah. So let's just kinda get right back let's get right to it. I mean, Architect, I was really excited. I mean, I guess it was a year or two ago when you announced this new venture, and then you I think you've had two rounds of funding so far. And the announcement you had last week, basically, perps for everything, not just crypto, but it could be gold, commodities, it could be indexes, etcetera. Why don't you just kind of walk us through that? And at a really high level, I'd love to know specifically the problem that you're trying to solve and why it's like the current offerings in TradFi ar
So perpetual futures or perpetual swaps are an old invention. They were invented around in the '90s in The US, and they never really became popularized until crypto derivatives exchanges really made it so in the early 2010s. And the thinking behind there was unlike traditional futurist products for underlyings like physical commodities, soybeans, wheat, corn, derivative or a future on something like cryptocurrency, which is 20 fourseven, it's digital, there's not physical delivery tied to a particular tenor or expiration, people want to go long and short with leverage, but don't necessarily wa
So let's talk about those licenses because I know you have a few, and I wanna make sure you understand what they allow you to do. I I know that you're I think you're registered or licensed as a broker dealer with the SEC, and you also have a license with the CFTC. Can you explain what those mean?
Sure. So prior to getting licensed for this exchange that we're building, we also launched a US regulated multi asset electronic brokerage. So first, we got licensed under the CFTC as an independent introducing broker, which allows us to introduce customer flow to futures, options on futures, and event contracts. And then we later got a broker dealer license under the SEC, which allows us to allow our customers to trade stocks, ETFs, options on stocks and ETFs, things like cash treasuries, fixed income products. And
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