Two regulated broker-dealers announced major milestones this week, both centered on integrating with tZERO's regulated infrastructure for tokenized digital asset securities. Eddid Securities USA and Archax Markets LLC separately revealed arrangements that leverage tZERO Securities and tZERO Digital Asset Securities for trading, clearing, and custody services.
Eddid USA's FINRA-approved correspondent clearing arrangement was approved under Rule 4311, establishing a fully disclosed model where Eddid introduces customer accounts while tZERO Securities operates the alternative trading system (ATS), carries accounts, and performs clearing functions. tZERO Digital Asset Securities, an SEC-registered broker-dealer, provides custody for eligible digital asset securities. The arrangement, described by tZERO CEO Alan Konevsky as an example of the firm's 'infrastructure-as-a-service' model, allows Eddid USA to avoid building its own venue, clearing operation, and digital custody system. Jerry Tse, CEO at Eddid Financial, stated the relationship gives the firm 'trading, clearing and custody infrastructure while allowing clients to use an existing brokerage relationship.' Clients do not need to manage private keys; custody is provided through accounts at tZERO Digital Asset Securities under the SEC's framework for broker-dealer custody of digital asset securities.
Archax Markets LLC, the U.S. subsidiary of UK-based Archax Group Ltd, secured FINRA approval of its New Member Application, completing its registration as a U.S. broker-dealer with the SEC. The approval gives Archax a directly supervised presence in the U.S. and expands a regulatory footprint that already includes the UK's Financial Conduct Authority and Spain's CNMV. Archax can now offer private placements of conventional securities and tokenized real-world assets to U.S. institutional and accredited investors. Archax will act as an introducing broker through correspondent clearing arrangements with tZERO Securities and tZERO Digital Asset Securities, providing clients access to regulated custody, escrow services, and secondary trading on tZERO's ATS. The company expects to begin U.S. operations in the third quarter of 2026. The approval also allows Archax to chaperone non-U.S. broker-dealers under SEC Rule 15a-6, creating a compliant path for European issuers to reach U.S. institutions.
Archax's path to U.S. registration was not straightforward. The group initially planned to acquire Globacap's U.S. broker-dealer and ATS in early 2025, but that transaction did not close after Apex Group bought Globacap. Archax instead filed a fresh New Member Application and completed FINRA's Membership Application Program review, resulting in a standalone registration rather than an inherited license.
Neither arrangement makes all digital assets available. Each security remains subject to eligibility, suitability, and regulatory requirements. Product details, initial issuers, fees, and launch volumes have not yet been published. The approvals open the legal and operational doors; commercial rollout will follow.
