France's €100,000 line for self-custody crypto reports
Amendment I-2701 would require French taxpayers to declare self-custodied crypto wallets from €100,000. The Assembly voted yes; the bill is still in Parliament.
The Industry Spread
Project Eleven acquires Riva Labs for post-quantum work
Project Eleven has acquired Riva Labs to expand post-quantum signatures, wallets, MPC and account abstraction. What the stack hire changes for custody desks.
NOK/JPY
17.40by December 23, 2026
Wrong below16.70
Spot at filing17.149
NOK/JPY to 17.40: Norges Bank's hold
MXN/JPY
8.61by December 18, 2026
Wrong below8.3167
Spot at filing8.5115
MXN/JPY to 8.61: the survey-peso carry case
FTSE 250
24,795.85by 5 November 2026
Wrong below24,618.35
Spot at filing24,674.91
FTSE 250 to 24,796: the priced Bank Rate step
VIX
19.55by December 9, 2026
Wrong above23.93
Spot at filing20.83
VIX to 19.55: spot is rich to the curve
Levels as stated when filed. Not live prices. Analysis, not investment advice.
FS26/3 holds the line on high-risk retail investment access
FS26/3 keeps UK high-risk promotion gates in place and puts mainstream risk warnings, appropriateness tests and model portfolios on a later timetable.
CFTC sues Utah to defend exclusive event-contract jurisdiction
The CFTC has sued Utah to keep state gambling statutes off designated contract markets. The filing redraws the line for brokers, FCMs and event-contract venues.
CP26/38 and what the Financial Crime Guide would change
CP26/38 would revise the FCA Financial Crime Guide on fraud, sanctions and cryptoassets. Comments close on December 24, 2026.
FirmWhat we foundFiled
NEOM FundedThe reward cap under the drawdown4 NovCoinhub FundedPayout cap and the step-two reset3 NovMyPropCapitalOn-chain receipts and the fee clash2 NovForaxis60-second rewards and a seven-day gap1 NovDoji FundingPayout caps on a simulated account31 OctPropXPStatic drawdown versus the split add-on30 OctTrue Forex FundsPermanently closed for insolvency29 OctHash HedgeZero risk against the customer contract28 OctNairaPropPayout rules clash across the site27 OctPropMarket70/30 on the page, zero in the catalogue26 OctClickfundedThe reward buffer and the split25 OctGoat Funded FuturesIntraday floor once funded24 Oct
About these reviews. The Industry Spread reviews prop firms independently. Firms do not pay for reviews and cannot see them before publication. The Industry Spread has no affiliate or referral relationship with the firms covered.
Reviews by Abdelaziz Fathi
Bullwaves Prime review: regulated claim, SVG operator
Bullwaves Prime suits MetaTrader 5 traders who can live with a 15-day payout cycle and a 6% cap, and who treat the trading-rules page as the contract. It does not suit anyone who takes the regulated title or the 100% split line. The footer names Moonance LLC in Saint Vincent and the Grenadines as operator, the rules state an 80% split, and the legal page calls the accounts simulated. The caveat is three splits: 100% on the homepage, 90% on the challenge page, and 80% in the rules.
Project Eleven acquires Riva Labs for post-quantum work
Project Eleven has acquired Riva Labs to expand post-quantum signatures, wallets, MPC and account abstraction.
VT Markets takes best gold trading platform at FinanceFeeds Awards
VT Markets has won Best Gold Trading Platform at the FinanceFeeds Awards 2026, capping a January in which it reported $1.5 trillion in gold turnover.
Axcera Takes Three FinanceFeeds Awards for Prop Tech
Axcera has won three FinanceFeeds Awards 2026 across prop trading technology, infrastructure and multi-asset solutions.
The Broker Back Office Becomes One Data Layer
The constraint on most brokerages is not strategy but infrastructure that cannot pass data between functions.
Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
Rick Steves
Rick Steves has seen business and economics through many lenses.
Abdelaziz Fathi
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets.
Also filed
From the archive
Filed around 5 November in 2025, 2023, 2022 and 20212025
2023
Business Directory
5 companiesThe vendors, liquidity providers and service firms behind the brokerage industry, with licences checked against regulator registers.
The full directory
Finalto
Institutional liquidity, trading technology and risk management for brokers and funds
MetaQuotes
MetaTrader 4 and MetaTrader 5 platform software for brokers, banks, exchanges and hedge funds
Praxis Tech
Payment orchestration platform and Cashier checkout for gaming, trading, crypto and e-commerce merchants
PrimeXM
XCore liquidity aggregation software and dedicated hosting for FX and CFD brokers