What is a broker: the licence test the SEC left standing
What is a broker remains the Exchange Act test for effecting transactions for other people. The SEC order of September 17, 2026 did not waive section 3(a)(4).
The Industry Spread
Euro Stoxx 50 to 6,040 by October 28: the live-hike case
The Euro Stoxx 50 falls to 6,040 by the October 28 cash close if the Fed median of 4.1 percent keeps another hike live. A close above 6,311 breaks the call.
Euro Stoxx 50
6,040by October 28, 2026
Wrong above6,311
Spot at filing6,180.29
Euro Stoxx 50 to 6,040 by October 28: the live-hike case
Hang Seng
23,400by October 28, 2026
Wrong above24,400
Spot at filing23,862.76
Hang Seng to 23,400 by October 28: the hold-not-pivot case
USD/CHF
0.8400by October 28
Wrong below0.8228
Spot at filing0.8332
USD/CHF to 0.8400 by October 28: the rate-gap case
CAC 40
7,949by October 29, 2026
Wrong below7,614
Spot at filing7,865.07
CAC 40 to 7,949 by October 29: the deposit-rate hold
Levels as stated when filed. Not live prices. Analysis, not investment advice.
Advisers Act crypto custody proposal opens a self-custody path
The SEC's Advisers Act proposal of October 1 would allow self-custody of client crypto if no permitted custodian exists, and would admit state trust companies.
SEC staff FAQ treats a staking receipt as a digital tool
Staff FAQs dated September 28, 2026 treat a staking receipt as a digital tool, or a digital commodity from a protocol provider. They are not a Commission rule.
FCA cryptoasset gateway opens against a February 28 deadline
The FCA cryptoasset gateway opens on September 30, 2026. A filing after February 28, 2027 loses the saving provision ahead of the October 25, 2027 regime.
FirmWhat we foundFiled
Funded Academy12-hour reward vs a 24-hour FAQ7 OctCMC FundedThe payout policy is not published6 OctTradersYardPayout caps and the 50% profit gate5 OctAlpine FundedThe payout that waits for a third withdrawal4 OctAscension Funding24–48 hours is not the payout clock4 OctMeridian FundedZero denials are not in the terms2 OctBest prop firmsBest prop firms in 2026: five payout-checked comparisons2 OctFundingTicksRefunds, an 80% split, and a halted book1 OctHypernovaSimulated fills and three payout clocks30 SepInvestabl10-second median, 24-hour exceptions30 SepSharkFunded24-hour claim, 24–48 hour rules30 Sep100X ClubThe 6% cap on your first two payouts29 Sep
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
What is a funded account: simulated capital, not yours
A funded account is a simulated evaluation, not a brokerage deposit and not an investment in the firm. It suits a trader who reads the loss limits before paying a fee. It does not suit anyone who treats the headline balance as their own money. The caveat is the capital: FTMO calls it fictitious funds, and the published profit share is not one number across firms. We could not verify an industry pass rate.
NEOPAY to buy 65% of noon payments, approvals pending
NEOPAY has agreed to acquire 65% of noon payments, with regulatory and antitrust approvals still pending. The notices disclose no price for the stake.
Xverse closes Draper-led round for a Bitcoin neobank
Xverse has closed a Draper Associates-led round, with Trust Machines and Draper Dragon, to build a self-custodial Bitcoin neobank. No amount was disclosed.
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.
Abdelaziz Fathi
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets.
Rick Steves
Rick Steves has seen business and economics through many lenses.
Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
Also filed
From the archive
Filed around 8 October in 2025, 2023, 2022 and 20212025
2023
