Rundschreiben 14/2026 narrows BaFin's CRR ancillary test
Rundschreiben 14/2026 adopts the EBA ancillary-services guidelines and narrows BaFin's dependence test on banking activity under CRR Article 4(1)(18).
The Industry Spread
DeFi Development authorizes CHAD buybacks, but not yet
DeFi Development's board authorized buybacks of every CHAD share, including future issues, but will not buy until the preferred first reaches its $10 par.
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
GBP/CAD
1.8970by November 5, 2026
Wrong below1.8683
Spot at filing1.8849
GBP/CAD to 1.8970 by November 5 on the July average
PTC
$205by April 4, 2027
Wrong below$144.03
Spot at filing$192.26
PTC to $205 by April 4, 2027: the cash-spread case
NVDA
$248by November 17, 2026
Wrong below$221.56
Spot at filing$238.90
NVDA to $248 by November 17: the Q3 guide case
Levels as stated when filed. Not live prices. Analysis, not investment advice.
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.
FCA closes 24 CFD firms that sold UK authorisation as a halo
The FCA says 24 CFD firms closed or are cancelling after using UK authorisation as a halo for offshore affiliates. Why 24 is an interim count, not the end.
Fed Docket R-1899 prices stablecoins at 2% capital, 1% past $50bn
Fed Docket R-1899 sets stablecoin capital at 2% of the first $20bn, 1% above $50bn, plus a 50% new-entrant surcharge and a two-quarter liquidation trigger.
FirmWhat we foundFiled
TradersYardPayout 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 SepthePropTradeThe Saint Lucia name, the Dubai contract29 SepPipstone Capital90% on the homepage, 80/20 in the terms29 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
CMC Funded review: the payout policy is not published
CMC Funded suits a trader who will pay for a simulated Classic or Direct evaluation and can treat the 80% split on the product page as a sales line, not a payout calendar. It does not suit anyone who wants live capital, a named platform, or a date for the first withdrawal. The biggest caveat is contractual. Version 2.1 of the general terms, dated 1 October 2026, says a payout policy must appear before any reward can be requested, and the legal page says it has not.
Cleavr raises €8 million seed for invoice collection
Paris fintech Cleavr raised an €8 million seed, led by Varsity, to automate invoice collection.
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 7 October in 2025, 2023, 2022 and 20212025
2023
