Arkansas civil penalties test the CFTC event-contract claim
Arkansas section 4-88-113 caps a civil penalty at $10,000 a violation. The CFTC says that cap, on Kalshi event contracts, could reach the hundreds of millions.
The Industry Spread
Alpha Funded review: payout counter versus the legal page
Alpha Funded's $105.6 million payout counter stops at 30 September 2026, while a Rise ledger shows $8.4 million and the terms keep rewards discretionary.
LME nickel
$15,800/tby February 12, 2027
Wrong above$16,400
Spot at filing$16,025/t
LME nickel cash to $15,800: the shed still pays carry
SET50
980by December 23, 2026
Wrong above1,069.41
Spot at filing1,024.99
SET50 to 980: the 1% policy rate is already priced
PSEi
5,420by December 17, 2026
Wrong above5,820
Spot at filing5,593.49
PSEi to 5,420 while the BSP policy rate lags inflation
COLCAP
2,390.51by December 18, 2026
Wrong above2,528.01
Spot at filing2,452.46
COLCAP to 2,390: Banrep's 12.25% rate still binds
Levels as stated when filed. Not live prices. Analysis, not investment advice.
How the Bank and the FCA split systemic sterling issuers
The Bank leads reserves and a £40 billion guardrail for systemic sterling issuers, while the FCA keeps conduct and solo-regulates every other UK issuer.
LSEG depositary clears the sandbox gate for the DIGIT gilt
Gate 2 lets LSEG B3 settle the DIGIT gilt as an investor depositary inside the UK sandbox. Settlement-finality designation and the cash leg remain open.
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.
FirmWhat we foundFiled
FundedTickThe 40% rule that starts once funded13 NovFund Your EdgeHomepage tile versus the payout check10 NovVenus FundedThe 95 percent split and 14-day payout9 NovDayTradersPayout caps under its 100% split7 NovBullwaves PrimeRegulated claim, SVG operator5 NovNEOM 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 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
Alpha Funded review: payout counter versus the legal page
Alpha Funded suits a forex trader who can pay a one-time fee, respect a published daily loss and maximum loss, and wait 30 days for the first standard withdrawal. The account is simulated, and Alpha Tech LLC may withhold the reward. It does not suit a trader who needs a regulated brokerage account, a live book, or a payout total an outside auditor has signed. The biggest caveat is the gap between the site's $105,556,004.94 counter through 30 September 2026 and the $8,399,121 Rise ledger of 14 November 2026.
Imprint raises $130 million at a $1.9 billion valuation
Imprint raised $130 million at about $1.9 billion with Khosla Ventures leading. Murphy's $1.88 billion mark is about 4.7 times the revenue he expects.
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.
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.
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 14 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