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.
The Industry Spread
HIFI raises $37m to take its stablecoin rails into repo and cards
HIFI's $37m Series A, led by Left Lane Capital, funds licences so more of its stablecoin stack runs outside Cross River Bank, the partner now competing with it.
US 10-year Treasury yield
5.00%by 28 October 2026
Wrong above5.40%
Spot at filing5.24%
US 10-year yield to 5.00% by October 28 as Fed hikes flatten the curve
AUD/JPY
112.50by November 3
Wrong below109.19
Spot at filing110.87
AUD/JPY to 112.50 by November 3 as the RBA hikes into a split BOJ
GBP/CHF
1.1100by November
Wrong below1.0880
Spot at filing1.0974
GBP/CHF to 1.11 by November: three BoE hike votes vs a 0% SNB
USD/CAD
1.4250by October 28
Wrong below1.3950
USD/CAD to 1.4250 by October 28 as the Fed hike outruns $92 oil
Levels as stated when filed. Not live prices. Analysis, not investment advice.
FINRA Rule 3290 retires the 1994 notice that made brokers supervise outside RIA work
SEC Release 34-106381 approves FINRA Rule 3290, reclassifying unaffiliated RIA work as an outside activity and retiring NASD supervision guidance from 1994.
CFTC Letter 26-25 makes passivity the price of software relief
CFTC Staff Letter 26-25 lets passive software providers skip introducing broker registration — but its 10 conditions exclude copy trading and signal tools.
Acting as principal becomes an FCA permission, not an entitlement
HM Treasury's February 2026 consultation would make acting as a principal a separate FCA permission and let the Financial Ombudsman reach ARs directly.
FirmWhat we foundFiled
Pipstone Capital90% on the homepage, 80/20 in the terms29 SepPropaniumThe Smart Exit that cuts a 90% split to 60%29 SepOneStopProp“100% refundable” on plans its FAQ never refunds28 SepLegionFundingA Trustpilot profile older than the company28 SepFlagship FundedThe 100% split needs a score of 4.76 out of 528 SepPaid To TradeA-book on the sales page, demo in the contract28 SepQuantum FundingThe homepage FAQ is still Lorem ipsum26 SepSpace FundedA Wyoming LLC that arbitrates in the Canaries26 SepFundedCobraNine days old, $147,944 in claimed payouts26 Sep4PropTraderThe $900 minimum payout is also the cap26 SepFirewood FundedThe 3% drawdown waiting after you pass24 SepMy Funded Capital$32 on one page, $149 at checkout24 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
thePropTrade review: the Saint Lucia name, the Dubai contract
thePropTrade suits forex and index traders who want low entry prices, static drawdown on the Classic challenges and a 14-day first payout. It does not suit anyone who needs to know, before paying, which company owes them money and under which law. The biggest caveat: the footer names a Saint Lucia company, the terms contract with a Dubai free-zone company, fees run through a Cyprus processor, and the funded-stage contract is a separate agreement the buyer does not see.
Bitget's $387.5m breach spoofed its approvals, not its keys
Bitget's $387.5m breach came through spoofed approvals, not stolen keys.
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 29 September in 2025, 2023, 2022 and 20212025
2023
