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.
The Industry Spread
Dow Jones to 49,918.78 by the October Fed
The Dow Jones base case is 49,918.78 by October 28, 2026, with output stalled and the funds-rate median at 4.1 per cent. Above 51,461.90, the call fails.
Dow Jones Industrial Average
49,918.78by October 28, 2026
Wrong above51,461.90
Spot at filing50,926.56
Dow Jones to 49,918.78 by the October Fed
Nasdaq 100
30,276.81by October 28, 2026
Wrong above30,732.40
Spot at filing30,501.56
Nasdaq 100 to 30,276.81 by October 28: real yields
Russell 2000
2,822.21by October 28, 2026
Wrong below2,792.48
Spot at filing2,796.86
Russell 2000 to 2,822 by October 28 on bank credit
USD/SEK
10.15by November 4, 2026
Wrong below9.78
Spot at filing10.0455
USD/SEK to 10.15 by November 4 on the rate-gap path
Levels as stated when filed. Not live prices. Analysis, not investment advice.
SEC innovation exemption caps tokenised stocks at 75 and 250 symbols
SEC order 34-106402 lets real tokenised NMS stock trade on permissioned AMM venues until 2031, capped at 75 and 250 symbols. Synthetic tokens are excluded.
MAS draft would let it delist a foreign systemic stablecoin
MAS's draft Payment Services Act amendments would let it designate offshore stablecoins as systemic and order Singapore exchanges to delist non-compliant coins.
FCA PS26/18 leaves crypto front-ends waiting on Article 9Z2A
FCA PS26/18 says apps letting users place crypto orders likely need authorisation, while the Article 9Z2A carve-out waits on a Treasury SI the guidance omits.
FirmWhat we foundFiled
Best 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 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 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
Meridian Funded review: zero denials are not in the terms
Meridian Funded suits forex and CFD traders who accept simulated capital and a review before every withdrawal. It does not suit anyone who treats the homepage line "Zero Denials" as a right to be paid. The biggest caveat is contractual. The terms, last updated on 2 September 2026, never use that phrase. Every request is reviewed. The 12-hour pledge adds 10% to the next payout only if an already approved request misses a London business-hours clock. It does not double the sum, and it does not bar a refusal.
Payments Association acquires its European sister body
The Payments Association acquired its Luxembourg sister after a unanimous vote.
NYDFS and Wyoming sign virtual-currency oversight MOU
NYDFS and Wyoming signed a virtual-currency MOU effective on September 23, ahead of the October 1 notice.
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.
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.
Also filed
From the archive
Filed around 2 October in 2025, 2023, 2022 and 20212025
2023
