Rule 501 notices test knowledge against the wealth gate
Five Rule 501(a)(10) notices would add a FINRA exam, CPAs, CFAs, CFPs and two FINRA licenses. The printed CFP notice sets comments due December 4, 2026.
The Industry Spread
Walapay raises $4.6 million seed led by Generative Ventures
Walapay raised a $4.6 million seed led by Generative Ventures for licences and bank partners. The firm says annualised volume is already $2.5 billion.
WTI
$86.52by October 28, 2026
Wrong above$99.37
Spot at filing$90.12
WTI to $86.52 by October 28 as Gulf supply returns
NZD/USD
0.55275by October 28, 2026
Wrong above0.57195
Spot at filing0.55915
NZD/USD to 0.55275 by October 28: the Fed-hold case
FTSE 100
10,577by December 9, 2026
Wrong below10,117
Spot at filing10,461.95
FTSE 100 to 10,577 by December 9: the gilt-relief case
Live cattle
223.74by October 23, 2026
Wrong below216.625
Spot at filing221.47
Live cattle to 223.74 by October 23, 2026: the feedlot case
Levels as stated when filed. Not live prices. Analysis, not investment advice.
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.
SEC release 34-106458 fines OTC Link $575,000 over Reg SCI gaps
OTC Link LLC pays $575,000 in SEC release 34-106458 after Regulation SCI access-control and vulnerability policies sat in draft from 2016 to 2025.
CFTC Letter 26-27 makes mention markets presumptively manipulable
CFTC Letter 26-27 presumes mention markets are manipulable under Core Principle 3. What DCMs must show, and how Ontario, the UK and EU compare.
FirmWhat we foundFiled
Alpine 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 SepPropaniumThe Smart Exit that cuts a 90% split to 60%29 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
TradersYard review: payout caps and the 50% profit gate
TradersYard suits a futures day trader who wants one evaluation and no daily loss limit, and who can leave half of available profit in the account. It does not suit anyone who holds overnight or trades a news release: positions must be flat by 17:00 US Eastern, and the news window blocks orders, closes and stops. The biggest caveat is the withdrawal gate. On a $50,000 Standard plan the cap is $1,500 a request, only half of available profit may be taken, and the firm publishes no audited payout total.
Walapay raises $4.6 million seed led by Generative Ventures
Walapay raised a $4.6 million seed led by Generative Ventures for licences and bank partners. The firm says annualised volume is already $2.5 billion.
Summer Mersinger steps down at the Blockchain Association
Summer Mersinger leaves the Blockchain Association on October 16, with Kristin Smith back as interim chief on October 17 while keeping her Solana policy role.
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 5 October in 2025, 2023, 2022 and 20212025
2023
