SEC proposes wider fund crosses under Rule 17a-7
The SEC proposal on Rule 17a-7 would let registered funds and BDCs cross level 2 securities. Comments on Release No. IC-36358 close on December 14, 2026.
The Industry Spread
Pave Finance extends its Series A round to $20 million
Pave Finance has extended its Series A by $5 million to $20 million without naming investors. Its own site still leads with the earlier $15 million close.
Lean hogs
65.00 centsby November 10, 2026
Wrong above68.325
Spot at filing66.925 cents
Lean hogs to 65.00 cents by the 10 November USDA WASDE
AEX
1,160by October 29, 2026
Wrong below1,122.97
Spot at filing1,142.88
AEX to 1,160 by 29 October: the ECB hold case
GBP/ZAR
21.70by November 5, 2026
Wrong above22.15
Spot at filing21.8884
GBP/ZAR to 21.70 by 5 November: the rand carry case
Soybean oil
68.57 centsby November 10, 2026
Wrong below66.30 cents
Spot at filing67.13 cents
Soybean oil to 68.57 cents by the 10 November WASDE
Levels as stated when filed. Not live prices. Analysis, not investment advice.
ESMA's call does not expand CCP collateral categories
ESMA's October 9, 2026 call tests tokenised CCP collateral under EMIR liquidity, haircut and default rules. No new asset class. Comments close January 15, 2027.
CP13/26 would lift 128 PRA thresholds with GDP
PRA consultation CP13/26 would index 128 thresholds to nominal GDP from July 1, 2031, then every five years. What stays out, including joint FCA lines.
NFL tells the Supreme Court sports contracts are gambling
The NFL told the Supreme Court on October 8, 2026 that sports event contracts are gambling, not swaps, in New Jersey's ungranted petition, No. 26-299.
FirmWhat we foundFiled
Traderscale24-hour claim, two-day review clock17 OctMixFundedSales cards and the rulebook clash16 OctCK Prop80% split, a 3% cap and the buffer15 OctCarrot Funding80% split, contract says simulated14 OctFundedRight80% reward and a Vanuatu operator13 OctInsaneFundingAn 80% split that starts at 50/5012 OctVest CapitalProp terms call accounts simulated11 OctWenCrypto80% split, first payout capped at 6%9 OctWhat is a funded accountWhat is a funded account: simulated capital, not yours8 OctFunded Academy12-hour reward vs a 24-hour FAQ7 OctCMC FundedThe payout policy is not published6 OctTradersYardPayout caps and the 50% profit gate5 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
Pivex review: two legal names, and no split in the terms
Pivex suits a trader who reads the contract before the pricing card. The Terms of Use and the Membership Agreement name only VITIORIA LIMITED of Nicosia. A US copy on the about page names ALTEXX DIGITAL CORP. of Dover, Delaware, and that name is not in the contract. It does not suit anyone who treats the advertised 80% as a right: the terms state no split and no deadline. Accounts are simulated, no payout total is audited, and a membership keeps billing after a failed challenge until the trader cancels.
Pave Finance extends its Series A round to $20 million
Pave Finance has extended its Series A by $5 million to $20 million without naming investors.
Fission raises $10 million to buy tokenised fund exits
Fission closed a $10 million Series A led by Pantera to buy tokenised fund interests and pay USDC. The fast exit is a dealer balance sheet, not a new market.
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 18 October in 2025, 2023, 2022 and 20212025
2023
