FSB letter puts Cross-border Vulnerabilities before the G20
Andrew Bailey's October 8, 2026 FSB letter, published October 12, centres Cross-border Vulnerabilities in global stablecoins for the G20 meeting on October 15.
The Industry Spread
PawaPay wins Mozambique PSP licence through Quidexplus
PawaPay says Quidexplus Mozambique holds a Bank of Mozambique PSP licence, opening direct merchant onboarding across more than 12 million mobile-money accounts.
Cotton
78.00 centsby November 10, 2026
Wrong above82.40 cents
Spot at filing80.51 cents
Cotton to 78 cents by 10 November 2026: stocks case
USD/TWD
31.795by 17 December 2026
Wrong above32.454
Spot at filing32.085
USD/TWD to 31.795 by 17 December 2026: the surplus case
USD/CLP
997.75by 27 October 2026
Wrong below945.87
Spot at filing980.79
USD/CLP to 997.75 by 27 October 2026, the hold case
GBP/NOK
12.5480by November 5, 2026
Wrong above12.7558
Spot at filing12.6607
GBP/NOK to 12.5480 by November 5: the rate-gap case
Levels as stated when filed. Not live prices. Analysis, not investment advice.
CASS 7: how a UK CFD broker segregates client money
CASS 7 requires a UK CFD broker to segregate client money on statutory trust, reconcile it each business day and cap deposits with a group bank at 20%.
Rundschreiben 14/2026 narrows BaFin's CRR ancillary test
Rundschreiben 14/2026 adopts the EBA ancillary-services guidelines and narrows BaFin's dependence test on banking activity under CRR Article 4(1)(18).
Regulation CTX would route a leverage offer onto a DCM
The CFTC’s Regulation CTX notice would treat a retail leverage offer as the trade. What crypto asset market designation would require, next to the UK and MiCA.
FirmWhat we foundFiled
FundedRight80% reward and a Vanuatu operator13 OctInsaneFundingAn 80% split that starts at 50/5012 OctVest CapitalProp terms call accounts simulated11 OctOrbit Funded1:1 reward rule reset a payout10 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 OctAlpine 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 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
Carrot Funding review: 80% split, contract says simulated
Carrot Funding suits traders who want an 80% split, no minimum trading days and an on-demand USDC payout on Arbitrum, and who can live with a loss limit that counts floating losses. It does not suit anyone who needs a regulated firm, a bank withdrawal, or proof that every funded order is hedged live. The biggest caveat is the contract. The rulebook says simulated trading is used to assess skill, and it lets the firm book a funded order off-chain at its sole discretion.
3iQ's Abu Dhabi step is in-principle approval, not a licence
3iQ Middle East Ltd has ADGM in-principle approval for a Category 4 licence.
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 October in 2025, 2023, 2022 and 20212025
2023
