CFTC Letter 26-30 lets a trust company settle a clearinghouse
CFTC Letter 26-30 sets the staff test for using a trust company in daily clearing settlement, and Regulation 39.14 still defines a settlement bank as a bank.
The Industry Spread
SFC conclusions restrict unlicensed crypto exchange titles
The SFC will ask LegCo to restrict unlicensed crypto exchange titles after nine submissions, using word pairings and a schedule open to faster amendment.
AUD/SGD
0.8924by December 8, 2026
Wrong below0.8713
Spot at filing0.8834
AUD/SGD and the cash-rate gap the slope leaves open
CHF/NOK
11.3514by December 17, 2026
Wrong above11.6731
Spot at filing11.5126
CHF/NOK to 11.3514 as the policy gap favours the krone
AUD/NZD
1.2331by December 8, 2026
Wrong above1.2529
Spot at filing1.2401
AUD/NZD slips to 1.2331 on a narrower cash-rate gap
EUR/GBP
0.8262by December 17, 2026
Wrong above0.8472
Spot at filing0.8334
EUR/GBP: the Bank Rate premium over the deposit rate
Levels as stated when filed. Not live prices. Analysis, not investment advice.
Thai SEC draft lets one company seek derivatives licences
News from Thailand's SEC would let one digital-asset company apply for exchange, clearing and intermediary licences, with comments through 28 November.
SEC phases a capped exemption from Treasury repo clearing
Release No. 34-106789 takes some Treasury repo out of Rule 17ad-22 under a phased cap or a $5 billion test, and widens which affiliates stay outside clearing.
Why ASIC's REP 842 still shows an audit judgement gap
REP 842 records 42 ASIC findings where audit judgement was thin on revenue and impairment. What the surveillance changes for directors and the largest firms.
FirmWhat we foundFiled
DayTradersPayout caps under its 100% split7 NovBullwaves PrimeRegulated claim, SVG operator5 NovNEOM FundedThe reward cap under the drawdown4 NovCoinhub FundedPayout cap and the step-two reset3 NovMyPropCapitalOn-chain receipts and the fee clash2 NovForaxis60-second rewards and a seven-day gap1 NovDoji FundingPayout caps on a simulated account31 OctPropXPStatic drawdown versus the split add-on30 OctTrue Forex FundsPermanently closed for insolvency29 OctHash HedgeZero risk against the customer contract28 OctNairaPropPayout rules clash across the site27 OctPropMarket70/30 on the page, zero in the catalogue26 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
Venus Funded review: the 95 percent split and 14-day payout
Venus Funded suits a forex, index or gold trader who can work a simulated account, a 95 percent split, and a first payout 14 days after the first funded trade. It is a poor fit for anyone who wants a named company, a published fee table, or a live brokerage account. The biggest caveat is the daily-loss clash: the FAQ sets 6 percent of the starting balance, while the homepage table still prints 7 percent, and the fee returns only at the first scale-up.
Firmly raises $15 million to connect shops to AI agents
Seattle's Firmly raised $15 million so shops can sell through AI agents and stay merchant of record.
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 9 November in 2025, 2023, 2022 and 20212025
2023
Business Directory
5 companiesThe vendors, liquidity providers and service firms behind the brokerage industry, with licences checked against regulator registers.
The full directory
Finalto
Institutional liquidity, trading technology and risk management for brokers and funds
MetaQuotes
MetaTrader 4 and MetaTrader 5 platform software for brokers, banks, exchanges and hedge funds
Praxis Tech
Payment orchestration platform and Cashier checkout for gaming, trading, crypto and e-commerce merchants
PrimeXM
XCore liquidity aggregation software and dedicated hosting for FX and CFD brokers