How the Bank and the FCA split systemic sterling issuers
The Bank leads reserves and a £40 billion guardrail for systemic sterling issuers, while the FCA keeps conduct and solo-regulates every other UK issuer.
The Industry Spread
Guava raises $12.5 million seed for AI voice agents
Guava, the Los Angeles voice-agent developer, raised $12.5 million in seed funding led by Acrew Capital to take regulated calls from pilot into production.
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
Cocoa
$5,200by December 14, 2026, the last trading day of the December London cocoa contract on ICE Futures Europe
Wrong above$5,950
Spot at filing$5,562.24
Cocoa certified stocks still decide the exchange margin
Levels as stated when filed. Not live prices. Analysis, not investment advice.
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.
FS26/3 holds the line on high-risk retail investment access
FS26/3 keeps UK high-risk promotion gates in place and puts mainstream risk warnings, appropriateness tests and model portfolios on a later timetable.
FirmWhat we foundFiled
Bullwaves 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 OctClickfundedThe reward buffer and the split25 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
DayTraders review: payout caps under its 100% split
DayTraders suits futures traders who want a one-time fee, a choice of intraday trail, end-of-day trail or fixed floor, and a 100 percent share of simulated profit on Pro and straight-to-funded accounts. It fits poorly if you need a large single withdrawal or a right to live capital: Pro requests are capped by size, a 30 percent consistency rule gates each cycle, and about 1 percent of simulated funded traders are moved live. The largest caveat is a redacted ledger that a reader cannot match to a bank payment.
Israel draft brings digital investment assets under the ISA
Israel's draft would licence trading in digital investment assets outside the securities test, and narrow clearing and custody to ISA-supervised venues.
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.
Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
Abdelaziz Fathi
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets.
Also filed
From the archive
Filed around 8 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