Industry chairs the European Tokenisation Standards Group
The European Tokenisation Standards Group is industry-chaired, with the ECB, the Commission and ESMA as observers, and the CSDR and the DLT Pilot stay in force.
The Industry Spread
Oats to 323 cents: stocks-to-use has already loosened
CBOT oats at 334.00 cents have a 323.00 cent base case as the stocks-to-use ratio matches the $3.23 farm-price year. Above 350.75 cents, the path fails.
Oats
323.00 centsby December 10, 2026
Wrong above350.75 cents
Spot at filing334.00 cents
Oats to 323 cents: stocks-to-use has already loosened
EUR/MXN
21.12by December 17, 2026
Wrong below20.1486
Spot at filing20.8343
EUR/MXN to 21.12: Banxico's hold still cheapens the peso
Rapeseed
€525.75by December 10, 2026
Wrong below€512.75
Spot at filing€522.75
Rapeseed and the crush margin the board still carries
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
Levels as stated when filed. Not live prices. Analysis, not investment advice.
Taxonomy KPI advice would narrow mandatory OpEx reporting
ESMA's taxonomy KPI advice would narrow mandatory OpEx to non-capitalised R&D and replace weighted group KPIs if the Commission later adopts the text.
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.
FirmWhat we foundFiled
Venus FundedThe 95 percent split and 14-day payout9 NovDayTradersPayout 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 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
Fund Your Edge review: homepage tile versus the payout check
Fund Your Edge suits a futures trader who can pass a one-step simulated evaluation, accept an end-of-day max-loss lock at the starting balance plus $100, and keep a 90% split. Prime suits a trader who will hold the largest day to 40% of cycle profit before a withdrawal. Clear suits a trader who can bank five qualifying green days under a cap that stays flat. The homepage tile “No Consistency Rule” misstates those funded checks, and the about page’s payout claim has no audit beside it.
FinCEN keeps the Recordkeeping Rule threshold in force
FinCEN and the Federal Reserve withdrew a proposal to cut the Recordkeeping Rule threshold.
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.
Abdelaziz Fathi
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets.
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.
Also filed
From the archive
Filed around 10 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