Australia’s swap rule discloses the client at 5%, the bank at 20%
ASIC Instrument 2026/482 counts cash-settled swaps at full notional from December 4, 2026: clients file at 5%, dealers only at 20% and not in a notice.
Rick Steves
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Steves' work has appeared in a variety of online publications including FX Street, NewsBTC, FinanceFeeds, and The Industry Spread. Rick has great interest in the dynamics of the trading industry. The never-ending clash between technology, economics, regulation, and more importantly, the people.
August 2026
UK’s critical third parties regime cannot fine AWS or Microsoft
HM Treasury designated AWS, Google Cloud, Microsoft and Oracle as Critical Third Parties from July 13, 2026 — but FSMA gives regulators no power to fine them.
FOREX.com joins weekend gold CFD wave as CME opens 24/7 hedge
FOREX.com's XAU/USD 7-Day launched a day before CME's gold futures went 24/7. Seven brokers now quote weekend gold CFDs, but the hedge book is still thin.
CFTC moves to end the SEF order-book rule for permitted swaps
The CFTC has proposed deleting the SEF order-book mandate for permitted transactions. What § 37.3(a)(2) changes, and how the EU and UK got there first.
Fasset hits $1bn valuation on $68m Series C led by SBI Group
Fasset raised $68m at a $1bn valuation led by SBI Group, but its corridor count doubled while volume rose only 25% — a capacity story, not a growth story.
Cantor Fitzgerald opens a block desk for Kalshi event contracts
Cantor Fitzgerald is now introducing broker for institutional block trades in Kalshi event contracts, with Susquehanna Predictions pricing the other side.
Munich Re pays $575m for At-Bay, a book it already reinsures
Munich Re Group agreed on August 19, 2026 to acquire At-Bay, Inc.
Experian puts live credit scores in ChatGPT, model blind
Experian's upgraded ChatGPT app shows UK users their real 1250 credit score inside a widget the AI model never reads. Distribution, not data-sharing.
FIX Trading Community flags tokenisation data gaps to FCA and BoE
FIX Trading Community told the FCA and Bank of England that missing data standards, not technology, will slow tokenisation as retail brokers list tokens.
CRD VI ends reverse solicitation as an EU business model in 2027
From January 11, 2027 Article 21c of CRD VI forces third-country banks into authorised EU branches, leaving reverse solicitation as a route no firm can scale.
Rain launches agentic payments alliance, silent on liability
Rain launched the Agentic Payments Alliance on August 18 with 26 founding members including Visa and Mastercard - but its documents never mention liability.
Regulation Crypto Assets caps token raises and preempts states
The SEC's proposed Regulation Crypto Assets sets $5m and $75m offering limits, a conditional investment contract safe harbor and state law preemption.
TransFi builds JARVIS in-house to unify KYC and chain monitoring
TransFi's JARVIS folds KYC, sanctions and blockchain monitoring into one dashboard — but it is an in-house tool, not a RegTech product a broker can buy.
Cross River commits $400m to embedded finance after $50m raise
Cross River committed $400m to Figure and inKind in 10 weeks after a $50m equity raise, signalling US sponsor banks are re-leveraging into embedded finance.
FinCEN’s $125m UBS order makes FX wire data a BSA duty
FinCEN's $125m UBS Financial Services penalty turns FX wire data lineage into an examinable BSA control, with a 180-day SAR lookback clock attached.
Why CP26/23 splits UK CFD books into UK and non-UK clients
The FCA's CP26/23 would limit the Consumer Duty to UK-resident retail clients from Q1 2027, splitting CFD brokers' books and their fair value duties.
Monk raises $25m to automate accounts receivable with AI
Monk has raised a $25m Series A co-led by Footwork and Acrew Capital to automate B2B accounts receivable with AI. Its first buyers are AI firms themselves.
Citi buys Kard to own a $10bn-a-month card rewards rail
Citi will acquire Kard Financial, taking a $10bn-a-month card-linked offers network in-house and draining supply from the independent commerce media rails.
The SEC-CFTC MOU adds 1,400 words and no enforceable duty
The March 11, 2026 SEC-CFTC MOU replaces the 2018 agreement and quadruples its examination language, but repeats the same clause creating no enforceable duty.
Also filing this week: Karthik Subramanian and Abdelaziz Fathi.