The companies, products and regulatory developments shaping the broker industry.
Parsing MiFIR Article 39a and ESMA’s German transitional notice defines which order-flow payments fell within the temporary exemption and why a German licence alone did not cover foreign-domiciled clients.
The SEC’s August 2026 reporting expansion, November odd-lot benchmark and NYSE’s January 2022–July 2026 legacy-file correction create separate comparison periods.
The full settlement separates three gaps in competing-market comparisons from order-type and security-level failures. Webull's routing disclosure explains its payment policy but cannot establish execution quality.
Industry reports describe access to Morgan Stanley Matrix tools through State Street’s LINK workflow. The integration adds monitoring and supported algorithmic controls; measured execution improvements were not disclosed.
A fixed $0.0026-per-share payment became 12% of the quoted spread, lowering the formula at narrow spreads and increasing it at wider ones.
Two new WFE papers argue that displayed depth and price formation matter more than headline turnover for investor protection.
FINRA fined Webull Financial $4.2m in a settlement over customer identification, AML monitoring and best-execution oversight spanning different periods; Webull neither admitted nor denied the findings.
Canadian dealers retain their existing obligations outside the core session. The guidance also explains that overnight requests for exemptions or rule interpretations may wait until the next business day.
The priorities identify how existing duties will be examined, including daily customer reserves, foreign omnibus accounts and controls over new products. The document creates no new legal obligations.
The planned fourth-quarter integration will analyse clients’ order and execution histories inside Sterling’s own environment, giving broker-dealers another way to assess routing outcomes and document their reviews.