The companies, products and regulatory developments shaping the broker industry.
The current securities pricing procedure repeats one rate and closing valuation through the weekend, including Sunday’s reopening. The adjustment band is not a cap on the funding rate.
A reconstruction of the CFTC’s September 2025 and September 2026 tables finds a 6.95% fall across six firms. GAIN and OANDA account for 83.9% of the net decrease, while tastyfx gained share.
August-to-September CFTC tables show different capital and segregation movements at two prediction-market FCMs. Funds held, customer obligations and proprietary residual interests must be distinguished.
ICE Clear Credit offers qualifying clients a $3m paid-fee cap in 2027. OCC’s separate December 2026 holiday covers its $200 monthly minimum and $0.025 per-contract clearing fee; neither dictates a broker’s full customer bill.
A 2 November ForexClear submission distinguishes settlement rates, spot reference prices and unavailable-rate fallbacks—and sets a proposed 16 November effective floor without claiming the rules are already live.
CME’s public advance notice sets out custody, conversion and legal-rights conditions for tokenized collateral. It proposes risk-based adjustments, not automatic margin relief, and remains subject to regulatory review.
Comparing CFTC Staff Letters 26-26 and 26-30 reveals two distinct types of conditional relief: a six-country securities-custody route for Eurex swaps and a wider but settlement-specific trust-company position for derivatives clearing houses.
A reconstruction of the CFTC’s August and September snapshots shows a $309m increase in funds above customer requirements. Firm-level movements demonstrate why that is not equivalent to $309m of new deposits.
An impartial-access interpretation presses derivatives venues to remove prohibited domestic geographic limits or explain impracticability, but it neither guarantees all product access nor resolves separate state-law disputes.
Rails says its US entity has joined NFA and registered as a CFTC introducing broker, supporting a Crypto.com derivatives partnership. The introducing, carrying and clearing functions remain separate.
Exchange contract filings show that the new US single-stock perpetual futures pathway includes recurring funding and settlement cycles despite having no fixed expiry, with venue-specific dual registration.
A CFTC no-action letter to Nodal Clear exposes the difference between eligible custody institutions and settlement banks in the clearinghouse rules, opening a conditional trust-company settlement route.
A CFTC impartial-access interpretation and Robinhood state-specific sports-contract agreements now sit on intersecting legal timetables. The records reveal competing compliance demands, not an established violation.
Robinhood's Q3 filings show a $146m increase in event-contract revenue against $150m in total company net revenue growth, alongside an agreement for a potential equity interest tied to directing selected contracts to Crypto.com venues.
Reuters reports the CFTC warned Kalshi about possible charges over event-contract submissions; no public enforcement order was identified, and Kalshi disputes the breadth of the issue.