The companies, products and regulatory developments shaping the broker industry.
The approved reform ties eligible cash interest to IORB less a charge, broadens potential Federal Reserve custody and excludes cross-margin cash. The clearing member is the recipient named in the rules.
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.
Cboe’s new MRUT binary options began trading on 9 November through a securities-market clearing structure, distinct from commodity-regulated event contracts.
Two OCC monthly reconciliations show a shift in the balance of US options activity. Across September and October together, ETF and index growth still exceeded the contraction in equity options.
Cboe’s filing makes its options rulebook clearing-agency neutral, preserving OCC-specific references where needed while preparing membership, guarantee and authorisation mechanics for Cboe Clear U.S. and any later registered clearer.
MIAX has filed for cash-settled binary index and KPI options; the intended index launch is conditional on 2027 regulatory and operational milestones.
US clearing figures show falling single-stock options activity alongside rising ETF and index options, changing the composition of a 1.62 billion-contract October.
The exchange has filed separate rules for cash-settled index-threshold and corporate-KPI options; neither product family is live or SEC-approved.
The filing would suspend the $0.025-per-contract charge for December. Regulatory steps, a separately conditional monthly minimum and the clearing broker’s own tariff still affect implementation.
The OCC found broad reputation-risk controls and sector restrictions across the nine largest national banks it supervises. Its report connects those findings to changes in examinations, licensing and complaint handling, with further measures under consideration.