The companies, products and regulatory developments shaping the broker industry.
Tradeweb’s October $78.9tn notional and $3.6tn ADV, up 26.3% annually, measure transactions rather than revenue; municipal-bond ADV reached $940m.
The 1 October staff action preserves two routes used by swap dealers and trading venues. Their conditional deadlines and continuing US obligations matter for planning the next year’s business.
Staff Letter 26-28 preserves specified dealer and trading-venue relief while UK comparability work continues. Each route can end sooner when the corresponding Commission determination or exemption takes effect.
The casino-style exclusion became effective on 19 October 2026. The separate proposal to expressly include event contracts remains under consultation; both comment periods close on 18 November.