CASS 7: how a UK CFD broker segregates client money
CASS 7 requires a UK CFD broker to segregate client money on statutory trust, reconcile it each business day and cap deposits with a group bank at 20%.
The Industry Spread
NEOPAY to buy 65% of noon payments, approvals pending
NEOPAY has agreed to acquire 65% of noon payments, with regulatory and antitrust approvals still pending. The notices disclose no price for the stake.
USD/CHF
0.8400by October 28
Wrong below0.8228
Spot at filing0.8332
USD/CHF to 0.8400 by October 28: the rate-gap case
CAC 40
7,949by October 29, 2026
Wrong below7,614
Spot at filing7,865.07
CAC 40 to 7,949 by October 29: the deposit-rate hold
GBP/CAD
1.8970by November 5, 2026
Wrong below1.8683
Spot at filing1.8849
GBP/CAD to 1.8970 by November 5 on the July average
PTC
$205by April 4, 2027
Wrong below$144.03
Spot at filing$192.26
PTC to $205 by April 4, 2027: the cash-spread case
Levels as stated when filed. Not live prices. Analysis, not investment advice.
SEC staff FAQ treats a staking receipt as a digital tool
Staff FAQs dated September 28, 2026 treat a staking receipt as a digital tool, or a digital commodity from a protocol provider. They are not a Commission rule.
FCA cryptoasset gateway opens against a February 28 deadline
The FCA cryptoasset gateway opens on September 30, 2026. A filing after February 28, 2027 loses the saving provision ahead of the October 25, 2027 regime.
FCA closes 24 CFD firms that sold UK authorisation as a halo
The FCA says 24 CFD firms closed or are cancelling after using UK authorisation as a halo for offshore affiliates. Why 24 is an interim count, not the end.
FirmWhat we foundFiled
CMC FundedThe payout policy is not published6 OctTradersYardPayout caps and the 50% profit gate5 OctAlpine FundedThe payout that waits for a third withdrawal4 OctAscension Funding24–48 hours is not the payout clock4 OctMeridian FundedZero denials are not in the terms2 OctBest prop firmsBest prop firms in 2026: five payout-checked comparisons2 OctFundingTicksRefunds, an 80% split, and a halted book1 OctHypernovaSimulated fills and three payout clocks30 SepInvestabl10-second median, 24-hour exceptions30 SepSharkFunded24-hour claim, 24–48 hour rules30 Sep100X ClubThe 6% cap on your first two payouts29 SepthePropTradeThe Saint Lucia name, the Dubai contract29 Sep
About these reviews. The Industry Spread reviews prop firms independently. Firms do not pay for reviews and cannot see them before publication. The Industry Spread has no affiliate or referral relationship with the firms covered.
Reviews by Abdelaziz Fathi
Funded Academy review: 12-hour reward vs a 24-hour FAQ
Funded Academy suits a CFD trader who can live with a simulated book, a mandatory stop on every trade, and a two-week reward cycle after the first request. It does not suit anyone who needs the homepage's 12-hour reward line to be the rule, or who wants overnight holding on a 1-Step funded account. The biggest caveat is the clock. The homepage says performance rewards in 12 hours. The payout FAQ, read on 7 October 2026, says payouts are processed within 24 hours. The firm publishes no audited payout total.
NEOPAY to buy 65% of noon payments, approvals pending
NEOPAY has agreed to acquire 65% of noon payments, with regulatory and antitrust approvals still pending. The notices disclose no price for the stake.
Xverse closes Draper-led round for a Bitcoin neobank
Xverse has closed a Draper Associates-led round, with Trust Machines and Draper Dragon, to build a self-custodial Bitcoin neobank. No amount was disclosed.
VT Markets takes best gold trading platform at FinanceFeeds Awards
VT Markets has won Best Gold Trading Platform at the FinanceFeeds Awards 2026, capping a January in which it reported $1.5 trillion in gold turnover.
Axcera Takes Three FinanceFeeds Awards for Prop Tech
Axcera has won three FinanceFeeds Awards 2026 across prop trading technology, infrastructure and multi-asset solutions.
The Broker Back Office Becomes One Data Layer
The constraint on most brokerages is not strategy but infrastructure that cannot pass data between functions.
Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
Rick Steves
Rick Steves has seen business and economics through many lenses.
Abdelaziz Fathi
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets.
Also filed
From the archive
Filed around 18 October in 2025, 2023, 2022 and 20212025
2023
