US market structure, regulation and prediction markets: the SEC, CFTC, FINRA, US venues and the courts and states.
The Division of Examinations' FY 2027 priorities say it will check whether liquidity providers are ready for longer trading days and will scrutinise best execution, Treasury clearing and Reg SCI systems.
Cboe's clearing house can now clear securities products too. Its first job will be the binary options on company KPIs that Cboe plans to list, with Robinhood access, in the fourth quarter.
The SEC's trading and markets director says any change to the trade-through rule, which the Commission has proposed rescinding, must be coordinated with modernised best-execution requirements. FINRA's review of its own best-execution guidance is running in parallel.
NYSE Arca plans to launch an overnight session on 6 December and Nasdaq has told members it will add one the same day. Both exchanges must still clear further regulatory steps, while the SIPs, FINRA's trade reporting facilities and NSCC have set out their own 23x5 timetables.
Utah has filed suit against Kalshi and two Susquehanna firms, Polymarket has sued Ohio, and trading on the midterm elections has passed $1.4bn.
The regulator has also asked Novig and ProphetX to hold off on 'micro' sports contracts.
Listed companies are pushing back against the planned venue for tokenised trading of their shares.
Four CFTC-registered futures exchanges have filed rules to list perpetual futures on US stocks. None has yet been approved by the CFTC. The SEC's trading and markets director expects at least four exchanges to begin trading the products this quarter.
Two CFTC-registered exchanges have gone to federal court to stop Missouri's attorney general treating sports event contracts as unlicensed betting under the state's 2024 constitutional amendment.
The $1 all-or-nothing contracts pay out on reported figures such as AWS sales or Tesla deliveries. They will trade as listed NMS options, with insider-trading surveillance built in.
Kalshi's en banc petition relies on the CFTC's 9 October rulemakings. Meanwhile, more than a dozen amicus briefs have been filed in New Jersey's certiorari bid.
An interim final rule that took immediate effect adds a 'product test': licensed, bilateral wagers are gambling, and multilateral, tradable contracts are swaps.
Schwab dual-lists, energy and banking names are set to transfer, and TXSE files a revenue-sharing model aimed at the NYSE–Nasdaq 'duopoly'.
Three filings published between 30 September and 7 October sort out the details behind 23x5 trading for clearing firms, risk controls and ATSs.
From mid-October, non-US lenders and borrowers can centrally clear loans of Russell 3000 stocks and the top 500 US ETFs, settling at DTC through BNY.
Letter 26-29, issued at Coinbase Derivatives' request, waives the 10-day self-certification wait if venues protect holders of open positions.
Judge Pacold calls the contracts swaps that 'people find entertaining and fun', in a ruling that cuts against the Sixth Circuit a week earlier.
The Trading and Markets statement revisits long-standing conflict concerns as vertically integrated, retail-facing futures models approach the SEC.
The panel says Kalshi has not shown its sports contracts are swaps, and says the CEA would not pre-empt state gambling law even if they were.
The attorney general wants forfeiture, restitution and fines of three times the gains. Polymarket responded the same day with its own federal pre-emption suit.
TSV LLC plans permissioned AMM pools on Canton, but has to clear the order's public-ledger condition before it can trade.
Advisory 26-27 tells DCMs that contracts on what someone says or attends need a much stronger Core Principle 3 case.
Exam staff found missing security and access-control procedures again and again over almost nine years before enforcement stepped in.
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