Regulus — The global regulatory broadcast network

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United States CFTC Enforcement Markets & Infrastructure ✓ 15 claims 03 Nov 2026

CFTC wins default judgment against Texas man, firm in commodities fraud case

The CFTC has secured a default judgment in the Northern District of Texas closing out a case first brought in 2023. The court found that Larrick and his firm solicited and misappropriated more than $3 million from participants, promising futures and options trading while running payments in the manner of a Ponzi scheme. This item sets out the findings, the monetary orders and the permanent bans imposed.

The court ordered a $9,767,625 civil monetary penalty and $3,255,875 in restitution against the defendants.
The court found the defendants misappropriated more than $3 million while falsely promising to trade futures and options in natural gas, oil and gold.
The judgment imposes a permanent injunction against further Commodity Exchange Act violations and permanent trading and registration bans.
The findings describe payments to existing participants akin to a Ponzi scheme, payment of Larrick's personal expenses and transfers to offshore accounts in Costa Rica.
The order resolves all claims in the CFTC's 2023 complaint, referenced as Press Release No. 8768-23.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 18 claims 03 Nov 2026

SEC corrects comment address for FINRA accredited-investor exam proposal

The SEC has issued a technical correction to its October notice seeking comment on whether passing an accredited-investor examination to be developed by FINRA could qualify a natural person as an accredited investor. The correction amends only the ADDRESSES section telling commenters how to file. The underlying question, who counts as an accredited investor, remains open under File No. 4-931.

The correction amends the ADDRESSES section of the SEC's notice under File No. 4-931, Release No. 33-11445.
The underlying notice concerns designating passage of a FINRA-developed accredited-investor exam as qualifying natural persons as accredited investors.
The original notice appeared in the Federal Register on Monday, October 5, 2026, beginning on page 63344; the correction was filed November 2, 2026.
Comments should refer to File Number 4-931 and may be submitted electronically through the SEC comment form or by email to rule-comments@sec.gov.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Markets & Infrastructure ✓ 21 claims 02 Nov 2026

HMRC sets out rules for VAT margin scheme on imported art and antiques

HMRC guidance published 2 November 2026 explains when importers of art, antiques and collectors' items can use the VAT margin or global accounting scheme, an exception to the normal rule that imports do not qualify. It covers notification, valuation and the treatment of Temporary Admission and artist's resale right charges.

Imported works of art, antiques and collectors' items may use the VAT margin or global accounting scheme as an exception to the normal rule excluding imports.
Dealers must notify HMRC in writing of the date they start using the scheme and must use it for at least two years.
The scheme must be applied to all transactions and goods, not selectively by category.
For VAT purposes, imported goods are valued at 25% of their customs value, illustrated by a £10,000 customs value producing £500 VAT due at 20%.
Artist's resale right charges, introduced into the UK in 2006, are outside the scope of UK VAT and must not be used to reduce the margin.

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FCA Publications Source document ↗

United Kingdom FCA Publications Markets & Infrastructure ✓ 18 claims 02 Nov 2026

FCA flags algo trading, AI and data control gaps in wholesale bank review

The FCA's Autumn 2026 wholesale banks supervision insights sets out crystallised risks drawn from supervisory work and internal audit findings, spanning data management, algorithmic trading, AI governance, financial crime and conflicts of interest. For compliance and risk teams at wholesale banks, it offers a rare look at specific control failures the regulator has observed in practice and its expectations going forward.

Wholesale banks should submit cryptoasset variation of permission applications by 28 February 2027 to be assessed or continue activity before the regime starts on 25 October 2027.
An algorithm defect caused unintended accumulation of a very significant intraday position after pre-implementation testing failed to consider near-simultaneous fills in different geographic locations.
The FCA reviewed 6 wholesale banks' prime brokerage businesses and found limited evidence at some firms of sharing client risk information across surveillance, investigations and KYC functions.
A trader manually entered a notional figure in the billions instead of millions due to misunderstanding a platform's denomination convention, and the trade reached clearing before cancellation.
The FCA will shortly publish a tokenisation roadmap jointly with the Bank of England and is running a thematic Regulatory Sandbox cohort on climate scenario models from 1 October to 30 November 2026.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 29 claims 02 Nov 2026

FINRA extends options rules to binary metric options and non-OCC clearing agencies

FINRA has rewritten its options rulebook to cover a new product category: cash-settled binary options that pay out on an issuer's reported metrics such as quarterly revenue or EPS, some of which clear outside OCC. The change took effect immediately as a non-controversial filing. This item covers what the amendments require of members and which obligations now attach to metric-based and non-OCC-cleared options.

The amendments apply FINRA's options framework to binary options, options on metrics and options cleared by a registered clearing agency other than OCC, including cash-settled binary metric options that pay $1 or $0 at expiration.
A new Rule 2360(b)(3)(D) sets position limits for binary options tied to the limits established by the listing exchange, paralleling the existing standardized equity option provision.
LOPR reporting is extended to options on metrics, and members must calculate aggregate positions using the exchange's contract equivalency conventions; Cboe treats 100 binary KPI contracts as one standard option.
Members must deliver the disclosure document of the applicable Registered Clearing Agency, not only OCC's, to customers approved for those products.
The change took effect on filing on October 22, 2026 with the 30-day operative delay waived, and comments are due by November 19, 2026 under File No. SR-FINRA-2026-022.

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Regulus Weekend Edition Source document ↗

United States Regulus Weekend Edition Markets & Infrastructure ✓ 16 claims 01 Nov 2026

Two hard deadlines anchor the week ahead while US rule clocks wait on the Register

The week ahead carries just two dates a compliance function can diarise with certainty, both narrow in reach. The items with the widest readership, two US rule rescissions, have no absolute deadline because their clocks run from Federal Register publication the filings do not state. This is a preview of a near-empty calendar that is about to fill without warning, and what to instrument before it does.

CCASS Participants and Designated Banks must register by 13 November 2026 to join HKEX's 21 November data centre failover rehearsal for CCASS, FINI, RAP and related systems.
The SEC's comment period on Mizuho Capital Markets' request to raise Rule 18a-10's fixed-dollar threshold from $50 billion to $100 billion closes 2 December 2026.
HKEX will suspend RAP services on 7-8 November and 21-22 November 2026 for system testing, with CCASS production reports normally due 21 November available on 23 November.
The FDIC part 370 rescission, SEC Rule 14a-8 rescission, Nasdaq ISE $0.50 strike proposal, Cboe Missed Liquidity Report extension and DOJ NICS final rule all run from Federal Register publication dates not yet set.
Nasdaq ISE comments on SR-ISE-2026-53 are due 21 days after Federal Register publication, and the DOJ NICS final rule takes effect 30 days after publication.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 19 claims 31 Oct 2026

SEC weighs doubling swap dealer threshold for CFTC compliance option to $100bn

The SEC is soliciting public comment on a request from Mizuho Capital Markets LLC to raise the notional threshold that lets stand-alone security-based swap dealers opt into CFTC rules instead of SEC capital and margin requirements. The notice explains the rule's origin, MCM's rationale, and the questions the Commission wants answered before December 2, 2026.

Mizuho Capital Markets LLC requested on October 26, 2026 that the SEC raise Rule 18a-10's maximum fixed-dollar amount from $50 billion to $100 billion.
MCM is one of two stand-alone security-based swap dealers currently operating under the Rule 18a-10 alternative compliance mechanism.
MCM states that from 2022 to 2024 its SBS activity represented less than 0.25% of its total gross notional across SBS and swaps and only 1.47% of total active trade count.
The gross notional amount of SBS outstanding on December 26, 2025 was approximately $7,265.144 billion, per the Commission's report.
Comments on the proposed change are due on or before December 2, 2026, referencing File Number S7-2026-38.

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Securities and Exchange Commission Source document ↗

United States Securities and Exchange Commission Markets & Infrastructure ✓ 13 claims 30 Oct 2026

Cboe adds complex order auction data to Missed Liquidity Report

Cboe Options filed an immediately effective rule change expanding its optional Missed Liquidity Report to cover Complex Order Auction and Complex Automated Improvement Mechanism events. Subscribers to the Cboe Timestamping Service should review what new auction data will become available and when, and whether it changes their latency and execution analysis.

Cboe filed SR-CBOE-2026-083 on October 21, 2026, as immediately effective under Section 19(b)(3)(A)(iii) and Rule 19b-4(f)(6).
The Missed Liquidity Report will now include Complex Order Auction (COA) and Complex Automated Improvement Mechanism (C-AIM) events.
A new price field will show each price level at which Auction Orders executed and where the Recipient Member's own orders, modify messages and quotes sat.
The same existing timing parameters apply: not to exceed 1 millisecond after, and 100 microseconds before, the first attempt to execute.
Implementation will occur no later than 60 days after the operative date, with the date announced via Exchange Notice; no fee changes are proposed in this filing.

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Securities and Exchange Commission Source document ↗

United States Securities and Exchange Commission Markets & Infrastructure ✓ 14 claims 30 Oct 2026

SEC exempts certain inter-affiliate and non-U.S. repo trades from Treasury clearing

The SEC has granted exemptive relief excluding two categories of repo transactions from its Treasury clearing mandate: certain inter-affiliate trades and certain trades with non-U.S. counterparties. This briefing covers who qualifies, the conditions attached, and how it fits into the broader phased implementation timeline for central clearing of Treasury securities.

The SEC issued exemptive relief on October 30, 2026 excluding two categories of repo transactions from eligible secondary market transactions under the Treasury clearing rules.
Certain repo transactions involving non-U.S. counterparties are excluded, subject to specified limits and conditions set out in the SEC order.
Certain inter-affiliate repo transactions are excluded where the affiliate is not an investment company under Section 3 of the Investment Company Act of 1940 and otherwise meets the affiliated counterparty definition in Rule 17ad-22(a).
The Treasury clearing rules were adopted by the Commission in December 2023, with compliance dates since extended.
The SEC launched a consolidated implementation webpage in September 2025 covering FAQs, Commission and staff statements, and other resources.

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Securities and Exchange Commission Source document ↗

United States Securities and Exchange Commission Markets & Infrastructure ✓ 17 claims 30 Oct 2026

Nasdaq ISE seeks finer $0.50 option strike intervals for top-tier ETFs under $100

Nasdaq ISE has filed a proposed rule change with the SEC to allow $0.50 strike price intervals on options over a select group of highly liquid ETFs priced below $100, for expirations between one and nine months out. The filing is open for public comment and sits with the Commission for approval. It matters to options market makers, listing desks and anyone building multi-month ETF hedges.

The proposal permits $0.50 strike intervals for options on ETF Qualifying Securities where the strike is below $100, for expirations more than one month and less than nine months from expiry.
Eligibility is restricted to ETFs meeting the Qualifying Securities criteria: AUM above $50 billion or $25 billion, specified monthly options volume thresholds, a position limit of at least 250,000 contracts, and participation in the Penny Interval Program.
Series listed at $0.50 intervals may remain if an ETF later fails the criteria, but no additional such series may be listed until it re-qualifies, with eligibility reassessed each calendar quarter.
Separate amendments clarify that Table 1 symbols trade their Short Term Option Daily Expirations regardless of Qualifying Securities status, while Table 2 expirations apply only in quarters a security qualifies; ISE states this does not substantively change the rules.
Comments are due 21 days after Federal Register publication, and the SEC must approve, disapprove or institute proceedings within 45 days, extendable to 90.

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HKMA — Hong Kong Monetary Authority Source document ↗

HKMA — Hong Kong Monetary Authority Markets & Infrastructure ✓ 24 claims 30 Oct 2026

HKMC completes fourth Bauhinia infrastructure loan-backed securities issuance

The Hong Kong Mortgage Corporation has priced its fourth infrastructure loan-backed securities transaction under the Bauhinia brand, following three prior deals since 2023. The release sets out the portfolio composition, the note structure including a new unrated mezzanine class, and the bank syndicate involved, giving compliance and treasury teams at participating institutions the transaction's key terms.

Bauhinia 4's portfolio contains 42 infrastructure debt obligations across 32 individual projects in 15 countries and 11 sub-sectors, valued at approximately US$481.5 million.
Five classes of notes, Class A1-SU, A1, B, C and D, were issued with aggregate principal of US$457.3 million and listed on The Hong Kong Stock Exchange.
The HKMC introduced an unrated Class D tranche in response to ongoing investor demand for the mezzanine tranche.
The US$128.5 million Class A1-SU sustainability tranche was issued under the HKMC's Social, Green and Sustainability Financing Framework, aligned with ICMA's Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines.
AIIB continued as anchor investor through its US$300 million investment programme, and part of the Bauhinia 4 portfolio came from redemption proceeds of Bauhinia 1 after its 3-year non-call period ended.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 15 claims 30 Oct 2026

Cboe BYX adds flexible pre-market Start Time order instruction

A routine but operationally relevant SEC filing covers a rule change at Cboe BYX Exchange that replaces a single fixed pre-market eligibility point with a flexible Start Time instruction. Compliance and trading operations teams managing order routing across Cboe-affiliated exchanges should note the implementation date and the unchanged restricted-order categories.

BYX proposes to amend Rule 11.1(a) to adopt a Start Time instruction allowing users to designate pre-market order eligibility in thirty-minute increments.
The earliest Start Time with practical effect is 7:00 a.m. and the latest permissible Start Time is 9:00 a.m., since execution eligibility begins with the Early Trading Session.
BYX intends to implement the change on December 7, 2026, in coordination with the same instruction on affiliate Cboe EDGX Exchange.
Restricted order types, including BYX Post Only Orders, ISOs, certain BYX Market Orders, Minimum Quantity Orders with Regular Hours Only, RPI Orders, and IOC/FOK orders, will not be accepted before 7:00 a.m. or, if later, before the order's designated Start Time.
The filing became effective immediately as a non-controversial rule change under Section 19(b)(3)(A)(iii) and Rule 19b-4(f)(6), with comments due by November 20, 2026.

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CSSF Luxembourg Source document ↗

CSSF Luxembourg Markets & Infrastructure ✓ 15 claims 30 Oct 2026

CSSF finalises guidance raising weekly liquid asset expectations for money market funds

The CSSF has published final guidance on money market fund weekly liquid asset levels, coordinated with the European Commission, the French AMF and the Central Bank of Ireland. It follows a consultation that closed in August and carries a three-month implementation period. This item covers what the final text confirms, who it binds and the timetable managers now face.

The final Guidance was published on 30 October 2026, following a consultation that ran from 8 June 2026 to 3 August 2026.
The CSSF coordinated the guidance with the European Commission, the French AMF and the Central Bank of Ireland.
The expectations align with market resilience levels in the European Commission's 2026 report on the adequacy of Regulation (EU) 2017/1131 (MMFR).
The CSSF proceeded with only slight clarifications after broadly supportive feedback and set a three-month implementation period.
A feedback statement and responses from eleven stakeholders, including ALFI, EFAMA, IMMFA and ICI, are attached.

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Deutsche Bundesbank Source document ↗

Germany Deutsche Bundesbank Markets & Infrastructure ✓ 14 claims 30 Oct 2026

Bundesbank paper traces 2025 dollar slide to US credibility shock, not tariffs alone

This discussion paper from two Bundesbank researchers uses high-frequency data and a volatility-based econometric method to explain why the dollar fell and long-term Treasury yields rose after the April 2025 US tariff announcement, despite an initial risk-off reaction. It compares that episode with the 2018-2019 trade war to isolate distinct shocks driving currency and bond markets.

The paper examines the US tariff announcement of 2 April 2025, which included a 10% baseline tariff on imports from 180 countries plus a reciprocal component.
Researchers identify two structural shocks: a safe-haven shock and a separate US Institutional Credibility shock, using a heteroskedastic VAR model on high-frequency asset price data.
The safe-haven shock explains most of the April 2025 equity price fall and volatility spike, while the US Institutional Credibility shock explains the subsequent dollar depreciation and rise in long-term US Treasury yields.
The August 2019 tariff escalation, by comparison, was largely explained by safe-haven shocks, with term spreads compressing and the dollar appreciating as in a typical risk-off episode.
The paper concludes the April 2025 episode was not simply a larger version of 2019 but involved an additional mechanism tied to rising Treasury risk premia.

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European Central Bank Source document ↗

European Union European Central Bank Markets & Infrastructure ✓ 19 claims 30 Oct 2026

ECB forecasters raise 2026-27 inflation outlook on energy prices

The ECB's Q4 2026 Survey of Professional Forecasters shows near-term inflation and growth expectations revised upward, driven mainly by energy prices. This matters for anyone tracking the ECB's policy trajectory, since longer-term anchoring at 2.0% suggests the Governing Council may read this as a transitory shock rather than a structural shift.

Headline HICP inflation expectations stand at 3.0% for 2026, 2.6% for 2027 and 2.0% for 2028, revised up by 0.3 and 0.4 percentage points for 2026 and 2027 respectively.
Longer-term inflation expectations for 2031 remain anchored at 2.0% for both headline and core inflation.
Real GDP growth expectations were revised up to 1.0% in 2026, with 1.3% expected in both 2027 and 2028.
Unemployment rate expectations rose slightly to 6.4% for 2026 before declining gradually to 6.1% in the longer term.
The survey was conducted between 2 and 7 October 2026 and received 52 responses from experts at financial and non-financial institutions in Europe.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 18 claims 29 Oct 2026

MIAX Pearl fixes fee schedule gap on midpoint order liquidity codes

A SEC filing notice covering a MIAX Pearl Equities fee schedule amendment. The change is procedural, clarifying which liquidity indicator codes apply to an existing rebate tier program rather than altering any fees or rebates. Useful for compliance teams tracking exchange fee schedule accuracy and SEC rule filing mechanics.

MIAX Pearl filed SR-PEARL-2026-43 with the SEC on October 14, 2026 to add liquidity indicator codes "Ep" and "Fp" to Section 1)e) of its Fee Schedule.
The codes have applied to Midpoint Peg Order executions during the Early Trading Session and Late Trading Session since they were established in a February 2025 filing (SR-PEARL-2025-05).
The exchange states it does not propose to amend any current fees or rebates and that rebates have been correctly applied since the codes were established.
The SEC waived the normal 30-day operative delay under Rule 19b-4(f)(6)(iii), making the rule change operative upon filing.
Interested persons may submit written comments on the filing by November 16, 2026, referencing file number SR-PEARL-2026-43.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 23 claims 29 Oct 2026

SEC approves NYSE Texas rule offering $50,000 service package to large dual listings

The SEC has approved, on an accelerated basis, a NYSE Texas rule change codifying complimentary services for listed issuers and creating a one-time package worth roughly $50,000 for larger dual listings. The order sets out why a share-count threshold does not amount to unfair discrimination under the Exchange Act and frames the move as competition for Texas listings.

New Rule 24 under Article 22 of the NYSE Texas Rule Book codifies complimentary services for all listed issuers, including use of the Exchange's Dallas headquarters.
An "Eligible Dual Listing" must dual list under Rule 18 and have 160 million or more total shares of common stock issued and outstanding, or 160 million shares issued and outstanding in the U.S. for a non-U.S. company.
Eligible Dual Listings may receive a one-time package of visibility and investor engagement products and services with a commercial value of approximately $50,000.
The SEC approved the filing on an accelerated basis under Section 19(b)(2) while still soliciting comment on Amendment No. 1 by November 18, 2026.
The Commission found the change consistent with Sections 6(b)(4), 6(b)(5) and 6(b)(8) of the Exchange Act and treated the services as a discount on listing fees.

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European Central Bank Source document ↗

European Union European Central Bank Markets & Infrastructure ✓ 26 claims 29 Oct 2026

ECB confirms Europe's move to T+1 settlement on 11 October 2027

ECB board member Piero Cipollone used a keynote to an EU T+1 Industry Committee event to pin down the date, sequencing and supporting infrastructure for Europe's shift from T+2 to T+1 securities settlement, and to frame it within the Eurosystem's broader tokenisation work. For treasury, operations and post-trade teams, this is the clearest public statement yet of what the Eurosystem will change and when.

Europe will move to T+1 securities settlement on 11 October 2027, halving the trade-to-settlement window to one day.
T2S changes, including to the night-time settlement process, are planned for June 2027 ahead of the October migration.
Pontes, live since 21 September, will extend operating hours by mid-2027 and move to 24/7/365 availability in 2028, with immediate settlement finality targeted as early as next year.
The Eurosystem has accepted DLT-based marketable assets as eligible collateral since 30 March and is assessing extending eligibility to assets outside currently eligible settlement systems.
Appia aims to deliver a blueprint for an integrated European tokenised finance ecosystem by 2028, with a consultation report published on 28 October.

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European Central Bank Source document ↗

European Union European Central Bank Markets & Infrastructure ✓ 27 claims 29 Oct 2026

ECB holds rates as inflation hits 3.8% on energy price shock

The ECB left its three key rates unchanged at its October meeting as an intensifying energy shock pushes headline inflation further above the 2% target while clouding the growth outlook. This statement sets out the Governing Council's reasoning and the risks it is weighing before its next move.

Inflation rose to 3.8% in September from 3.2% in August, with energy inflation up to 18.9% from 14.3%.
Inflation excluding energy rose to 2.3% in September from 2.1% in August, and services inflation rose to 3.2% from 3.0%.
The unemployment rate remained at 6.4% in August, with compensation per employee growth slowing to 3.3% in the second quarter from 3.6% in the first.
Bank lending rates for firms remained at 3.8% while the cost of market-based debt for firms rose to 4.1% in August from 4.0% in July.
Credit standards for loans to firms tightened in the third quarter, according to the ECB's latest bank lending survey, while corporate loan demand declined.

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European Central Bank Source document ↗

European Union European Central Bank Markets & Infrastructure ✓ 16 claims 29 Oct 2026

ECB holds deposit rate at 2.50% as energy shock clouds inflation outlook

The ECB's Governing Council met on 29 October 2026 and left its three key interest rates unchanged. This briefing covers the stated rationale, the balance of risks the Council identified, and what its data-dependent stance signals for the coming meetings. Relevant for treasury, markets and governance teams tracking euro area financing conditions.

The deposit facility, main refinancing operations and marginal lending facility rates remain unchanged at 2.50%, 2.65% and 2.90% respectively.
The Governing Council said the energy shock's increased magnitude and duration, and its indirect and second-round effects, are likely to drive up inflation and lower growth.
Financing conditions have tightened since the Governing Council's last meeting, which is likely to weigh on inflation and growth.
The APP and PEPP portfolios are declining as the Eurosystem no longer reinvests principal payments from maturing securities.
The Governing Council confirmed it is not pre-committing to a particular rate path and will proceed meeting by meeting.

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FCA Publications Source document ↗

United Kingdom FCA Publications Markets & Infrastructure ✓ 21 claims 29 Oct 2026

FCA consults on equity tape income sharing and incident reporting for all CTPs

The FCA has opened CP26/39, proposing how the equity consolidated tape provider must divide income with the venues and other firms that supply its data, and extending enhanced operational incident reporting to all CTPs. It matters to anyone contributing to or building UK equity and bond tapes, with the equity tape due to go live in 2027 or early 2028.

The consultation CP26/39 opened on 29 October 2026 and closes on 17 December 2026, with responses feeding into final rules.
Handbook rules will govern how the equity CTP's income share is split among data contributors, applying irrespective of the metric and percentage set in the five-year concession agreement.
Enhanced operational incident reporting would be extended to all CTPs, building on PS26/2 rules that come into force on 18 March 2027.
The FCA expects a Policy Statement on income splitting in spring 2027 and plans for the equity tape to start operating in 2027 or early 2028.
A separate Policy Statement on including SI quotes in the equity tape, plus key procurement documents, is planned by early 2027.

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Federal Register — CFTC Source document ↗

United States Federal Register — CFTC Markets & Infrastructure ✓ 22 claims 29 Oct 2026

CFTC seeks OMB clearance to renew ownership and control reporting forms

The CFTC has forwarded its Ownership and Control Reports information collection to OMB's regulatory review office for a routine renewal under the Paperwork Reduction Act. The notice sets out which rules and forms are covered, the Commission's burden estimates, and its response to the single comment received during the earlier 60-day window. Compliance teams at FCMs, clearing members and swap reporting entities should note the comment deadline.

Comments to OIRA are due on or before November 30, 2026, under OMB Control No. 3038-0103.
The collection covers Forms 102A, 102B, 102S, 40, 40S and 71 arising under §§ 17.01, 18.04, 18.05 and 20.5.
The CFTC estimates 1,779 respondents, 102 average burden hours per respondent, and 188,980 total annual burden hours, on occasion.
One anonymous commenter said the burden analysis aggregated seven instruments across 1,779 heterogeneous entities without itemising form-specific burden; the Commission is retaining its estimates.
The 60-Day Notice was published August 6, 2026 at 91 FR 50813.

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ISDA Source document ↗

Global ISDA Markets & Infrastructure ✓ 19 claims 29 Oct 2026

ISDA adds AI tracer agent to reporting tool, flags 43 removable CFTC-SEC fields

ISDA chief executive Scott O'Malia sets out how the association is applying AI to its Digital Regulatory Reporting solution and where it wants regulators to cut complexity. For anyone running derivatives trade reporting across CFTC, SEC, FCA and ESMA regimes, this is the direction of travel on both tooling and rule simplification.

ISDA has launched the AI-powered DRR Tracer Agent, giving users an auditable record mapping DRR interpretations back to regulatory reporting requirements.
Four more AI agents are in development: a Translator Agent, a Coder Agent, a Knowledge Agent and a Mapper Agent.
The DRR, launched in 2022 on the Common Domain Model, now covers eight further regimes and is committed to 14 reporting rule sets in nine jurisdictions.
In its CFTC-SEC consultation response, ISDA scrutinised 177 data fields and identified 43 it says provide no regulatory value or duplicate existing data.
ISDA says industry working groups will still review and agree DRR interpretations, with AI speeding the translation of those judgments into code.

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Federal Register — CFTC Source document ↗

United States Federal Register — CFTC Markets & Infrastructure ✓ 25 claims 29 Oct 2026

CFTC doubles its estimate of registered derivatives clearing organizations

This Federal Register notice renews a long-standing information collection covering DCO registration and ongoing reporting under CFTC Part 39. Behind the procedural language sits a sharp revision to the agency's own count of market participants, plus a pointed rejection of a request to use the process to impose new tokenized-collateral recordkeeping rules.

The Commission increased its estimate of registered DCOs from 13 to 24 and full-registration applicants from one to 10, based on data as of July 2026.
Total estimated annual burden hours for the collection rose to 98,886 across an estimated 109 respondents filing 26,119 annual responses.
Capital and start-up or operations and maintenance costs associated with the collection are estimated at $821,470.
A commenter's request to add recordkeeping and risk-analysis requirements for tokenized collateral, based on CFTC Staff Letter No. 25-39, was rejected because that guidance creates no additional rights or requirements.
Comments on the extension are due to OIRA by November 30, 2026, following an earlier 60-day comment period published August 6, 2026.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 16 claims 28 Oct 2026

Cboe BYX widens fee definition to capture tokenized and dealer trading venues

Cboe BYX Exchange filed a fee schedule amendment broadening its 'Trading Platform' definition beyond exchanges, ATSs and ECNs to any system that systematically executes third-party orders electronically, including single-dealer platforms and tokenized venues. The change is effective immediately but open for comment, with implications for which venues pay the higher non-display data fee.

BYX filed SR-CboeBYX-2026-040 on October 19, 2026, replacing an earlier version it withdrew that had been submitted September 1, 2026 as SR-CboeBYX-2026-031.
The amended definition adds a catch-all category covering any system through which third-party orders are systematically executed by electronic means, naming broker crossing systems not filed as ATSs, systematic internalization systems, and decentralized blockchain-based or tokenized environments as examples.
A Trading Platform is subject to a fee of $2,000/month for BYX Depth for Non-Display Usage, versus $1,000/month for a non-Trading Platform.
The rule change became effective immediately under Section 19(b)(3)(A) of the Exchange Act, though the Commission may summarily suspend it within 60 days of filing.
Comments on the filing are due on or before November 16, 2026, referencing file number SR-CboeBYX-2026-040.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 16 claims 28 Oct 2026

Cboe EDGX drops duplicate disclosure notice for UTP-traded funds

Cboe EDGX Exchange has filed an SEC rule change removing its requirement to issue a separate information circular before trading begins in securities admitted under unlisted trading privileges. The filing took effect immediately. This briefing covers what the rule change removes, what it adds, and why the Commission waived the standard 30-day delay.

The Exchange deleted Rule 14.1(c)(1) in its entirety, removing its own pre-trading information circular requirement for UTP Derivative Securities.
Rule 14.1(a) gains express cross-references to Rule 3.7 (suitability) and Rule 3.21 (customer disclosures for extended-hours trading).
Current Rule 14.1(c)(2)(B) is amended so the written description must be in a form approved by the listing exchange or prepared by the issuing open-ended management company.
Current Rules 14.1(c)(2) through (5) are renumbered as Rules 14.1(c)(1) through (4), with a conforming cross-reference update in Interpretations and Policies .01.
The SEC waived the standard 30-day operative delay under Rule 19b-4(f)(6)(iii), making the change effective upon filing, with comments due by November 16, 2026.

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FINRA Source document ↗

United States FINRA Markets & Infrastructure ✓ 15 claims 28 Oct 2026

FINRA clarifies options rules now cover binary options, effective immediately

FINRA's October 28 digest confirms a rule change that already took effect this week: binary options now fall squarely under existing options oversight. Compliance and legal teams at member firms offering or clearing these products should understand which rules now apply and the margin computation changes before examiners ask about them.

Regulatory Notice 26-21, published Oct. 26, 2026, applies Rules 2220, 2360 and 4210 to binary options.
The notice covers binary options whose payout is based on an issuer's reported financial or operating metrics.
It also covers binary options cleared by a registered clearing agency other than The Options Clearing Corporation.
FINRA updated its Rule 4210 interpretations to clarify the required margin computations for binary options.
The rule changes took effect Oct. 22, 2026, four days before the explanatory notice was published.

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Securities and Exchange Commission Source document ↗

United States Securities and Exchange Commission Markets & Infrastructure ✓ 22 claims 28 Oct 2026

NYSE American waives floor broker credit cap for October 2026 amid outcry volumes

NYSE American has filed an immediately effective fee change waiving, for October 2026, the monthly cap on combined Floor Broker credits for QCC trades and rebates under its Manual Billable Rebate Program. It is the latest in a run of adjustments to the same ceiling across 2025 and 2026, driven by what the exchange calls elevated open outcry volume and the risk that brokers hitting the cap redirect flow to rival venues.

The waiver removes, for October 2026 only, the per-firm monthly ceiling on combined Floor Broker QCC credits and Manual Billable Rebate Program rebates.
The cap was $3,000,000 in 2025, was raised to $4,000,000, waived for January and February 2026, and increased to $5,500,000 in March 2026.
The change is effective immediately on filing under Section 19(b)(3)(A) as a fee change; the SEC may summarily suspend it within 60 days.
NYSE American reports a 12.39% market share of executed multiply-listed equity and ETF options volume in September 2026, with no exchange above 16%.
No written comments were solicited or received; comments are due 21 days after Federal Register publication, file number SR-NYSEAMER-2026-95.

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AFM Netherlands Source document ↗

European Union AFM Netherlands Markets & Infrastructure ✓ 13 claims 28 Oct 2026

AFM tells firms to start T+1 testing as EU rulebook is finalised

The AFM relays ESMA's message that the European regulatory framework for T+1 settlement is now complete and the burden has shifted to implementation. With roughly a year to go before the 11 October 2027 go-live, firms are urged to finish their preparations, test operational readiness across the chain, and meet the first binding obligations that take effect in December 2026.

The EU moves to T+1 settlement on 11 October 2027, settling trades one business day after the trade date instead of two.
ESMA regards the regulatory framework as complete following publication of the final technical standards and guidelines.
The first new obligations for transaction allocations and confirmations take effect on 7 December 2026.
ESMA urges firms to assess operational readiness and begin testing across the trading and settlement chain as soon as possible.
The change affects banks, investment funds, investment firms, pension providers and insurers.

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Securities and Exchange Commission Source document ↗

United States Securities and Exchange Commission Markets & Infrastructure ✓ 22 claims 28 Oct 2026

NSCC shifts annuity re-registration duties from ACATS to I&RS system

A procedural rule filing from NSCC changes how annuities and other insurance products move between broker-dealers during account transfers. The segment covers which ACATS functions are being retired, how the new I&RS-based process works, and the implementation date, relevant to any firm still relying on the legacy ACATS/Insurance Processing Service.

NSCC will implement the proposed rule change on November 20, 2026.
Fewer than ten Members currently use the ACATS/Insurance Processing Service, introduced in 2005.
NSCC will decommission the Insurance Registration (IR) Record, the insurance statistics file, and Receiver and Deliver Insurance Instructions.
Section 8 of NSCC Rule 50 will be amended to remove references to I&RS Products and related daily confirmation reports.
The filing took effect immediately under Section 19(b)(3)(A) and Rule 19b-4(f)(4), with the SEC retaining a 60-day window to suspend it.

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CFTC — Commodity Futures Trading Commission Source document ↗

United States CFTC — Commodity Futures Trading Commission Markets & Infrastructure ✓ 12 claims 28 Oct 2026

CFTC sets December 15 roundtable on 24/7 derivatives trading

The CFTC has announced a public roundtable to discuss whether and how derivatives markets should move toward continuous trading. The session follows an earlier request for comment and will bring industry participants together to address infrastructure, staffing and market integrity questions before any rule changes are considered.

The CFTC will host the roundtable on December 15 at its Washington, D.C. headquarters.
The event builds on a Request for Comment on 24/7 trading that the CFTC issued earlier in the summer.
Topics will include overnight trading, tokenization, infrastructure and staffing needs, and operational readiness.
The roundtable will be open to the public and livestreamed on CFTC.gov, though in-person attendance may be limited.
Members of the public can submit speaker nominations by email, with agenda and registration details to follow.

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SFC Hong Kong Source document ↗

SFC Hong Kong Markets & Infrastructure ✓ 21 claims 28 Oct 2026

SFC launches 15-day fast-track authorisation for funds from MRF jurisdictions

Hong Kong's SFC has created a new accelerated authorisation route for simple retail funds domiciled in jurisdictions with which it holds mutual recognition arrangements. This circular sets out which funds qualify, the compressed timeline, and the pilot period during which the SFC will decide whether to make it permanent.

FASTrack targets authorisation within 15 business days of a complete application, against the standard one-to-two month and non-standard two-to-three month targets.
The SFC will take up or refuse an application within five business days and, if taken up, grant authorisation within 10 further business days.
Eligible funds must be equity, bond or mixed funds, index-tracking ETFs or unlisted funds, or feeder funds whose master fund is FASTrack-eligible, and must not be complex products.
The management company must be located in an MRF jurisdiction or an SFC-acceptable inspection regime (AIR) jurisdiction with good regulatory records.
FASTrack took effect on 4 November 2024 with a six-month pilot period ending 4 May 2025, after which the SFC will consider formal adoption.

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SFC Hong Kong Source document ↗

SFC Hong Kong Markets & Infrastructure ✓ 14 claims 28 Oct 2026

SFC sets October 2027 deadline for fund liquidity tool overhaul

The SFC has issued guidance supplementing its 2016 liquidity circular, requiring managers of SFC-authorised funds to align redemption terms with asset liquidity and expand use of anti-dilution tools. The circular operationalises 2025 IOSCO recommendations and gives managers until October 2027 to comply.

Funds investing mainly in less liquid assets, meaning more than 50% of AUM, and offering daily dealing must implement anti-dilution tools.
Funds allocating more than 30% of AUM to illiquid assets should redeem at lower than daily frequency and/or require notice or settlement periods.
Managers must immediately report to the SFC when quantitative-based liquidity tools or other measures, except borrowing and credit facilities, are activated.
Compliance deadline is no later than 31 October 2027, the end of the 12-month transitional period from the UT Code's effective date.
Managers must classify fund assets as liquid, less liquid or illiquid based on quantitative and qualitative factors under normal and stressed conditions.

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SFC Hong Kong Source document ↗

SFC Hong Kong Markets & Infrastructure ✓ 24 claims 28 Oct 2026

SFC issues implementation guidance for revised fund code ahead of 2026 deadline

Hong Kong's SFC has published a package of circulars, FAQs and revised guides to help fund managers prepare for the revised Code on Unit Trusts and Mutual Funds, which takes effect 1 November 2026. The material covers derivatives exposure, liquidity risk management and money market fund disclosure, and is relevant to anyone managing or distributing SFC-authorised retail funds.

The revised UT Code was gazetted on 16 October 2026 and takes effect on 1 November 2026, following consultation conclusions issued 7 October 2026.
Funds will be subject to a 12-month transitional period, with new FAQs setting out implementation and transitional arrangements.
A revised derivatives guide introduces a Value-at-Risk approach, including calculation methodology and standards for managing funds' derivatives exposure.
A supplemental circular on liquidity risk management sets out enhanced requirements for assessing asset and portfolio liquidity, redemption terms, and the design and use of liquidity risk management tools.
Updated money market fund guidance sets minimum credit quality standards for eligible high-quality instruments and enhanced key facts statement disclosure for MMFs offering a constant NAV.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 14 claims 28 Oct 2026

MEMX aligns erroneous-trade rules with new overnight LULD price bands

This filing covers MEMX's proposed amendment to Rule 11.15 on clearly erroneous executions, prompted by the SEC's approval of Overnight Price Bands for round-the-clock trading. Compliance and trading operations staff at member firms should review the mechanics, since the change alters when a trade can be broken during overnight hours and takes effect alongside industry-wide 23/5 trading.

MEMX filed the proposal on October 19, 2026 under File No. SR-MEMX-2026-33, effective immediately under Section 19(b)(3)(A)(iii).
The SEC approved Overnight Price Bands via Amendment 27 to the LULD Plan on August 5, 2026 (Release No. 106042).
The rule reverses changes MEMX made in its September 2026 23/5 Filing (SR-MEMX-2026-28) to Rule 11.15(c)(2)(A)-(D), (d)(3), and (f).
Overnight Protected Hours are defined as 9:00 p.m. ET through 4:00 a.m. ET, with separate Overnight Percentage Parameters applying to that window.
The change becomes operative at the start of industry-wide 23/5 trading, scheduled for December 6, 2026, with comments due by November 18, 2026.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 19 claims 28 Oct 2026

SEC approves OCC overhaul of membership, risk and suspension rules

The SEC has approved a sweeping rule change filed by the Options Clearing Corporation covering clearing membership admission, ongoing standards, disciplinary proceedings and suspension rules. Compliance and risk teams at clearing members should understand the new physical office, capital, reporting and disciplinary provisions before they take effect.

OCC's Risk Committee may now delegate authority to approve or deny clearing membership applications to designated delegates or agents, removing the need to wait for quarterly Risk Committee meetings.
Proposed Rule 201(b) requires clearing member applicants to maintain at least one year of operating history in the same or substantially same business activity, or senior personnel with sufficient relevant experience.
Proposed Rule 204(g) and Rule 302(b) require applicants and clearing members to maintain physical office space unless OCC determines a remote model does not pose heightened risk, with on-site visits permitted on no more than 24 hours' notice.
Proposed amendments require notice of Statutory Disqualification or formal regulatory investigation within two business days, and amend Rule 301(b) to let OCC set discretionary minimum capital levels above current requirements.
Proposed Rule 1201(a) adds fines to OCC's available sanctions and sets out examples of sanctionable conduct, including providing false financial information or a pattern of regulatory infractions.

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American Bankers Association — newsroom Source document ↗

United States American Bankers Association — newsroom Markets & Infrastructure ✓ 11 claims 28 Oct 2026

ABA backs Nacha proposal to formally define 'banking day' in ACH rules

Nacha has proposed writing a formal definition of 'banking day' into its operating rules, replacing reliance on whether a bank is physically open. ABA's comment letter backs the change, arguing it modernizes how settlement timing is measured across the ACH Network. Relevant for payments and operations teams tracking ACH rule changes.

Nacha proposed defining 'banking day' as a calendar day other than a Saturday, Sunday or federal banking holiday in the United States.
The proposal would replace references to 'date' with 'banking day' in the definition of 'settlement date'.
The term 'business day' would be eliminated from that section of Nacha's rules.
ABA submitted a letter urging Nacha to adopt the proposal, citing greater certainty, consistency and operational fairness.
Current practice relies on an understanding that 'banking day' means Monday through Friday excluding federal holidays, according to Nacha.

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American Bankers Association — newsroom Source document ↗

United States American Bankers Association — newsroom Markets & Infrastructure ✓ 18 claims 28 Oct 2026

Eighth Circuit strikes down Fed's debit card interchange fee cap

A federal appeals court has struck down the Federal Reserve's 15-year-old Regulation II, which capped debit card interchange fees. This affects how banks with over $10 billion in assets calculate swipe fees, and the Fed must now rewrite the rule. Compliance and payments teams should track the Fed's response.

The Eighth U.S. Circuit Court of Appeals struck down the Fed's Regulation II debit card interchange fee structure, adopted in 2011.
The ruling upholds a lower court decision from August 2025 in which Judge Daniel Traynor found the Durbin Amendment bars the Fed from considering costs beyond incremental authorization, clearance or settlement.
Under the current rule, institutions with more than $10 billion in assets can collect 21 cents per debit transaction plus 0.05% of the transaction amount and an additional cent for fraud prevention.
The court ordered the Fed to rewrite the rule because it improperly allowed banks to include costs such as fraud prevention in swipe fee calculations.
A separate federal appellate court is considering similar questions in the Linney's Pizza case, where the district court upheld the Fed's rule.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 18 claims 27 Oct 2026

NYSE moves to overhaul clearly erroneous trade rule and raise multi-stock threshold

The SEC has put out for comment a NYSE proposal to rewrite Rule 7.10 on clearly erroneous executions. The filing reorganises the rule into definitions, availability and procedures, raises the multi-stock event threshold, removes multi-day event provisions and codifies cross-market coordination. For anyone trading NYSE-listed names, it changes when a trade can be broken and who can trigger review.

NYSE filed the proposal on October 8, 2026 and the SEC published notice in the Federal Register on October 23, 2026 to solicit comments.
The multi-stock event definition would rise to 50 or more securities executed within five minutes, up from 20 in the current rule, a threshold NYSE says has not been updated since 2010.
Rule 7.10 would be reorganised into three paragraphs: (a) Definitions, (b) Availability of Clearly Erroneous Review structured as numbered Cases 1 to 5, and (c) Procedures.
A new cross-market coordination provision would codify the Exchange's practice of coordinating with other SROs, and current paragraph (b)(2) on routed executions would be deleted.
Several deadlines would move to 8:30 a.m. Eastern Time on the following trading day in light of T+1 settlement, and CEE Panel member representatives would be cut to 5 from 10.

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CFTC — Commodity Futures Trading Commission Source document ↗

United States CFTC — Commodity Futures Trading Commission Markets & Infrastructure ✓ 13 claims 27 Oct 2026

CFTC chairman Selig headlines agricultural futures conference in Kansas

A CFTC press release recaps the two-day AgCon 2026 conference co-hosted with Kansas State University, where Chairman Michael Selig and industry, government and academic speakers discussed agricultural risk management alongside emerging derivatives market topics. Useful for tracking where the Commission's attention is turning, even though no rules or proposals were announced.

The CFTC and Kansas State University's Risk Management Center co-hosted the two-day AgCon 2026 conference in Overland Park, Kansas, the prior week.
Chairman Michael S. Selig delivered opening and closing remarks and held a fireside chat with Futures Industry Association President and CEO Walt Lukken.
Panels covered perpetual futures, 24/7 trading and tokenized collateral alongside traditional agricultural hedging and credit access topics.
USDA Deputy Secretary Stephen Vaden gave a first-day keynote and Senator Roger Marshall of Kansas opened the second day with remarks on agricultural policy.
Separate sessions examined agricultural prediction markets, event contracts, and clearing, market access and the role of intermediaries.

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Securities and Exchange Commission Source document ↗

United States Securities and Exchange Commission Markets & Infrastructure ✓ 15 claims 27 Oct 2026

NYSE American raises ByRDs market-cap listing bar from $40bn to $290bn

NYSE American has filed an immediately effective rule change altering how its Binary Return Derivatives (ByRDs) settle and which underlying stocks qualify for listing. The filing touches settlement methodology, listing thresholds, market maker quoting duties and order-protection checks, with implications for any firm trading or market-making these binary options products.

The settlement price for expiring ByRDs options will now be the underlying security's Closing Price as reported by the primary listing market, replacing the current all-day composite VWAP.
The minimum market capitalization requirement for individual-stock ByRDs listings rises from $40 billion to $290 billion under amended Rule 915ByRDs, Commentary .01.
A new initial and continued listing standard requires an average daily trading value in the primary listing market's closing auction of at least $10 million over the prior six months.
The exchange is eliminating its settlement-price rounding practice, so Finish High ByRDs pay $100 if the underlying closes at or above the strike price and Finish Low ByRDs pay $100 if it closes below the strike.
Market makers appointed to a ByRDs contract will no longer be required to enter continuous quotations unless they affirmatively choose to participate in that series.

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SEC Speeches and Statements Source document ↗

United States SEC Speeches and Statements Markets & Infrastructure ✓ 19 claims 27 Oct 2026

Atkins directs SEC staff to redraw gun-jumping rules in IPO overhaul

SEC Chairman Paul Atkins used remarks to the Small Business Capital Formation Advisory Committee to set out where his IPO Modernization initiative is heading next: a staff review of the Securities Act gun-jumping prohibitions, the first comprehensive look at the Commission's communication rules since 2005. He also flagged pending work on accredited-investor qualification and Regulation Crowdfunding reform.

Atkins has directed SEC staff to explore re-evaluating content and audience limits on offering communications and brighter lines on when a communication is an 'offer'.
Staff are also to consider cure provisions to reduce 'foot fault' gun-jumping violations by issuers.
The Commission has not completed a comprehensive review of its communication rules since 2005.
Last month the Commission issued notices of potential additional accredited-investor designations, including qualification by passing a FINRA-developed exam.
More than 9,800 Regulation Crowdfunding offerings have raised an average of $364,000 over the last decade, and Atkins has asked staff to evaluate amendments to the rules.

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CFTC — Commodity Futures Trading Commission Source document ↗

United States CFTC — Commodity Futures Trading Commission Markets & Infrastructure ✓ 13 claims 27 Oct 2026

CFTC sues Utah to block state enforcement against prediction markets

The CFTC has gone to court against Utah over the state's attempt to shut down CFTC-registered prediction markets. The dispute turns on federal preemption and the Commission's claim to exclusive jurisdiction over event contracts. This item matters to any venue listing event contracts and to firms tracking where the state-federal line on prediction markets is being drawn.

The CFTC filed a lawsuit against Utah to stop the state using its own laws to shut down CFTC-registered contract markets.
The suit follows Utah's civil enforcement actions in state court against CFTC-regulated markets and other businesses.
The Commission asserts exclusive federal jurisdiction over commodity derivatives and prediction markets under congressional preemption.
The CFTC says it has initiated legal proceedings against nine other states and filed briefs in four federal courts of appeal and one state supreme court.

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FINRA Source document ↗

United States FINRA Markets & Infrastructure ✓ 16 claims 27 Oct 2026

FINRA interpretation lets portfolio-margin firms margin hedging swaps with dealers on a PM basis

FINRA has added an interpretation to Rule 4240, its margin regime for security-based swaps carried by members that are not registered SBS dealers. Published October 27, 2026, it narrows one computation: how a portfolio-margin-approved firm sets initial margin on an Uncleared Basic SBS entered with a dealer counterparty to hedge its own commercial risk. The change is technical but affects capital and collateral for firms running SBS books under portfolio margin.

The interpretation, dated October 27, 2026, sits under Rule 4240(b)(2)(A)(ii), which governs the Initial Margin Requirement on an Uncleared Basic SBS by reference to Rule 4210 margin on the Equivalent Margin Account.
It applies only where the member is approved to offer portfolio margin and the counterparty is a registered security-based swap dealer under Exchange Act section 15F.
The swap must be entered to hedge or mitigate the member's commercial risk as defined in SEA Rule 3a67-4.
The portfolio-margin treatment is available only if expressly permitted under the member's written risk analysis methodology submitted to FINRA under Rule 4210(g).
Rule 4240 itself does not apply to members registered as security-based swap dealers, which instead comply with SEA Rule 18a-3.

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BIS Press Releases Source document ↗

Global BIS Press Releases Markets & Infrastructure ✓ 14 claims 27 Oct 2026

BIS flags fast-growing AI infrastructure debt and its spillover risk to bond markets

The BIS has published a short bulletin on how the buildout of AI infrastructure is being financed and what it could mean for wider credit markets. It describes the structures moving this debt, the double role banks play, and why spillovers to US Treasury and investment-grade markets have stayed contained for now. Compliance and risk readers at lending and investing institutions should know what the BIS is watching.

AI infrastructure capex is growing fast, with a rising share financed through long-term debt and complex off-balance sheet arrangements.
Off-balance sheet commitments from a few large firms help transform the credit rating of the debt and draw in institutional capital.
Banks often lend both to the financing vehicles and to the investors holding the debt, creating a double exposure.
Spillovers to US Treasury and investment-grade bond markets on AI-financing news days in 2026 were small and short-lived.
The authors warn that sustained issuance at the current pace could change the spillover picture.

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ISDA Source document ↗

United States ISDA Markets & Infrastructure ✓ 10 claims 27 Oct 2026

SEC grants Cboe Clear U.S. temporary registration as securities clearing agency

The SEC has approved temporary clearing agency registration for Cboe Clear U.S., a Cboe subsidiary seeking to act as central counterparty for binary options including options tied to issuer KPIs. The order covers governance, risk management and one public comment on vertical integration risk.

CCUS filed its Form CA-1 application on June 30, 2026, and amended it on July 7, July 17, August 18, September 4 and October 1, 2026.
The Commission's order grants temporary registration for 18 months from October 22, 2026, with an exemption from certain Section 17A(b)(3)(B) and (F) determinations.
CCUS acknowledges its Rules do not yet reference all participant categories enumerated in Section 17A(b)(3)(B) of the Exchange Act.
CCUS may assess non-defaulting clearing members up to 300% of their Guaranty Fund Deposit for a single default, or up to 600% for multiple defaults.
The sole comment letter supported temporary registration as a stopgap but raised concerns about the risk of vertically integrated clearing solutions ahead of any permanent registration.

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CFTC — Commodity Futures Trading Commission Source document ↗

United States CFTC — Commodity Futures Trading Commission Markets & Infrastructure ✓ 10 claims 27 Oct 2026

CFTC staff extend Brexit-related no-action relief for UK derivatives entities

The CFTC's Market Participants Division and Division of Market Oversight have extended temporary no-action positions tied to Brexit, first put in place to preserve continuity in UK-US derivatives trading and clearing. This item covers what changed, which prior letters it builds on, and why the relief remains in force.

CFTC Staff Letter No. 26-28, issued October 1, 2026, extends Brexit-related no-action positions announced in Letter No. 24-11 as amended by Letter No. 26-10.
The relief traces to a February 25, 2019 joint statement by the CFTC, the Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority (CFTC Press Release No. 7876-19).
The positions aim to maintain the regulatory certainty established when the CFTC originally issued EU comparability determinations and exemptive orders for certain EU entities.
MPD and DMO say the extension remains appropriate while the CFTC works with UK authorities to analyze UK law and, where appropriate, issue UK comparability determinations and exemptive orders for certain UK entities.

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FCA Source document ↗

United Kingdom FCA Markets & Infrastructure ✓ 24 claims 27 Oct 2026

FCA director sets out completed reforms and tokenisation roadmap for UK markets

A speech by the FCA's director of infrastructure and exchanges reviews the regulator's multi-year capital markets reform programme and previews further work on tokenisation, AI and private markets. Compliance and markets teams tracking the UK's wholesale reform agenda, including digital gilt issuance and stablecoin rules, should note the stated direction of travel and forthcoming publications.

The FCA says it has completed around 30 capital-markets focused workstreams as part of a multi-year reform programme.
The bond consolidated tape launched in June, described as the first outside North America, with 1.6 million licences subscribed.
Four PISCES operators have been authorised and seven transactions completed on the new private share trading market.
A joint FCA-Bank of England roadmap on tokenisation of wholesale markets will be published in coming weeks.
The digital gilt (DIGIT) is expected to launch via the Digital Securities Sandbox early next year.

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Federal Register — SEC Source document ↗

United States Federal Register — SEC Markets & Infrastructure ✓ 22 claims 26 Oct 2026

SEC lets LTSE codify dual-listing requirement effective immediately

A short SEC filing notice covering a technical rule change at the Long-Term Stock Exchange. Useful for listings and market structure counsel tracking how niche exchanges formalise dual-listing models, and for anyone benchmarking SRO rule filings that proceed on an immediately effective, non-controversial basis.

LTSE filed the proposed rule change with the SEC on October 5, 2026, as File No. SR-LTSE-2026-23.
The new Supplementary Material .02 to Rule 14.210 requires all LTSE-listed companies to also be listed on another registered national securities exchange.
LTSE states the rule text is identical in substance to Nasdaq Texas, LLC's IM-5220-1.
The SEC waived the standard 30-day operative delay, making the rule change effective upon filing rather than after 30 days.
Public comments on the filing must be submitted by November 12, 2026, referencing file number SR-LTSE-2026-23.

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