ESMA sets final rules for post-trade risk reduction services exempt from EU clearing
ESMA has published draft technical standards setting the conditions under which compression, rebalancing and similar OTC derivatives services can use the EMIR 3 clearing exemption.
Markets digest, 16 October 2026: US stocks fall as the VIX rises to 19.99
The S&P 500 closed at 7,659.44 and the Dow at 52,002.41, both lower. The VIX rose to 19.99 and Bitcoin ended Friday at $81,475.05 on Coinbase, while the euro firmed to 1.1253 dollars.
Markets digest, 19 October 2026: S&P 500 and Nasdaq rise as the VIX eases to 18.44
The S&P 500 closed at 7,690.73 and the Nasdaq Composite at 26,430.890, both higher, while the Dow slipped. The VIX fell to 18.44 and the euro eased to 1.1225 dollars.
ESMA counts more than 950 sanctions and almost €82 million in fines across the EEA
ESMA's third sanctions report shows market abuse and MiFID breaches still drive most EU enforcement, with Germany, France and Spain behind two thirds of the fines. It calls for more consistent enforcement.
Markets digest, 15 October 2026: US stocks close higher as the VIX eases
The Dow rose to 52,177.69 and the S&P 500 to 7,744.06. Bitcoin closed at $82,140.24 on Coinbase, and the EIA reported an 8.6 million barrel fall in US commercial crude stocks.
Markets digest, 9 October 2026: stocks and Bitcoin rise as the VIX eases
The S&P 500 closed at 7,811.54 and the Dow at 51,654.95. Bitcoin rose to $82,543.30 on Coinbase, and the EIA reported Gulf of Mexico oil output shut in ahead of Hurricane Isaias.
Markets digest, 12 October 2026: Bitcoin and the Nasdaq slip as the Dow edges up
The S&P 500 closed at 7,807.24 and the Dow rose to 51,850.55. Bitcoin fell to $81,782.78 on Coinbase, and the FSB sent the G20 a note on cross-border gaps in stablecoin oversight.
CFTC proposes defining event contracts as swaps and excludes casino-style gambling
The CFTC has proposed writing event contracts on sports, politics, culture and weather into the definition of a swap, and adopted an interim final rule excluding licensed casino-style gambling from it.
ESMA asks for evidence on tokenised collateral at EU clearing houses
The EU markets regulator wants views by 15 January 2027 on whether, and under what conditions, central counterparties could safely accept tokenised collateral.
Markets digest, 8 October 2026: Nasdaq and Bitcoin fall as the Dow edges up
The S&P 500 closed at 7,765.36 and the Nasdaq Composite at 27,193.340. Bitcoin fell to $81,657.19 on Coinbase, and the ECB's euro reference rate rose to 1.1186 dollars.
Markets digest, 7 October 2026: Bitcoin and Ether fall as the euro eases
The S&P 500 closed at 7,801.77 and the Dow at 51,179.87. Bitcoin fell to $83,239.49 on Coinbase, and the ECB's euro reference rate eased to 1.1177 dollars.
CFTC seeks comment on a federal framework for retail crypto asset trading
The CFTC has published an advance notice of proposed rulemaking on retail crypto asset transactions and a new kind of exchange registration built for them. Comments are due 60 days after Federal Register publication.
CFTC staff clear a path to true perpetual futures on broad-based stock indices
A CFTC no-action letter lets US futures exchanges remove expiry dates from perpetual-style broad-based security index futures, subject to customer protection conditions. The relief expires on 20 October 2026.
Markets digest, 6 October 2026: US stocks close higher as the euro firms
The S&P 500 closed at 7,818.93 and the Dow at 51,521.28. Bitcoin ended slightly lower on Coinbase, and the ECB's euro reference rate rose to 1.1269 dollars.
FINRA Foundation study finds only 18% of investors understand risk at an advanced level
Research released for World Investor Week says most investors know the basics but not margin, short selling or option payoffs, and that a little knowledge was linked to the highest willingness to back a fraud-like offer.
Markets digest, 2 October 2026: US stocks close higher as the VIX eases and the euro slips
The S&P 500 closed at 7,722.72 and the VIX fell to 15.31. Bitcoin ended slightly lower on Coinbase, and the ECB's euro reference rate fell to 1.1225 dollars.
SEC charges two men over alleged $8.7 million options-fund fraud aimed at veterans
The SEC alleges Christopher Kenji Dinelli and Jacob David Frankel claimed returns of up to 153% for an options trading fund that kept losing money, and misappropriated investor funds.
Markets digest, 1 October 2026: stocks and Bitcoin edge higher as the euro slips against the dollar
The S&P 500 closed at 7,666.45 and Bitcoin at $84,759.64 on Coinbase, both higher. The ECB's euro reference rate fell to 1.1298 dollars.
Markets digest, 30 September 2026: Dow and S&P 500 slip as US commercial crude stocks rise
The Dow closed at 50,906.05 and the S&P 500 at 7,651.54, both lower, while the Nasdaq rose. EIA reported a small build in US commercial crude stocks.
SEC staff seek comment on exchanges that own affiliated broker-dealers
The SEC's trading and markets staff are asking for views on exchanges with affiliated brokers, after four new security futures exchanges disclosed links to futures commission merchants.
How futures contracts work: margin, expiry, rolling and contango
A futures contract is a standardised promise, guaranteed by a clearing house and settled in cash every day. Here is how margin, expiry and rolling work, what contango does to a long position, and how futures differ from CFDs.
Perpetual futures explained: funding rates, leverage and liquidation
Crypto perpetuals never expire, so a funding payment between longs and shorts does the job expiry does for ordinary futures. How that works, what mark price and liquidation mean, and where retail traders can use them.
CFTC Staff Releases Updates to FAQs Concerning Registrants and Registered Entity Activities Relating to Crypto Assets and Blockchain Technologies
Three CFTC divisions update their crypto FAQs to cover investing customer funds in tokenized forms of permitted investments and using blockchains to meet registrants’ recordkeeping requirements.
CFTC Releases Staff Advisory on Mention Markets
CFTC staff warn exchanges that event contracts settling on whether a person says a word or appears somewhere carry a heightened risk of manipulation, and set out when such contracts may be listed.
Keynote Remarks at 2026 U.S. Treasury Market Conference
CFTC Chairman Michael Selig on derivatives at the core of the Treasury market, cross-margining before the clearing mandate, tokenized collateral and stablecoins, and why 24/7 trading won’t be one-size-fits-all.
How prop firm payout rules work, and what to read before you pay
Profit splits get the headlines, but drawdown definitions, consistency rules and payout conditions decide whether a funded trader is ever paid. A guide to the small print.
Keynote Address by Acting Chairman Caroline D. Pham, FIA EXPO
Acting CFTC Chairman Caroline Pham on the agency’s 2025 record and its 12-month Crypto Sprint: listed spot crypto trading, tokenized collateral including stablecoins, and rules for blockchain infrastructure.
Innovation and Market Structure: Keynote Address by Acting Chairman Caroline D. Pham, Piper Sandler Global Exchange and Trading Conference 2025
Then-Acting CFTC Chairman Caroline Pham on the agency’s regulatory agenda, exchange self-certification, and public comment on 24/7 trading, perpetual derivatives and direct retail clearing.
Use Caution Responding to Messaging Apps
The CFTC warns about crypto trading scams that begin with unsolicited messages and group chats on WhatsApp, Telegram and other apps, and explains how to respond and tighten privacy settings.
Keynote of Chairman Rostin Behnam at the FIA Boca 2024 International Futures Industry Conference, Boca Raton, Florida: “Stay Golden”
Ahead of the CFTC’s 50th anniversary, Chairman Rostin Behnam sets out the 2024 agenda: affiliate conflicts in new market structures, event contracts, clearing-member fund protections and an AI request for comment.
Recent Developments in Hedge Funds’ Treasury Futures and Repo Positions: is the Basis Trade “Back"?
Board economists read CFTC futures data and OFR cleared-repo data for signs that hedge funds' Treasury cash-futures basis trade was rebuilding in 2023, and explain why the leveraged trade matters for financial stability.
Updated Investor Bulletin: Leveraged and Inverse ETFs
The SEC’s investor-education office on why leveraged and inverse ETFs that reset daily can drift far from their stated multiple over longer periods, with worked examples and questions to ask first.
Customer Advisory: Understand the Risks of Virtual Currency Trading
The CFTC's advisory on buying bitcoin and other virtual currencies in the cash market and trading their futures and options: unregulated platforms, flash crashes, hacking, cash settlement and leverage.
An Introduction to Options – Investor Bulletin
The SEC’s investor-education office explains listed stock options: calls and puts, strike prices, premiums and expiry, worked examples of each, and the risks to option holders and writers.
Where Buyers and Sellers of Sugar Meet
From B. W. Dyer's 1921 booklet for sugar wholesalers, written as refined sugar futures began trading in New York: how an exchange sets a price, shifts risk to speculators and why the broker's strength matters.