FXTM to drop FCA license, doubles down on UAEThe forex and CFD brokerage landscape continues to evolve as major players reassess their market focus. FXTM, the forex and CFD broker owned by Andrey Dashin, is preparing to relinquish its UK Financial Conduct Authority (FCA) license as the company shifts its strategic focus toward Asia and the Middle East.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).At the same time, FXTM is strengthening its presence in the Gulf region by upgrading its existing Category 5 licence in the UAE to a Category 1 license. It will allow it to offer full brokerage operations and client onboarding within the country.The broker’s UAE expansion coincides with a new partnership with a local Indonesian brokerage firm, signaling broader regional ambitions across Asia.FP Markets joins layoff waveCFD broker FP Markets become the latest firm to implement job cuts as part of a broader restructuring trend in the retail brokerage industry. Christina Koro, the firm’s Group Head of HR & People Culture, confirmed to Finance Magnates that the layoffs affected less than 7% of the broker’s global workforce. She explained that the decision was linked to a wider organizational review examining how roles are structured and aligned with the company’s ongoing growth strategy. Koro added that while some positions are being consolidated or redefined, FP Markets continues to invest in technology and expand into new markets. The Australian-based broker employed over 300 staff globally as of mid-2025, including more than 100 in Cyprus.74 UK brokers allowed to offer CFDsMeanwhile, as of December 1, 2025, there were 74 Financial Conduct Authority (FCA)-regulated firms permitted to offer contracts for difference (CFD) products to retail traders in the United Kingdom, according to data obtained by FinanceMagnates.com through a Freedom of Information request. In total, 105 firms were listed within the FCA’s CFD portfolio, though a few are believed to have since surrendered their licenses. Among those planning to exit the UK market is FXTM, which recently confirmed its intention to give up its FCA license while expanding operations in the UAE and Indonesia. The British regulator further disclosed that 2,547 firms were authorized to act as principals and/or agents with permissions covering CFDs, rolling spot forex, or spread bets for clients. Despite some withdrawals, the figures highlight that dozens of brokers remain active under FCA oversight.Are tech glitches breaking traders?Trading technology problems have become the main source of stress for many buy-side equity traders, outweighing worries about careers, compliance, and work-life balance. A recent study found that 51% of surveyed traders named internal tech issues as their biggest cause of fatigue or burnout, with frequent small glitches creating a “death by a thousand cuts” effect and leaving less tolerance for IT failures in an electronic trading environment.Capital cycle and crowding update for thematic ETF's. Noteworthy that robotics and automation remain relatively uncrowded and capital scarce compared to its own 10y history pic.twitter.com/kxc0VYKGyY— Variant Perception (@VrntPerception) September 24, 2025In his column, Paul Golden looks at how these technology issues affect traders’ mental load and day-to-day work. He also examines HALO investing trends, the risks linked to thematic ETFs, and why Bloomberg terminals still matter even as new AI tools challenge their role in the trading desk toolkit.MetaQuotes debuts MetaTrader.comElsewhere, MetaQuotes, the Cyprus-based developer of the MetaTrader trading platforms, launched MetaTrader.com, a centralized portal designed to deliver financial data and tools to retail traders, market analysts, and algorithmic developers. The new site consolidates market information, news feeds, interactive charting, and a developer marketplace in one location. According to the company, users can log in using their existing MQL5.com credentials, enabling seamless access for those already part of the MetaQuotes community.The launch continues MetaQuotes’ effort to broaden its product ecosystem beyond its flagship MT4 and MT5 terminals. It follows several recent initiatives, including a December 2025 update to the pricing model for its Ultency liquidity bridge.Prop firms pivot to stocks, without the leverageFor nearly a decade, proprietary trading firms have perfected a model rooted in forex and CFDs, fast-paced markets defined by high leverage, razor-thin spreads, and quick turnover. The approach has paid off handsomely: industry figures show that leading firms have distributed more than $1 billion in trader payouts, with FTMO alone handing out roughly $450 million during its first ten years in business.Now, the sector’s attention is turning to a much larger playing field: U.S. equities. Yet this strategic shift poses fundamental questions about sustainability. Stocks lack the extreme leverage and margin efficiencies that underpin the FX prop model, forcing firms to rethink how they generate returns and whether their business economics can adapt to a market governed by very different mechanics.Coinbase wins Aussie nod for equity derivativesIn the crypto space, Coinbase is pushing ahead with its global expansion after obtaining an Australian financial services license. The new authorization enables the crypto exchange to offer crypto and equity perpetual contracts, with plans to roll out additional products such as futures and options in the future. The move marks a significant step in Coinbase’s broader strategy to evolve into a multi-product financial platform. The company aims to integrate crypto trading with equities, derivatives, and other traditional instruments, positioning itself as a comprehensive “gateway to everything in finance.”Singapore’s independent wealth managers gear up for growthElsewhere, the external asset management is emerging as a key growth area in Singapore’s wealth sector as high-net-worth and ultra-high-net-worth clients increasingly seek customized investment solutions. The trend highlights a shift toward independent advice and greater flexibility compared to traditional private banking models.New research from Bank of Singapore shows that external asset managers are gaining momentum, supported by a new generation of clients who prioritize autonomy, transparency, and personalized service. Over half of the managers surveyed in late 2025 and early 2026 said they were exploring new markets and forming strategic partnerships, while nearly two-thirds identified enhancing client experience and engagement as their main focus.iFOREX, DB Investing, and GTN: executive moves of the weekIn the executive moves of the week, CFD and FX broker iFOREX named Michael Hewson as its new Senior Financial Strategist, bolstering the company’s in-house research and education offering. Hewson joins after a long spell at CMC Markets as Chief Market Analyst, followed by a period working independently as an analyst and content producer.UAE-based forex and CFD broker DB Investing appointed Syed Ahmmed as Chief Business Development Officer, giving him a global remit after several years in senior roles at OneRoyal and Zara FX. He is based in Muscat, Oman, and oversees business development for the broker across MENA, the Indian subcontinent, Southeast Asia and Latin America.Lastly, Salim Sebbata, a veteran of the retail trading sector, left Capital.com to join GTN as Chief Commercial Officer for its European operations, Finance Magnates has learned. He said the company’s main focus for his remit will be driving organic growth in Europe. This article was written by Jared Kirui at www.financemagnates.com.

The ETF industry, following the launch of spot Bitcoin ETFs, is now exploring prediction markets as a new underlying exposure.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).Bitwise Asset Management and Roundhill Investments have filed applications with the SEC to launch ETFs tied to prediction market contracts.ETFs as a Distribution LayerThe initial filings focus on political events — contracts like "Democratic president wins 2028 election" or "Republican president wins 2028 election." The logic mirrors what happened with Bitcoin. Investors can already open accounts directly on platforms like Kalshi or Polymarket, but many won't — or can't. An ETF solves that by letting them gain exposure through standard brokerage accounts. "If you think about the ETF industry writ large... it takes interesting financial applications and packages them into an easy wrapper that people can access," Bitwise CIO Matt Hougan said on the Trillions podcast."I think prediction markets are one of the most important new financial ideas maybe since crypto and if we can package them in an ETF you will see extensive use of them in various portfolio settings" - @Matt_Hougan on Trillions re prediction market ETFs, which are likely coming… pic.twitter.com/PECCdbNBzE— Eric Balchunas (@EricBalchunas) April 9, 2026"This is a natural extension of that." On the mechanics side, the ETFs would hold either the underlying prediction market contracts directly or use swaps with institutional counterparties to replicate contract performance.Why Issuers Are Starting with Politics The focus on politics is deliberate. Sports-related contracts are currently under pressure from state gambling regulators, and issuers are steering clear. "The presidential election will impact huge numbers of investments. Whether Michigan beats UConn or not will not impact a huge number of investments," Hougan said. By anchoring the products to events with clear financial and economic implications, issuers are positioning them as hedging tools rather than gambling proxies.Regulatory Path Is Unclear The path to launch isn't guaranteed. The SEC will scrutinize liquidity in the underlying contracts and disclosure quality. Hougan described the process as a "dance" — lining up trading partnerships, confirming swap counterparties, building the infrastructure regulators will want to see before approval. The precedent from Bitcoin ETFs matters here. That process was long and contentious, but it ultimately worked, and it left the industry with a clearer playbook for taking unconventional products through SEC review. For brokers and asset managers, the signal is straightforward: the same machinery that brought crypto into mainstream portfolios is now being pointed at prediction markets. If these filings succeed, they open a new asset class to retail and institutional investors alike — and reshape how market participants hedge exposure to political and macroeconomic outcomes. This article was written by Tanya Chepkova at www.financemagnates.com.

Data from Cboe Global Markets showed that index options average daily volume reached a record 6.9 million contracts in March, capping a record first quarter, with activity in key products such as S&P 500-linked options also hitting new highs.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).Retail traders appeared to return to the market in March as heightened volatility and geopolitical uncertainty drove a surge in trading activity across derivatives and foreign exchange markets.FX and Options Volumes SurgeThe pickup in trading activity came alongside a broader market selloff and a sharp rise in volatility. The S&P 500 fell 5% in March, while the Cboe Volatility Index climbed toward 25 and moved above 30 multiple times, reflecting stronger demand for short-term hedging and directional trades.Such conditions typically draw retail traders back into the market, particularly into leveraged instruments such as options and FX, where short-term price swings create more trading opportunities.This trend was also visible in currency markets, where Cboe reported that its FX spot market ADV rose to $74.5 billion in March, marking a 42.9% increase from a year earlier and the highest level on record, while volumes on its SEF platform more than doubled year-over-year.While the bulk of activity remains institutional, the combination of market turbulence and macro-driven uncertainty—including ongoing geopolitical tensions—appears to have supported broader participation across asset classes.Ecosystem and listing expansionIn a parallel development last year highlighting the exchange’s expanding ecosystem, Centroid Solutions integrated its platform with Cboe Global Markets. The integration provides broker clients with a single connection to real-time pricing across equities, options, indices, and derivatives in U.S. and European markets.In the same period, Australia’s ASIC also approved Cboe to list companies. The move opens the door to IPOs and dual-listed firms, and ends the ASX’s long-standing dominance in new listings. This article was written by Tareq Sikder at www.financemagnates.com.

Cyprus has once again emerged as Europe’s most digitally engaged nation among young people. According to new EU data for 2025, almost every Cypriot aged 16 to 29 used social media last year, underscoring the island’s position as one of the bloc’s most connected societies.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Cyprus Tops EU Youth Social Media UseOfficial European statistics show that 98.3% of young Cypriots accessed social networks in 2025, the highest share in the European Union. Cyprus ranked ahead of Czechia (97.2%), Denmark (96.9%), and Finland (96.6%). Across the EU, an average of 89.3% of 16–29-year-olds reported using social media, compared with 67.3% of the general population.For brokers, this data means Cyprus is a very good place to run an online trading business. Young people in Cyprus use social networks almost all the time, so they already feel comfortable with apps, online accounts, and digital payments.Additionally, Cyprus recorded one of the smallest gaps between young and older users. The difference in social media activity between youth and the broader Cypriot population stood at 11.8 percentage points, showing that people of all ages in Cyprus are relatively active online.Large Gaps Seen Elsewhere in the EUOther EU countries showed wider generational divides. Croatia had a 29.2-point gap, followed by Austria with 28.2 points and Poland with 27.2 points. In these nations, social networks remain far more popular among young people than among older citizens.Keep reading: Cyprus Brokers Captures 1 in 3 EU Cross-Border Traders (While Complaints Soar 46%)By contrast, smaller gaps appeared in Denmark, Malta, and Cyprus, where digital engagement is widespread across society. The figures underline how Cyprus continues to stand out for its strong online culture, a trend that parallels its growing role as a base for online-based industries, including fintech and CFD trading.Regulator’s ConcernsInterestingly, CySEC recently warned that smartphones and mobile apps now make it much easier for young investors to take risks and end up in speculative products they do not fully understand. In a piece for Eurofi Magazine tied to the Nicosia 2026 Eurofi seminar, Vice Chairman, Panikkos Vakkou, urged the EU’s Savings and Investment Union to ban the gamification of investing and called for clear disclosure on how firms earn money and where their incentives may clash with clients’ interests.Vakkou’s warning follows CySEC’s 2022 investor protection campaign, which targeted trading “gamification” and the rising influence of finfluencers on social media. At the time, the regulator said it was concerned about young, inexperienced investors being steered into complex, high‑risk products by aggressive online marketing and social media promotion, and it urged retail clients not to base decisions on emotions or social pressure.ESMA data shows that cross-border investing in the EU is growing fast, with about 10.5 million retail clients using services from firms based in other member states in 2024, up 32% from 8 million a year earlier. At the same time, the number of active providers fell to 370 firms across 30 EU/EEA countries, a 4% drop, meaning each firm now serves more clients on average, around 28,000 versus 20,000 in 2023. Cyprus-regulated brokers alone handle roughly one in three of these traders as complaints about cross-border services jumped by 46% to nearly 11,000 cases. This article was written by Jared Kirui at www.financemagnates.com.

Hong Kong has issued its first stablecoin issuer licenses under a new regulatory framework overseen by the Hong Kong Monetary Authority.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).The regulator announced the initial batch of approvals on Friday (today). It said this marks the first licenses issued under its stablecoin regime. Two entities were approved. They are Anchorpoint Financial and HSBC.HSBC, Anchorpoint Get First LicensesAnchorpoint Financial is a joint venture. It was formed by Standard Chartered Bank in Hong Kong, Animoca Brands, and Hong Kong Telecommunications. It focuses on digital asset infrastructure linked to regulated financial services.HSBC’s Hong Kong entity, the Hongkong and Shanghai Banking Corporation Limited, is one of the city’s three note-issuing banks. It is among the largest banking institutions in Hong Kong.The approvals indicate a cautious start to the licensing process. Regulators appear to be prioritizing bank-linked and institution-backed issuers in the early phase of the regime.The announcement follows weeks of market speculation over potential licensees. It also follows a delay to earlier expectations. HKMA Chief Executive Eddie Yue said in February that “a very small number of issuers would be licensed in March.” That timeline was not met before the first approvals were issued.Hong Kong grants first stablecoin licences to StanChart joint venture and HSBC https://t.co/IoY0a2VPvH— Reuters Asia (@ReutersAsia) April 10, 2026Stablecoin Infrastructure Expands in Hong KongSeparately, EX.IO signed a memorandum of understanding with Payment Asia. The two companies said they will explore stablecoin-related payments, custody, trading, and application use cases in Hong Kong. They said the aim is to support infrastructure for regulated stablecoin issuers and promote real-world adoption once the framework is implemented.Hong Kong’s stablecoin regime took effect on August 1, 2025. It requires issuers of fiat-referenced stablecoins to obtain a license from the Hong Kong Monetary Authority. The framework includes requirements on reserve backing, redemption rights, governance standards, and anti-money laundering controls. This article was written by Tareq Sikder at www.financemagnates.com.

Japan has amended its main financial law to tighten oversight of crypto assets. The government approved changes to the Financial Instruments and Exchange Act on Friday (today), according to Nikkei.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).The amendment classifies crypto assets as financial instruments. This moves them away from being treated mainly as payment tools. They will now be regulated in a way similar to securities. The step follows plans outlined in 2025 to bring crypto under the same law with disclosure and insider trading rules.Japan Bans Insider Trading, Raises PenaltiesUnder the revised framework, insider trading in crypto assets is banned. The rule targets trading based on undisclosed information. Authorities have also increased penalties for unregistered crypto exchanges.The amendment introduces new disclosure requirements. Crypto “issuers” must publish information at least once a year. The measure is intended to improve market transparency.Japan is also preparing for broader market integration. Plans call for allowing crypto exchange-traded funds by 2028. Firms such as Nomura Holdings and SBI Holdings are expected to develop related products.JUST IN: ?? Japan officially approves bill to recognize cryptocurrency as a financial asset.— Watcher.Guru (@WatcherGuru) April 10, 2026Japan Signals Lower Tax, Institutional GrowthJapan’s Financial Services Agency had previously overseen crypto under the Payment and Settlement Act. That framework focused on their use as a means of payment. The latest revision reflects growing institutional activity in the sector.By reclassifying crypto assets, Japan is aligning them more closely with traditional financial markets. The move places them alongside instruments such as equities, with similar oversight standards.Finance Minister Satsuki Katayama outlined the policy direction after a Cabinet meeting. She said the government will “expand the supply of growth capital” and “ensure market fairness, transparency, and investor protection.”The shift builds on earlier signals from policymakers. In January, Katayama said “the role of exchanges and market infrastructure will be essential” to ensure citizens benefit from digital assets.Policy changes have also extended to taxation. In December, the government backed plans to reduce the maximum tax rate on crypto profits to a flat 20%. This article was written by Tareq Sikder at www.financemagnates.com.

Poland’s XTB is increasing its presence in the United Arab Emirates, as the broker received Category 1 and Category 2 licences there, which will allow it to locally onboard clients and execute trades.Announced today (Friday), the broker highlighted that the two licences would allow it to offer “more advanced investment products” locally to UAE traders in the future.The Future Is in the Middle EastNotably, XTB has had a presence in the UAE for years - it has been operating under a licence granted by the Dubai Financial Services Authority (DFSA) since 2021 and obtained a Category 5 licence from the Capital Markets Authority (CMA) in 2024.Although the Cat 5 licence allowed the broker to offer its services locally as a mainland company, it could only market and promote products offered locally. This means the licence is more like an introducing broker model, which only allows brokers to promote products of an offshore entity and onboard clients under that entity.[#highlighted-links#] “Receiving authorisation from the CMA is an important development for our business in the region,” said Achraf Drid, Managing Director, XTB MENA. “It enables us to operate with greater proximity to our clients while adhering to one of the most respected regulatory environments globally.”“The UAE has created a highly attractive ecosystem for financial services firms, combining regulatory clarity with long-term economic vision. This is a market where we see sustained opportunity, and where we intend to build for the future.”Read more: XTB MENA Chief Says Dubai Bet Survived Its First Real Stress TestA New Hub for CFD BrokersFinanceMagnates.com earlier highlighted that most brokers entering the UAE are opting for the Category 5 licence, as it has a much lower entry barrier and capital requirements. Dozens of CFD brokers have entered the country, securing the Cat 5 licence.However, a handful, including Plus500, Deriv, and RoboMarkets, as well as some local firms, have become full brokers in the UAE. Recently, FXTM also revealed its intention to upgrade its Cat 5 licence to a Cat 1 licence in the country. This article was written by Arnab Shome at www.financemagnates.com.

Global CFD and FX broker iFOREX has appointed Michael Hewson as Senior Market Analyst, adding an experienced market commentator to its research and education team. The move follows Hewson’s long tenure at CMC Markets and his more recent work as an independent analyst and content creator.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)iFOREX Appointment and New ResponsibilitiesiFOREX confirmed that Hewson joins the group with immediate effect in the newly announced role. He will deliver market analysis for clients worldwide and help develop educational content for traders, with a brief that covers major asset classes and macro themes.According to the company, Hewson will support clients as they navigate changing market conditions by providing regular commentary and structured learning materials. His work will sit alongside iFOREX’s existing research output and aims to give users more context around trading decisions.Three Decades in Market AnalysisHewson brings more than 30 years of experience in financial markets, with a focus on both technical and fundamental analysis. He spent over 16 years at CMC Markets, including more than a decade as Chief Market Analyst based in London.Continue reading: iFOREX's 2025 Financials Failed to Impress, but 1.1x Revenue IPO Valuation Is RealisticAt CMC, he led coverage of daily market moves, contributed to product development and appeared frequently in financial media. In recent years, he has also produced independent research and commentary through his MCH Market Insights channels and industry podcasts.iFOREX recently joined the ranks of listed retail trading firms, pricing its long-delayed London IPO at a valuation of about £43.3 million after an oversubscribed placing raised £8.75 million in February 2026. The debut on the Main Market came after months of scrutiny of the broker’s financials, with its prospectus showing largely flat annual revenue of around $49–50 million and EBITDA squeezed to roughly $4 million in 2025.The broker earlier expanded its equity lineup with contracts for difference on Saudi Arabian and South Korean shares, adding exposure to key Middle Eastern and Asian markets. This article was written by Jared Kirui at www.financemagnates.com.

The Commodity Futures Trading Commission (CFTC) has asked a federal court in Arizona to stop the state from using its gambling and criminal laws against federally regulated prediction markets.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The regulator filed a motion on Wednesday seeking a preliminary injunction and temporary restraining order to block Arizona’s enforcement actions.Federal Regulator Opposes State EnforcementThe filing follows a lawsuit lodged last week by the CFTC and the Department of Justice, challenging Arizona’s efforts to prosecute companies operating under federal oversight. The regulator argues that Arizona’s actions conflict with federal law and could undermine the CFTC’s authority over event-based contracts.“Arizona’s decision to weaponize preempted state criminal law against companies that comply with a comprehensive federal regime sets a dangerous precedent,” said CFTC Chairman Michael Selig. He added that the agency will “vigorously defend its exclusive authority” over prediction markets.The latest development follows the CFTC’s recent filings of lawsuits against Arizona, Connecticut, and Illinois, accusing the states of overstepping their authority by interfering with federally regulated prediction markets. The agency argues that these states unlawfully sought to impose restrictions on designated contract markets (DCMs) approved by the CFTC, in violation of the Commodity Exchange Act (CEA). Selig said the commission will continue to defend its exclusive jurisdiction over event contracts, financial instruments that allow trading on outcomes such as elections or corporate performance, to prevent fragmented oversight and protect market participants from inconsistent state rules.Broader Dispute Over JurisdictionThe lawsuits extend Selig’s campaign to reaffirm federal control over prediction markets, following earlier filings and regulatory clarifications issued by the commission.Continue reading: CFTC Sues Arizona, Connecticut, and Illinois for Overreach on Prediction MarketsThe CFTC maintains that event-based contracts are derivatives under its jurisdiction, not gambling products, and that insider trading laws apply to all such trading activities. Arizona has gone further by pursuing criminal charges, prompting the federal regulator to seek judicial intervention.Under the Commodity Exchange Act, the CFTC holds exclusive authority to regulate event contracts, which include prediction markets. The agency says this federal law preempts state-level efforts to impose overlapping regulation. The outcome of the Arizona case could shape how prediction markets operate across the United States.Earlier, Selig escalated a jurisdictional clash between federal and state regulators over prediction markets, declaring that the U.S. derivatives watchdog, not state authorities, has sole oversight of event contracts. He said the agency has filed an amicus brief to reinforce its “exclusive jurisdiction” over prediction markets, describing these contracts as derivatives subject to federal regulation. This article was written by Jared Kirui at www.financemagnates.com.

dxFeed has launched its Aggregated Overnight Feed. The service delivers a consolidated top-of-book data feed for the U.S. equities overnight trading session.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).The launch may also benefit retail traders who access extended-hours markets through brokers offering pre- and post-market trading. With higher-quality, aggregated data, these participants can view liquidity and prices more clearly during off-hours.The move builds on dxFeed’s earlier integration of MOON ATS and OTC Overnight, which gave brokers and retail traders continuous access to after-hours trading. The expansion supports equities and multi-asset platforms, reflecting growing demand for 24/5 U.S. stock trading, increasingly offered by platforms such as IG, Robinhood, and Webull.Extended-Hours Trading Pushes Demand for Consolidated DataThe latest move comes as extended-hours trading grows beyond a niche, with pre- and post-market volumes approaching 9% of total daily activity. Market participants in Asia and other international markets are increasingly active during overnight hours."The market is moving toward a continuous trading model, but infrastructure has lagged behind—particularly in overnight sessions," said Stepan Bolshakov, Managing Director at dxFeed. "With our Aggregated Overnight Feed, we are closing that gap by delivering a normalized, consolidated view of liquidity across venues."Before this launch, overnight trading faced fragmented liquidity, inconsistent data formats, and limited transparency across venues. dxFeed’s feed is designed to address these issues.dxFeed Consolidates Overnight Liquidity Across ATS VenuesThe new service uses dxFeed's Feed Consolidator Service to aggregate and normalize Level 1 data. This includes quotes, trades, time & sales, and summary data. It consolidates liquidity across overnight venues such as Bruce ATS, Blue Ocean ATS, and Moon ATS.A key feature of the feed is the ability to merge overnight data with regular U.S. trading sessions. This provides a continuous 24/7 data stream with a consistent schema across all sessions. According to dxFeed, this reduces the need for firms to combine multiple feeds, lowering infrastructure complexity and latency risks.Consolidated Data Improves Overnight Market TransparencyThe feed aims to improve price discovery, increase transparency, and support execution strategies during off-hours. It also provides actionable signals and reduces operational overhead for firms relying on consolidated data.Jason Wallach, CEO of Bruce Markets, said that "as overnight trading gains momentum, the industry is beginning to build the infrastructure required to support a fully functioning session." He added that dxFeed has been an early mover in developing consolidated market data for overnight trading, providing participants with improved transparency and consistent data quality as the session matures. This article was written by Tareq Sikder at www.financemagnates.com.

One of the fastest-growing and most liquid contracts on Kalshi has nothing to do with sports or elections. Traders have put more than $30 million into a market asking a single question: will there be more tech layoffs in 2026 than in 2025? That volume already exceeds Kalshi's popular Oscars contract. The market is pricing in an 83% probability that layoffs in the information sector will surpass the 2025 total of 447,000 — and it is starting to function as a real-time sentiment gauge for investors and professionals tracking the labor market impact of AI adoption and corporate restructuring. "I think it's an important market, because people should know and position accordingly," Kalshi CEO Tarek Mansour said on a recent podcast, citing its relevance for both career planning and economic forecasting.Why the Probability is So High The signal reflects conditions on the ground. Industry trackers have recorded roughly 80,000–100,000 tech sector job cuts in Q1 2026, with the pace significantly ahead of early 2025 in many reports.Two trends are driving the wave. First, large companies including Meta, Amazon, and Oracle are framing layoffs as AI-related restructuring, realigning headcount with new product architectures. Second, a growing share of roles is being converted from full-time positions to contract or outsourced work, reducing fixed costs while capital flows toward AI infrastructure. Around 20% of confirmed 2026 tech layoffs have been explicitly attributed by companies to AI adoption.What this Means for Market Participants For the B2B finance audience, the market's emergence matters beyond its headline number. It is generating a form of alternative data with real analytical value. For macro traders, it offers a probability-weighted, real-time read on tech labor market health — something official datasets like FRED reports cannot provide, given their lag. For equity analysts, sustained high layoff probabilities correlate with near-term margin improvement at large tech companies, but also carry longer-term reputational and regulatory risk. For traders focused on data arbitrage, the contract itself has become a venue for trading discrepancies between different sector definitions and data sources. "It's just so interesting to see," said Kalshi COO Luana Lopes Lara, noting the market was growing at "20% week-over-week." The tech layoff contract is an early example of prediction markets moving past event-based wagers into territory previously occupied by proprietary macro indicators — providing a faster, more granular signal than the official data that professionals have relied on for decades. Whether the 83% probability holds or fades as the year progresses is, of course, an open question. This article was written by Tanya Chepkova at www.financemagnates.com.

Italy’s financial markets regulator, Consob, has ordered access to 12 websites to be blocked for offering financial services and investment products without proper authorization. The action forms part of its ongoing efforts to combat online financial fraud.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The order includes Elite-Flows Limited, Dryden Partners, GoMarketsLtd, Atf GlobalX, LSEGCapital Limited, Roccanazionale IA, and PFT Certx International Ltd, among others. Consob said one site, www.elite-flows.com, offered products to the public without a required prospectus, while others operated unlicensed trading platforms or provided unauthorized investment services.AI-Driven Fraud and Widening EnforcementConsob frames the latest blocks within a broader shift in fraud tactics, warning that online scams increasingly rely on emails, cloned websites, fake celebrity and politician profiles and content generated by artificial intelligence, including synthetic images, voices and videos. The authority said these tools aim to trick investors into harmful decisions, and it urged savers to verify that operators are authorized and that prospectuses or white papers exist before investing.Last month, Consob went beyond blocking websites and directly targeted social media promotion, asking Meta to deactivate a Facebook profile called “Rapporto Italia” that was pushing ads for an AI‑branded trading scheme dubbed “Renditix AI,” alongside ordering the blackout of nine related unauthorized investment sites.Keep reading: Forex, CFDs and Crypto: Italian Investors Are Getting Younger—and RiskierAt the same time, the regulator stressed the growing scale of its online enforcement, noting that this week’s 12 sites bring the total number of websites blocked since July 2019 to 1,666. Consob highlighted that it uses powers introduced under the Growth Decree, the Capital Act and Law No. 8/2020, and pointed investors to its “Watch for scams!” section and an information sheet dedicated to financial fraud in the age of artificial intelligence.Regulator Warns of Evolving Online ScamsSince July 2019, Consob has ordered the blocking of 1,666 websites operating without authorization. The regulator exercises powers under Italy’s “Growth Decree,” “Capital Act,” and Law No. 8/2020, allowing it to act against fraudulent financial intermediaries and illegal promotions.In March, global financial regulators sharply increased their warning activity after a quiet February, signaling stricter oversight of unlicensed trading platforms. The UK’s Financial Conduct Authority (FCA) led the surge with a 73% jump in warnings, while authorities in France, Italy, and Germany also boosted their efforts. The report from Finance Magnates Intelligence even explains how Italy’s CONSOB can go beyond issuing alerts to fully block unauthorized forex and crypto sites, showing a growing push to protect investors and maintain market integrity. This article was written by Jared Kirui at www.financemagnates.com.

Switzerland's financial regulator published guidance on Wednesday warning that banks are not doing enough to combat digital fraud, citing a survey of 19 institutions that revealed widespread gaps in governance, detection systems, and anti-money laundering controls.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The Swiss Financial Market Supervisory Authority (FINMA) said it has observed a steady rise in digital fraud cases since the end of 2022, driven in part by advances in artificial intelligence, deepfake technology, and the broader shift to online banking and instant payments. The regulator's Guidance 02/2026, released Wednesday, lays out findings from a survey conducted at the end of 2025 across banks in various supervisory categories.Among the results: 8 of the 19 institutions surveyed (42%) had no dedicated digital fraud policy, according to the guidance. Three lacked any steering committee to deal with digital fraud risks. Seven had no standard response plan for fraud incidents, and roughly a quarter had no processes for identifying emerging fraud trends, a practice known as "horizon scanning."What FINMA's Guidance Means for Swiss-Licensed BrokersThe guidance applies to banks and persons under Article 1b of the Banking Act, a category that includes securities dealers. Switzerland requires retail FX and CFD brokers to hold banking licenses, which means firms like Swissquote and Dukascopy operate under FINMA's direct supervision and fall within the scope of these expectations.FINMA did not disclose which institutions participated in the survey, and the guidance carries no enforcement action against any named entity. Both Swissquote and Dukascopy hold full Swiss banking licenses and are among the few FINMA-regulated firms that accept retail trading clients from across Europe. Swissquote reported CHF 723.3 million in net revenue for 2025 and added more than 100,000 accounts last year, while Dukascopy expanded its MT5 offering to more than 400 instruments earlier this year.The broader point is that any FINMA-supervised institution offering digital onboarding and online trading is now on notice. The regulator's findings establish a baseline that auditors and compliance teams across the Swiss financial sector are likely to measure themselves against.Fraud Defenses Under Pressure Across the Retail Trading IndustryThe problem FINMA described is not unique to Switzerland. Digital fraud has become a growing challenge across the retail trading industry, and the regulatory response has been uneven.Last year, Warsaw-listed broker XTB faced public fallout after a Polish client alleged hackers drained approximately $38,000 from his account through rapid-fire trades on low-liquidity instruments. The incident pushed XTB to mandate two-factor authentication and later introduce an emergency lock feature that lets clients freeze all account activity with a single tap. XTB said it would reimburse all clients who suffered losses from cyberattacks, though the company noted the affected accounts amounted to just 0.017% of its client base.The FCA in the United Kingdom has been active on a related front, issuing repeated warnings about clone firms impersonating regulated brokers. In the EU, the rollout of instant payments regulation has raised its own set of fraud concerns. FINMA's survey adds hard data to a problem the industry has largely addressed through individual company responses rather than coordinated regulatory action.Deepfakes and AI Complicate Online OnboardingOne of the more pointed sections of the FINMA guidance deals with the rising use of deepfakes and AI-generated documents to circumvent identity verification during online account opening, a process that nearly every retail broker relies on to acquire new clients.Criminal organizations "are making full use of the new technological possibilities, and manipulated videos or forged identity documents are becoming increasingly difficult to detect," the guidance states. The regulator noted an increase in reports to Switzerland's Money Laundering Reporting Office (MROS) tied to accounts opened online, though FINMA acknowledged the survey data did not provide clear evidence that fraud was more common with online accounts than with those opened in person.The growing role of AI in financial fraud has been flagged by regulators globally. The CFTC in the United States warned last year about criminals using AI-powered tools to create fake trading platforms and impersonate executives. A separate report found that 32% of investment scams now originate on social media, with AI-generated content playing an increasing role.FINMA pointed to a specific pattern that should concern any firm with digital onboarding: individuals being tricked into opening legitimate bank accounts, completing all proper due diligence steps, and then handing over access to criminal third parties. Because the accounts are opened using valid documents, the fraud occurs after the onboarding process, making it harder for compliance teams to catch through standard KYC checks alone.Anti-Money Laundering Gaps Vary WidelyThe survey results on anti-money laundering controls were notably uneven. FINMA found that the rate of suspicious activity reports related to online fraud, identity theft, and money mules varied by a factor of up to 10 across the institutions surveyed. The proportion of internally flagged cases that led to formal MROS reports ranged from 12% to 78%, according to the guidance.Transaction monitoring thresholds at most surveyed institutions were set at CHF 100,000 or CHF 200,000 for retail clients with low or normal risk profiles, levels that FINMA described as suggesting relatively basic systems. The regulator noted that most institutions relied on fixed limits rather than scenario-based monitoring, which makes it harder to identify digital fraud patterns that may involve smaller, faster transactions.KYC information, FINMA found, was "generally rather limited" at the institutions surveyed, and most did not feed it into their transaction monitoring systems. The regulator said institutions' anti-money laundering regulations and processes "must be sufficiently effective to detect cases of digital fraud and money muling as quickly as possible."For the retail FX and CFD sector, where fast deposit-withdrawal cycles and cross-border fund flows are standard, the AML gaps FINMA described are directly relevant. Switzerland's Banking Ombudsman reported that fraud was the most common cause of cases brought to its attention in 2024, according to its annual report cited in the guidance.FINMA's concluding remarks carried an implicit warning. The regulator said that in the event of a "spate of fraud cases," institutions must review the effectiveness of their existing measures "promptly and, if necessary, supplemented by additional measures." That may include "temporary restrictions on the provision of certain services that lead to such instances of digital fraud," according to the guidance. This article was written by Damian Chmiel at www.financemagnates.com.

Webull Corporation (NASDAQ: BULL) reported record revenue of $571 million for its first full year as a publicly traded company when it released earnings in March. But the annual report filed with the SEC today (Thursday), a 20-F running to hundreds of pages, shows the price tag for assembling those numbers was climbing faster than the top line itself.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The filing, which contains the audited financial statements and detailed disclosures that go well beyond the earnings press release, paints a more granular picture of how Webull acquired its customers, how heavily it depended on a single revenue source, and how rapidly promotional spending scaled in the final months of the year.Webull’s Promotional Giveaways Increased Almost SixfoldBuried in the reconciliation tables of the 20-F is a line item called contra revenue, the amount Webull deducts from its reported revenue to account for promotional payments made to customers. These include free shares, cash bonuses and deposit incentives offered to attract and retain users who are classified as customers under accounting rules.In 2024, total contra revenue amounted to $3.6 million. In 2025, it reached $21.2 million, a 485% increase. The quarterly trajectory is what stands out: the figure accelerated from $2.8 million in the first quarter to $9.6 million in Q4 alone, meaning nearly half of the full-year total was concentrated in the final three months.Webull quarterly contra revenue (in millions)Source: Webull Corporation 20-F filed April 9, 2026The headline $571 million revenue figure is already net of these deductions. Without contra revenue, gross revenue would have been approximately $592 million. The gap between the two numbers was negligible in prior years, but it widened sharply in 2025, particularly in Q4, suggesting the company is spending at an increasing rate to pull in deposits and trading activity.Q4 Marketing Spend More Than DoubledThe contra revenue jump was not the only sign of escalating acquisition costs. Marketing and branding expenses hit $53.3 million in Q4 2025, more than double the $23.4 million Webull spent in Q4 2024, according to the filing. That single quarter consumed 39% of the $135.9 million Webull spent on marketing for the full year.The spending drove a record $3.9 billion in net deposits during Q4, a 225% year-over-year increase. But it also squeezed quarterly profits: income before taxes fell to $8.1 million from $17.3 million a year earlier, even though revenue rose 50%. Adjusted operating profit held flat at $21.6 million, propped up by adding back share-based compensation and other excluded items.Webull Q4 2025 vs Q4 2024 (in millions)Source: Webull Corporation 20-F filed April 9, 2026The pattern is clear from the numbers: revenue grew, but operating expenses grew faster, and the gap was driven primarily by the push for new deposits.PFOF Share of Revenue Keeps ClimbingPayment for order flow accounted for $304.1 million of Webull's 2025 revenue, or 53.3% of the total, up from 50.5% the prior year, according to the annual report. The filing breaks down revenue into four streams: equity and option order flow rebates ($304.1 million), interest-related income ($154.3 million), handling charge income ($87.3 million), and other revenues ($25.3 million).The growing PFOF concentration is notable because Webull's own risk factors describe it as the firm's most vulnerable revenue line. The SEC proposed rules in 2022 that, if adopted, "would have the indirect effect of making PFOF more difficult or impossible to earn," the filing stated. And because some competitors "derive a lower percentage of their revenues from PFOF than we do," heightened regulation "could have an outsized impact on our results of operations," according to the 20-F.Robinhood Markets (NASDAQ: HOOD), the closest U.S. competitor, generated $4.5 billion in 2025 revenue and has actively diversified into interest income, subscription revenue from its Gold tier, and banking-adjacent products. eToro (NASDAQ: ETOR) posted record net contribution of $868 million for the year but relies heavily on crypto-related trading commissions. Both platforms have faced questions about revenue durability, but neither carries Webull's degree of PFOF dependency as disclosed in regulatory filings.International Footprint Still U.S.-HeavyWebull launched brokerage services in the Netherlands in September 2025, its first EU market, and expanded into cryptocurrency trading in Australia through a partnership with Coinbase Prime. But the numbers show the business remains overwhelmingly American.Of the 5.03 million funded accounts, more than 760,000 sit outside the United States, according to figures cited on Webull's Q4 earnings call. That leaves roughly 4.27 million, or 85%, of funded accounts in the U.S. market. Asia-Pacific customer assets surpassed $3 billion and Canada approached $1.5 billion, but the combined international total is a small share of the $24.6 billion overall.The filing flagged a new risk specific to the firm's recently launched event contract and prediction market products, offered in the U.S. through a partnership with Kalshi. The company said its ability to continue offering such products "is subject to the outcome of currently ongoing and potential future regulatory enforcement actions and litigation."Most recently, Webull's UK subsidiary removed commissions on U.S. and Hong Kong shares and launched a flexible Stocks and Shares ISA, adding to a competitive pricing environment that could further compress margins as the firm expands beyond North America.China Scrutiny Remains on the RadarThe 20-F repeated a risk factor that first appeared in the 2024 filing, citing the possibility of "further actions taken by various government bodies in the United States that have made the Company the subject of inquiries and investigations relating to concerns about our connections to China." Webull was founded by Anquan Wang, a former executive at Alibaba and Xiaomi, and is incorporated in the Cayman Islands.The company has faced past compliance issues in the United States. FINRA fined Webull $3 million in 2023 for onboarding unqualified options traders, and the SEC penalized the firm in 2024 for submitting incomplete suspicious activity reports.Webull's Class A shares have fallen more than 70% from their post-listing peak after the company went public through a SPAC merger in April 2025. The dual-class share structure, with Class B shares carrying 20 votes each, makes it a controlled company under Nasdaq rules. This article was written by Damian Chmiel at www.financemagnates.com.

Binance Wallet has introduced a new feature called Prediction Markets. The feature is powered by Predict.fun and allows users to take positions on the outcomes of real-world events.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).The move comes as other industry players are expanding into prediction markets. Match-Trade Technologies recently launched a product for brokers, offering event-based trading as both an add-on to its Match-Trader platform and a standalone white-label solution. The system provides real-time probability updates, automatic contract settlement, and direct control over fees and risk settings. The launch reflects rising competition in the sector, as multiple vendors introduce similar products. Trading volumes in prediction markets have also surged, including a record $701.7 million in a single day in January 2026.Binance Wallet Adds Prediction Markets FeatureBinance Wallet said the service enables users to engage with topics ranging from cryptocurrency price movements to broader global developments. It added that the feature is designed to reduce technical complexity typically associated with such activities.According to the announcement, the platform removes the need for “complicated wallet setups” and “gas fees,” describing these as common barriers for users. Binance Wallet stated that this approach is intended to make participation more accessible.The Prediction Markets feature is aimed at a broad user base. The company said it offers a simplified way to interact with events through a digital interface. It also noted that access to the service is limited to selected regions, although it did not specify which jurisdictions are included.The broader prediction market sector is also changing rapidly, with machine-driven strategies increasingly shaping outcomes.Stake your take across crypto, politics, sports, and more.Prediction Markets are now live, thanks to @predictdotfun’s seamless integration with Binance Wallet.Learn more ? https://t.co/NhmLXYLqR8 pic.twitter.com/bBG5cUcmLD— Binance (@binance) April 9, 2026Prediction Markets Shift Toward Algorithmic DominancePrediction markets are now dominated by bots that exploit latency, arbitrage, and structural pricing inefficiencies faster than human traders. Platforms such as Polymarket and Kalshi show that these systems account for most profitable activity, particularly in ultra-short contracts. Human participants remain active in longer-dated events, but infrastructure such as real-time data feeds, execution engines, and arbitrage tools is creating a trading environment similar to forex and crypto markets. The shift raises questions about who controls the systems shaping these markets. This article was written by Tareq Sikder at www.financemagnates.com.

Bitcoin (BTC) traded at $71,362 on Wednesday, April 9, 2026, up approximately 4.5% from Tuesday's open as the two-week U.S.-Iran ceasefire collapsed crude oil prices and sent $427 million in crypto short positions into forced liquidation. The Bitcoin price prediction debate has shifted sharply over the past 72 hours. Now BTC is pressing into the densest cluster of short liquidity in the $72,000-$73,500 range, with $6 billion in leveraged positions at risk of cascade liquidation. Morgan Stanley's MSBT, the first spot Bitcoin ETF from a major U.S. bank, launched on Tuesday with $34 million in day-one inflows, adding a fresh institutional demand channel at a pivotal moment. This week's catalysts include whether the ceasefire holds, ETF flow sustainability, and whether spot demand can force a breakout above the $75,000 range ceiling.Follow me on X for real-time market analysis: @ChmielDkWhy Bitcoin Is Surging as Oil Crashes on Iran Ceasefire"This does look like a directional setup, but it's being driven by a combination of macro factors and market structure rather than any single catalyst like the ceasefire alone," said Paul Howard, Senior Director at Wincent. "The recent weakness in crude oil strengthens the case for potential Fed easing, which in turn creates the conditions for a risk-on move in Bitcoin." Howard noted that Bitcoin volatility dropped below 46, its lowest level in two months, a condition that often precedes larger directional moves.The macro transmission mechanism is direct. As the FinanceMagnates.com oil price analysis from April 7 documented, WTI crude had nearly doubled since January to $112.41 per barrel before the ceasefire announcement. The subsequent crash repriced inflation expectations, shifted rate cut probabilities, and released a wave of risk appetite across equities and crypto simultaneously."Five weeks of conflict in the Gulf turned crypto into a geopolitical barometer," said Adam Saville Brown, Head of Commercial at Tesseract Group. "When Iran closed the Strait of Hormuz, Bitcoin dropped into the low $60s alongside everything else. When ceasefire talks surfaced on Sunday, it reclaimed $69,000 before most desks were open on Monday morning." Saville Brown pointed to the $427 million in short liquidations over the past 48 hours as evidence of how aggressively the market had positioned for continued escalation.The key macro drivers behind this move:Oil crash: WTI crude collapsed from $112 per barrel after the ceasefire, repricing Fed rate cut expectations from zero to possible in the second half of 2026Short liquidation cascade: $427 million in crypto shorts liquidated in 48 hours, the largest flush since late FebruaryBTC-Nasdaq correlation: Bitcoin showed 85% correlation with the Nasdaq-100 during 2026 oil spikes, confirming it is trading as a high-beta risk assetFunding rates flat to negative: BTC perpetual funding is flat to slightly negative, confirming the rally is spot-driven, not leveraged speculationWhale Accumulation and ETF Flows Signal Structural DemandThe flow data behind this rally is more constructive than any previous 2026 bounce. On April 6, spot Bitcoin ETFs recorded $471 million in net inflows, the strongest single day since late February, with BlackRock's IBIT, Fidelity's FBTC, and Ark Invest's ARKB absorbing the bulk.On-chain data reveals a more significant shift. "For only the second week in 2026, Bitcoin wallets holding more than 10,000 BTC have seen inflows," Howard said. "This suggests whale accumulation rather than ETF-driven demand. If that trend continues, it increases the likelihood of a supply squeeze that could push Bitcoin toward the $75,000-$80,000 range." As I noted in my February analysis of the $60,000-$72,000 consolidation range, these accumulation zones are where the next major directional move begins to take shape.Morgan Stanley's MSBT ETF, which began trading on NYSE Arca on April 8, adds structural demand at a critical moment. The fund drew $34 million in day-one inflows, traded more than 1.6 million shares, and charges 0.14%, the lowest fee in the U.S. spot Bitcoin ETF market. Bloomberg ETF analyst Eric Balchunas placed the debut in the top 1% of all ETF launches and projected $5 billion in assets under management within the first year. Morgan Stanley's 16,000 wealth management advisors overseeing $9.3 trillion in client assets now have a proprietary product to recommend.Key flow data points:$471 million in net Bitcoin ETF inflows on April 6, strongest since late February$34 million in day-one MSBT inflows, top 1% of all ETF launches historicallyWhale wallets (10,000+ BTC) recorded inflows for only the second week in 2026Bitcoin ETFs collectively hold over $100 billion in cumulative assets under managementFunding rates flat to slightly negative, confirming spot demand over leverageBitcoin Price Prediction: Technical AnalysisMy chart shows that Bitcoin remains trapped in the same consolidation range it has occupied for the past two months, bounded by $75,000 resistance on the upside and approximately $62,000 support on the downside. At $71,362, BTC sits just above the 50 EMA, which it reclaimed on Tuesday's ceasefire rally.The broader trend, however, remains bearish. The 50 and 200 EMAs crossed to the downside in November, generating a strong sell signal that I covered at the time. Since that death cross, Bitcoin has been in a structural downtrend, and the 200 EMA now sits at approximately $84,000, a considerable distance above the current price. Until BTC reclaims that level on a sustained basis, any rally occurs within the context of a bear market.As my March analysis of BTC testing $74,500 established, the consolidation breakout above $72,000 was a genuine technical positive, but it occurred within a broader downtrend structure. The same dynamic applies now. On the resistance side, I identify the November lows just above $80,000 as an additional layer of overhead supply, meaning any push above $75,000 faces a dense resistance cluster before the 200 EMA at $84,000.My directional bias is cautiously bullish within the range. A daily close above $75,000 would be the first clean breakout of 2026 and could open the door to a test of the $80,000 zone. A failure to hold the 50 EMA near $68,700 on a pullback would suggest the ceasefire rally was another lower high in the downtrend, with $62,000 as the next test. As my March 24 analysis noted, BTC has gone nowhere on a net basis despite repeated multi-thousand-dollar swings.Bitcoin Price Predictions for 2026: Bull and Bear Targets"The ceasefire is for two weeks. That's the window," said Saville Brown. "Derivatives heatmaps show roughly $6 billion in leveraged shorts concentrated between $72,200 and $73,500, with peak density around $72,500. If spot demand can force the price through that zone, the resulting liquidation cascade would likely catapult Bitcoin through the supply gap toward $80,000."Saville Brown is watching ETF flow data as the confirmation signal. "April 6 saw $471 million in net Bitcoin ETF inflows, the strongest day since late February. If institutional flows sustain through the week, that's a signal this isn't just short covering but a genuine reallocation." He added that Morgan Stanley's MSBT launch adds a new demand channel at a critical inflection point.On the bearish side, the structural case remains intact. As the January FinanceMagnates.com Bitcoin price prediction noted, institutional forecasts span $75,000 to $225,000 for 2026, reflecting deep uncertainty. Canary Capital's Steve McClurg has argued that 2026 represents the "bear leg" of Bitcoin's four-year cycle, which historically produces 60-80% drawdowns from the peak. From $126,000, a 60% drawdown targets $50,400. My February bear case analysis set a primary downside target of $50,000, the August 2024 lows, which remains valid if the ceasefire collapses and oil returns above $100.As the April 2 bull case analysis detailed, JPMorgan's trend-based Fibonacci extension projects $170,000 at the 100% level and $240,000 at 161.8%, but these targets require a sustained reclaim of the 200 EMA at $84,000 and a macro regime shift.Bull case:Oil stays below $95 and the ceasefire holds, reviving rate-cut expectations for H2 2026$6 billion in shorts between $72,200-$73,500 liquidated, creating a cascade toward $80,000Morgan Stanley MSBT drives sustained institutional demand through 16,000 wealth advisorsWhale accumulation continues, tightening spot supply ahead of a macro-driven breakoutBear case:Ceasefire collapses within two weeks, oil spikes back above $100, and geopolitical risk returnsFed remains on hold at 3.5%-3.75% with no rate cuts through 2026Four-year cycle drawdown targets $50,000-$50,400, consistent with 60-80% historical correctionsBTC fails at $75,000 resistance, confirming another lower high in the structural downtrendFAQWhat is the Bitcoin price prediction for April 2026?Short-term Bitcoin price predictions range from $75,000-$80,000 on the bull side to a return toward $62,000-$66,000 on the bear side. The outcome depends primarily on whether the two-week U.S.-Iran ceasefire holds, keeping oil prices down and inflation expectations favorable for Fed rate cuts. Derivatives data shows $6 billion in shorts concentrated at $72,200-$73,500, making that zone the pivot between the two scenarios.Why is Bitcoin going up today?Bitcoin surged over 4% following the two-week U.S.-Iran ceasefire announcement, which crashed crude oil prices from $112 per barrel and triggered $427 million in crypto short liquidations within 48 hours. The oil decline shifted rate cut expectations, released risk appetite, and sent capital rotating back into crypto. Flat-to-negative funding rates confirm the rally is driven by spot demand, not leveraged speculation.What does the Morgan Stanley Bitcoin ETF mean for BTC price?Morgan Stanley's MSBT launched April 8, 2026 as the first spot Bitcoin ETF from a major U.S. bank, drawing $34 million in day-one inflows with the market's lowest fee at 0.14%. The bank's 16,000 advisors overseeing $9.3 trillion in client assets now have a proprietary Bitcoin product to recommend. Bloomberg analyst Eric Balchunas projects $5 billion in AUM within the first year.Will Bitcoin reach $80,000 in 2026?The short-term path to $80,000 requires a liquidation cascade through $6 billion in shorts between $72,200 and $73,500, followed by sustained ETF inflows and a hold of the ceasefire. Paul Howard of Wincent and Adam Saville Brown of Tesseract both identify $75,000-$80,000 as the target zone if the current setup plays out. The 200 EMA at $84,000 remains the structural barrier between bear and bull trend.How low can Bitcoin go in 2026?The primary bear target remains $50,000, the August 2024 lows, which aligns with Canary Capital's four-year cycle analysis projecting a 60% drawdown from the $126,000 ATH. In a range scenario, the $62,000 floor of the two-month consolidation is the first downside test. A ceasefire collapse, oil returning above $100, and continued Fed hawkishness at 3.5%-3.75% would reactivate the bearish structure. This article was written by Damian Chmiel at www.financemagnates.com.

The prop trading industry has spent the better part of a decade refining a model built around foreign exchange and contracts for difference: high leverage, tight spreads, rapid turnover. It has worked. Leading firms have collectively distributed over $1 billion in payouts to traders, according to industry estimates, with FTMO alone reporting $450 million over its first decade of operation.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Now, a growing number of prop firms are looking beyond FX and futures toward a market that dwarfs both: U.S. equities. But the shift introduces structural challenges that cut to the heart of how the prop model generates revenue, and whether the economics can hold without the leverage that makes FX prop trading viable.The Trading Pit Launches Its Stock PlayAmong the firms testing the waters is The Trading Pit, the Liechtenstein-headquartered prop firm majority-owned by Pinorena Capital, a fintech investment vehicle led by Tickmill co-founder Illimar Mattus. The firm, which earlier this year launched a Seychelles-regulated brokerage as part of a broader expansion push, added a U.S. stocks program in 2025 as a minimum viable product, offering direct market access to American equities in a simulated environment.The program currently represents a modest share of the firm's overall business, accounting for less than 10% of active traders and revenue, according to the company. That compares to its established CFD and futures programs, which generate thousands of active monthly accounts and have distributed more than €10 million in total rewards to date."Considering that the total addressable market of stock retail traders around the world is in the range of tens of millions, we believe that stock prop trading has the potential to shift from niche to a material share," Daniela Egli, the CEO of The Trading Pit, said in a conversation with FinanceMagnates.com. The Trading Pit projects stocks could eventually account for more than 30% of its revenue, driven by what it describes as first-mover positioning as a multi-asset prop firm spanning stocks, CFDs, and futures.No Leverage Changes EverythingThe most consequential difference between stock and FX prop trading is straightforward: leverage. FX challenges typically offer leverage of 1:50 or higher, meaning a trader with a $100,000 evaluation account can control positions worth $5 million or more. Stock prop programs, by contrast, operate with no leverage or limited buying power multiples.The Trading Pit confirmed that its stock program applies no leverage, requiring "strict position sizing and genuine risk control that mirrors professional stock trading constraints." The firm frames this as a feature rather than a limitation, arguing that the absence of amplification forces traders to develop habits aligned with institutional equity desks rather than the leveraged retail FX environment.The practical consequence, however, is that profit generation on a $25,000 stock account, the only size currently available at The Trading Pit, requires meaningfully different mathematics than on a leveraged CFD account of the same nominal size. A 2% daily move on a concentrated stock position is an exceptional day. On a leveraged FX account, equivalent P&L swings are routine."Stock traders demonstrate stronger diversification, which correlates with better longevity," the firm said. On metrics such as win rate and maximum drawdown, stock performers align closely with FX and futures traders, though early data shows slightly lower drawdowns attributable to the no-leverage model. Overall pass rates remain comparable across asset classes.From FX Dominance to Multi-Asset - Rivals Already in the FieldThe push toward equities sits within a broader industry pivot. After a bruising period that saw an estimated 80 to 100 prop firms shut down in 2024, driven by MetaQuotes restricting platform access and regulators scrutinizing the simulated trading model, survivors have been forced to diversify. The move into futures, crypto, and now stocks reflects a search for new revenue lines and broader trader audiences.Trade The Pool, an Israel-based firm backed by The5ers, launched in 2022 as what appears to be the first prop firm dedicated exclusively to U.S. stocks and ETFs. Unlike The Trading Pit's simulated environment, Trade The Pool routes orders through Interactive Brokers infrastructure with real-time exchange data, a distinction that matters for traders whose strategies depend on authentic depth and execution quality. FinanceMagnates.com contacted The5ers for comment on its stock prop strategy, but the company had not responded by publication time.On the broker-backed side, Australia's Blueberry Funded expanded its evaluation program in 2025 to include CFD stock trading challenges, offering access to more than 1,000 stocks through MetaTrader 5 and DXtrade. The key difference: Blueberry Funded's offering is structured around stock CFDs rather than direct equity access, meaning traders speculate on price movements without the market microstructure characteristics of exchange-traded shares. The firm, a subsidiary of ASIC-regulated Blueberry Markets, reported $2.3 million in first-year payouts across all its products. The infrastructure layer is evolving too, with fintech firm EBSWare expanding its white-label prop trading solution to include U.S., Hong Kong, and Indian equities.Unlike several competitors whose stock and CFD challenges remain restricted by jurisdiction, The Trading Pit said its stock program is available globally, including to U.S. and Canadian residents. That broad access is notable given the wider industry pattern: major prop firms only recently re-entered the American market after being forced out by the MetaQuotes crackdown in early 2024, and geographic availability remains uneven across firms and asset classes. Can Stock Prop Scale, or Will FX Always Dominate?The fundamental question is whether stock prop trading can generate the unit economics that FX challenges deliver. The FX model thrives on volume: low challenge fees, high fail rates, and leveraged trading that produces dramatic outcomes quickly. Stock prop, with no leverage and more diversified trading patterns, may require a different business calculus entirely.The Trading Pit is pricing its stock challenges at €99 for a $25,000 account with an 80% profit split, competitive with mid-range FX challenges. But the firm acknowledged it is "actively incorporating trader feedback to expand offerings, including varied account sizes and types," suggesting the current product is far from final. The broader industry trajectory may favor diversification regardless. Several CFD-focused firms have already expanded into futures, with The5ers launching futures offerings in early 2026 and firms like TopStep and Apex filling the gap that CFD props left when they exited the U.S.For now, stock prop remains in its earliest innings, with limited performance data, narrow product offerings, and a competitive landscape still measured in single digits. The firms placing early bets are wagering that tens of millions of retail stock traders represent an addressable market too large to ignore. This article was written by Damian Chmiel at www.financemagnates.com.

When the European Securities and Markets Authority (ESMA) issues a Common Supervisory Action (CSA), enforcement tends to follow. That has been the pattern. CSAs are designed to generate supervisory intelligence, identify systemic gaps, and create the basis for coordinated regulatory response across national competent authorities in the EU. In my view, and based on what we observed across the market, enforcement actions will follow this one. Surveill reviewed 154 Cyprus Securities and Exchange Commission (CySEC) regulated forex and CFDs firms across 45 conflict-of-interest controls aligned to the CSA 2026 priorities. The conclusion is consistent. The issue is not whether firms have conflict frameworks. It is whether those frameworks reflect how the business actually operates today. What we found indicates they do not. A Decade Without an Update One finding stands out above all others. We identified a major CySEC-regulated firm whose conflicts of interest policy had not been meaningfully updated in ten years. Not revised. Not reviewed. The document existed, but the substance remained unchanged.This is not a gap. It is a governance failure. And that firm is not an isolated case. It is the extreme point on a curve that describes most of the market.Read more: Cyprus Built Its Name on CFDs. Now a Crypto Exchange Is One of Its Biggest Hirers Across the firms we reviewed, policies reflect a version of the business that no longer exists. The conflicts described are those that were relevant when the framework was first written. The governance mechanisms are built around those same categories. Version numbers may have changed. Years on the document may have been updated. The substance did not move. What is missing are the areas that now define the business. Affiliate ecosystems. Finfluencer-driven acquisition. Digital platforms where clients make decisions. The policy was written once. The business moved on. The policy did not.The European Commission is preparing a reform that would give ESMA direct supervisory authority over crypto-asset service providers across the EU, replacing the current member-state-level oversight. A draft is expected next month and would centralize licensing and supervision…— Wu Blockchain (@WuBlockchain) November 14, 2025What the Data Shows Across inducements and distribution, firms score between 1 and 1.5 out of 3 - the higher the score, the better. Traditional conflicts are addressed: staff remuneration, third-party payments, and commissions. Coverage drops sharply where conflicts arise through affiliate models, introducing brokers, and influencer-driven channels. These are now core to how clients are acquired. They are largely absent from policy frameworks. Digital platforms show the weakest performance of all. The average score is 0.33 out of 3, the lowest category across all 45 controls assessed. In 90% of cases, policies do not acknowledge that platform design choices can create conflicts between a firm's commercial interests and client outcomes. Product ranking, default settings, push notifications, and interface design do not appear in the language. These are not new risks. They are absent because the policies have not been updated to reflect them.The Governance Layer That Was Supposed to Catch This Governance structures appear strong on paper. Registers exist. Escalation processes are documented. Reporting lines are clear. Governance defines what is seen. If governance has not required the firm to revisit its conflict framework as the business evolved, as affiliate models scaled, as platforms became the primary client environment, as finfluencers became a material acquisition channel, then the framework will not capture the risks that now exist. It will only govern the risks it was originally built to see.The low scores on inducements and digital platforms are not just framework gaps. They are evidence that the governance layer above them did not perform its function. Conflicts of interest have become an afterthought. Something to be maintained on paper rather than managed in practice. When a policy is not updated for ten years, governance does not fail quietly. It failed completely. Why Enforcement Will Follow CySEC has committed to on-site visits and desk-based reviews. Inspectors will test whether what is written in policy reflects how firms operate. That is a materially different standard from a document submission. Where platform conflicts are not captured in writing, the gap will be visible from the first question. Where distribution models and affiliate relationships are not reflected in the framework, the exposure is immediate. Where policies have not evolved in substance for years, credibility is compromised before the conversation begins. This is not a CySEC-specific issue. ESMA is coordinating this CSA among the EU's national competent authorities. What we observed in Cyprus is likely indicative of a broader market pattern. The supervisory pressure is not local. It is structural and it is continent-wide. This article was written by Aydin Bonabi at www.financemagnates.com.

IG Group Holdings (LSE: IGG) grabbed attention last month with record revenue of £1.12 billion and a board-led strategic review that may result in a New York relisting. But the full annual report for the seven-month period ended December 31, 2025, published this week, runs to 166 pages, and several of the most interesting disclosures sit well below the headline numbers.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)IG Is Deliberately Taking on More Trading RiskBuried in the principal risks section, the company stated that it "increased our risk appetite in respect of market risk," supported by improvements to its risk measurement capabilities, according to the filing.The numbers confirm the shift. Average daily market risk exposure, measured by Value at Risk at a 99% confidence level, rose from £3.5 million in the year to May 2025 to £4.5 million in the seven months to December 2025, the report showed. The maximum single-day exposure hit £7.6 million, up from £5.9 million in the prior period.For a company whose core OTC derivatives business is built on internalizing client trades and hedging excess exposure, a deliberate increase in the amount of unhedged risk it is willing to carry is a notable change in posture. IG has historically positioned itself as running a low-risk market-making model, the kind of framing that helped it earn a BBB credit rating from Fitch.The elevated risk appetite comes at the same time IG is expanding into crypto products, where volatility and liquidity gaps are materially different from its traditional FX and equity index markets.£55.4 Million in Illiquid Kraken Parent SharesWhen IG sold Small Exchange to Kraken for $101.5 million in October 2025, $67.5 million of the consideration came not in cash but in shares of Payward Inc., Kraken's parent company. Those shares now sit on IG's balance sheet at £55.4 million and are classified as Level 3 in the fair value hierarchy, the least liquid and hardest-to-value category, according to the financial statements.The fair value is determined using "a market approach based on recent equity funding transactions," the report stated, meaning IG is marking the position to Kraken's most recent private funding round. The company already booked a £4.1 million gain on the holding during the period.If Kraken's valuation declines, or if an IPO prices below the most recent round, IG would need to write down the position. The report also disclosed that IG retained a "contingent revenue participation arrangement entitling the Group to a share of future revenues for a two-year period" from the Small Exchange sale, essentially a royalty on Kraken's derivatives volumes. Neither of these details featured in IG's March results announcement.Separately, the notes reveal that IG holds a board seat at Zero Hash, a cryptocurrency trading platform accounted for as an associate, giving it influence over yet another piece of crypto infrastructure.Employee Sentiment Has Turned NegativeIG's employee Net Promoter Score fell to -0.3 for the period ended December 2025, the report disclosed, down from +0.2 in the prior year. The financial services industry benchmark is +29, according to the filing.The company acknowledged the figure is "below where we'd like it" and attributed the decline to "the significant cultural change we've been driving." That cultural change has included a decentralized operating model introduced in 2024, workforce reductions from operational exits, and what the report called a "stronger focus on meritocracy."Over 300 new employees have joined since June 2025 from external organizations. Average headcount excluding Freetrade fell 12% year-on-year. IG said it would introduce monthly pulse surveys from January 2026 to get "real-time insights into colleague sentiment."For a company that repeatedly describes a "high-performance culture" as a competitive advantage, and where CEO Breon Corcoran earned a bonus at 89.7% of maximum, the gap between management's self-assessment and staff sentiment is worth watching.LTIP Targets Imply Ambitions Well Above Public GuidanceThe remuneration section contains long-term incentive plan targets for the three years ending December 2028 that appear to go well beyond what IG has communicated publicly. CEO Corcoran and CFO Clifford Abrahams were granted fixed share awards in September 2025, with vesting tied to revenue and earnings per share performance.For maximum payout, IG would need to reach £1.51 billion in revenue by 2028, the report showed. That implies a compound annual growth rate of 11.4%, roughly double the "mid-to-high single-digit" organic revenue growth that management has guided for 2026.These are stretch targets by design, and the threshold for any vesting at all is £1,226 million, still a 9% jump from the CY25 base. But they reveal how aggressively the board has calibrated executive incentives, and they put a concrete number on what "step change in value creation," a phrase used repeatedly in the report, actually means in IG's internal planning.Independent Reserve: 88% Goodwill on an Unproven AcquisitionThe financial notes disclosed that IG's acquisition of Independent Reserve, the Australian crypto exchange, generated provisional goodwill of £59.7 million on total consideration of £67.7 million. That means roughly 88% of the purchase price was allocated to goodwill rather than identifiable assets, the report showed.The identifiable intangible assets included customer relationships valued at £18.5 million, a trade name at £6.3 million, internally developed software at £7.9 million and cryptocurrency holdings at £7.9 million, all provisional. The remaining 30% equity interest held by Independent Reserve's management is subject to a put-call arrangement based on performance in FY27 and FY28, with a separate contingent payment of A$15 million tied to FY26 revenue.If crypto trading volumes in Asia-Pacific decline or the exchange fails to scale as IG expects, the goodwill position would face impairment testing. IG plans to launch crypto products in Singapore, Australia and the UAE through Independent Reserve in the second half of 2026, but those products are still subject to regulatory approval. This article was written by Damian Chmiel at www.financemagnates.com.

ATFX has released its Q2 2026 edition of Trader Magazine, providing traders with timely insights into the key forces shaping global financial markets in the months ahead. As market conditions continue to evolve, this latest edition explores how shifting capital flows, geopolitical developments, and policy divergence are influencing opportunities across asset classes. Key Themes in the Q2 EditionThe Q2 Trader Magazine highlights several major developments currently driving global markets, offering readers a deeper understanding of both risks and opportunities.Among the key areas covered are:The escalating tensions in the Middle East, including disruptions to critical oil supply routes, and the resulting impact on global energy markets and volatility A forward-looking oil market outlook, featuring institutional projections and scenario analysis amid shifting supply dynamics The evolving role of gold as a long-term stabilising asset, alongside silver’s higher-volatility trading opportunities Diverging central bank policies across major economies, shaping currency movements and cross-asset correlations The outlook for global equity markets, as technology-driven growth trends intersect with valuation pressures and macro uncertainty Together, these themes provide a connected view of how global events are influencing capital allocation across markets.From Market Developments to Trading PerspectiveBeyond highlighting key events, the Q2 edition helps traders interpret what these developments could mean in practice. By combining macro insights with technical perspectives across FX, commodities, and indices, the magazine enables traders to better understand market structure, including underlying trends, key levels, and potential turning points. This comprehensive view supports a more disciplined and informed trading framework, helping traders navigate periods of heightened volatility with greater clarity and confidence.Download a copy of the Q2 2026 Trader Magazine here to explore the full analysis and insights across global markets.About ATFXATFX is a leading global fintech broker with a local presence in 24 locations and holds 9 licenses from regulatory authorities, including the UK's FCA, Australia's ASIC, Cyprus' CySEC, the UAE's CMA, Hong Kong's SFC, South Africa's FSCA, Mauritius' FSC, Seychelles' FSA, and Cambodia's SERC. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX delivers exceptional trading experiences to clients worldwide.For further information on ATFX, please visit ATFX website https://www.atfx.com. This article was written by FM Contributors at www.financemagnates.com.