SEC & CFTC Enforcement
Material regulatory developments from U.S. Securities and Exchange Commission and Commodity Futures Trading Commission are tracked daily by Cresthaven Analytics. Over the last 90 days, 20 material briefs relevant to professionals operating in the financial & capital markets sector have been published below. Each brief is sourced directly from the primary regulatory feed, summarized for institutional readers, and scored for materiality.
Recent material activity
A selection of recent published briefs; this is not a complete archive.
CFTC obtains federal court orders requiring Alexandre and EminiFX to pay over $288 million for commodity pool Ponzi scheme
The CFTC announced on October 19, 2026 that the U.S. District Court for the Southern District of New York entered orders against Eddy Alexandre and EminiFX Inc. for operating a commodity pool Ponzi scheme. The orders req…
Read the full SEC & CFTC Enforcement brief →LTSE files immediately effective rule change aligning clearly erroneous execution review with SEC-approved overnight trading price bands
On October 8, 2026, Long-Term Stock Exchange, Inc. filed a proposed rule change with the SEC, effective upon filing, to amend its clearly erroneous execution rule. The amendment aligns the rule with the SEC's August 5, 2…
Read the full SEC & CFTC Enforcement brief →Nasdaq ISE proposes to eliminate cross-market risk controls shared with affiliate Nasdaq GEMX
Nasdaq ISE, LLC filed a proposed rule change on October 1, 2026, granted immediate effectiveness by the SEC, to amend its Market-Wide Speed Bump and Kill Switch. The proposal removes existing cross-market functionality t…
Read the full SEC & CFTC Enforcement brief →Nasdaq GEMX proposes to eliminate cross-market risk controls linking GEMX and Nasdaq ISE
Nasdaq GEMX, LLC filed a proposed rule change on October 1, 2026, with immediate effectiveness, to amend its Market-Wide Speed Bump and Kill Switch. The proposal removes existing cross-market functionality that currently…
Read the full SEC & CFTC Enforcement brief →LTSE files immediately effective rule change adding monthly cash incentives for registered Market Makers
The Long-Term Stock Exchange (LTSE) filed a proposed rule change on September 30, 2026, effective immediately upon filing, to add a Market Maker Incentive Program to its fee schedule. The program offers monthly cash paym…
Read the full SEC & CFTC Enforcement brief →MIAX files immediately effective rule change altering PRIME auction RFR response handling
MIAX filed a proposed rule change on September 30, 2026, effective immediately upon filing, amending its PRIME and PRIME Solicitation Mechanism rules governing Request for Response messages. The amendment replaces outrig…
Read the full SEC & CFTC Enforcement brief →NYSE proposes non-substantive clarification to Rule 7.18 on ETP initial listing auction procedures
The NYSE filed a proposed rule change on October 1, 2026, to amend Rule 7.18, which governs trading halts. The amendment adds explicit language to the Initial Listing Regulatory Halt resumption provision, clarifying that…
Read the full SEC & CFTC Enforcement brief →SEC approves CMESC rule change restructuring the Capped Liquidity Facility and its master repurchase agreement
The SEC approved proposed rule change SR-CMESC-2026-008 on October 13, 2026, filed by CME Securities Clearing Inc. The approval amends Rule 410, Rule 101, the Capped Liquidity Facility Procedure, and the Liquidity Risk M…
Read the full SEC & CFTC Enforcement brief →Nasdaq files immediately effective rule change governing ETP halt and opening procedures for 23/5 trading sessions
Nasdaq filed a proposed rule change with the SEC on October 1, 2026, to amend its trading halt and opening rules for exchange-traded products under the 23/5 extended-hours trading framework, effective upon filing. The am…
Read the full SEC & CFTC Enforcement brief →SEC grants accelerated approval for Cboe to list binary options on issuer-reported key performance indicators
The SEC issued an accelerated approval order on October 13, 2026, authorizing Cboe Exchange to list binary options overlying key performance indicators reported by certain stock issuers. The approval, as modified by Amen…
Read the full SEC & CFTC Enforcement brief →Texas Stock Exchange files rule to share auction, market data, and listing fee revenue with primary-listed issuers
Texas Stock Exchange LLC filed a proposed rule change with the SEC on October 5, 2026, effective immediately, to establish a Shared Listings Program. The program issues annual credits to primary-listed companies based on…
Read the full SEC & CFTC Enforcement brief →Texas Stock Exchange reduces displayed-liquidity removal fee from $0.0030 to $0.0029 per share effective October 1, 2026
The SEC published notice on October 14, 2026 of an immediately effective fee schedule amendment filed by Texas Stock Exchange LLC on October 1, 2026. The amendment lowers the transaction fee for orders that remove displa…
Read the full SEC & CFTC Enforcement brief →CFTC proposes rulemaking to classify event contracts as swaps under federal derivatives law
The CFTC published a Notice of Proposed Rulemaking on October 9, 2026, proposing to expressly define event contracts as swaps. The proposal covers contracts based on sports, politics, cultural, and weather-related events…
Read the full SEC & CFTC Enforcement brief →CFTC interim final rule excludes casino-style gambling products from the federal swap definition effective immediately
The CFTC published an Interim Final Rule on October 9, 2026, codifying the exclusion of casino-style gambling products, including sportsbook wagers and casino game bets, from the federal swap definition. The rule takes e…
Read the full SEC & CFTC Enforcement brief →MEMX lowers Tape B Volume Tier 2 qualification threshold from 0.25% to 0.20% of Tape B total consolidated volume
MEMX LLC filed a proposed rule change on September 30, 2026, effective immediately, amending its equity fee schedule. The change reduces the Tape B Added Displayed Volume threshold required to qualify for the Tier 2 addi…
Read the full SEC & CFTC Enforcement brief →MEMX LLC amends options fee schedule to restrict enhanced rebate eligibility under renamed Volume Tier
MEMX LLC filed a proposed rule change on September 30, 2026, effective October 1, 2026, amending its Options Fee Schedule. The change renames the existing Volume Tier and limits enhanced rebate eligibility to Customer-ca…
Read the full SEC & CFTC Enforcement brief →IEX raises the volume threshold for its reduced non-displayed order fee tier effective November 1, 2026
Investors Exchange LLC filed a rule change on September 30, 2026, effective immediately and implementing on November 1, 2026. The filing raises by 5,000,000 shares the non-displayed average daily volume threshold require…
Read the full SEC & CFTC Enforcement brief →Nasdaq reinstates non-displayed liquidity credit tier with revised qualification criteria effective October 1, 2026
Nasdaq filed a proposed rule change on September 30, 2026, reinstating a credit tier for non-displayed orders that provide liquidity under Equity 7, Section 118. The new tier retains prior credit rates, resets the refere…
Read the full SEC & CFTC Enforcement brief →Cboe BZX amends Level 3 circuit breaker resumption rules to accommodate 23-hour trading expansion
Cboe BZX Exchange filed a proposed rule change on September 23, 2026, effective immediately upon filing, to amend Rule 11.30, which governs resumption of trading after a Level 3 market-wide circuit breaker halt. The amen…
Read the full SEC & CFTC Enforcement brief →Nasdaq amends circuit breaker resumption rule to preserve 4:00 a.m. ET floor under 23-hour trading expansion
Nasdaq filed a rule change on September 25, 2026, effective immediately, amending its Level 3 market-wide circuit breaker resumption provision. The amendment retains the existing 4:00 a.m. ET minimum resumption time even…
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