Jack Henry says 7,200+ banks and credit unions could offer tokenised deposits on Google Cloud. It's a distribution plan, not a product. Announced 16 October BMO's tokenised cash on the same ledger: H2 2026, pending approval A base, not a pipeline. theindustryspread.com/jack-h…

January feeder cattle settled at 339.925 cents on Monday. The base case to 20 November is just the November settlement, 4 cents higher. Base: 343.925 Bull: 344.425 Bear: 324.00 August placements: 1.617M head, the lowest August since 1996. theindustryspread.com/feeder…

The CFTC pulled casino wagers out of the swap definition. Same day, it proposed naming event contracts as swaps. Interim rule effective 19 October Comments close 18 November 7+ venues list sports contracts Blackjack is out. Sports is written in. theindustryspread.com/cftc-c…

BNB's 37th burn removed 1.65M $BNB, worth about $1.2B. But supply fell by more than the burn, and the Foundation doesn't split it. Supply drop: 1,654,042.91 BNB Burned: 1,646,196.44 Gap: 7,846.47 BNB 31.5M BNB still sit above the 100M target. theindustryspread.com/bnb-fo…

EU T+1 starts Oct 11, 2027. ESMA's allocation rules land 10 months earlier. Machine-readable client allocations apply from Dec 7, 2026. Rule: CSDR Art 6(2) Report: ESMA74-2119945926-3749 RTS: Delegated Reg 2026/1536 Back offices get the deadline first. theindustryspread.com/why-cl…

USD/DKK's Oct 29 base case is 6.6646, the Nationalbank's October mean. It only holds if one number survives the ECB meeting: the -40bp policy gap. Oct 16 fix: 6.6425 Bull: 6.6874 Bear: 6.6169 The level is set in Frankfurt, not Copenhagen. theindustryspread.com/usd-dk…

Basware has closed its Trustpair deal. Nobody published a price. Same as Routable-Anchorage this month. 6,500+ Basware customers 2.5B invoices, 20M suppliers Trustpair: 600+ orgs, 190+ countries The target is fraud before payment. theindustryspread.com/baswar…

Multiliquid has raised $8M in total. It won't say how much was the Polychain seed. No valuation, no board. Pre-seed: SAFE, May-Jun 2025 Seed: priced equity, Apr-Jun 2026 Close dated Oct 15 The fee is clearer: 5% of the NAV discount. theindustryspread.com/multil…

The SEC wants to reopen fund cross trades under Rule 17a-7. Most bonds were shut out in 2022. 2,294 funds rely on the rule, 303 families Floor benefit: $173M a year Comments due 14 Dec Bonds return only at level 1, or level 2 on observable inputs. theindustryspread.com/sec-pr…

December lean hogs settled 66.925¢. The base case is 65.00¢ by the 10 November WASDE. Bull 69.00¢ / bear 63.00¢ 9 Oct WASDE cut pork output and the price Breaks on a daily close above 68.325¢ Less pork, lower price: the cutout is doing the talking. theindustryspread.com/lean-h…

Pave Finance says its Series A is now $20M. Its own site banner still says $15M. Sept: $15M+ at $100M pre-money Oct: +$5M extension, investors unnamed Plan: 40+ hires, headcount past 100 No named backer and no new price: a top-up, not a re-rating. theindustryspread.com/pave-f…

Tokenised funds move in seconds. Getting out of one can still take ~200 days. Fission: $10M Series A, led by Pantera Buys the exit for a fee, pays in USDC Settles in 90 seconds or less The chain fixed transfers. It didn't fix the redemption calendar. theindustryspread.com/fissio…

Zaria Systems raised $5.2M in seed money. It still doesn't have a national bank. The OCC charter is pending. Lead: Lightspeed, $65B+ under management Release: Jackson, Wyoming, Oct 14 Charter: proposal only Operating capital for a vendor, not a bank. theindustryspread.com/zaria-…

USDA cut soybean oil ending stocks and left its price at 70 cents. December futures haven't caught up. Base 68.57c by the 10 Nov WASDE Bull 70.00c / bear 66.30c Stocks 1,797M lb, from 1,877M Biofuel use unchanged at 17,800M lb. theindustryspread.com/soybea…

ESMA rewrote its MAR guidance on delaying inside information. The list got shorter. Only the final event in a protracted process must be disclosed, and a delay can't contradict the last one. 28 responses, mostly issuers 2025 MAR fines: EUR 33.4M theindustryspread.com/esma-s…

Unichain moves to OP Enterprise on October 29. Its TVL didn't move with the news. $27.1M on Oct 9, $26.4M on Oct 17 Under 6% of OP Mainnet's $443.5M Still a Stage 1 rollup The note never says who runs the sequencer after the switch. theindustryspread.com/unicha…

Fruga's £1M raise is in its Companies House filings, to the penny. The returns say more than the release. 97,276 + 295,719 seed shares at £2.57 £1,009,997.15 in cash 16,500 ordinaries at nominal, not seed The headline rounds. The filings do not. theindustryspread.com/fruga-…

Tether Capital invested in AIsa on Oct 15 and did not say how much. The startup's own numbers fill part of the gap. Total funding now past $9M $6.5M raised as of July 3 250,000+ agents claimed, not audited Tether and HIVEN together: roughly $2.5M+. theindustryspread.com/tether…

LME tin cash fell $4,300 a tonne in two weeks while stocks more than halved. Price and inventory rarely fall together. Cash $54,400 to $50,100 Stock 9,025t to 4,205t Jan 15 prompt: base $51,000, bull $54,400, bear $48,000 Thin stock, softer price. theindustryspread.com/lme-ti…

The FCA and NCA arrested three people on Oct 13. That does not settle insider dealing. Criminal and civil cases use different tests. Criminal: CJA 1993 s.52 Civil: UK MAR Art. 14 10-year max only from 1 Nov 2021 The arrest starts a choice of regime. theindustryspread.com/cja-19…