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Nasdaq GEMX Rule Change on Review of Professional Orders

The SEC filed notice of Nasdaq GEMX's immediately effective rule change amending procedures for review of professional orders. The change was filed under SR-GEMX-2026-14 and became effective upon filing. Broker-dealers executing professional orders on the exchange may be affected by modified review procedures.

Nasdaq ISE Professional Order Review Rule Effective

The SEC granted Nasdaq ISE, LLC immediate effectiveness for a proposed rule change (SR-ISE-2026-16) amending the review of professional orders. The filing, designated Release No. 34-105218, was published in the Federal Register at 91 FR 20542. Nasdaq ISE, as a registered options exchange, filed the rule change to modify its procedures for reviewing professional orders.

CME Securities Clearing Governance and By-Laws Amendment Approved

The SEC issued Order No. 34-105214 approving CME Securities Clearing Inc.'s proposed rule change to modify its Amended and Restated By-Laws and several committee charters including the Board of Directors Charter, Risk Management Committee Charter, Nominating Committee Charter, and Audit Committee Charter. The approval applies to CME Securities Clearing Inc., a registered clearing agency and self-regulatory organization. The rule change was filed under File No. SR-CMESC-2026-002.

NSCC Filing to Extend U.S. Equity Trading Hours

The SEC published notice of SR-NSCC-2026-006, filed by the National Securities Clearing Corporation, seeking approval to modify NSCC's rules to support industry efforts to extend trading hours for U.S. equity markets. The proposed rule change would enable NSCC to clear and settle trades executed during extended trading sessions. The SEC is accepting public comments on the proposal.

Proposed New and Renewal of Agency Information Collections Request for Comments

The National Credit Union Administration (NCUA) has published a Federal Register notice requesting public comments on proposed new and renewal of agency information collections under the Paperwork Reduction Act. Credit unions and other interested parties have until May 18, 2026 to submit comments on these information collection requests. The notice outlines the specific data collections NCUA seeks to renew or newly implement for regulatory oversight purposes.

Order to Further Strengthen U.S. Treasury Market Liquidity

The CFTC approved an exemptive order enabling Chicago Mercantile Exchange Inc. and the Fixed Income Clearing Corporation to extend their existing cross-margining arrangement to certain customers. The order permits joint clearing members dually registered as SEC broker-dealers and CFTC futures commission merchants to hold futures customer funds in a commingled customer account at FICC. Previously, only clearing members could cross-margin futures positions in U.S. Treasury securities with cash market positions cleared at FICC.

John Fortini Pays $1.3M Disgorgement, Permanent Trading Ban for Commodity Pool Fraud

The CFTC obtained a consent order from the U.S. District Court for the Southern District of Florida against John Fortini, a Florida resident and former executive at Algo Capital LLC. Fortini was ordered to pay $1,347,867.56 in disgorgement for commodity pool fraud involving misappropriation of customer funds and material misrepresentations about proprietary trading algorithms. The court imposed a permanent trading ban and permanent injunction against Fortini from further violations of the Commodity Exchange Act.

California DFAL Requires Crypto License Applications by July 1, 2026

California's Digital Financial Assets Law (DFAL), comprising AB 39 and SB 401 and codified under California Financial Code § 3101 et seq., requires entities engaged in virtual currency exchanging and trading services to be licensed or have applied through NMLS for regulatory review by July 1, 2026. The DFAL grants the Department of Financial Protection and Innovation (DFPI) authority to license, supervise, and examine crypto asset-related companies including digital financial asset businesses, custodians, and stablecoin issuers.

2026 Venture Capital Report

WilmerHale published its 2026 Venture Capital Report reviewing US venture capital financing and liquidity activity. The report covers SAFE financings and decisions that can lead to unexpected founder dilution, the resurgence of mega-rounds, and implications of the One Big Beautiful Bill Act for qualified small-business stock and R&D expense deductions. It also analyzes trends in convertible note and SAFE terms and venture capital financing terms.

Geopolitical Tensions and Market Disruption: Key Considerations for Gulf Region Trustees

White & Case LLP published an analysis addressing how geopolitical tensions and market disruptions affect trustees operating in Gulf region financial transactions. The article examines trustee responsibilities during periods of market stress, including event of default determinations, investor notification obligations, and covenant compliance monitoring. The analysis advises trustees to review transaction documentation and remain alert to potential market disruption impacts on existing financing arrangements.