United States: Commodities/Derivatives/Stock Exchanges

Nasdaq has proposed eliminating its Alternative Price Requirement, which currently allows companies to list on the Nasdaq Capital Market at prices between $2 and $4 under certain conditions. The rule change would establish a uniform $4 minimum price requirement for all initial listings, aligning Nasdaq with other national securities exchanges after NYSE American removed its own sub-$4 listing option in March 2026.

On September 17, 2026, the CFTC's Market Participants Division issued a no-action position for providers of passive derivatives-trading software, establishing a framework under which certain front-end applications may operate without introducing-broker registration. The relief depends on ten specific conditions covering disclosures, liability undertakings, compliance procedures, and operational constraints that distinguish passive market access from solicitation. Product teams and compliance officers must u

The Ninth Circuit ruled that Kalshi's sports event contracts likely do not qualify as swaps under federal derivatives law, allowing Nevada to enforce its gaming regulations against the prediction market platform. This decision creates a direct circuit split with the Third Circuit's contrary ruling, setting the stage for a potential Supreme Court showdown...