Phnom Penh Derivative Exchange Plc

19/08/2026

Citadel Securities Urges SEC to Reconsider Scrapping Key Stock-Trading Rule

Citadel Securities is urging the SEC to reconsider its proposal to eliminate the "order protection rule," a longstanding requirement that brokers avoid executing stock trades at a worse price than the best publicly displayed quote on another exchange. The SEC proposed scrapping the rule in June, arguing it adds unnecessary complexity and cost to the market.
Citadel argues that removing the rule could push more trading away from public exchanges toward internalization and alternative trading venues, weakening price discovery, displayed liquidity, and protections for retail investors. The firm contends the SEC's estimated compliance savings of roughly $250,000 per trading day are too small to justify the potential risks to market structure.
For the financial industry, the debate goes to the core of U.S. equity market structure and best-execution principles. It could also affect emerging tokenized-stock platforms, which Citadel says may gain an unfair advantage if they are not required to honor better prices displayed on traditional exchanges -- a dynamic directly relevant to exchanges navigating the shift toward digital-asset trading.

Citadel Securities urges SEC to reconsider proposal to scrap key stock-trading rule

13/08/2026

US Sanctions Dubai-Based Crypto Exchange Over Alleged Ties to Iran's IRGC

The United States has sanctioned Shelbit, a Dubai-based cryptocurrency exchange, alleging it processed millions of dollars in digital-asset transactions on behalf of Iran's Islamic Revolutionary Guard Corps and other Iranian state-linked entities. The action follows a Reuters investigation that placed Shelbit inside a broader roughly $4 billion sanctions-evasion network tied to Iran's central bank and IRGC-linked wallet addresses.

Alongside Shelbit, the U.S. also sanctioned the exchange's founder, Siavash Kayvanpour, and affiliated entities. Dubai's own virtual-asset regulator had separately flagged Shelbit for alleged anti-money-laundering and counter-terrorist-financing breaches. Shelbit denies any involvement in money laundering and says it ceased operations in January 2026.

For the exchange industry, the case underscores how blockchain transaction tracing has become a routine enforcement tool for sanctions authorities, and how quickly an exchange's exposure to high-risk jurisdictions can turn into a sanctions target. It reinforces the case for exchanges to maintain rigorous KYC, AML, transaction monitoring, and counterparty screening, particularly around Iran- and IRGC-linked wallet activity.

US sanctions Dubai crypto exchange for aiding Iran’s IRGC, following a Reuters report

06/08/2026

New York Sues Kalshi, Alleging Prediction Markets Are Illegal Gambling

New York Attorney General Letitia James has filed suit against prediction market platform Kalshi, alleging that its event-based contracts function as illegal gambling offered without a state licence.
The action follows comparable lawsuits against Coinbase Financial Markets and Gemini, pointing to a coordinated state-level effort to treat event contracts as wagering rather than as derivatives supervised at the federal level. Kalshi operates as a CFTC-regulated designated contract market, which places the two regimes in direct tension.
The outcome matters well beyond this one platform. It tests whether a federally regulated venue can list event contracts nationwide, and how far individual states can reach into products already approved by a federal regulator — a jurisdictional question every exchange offering novel contract types will be watching closely.

New York sues Kalshi, says its prediction markets are illegal gambling

22/07/2026

22/07/2026

Jersey Mike's Launches IPO Roadshow, Targets NYSE Listing as JMKE

Jersey Mike's Subs has launched the roadshow for its planned initial public offering, offering 43.48 million Class A shares at an expected price of $21 to $25 per share and seeking to list on the New York Stock Exchange under the ticker JMKE. The offering could raise up to approximately $1.09 billion.
Founded in 1956, Jersey Mike's now operates more than 3,300 locations across the U.S. and Canada, and the IPO reflects its continued expansion and strong growth in the fast-casual restaurant sector. Notably, around 68% of the shares are being sold by existing shareholders rather than the company itself, meaning a significant portion of the proceeds will flow to current investors.
For investors, the offering provides an opportunity to gain exposure to a rapidly expanding franchise business, but the large secondary share sale and the continued control held by major existing shareholders are important factors to weigh when evaluating the listing.

Jersey Mike’s launches IPO roadshow, targets NYSE listing as JMKE

16/07/2026

US Derivatives Regulator Blocks Kalshi From Canceling Michigan Trades Despite Court Order

The U.S. Commodity Futures Trading Commission (CFTC) has invoked its emergency authority to stop prediction-market platform Kalshi from canceling trades placed by Michigan residents, overriding a state court order that had required the company to void those transactions and halt certain sports-related event contracts in the state. The CFTC directed Kalshi to honor and settle all previously executed contracts.

The federal regulator argued that a federally regulated derivatives exchange cannot be compelled by individual states to unwind completed trades, a position that sharply escalates the ongoing jurisdictional dispute between federal and state authorities over how prediction markets should be governed. While the order protects contracts already on the books, it does not settle the larger legal question of whether states can restrict Kalshi’s operations within their own borders.

For investors, the standoff underscores the growing regulatory uncertainty surrounding event-based derivatives and prediction markets. The eventual outcome is likely to define the balance of power between federal and state oversight and will materially influence how quickly these platforms can expand across the United States.

US derivatives regulator blocks Kalshi from canceling Michigan trades despite court order

09/07/2026

South Korea Launches 24-Hour Won Trading in Push for Developed Market Status

South Korea has officially launched 24-hour trading of the Korean won in its onshore foreign exchange market, extending what was previously a daytime-only session to run almost around the clock in line with major global financial centers.
The reform is part of Seoul's broader strategy to achieve developed market status, widen foreign investor access, and raise the won's global competitiveness by allowing overseas investors to trade the currency across different time zones. Authorities expect the longer hours to deepen liquidity, improve price discovery, and reduce the volatility that often follows overnight events - all of which support the country's bid for inclusion in major global market indices.
For investors, the change marks a meaningful modernization of South Korea's financial markets that could attract stronger foreign capital inflows and strengthen the won's role in international currency trading, positioning the market as more accessible and globally integrated for the funds that trade Korean assets.

South Korea launches 24-hour won trading in push for developed market status

01/07/2026

SBI Moves to Fully Acquire Japan Crypto Exchange Bitbank

SBI Holdings has agreed to fully acquire Japanese cryptocurrency exchange Bitbank in a deal valued at about ¥46.7 billion (US$289 million), making Bitbank a wholly owned subsidiary and further consolidating Japan's regulated crypto-exchange market.
The acquisition follows SBI's recent merger of SBI VC Trade and BITPoint Japan and is expected to create the country's largest crypto exchange group, with around ¥1.1 trillion in assets under custody and nearly 3 million customer accounts. Bitbank said its existing services will continue without interruption during the transition.
For investors, the deal signals growing confidence from major financial institutions in Japan's digital-asset sector and highlights the ongoing consolidation trend as firms pursue greater scale, regulatory compliance, and distribution channels for future products such as stablecoins and tokenized assets.

SBI signs agreements to fully acquire Bitbank, making the Japan crypto exchange a wholly owned subsidiary while services continue unchanged.

24/06/2026

SpaceX’s First Week as a Public Company Sparks Market Mania

Elon Musk-led SpaceX saw its first week of trading as a public company generate strong investor enthusiasm, with the stock posting solid gains on exceptionally high trading volume.
The reaction reflects long-standing investor demand for direct exposure to SpaceX’s leadership in commercial spaceflight, Starlink satellite communications, and the broader space economy. Optimism over future revenue growth, government contracts, and the expanding space sector fueled the surge in demand.
Analysts cautioned, however, that the stock’s early performance may be driven partly by speculative momentum and elevated valuation expectations, suggesting investors weigh long-term fundamentals against near-term hype.

Elon Musk-led SpaceX’s first week as a public company sparks market mania

22/06/2026

🎉 Celebrating Excellence and Growth in Phnom Penh! 🎉

The PPDE management team had the distinct honor of attending the Official Grand Opening and 1st Anniversary Celebration of ATFX (Cambodia) Co., Ltd., held at the prestigious Shangri-La Hotel, Phnom Penh.

The landmark event was highly distinguished, being presided over by H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General of the Securities and Exchange Regulator of Cambodia (SERC), alongside H.E. Dr. Vin Pheakdey, Deputy Director General of the SERC.

PPDE extends our warmest congratulations to ATFX Cambodia on reaching this incredible 1-year milestone and launching their official grand opening. We look forward to witnessing your continued success and contribution to the financial industry in Cambodia! 🚀✨