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Business briefing — November 12, 2026.

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November 12, 20264 min read

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AT A GLANCE

Russia will allow approved exchanges to begin organized cryptocurrency trading from November 22; Moscow Exchange is preparing a December 1 pilot.
MSCI’s removal of Strategy and Metaplanet takes effect December 1. Estimated selling by index-linked funds is not a confirmed outflow or a requirement to sell cryptocurrency reserves.
Nomura’s reported discussions about selling Laser Digital remain preliminary, and the subsidiary’s contribution to the latest European quarterly loss is undisclosed.

01

Russia sets rules for crypto trading on regulated exchanges

The Bank of Russia approved a framework allowing exchanges to begin organized cryptocurrency trading from November 22, subject to prior approval of their trading rules. Moscow Exchange is preparing a December 1 pilot for Bitcoin, Ethereum and USDT. From November 17, eligible intermediaries may also serve non-qualified retail investors, subject to an annual purchase limit of 300,000 rubles per intermediary and a required knowledge assessment.

What changed Earlier legislation established the domestic crypto market; the new rules specify how exchanges must supervise trading, monitor transactions and report activity.

Why it matters Retail access will remain narrower than institutional access: non-qualified investors face both a restricted asset list and a purchase ceiling applied separately through each intermediary.

What to watch next Moscow Exchange plans a December 1 pilot with gradual participant onboarding; this is a planned operational rollout, not confirmation that trading has begun.

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02

Nomura reportedly weighs sale of crypto subsidiary Laser Digital

Nomura is in preliminary discussions with potential buyers, including Marex Group, about a possible sale of Laser Digital, Bloomberg reported; no decision has been made, and Nomura could retain the business or pursue another buyer. The report follows a fourth consecutive quarterly pretax loss in Nomura’s European operations, which totaled ¥7.4 billion for the quarter ended September 30. Nomura has not disclosed how much Laser Digital contributed to that loss.

What changed Management previously favored reducing trading positions while developing Laser Digital; reported sale talks introduce a possible ownership exit instead.

Why it matters Nomura shareholders cannot yet assess how much a disposal might improve European results because the subsidiary’s contribution to the latest loss is not disclosed.

What to watch next Whether Nomura sells, retains the subsidiary or negotiates with a different buyer remains unresolved.

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03

MSCI confirms index removals for Strategy and Metaplanet

MSCI said Strategy will leave the MSCI USA Index and Metaplanet the MSCI Japan Small Cap Index after markets close November 30, with changes effective December 1. JPMorgan previously estimated that MSCI-linked funds could sell about $2.8 billion of Strategy shares; a possible $8.8 billion figure assumes other index providers follow and is not a confirmed outflow. The index decision does not require either company to sell its cryptocurrency holdings.

What changed MSCI moved from an abandoned crypto-specific asset threshold to broader operating-business tests, extending the eligibility issue beyond digital-asset companies.

Why it matters Benchmark-tracking funds may have to sell Strategy shares regardless of their view of its business, making index eligibility a distinct source of equity-market selling pressure.

What to watch next The confirmed rebalance follows the November 30 close. Whether other index providers adopt similar exclusions remains an open question, not a confirmed additional outflow.

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04

Polymarket cuts staff and contractors as competition intensifies

Polymarket confirmed workforce reductions and ended some contractor agreements as part of a restructuring, but did not disclose the number of affected workers. A person familiar with the changes told Reuters that contractors made up more than half of those affected; reports of cuts to roughly 30% of staff were disputed by sources familiar with the company. The move comes as Kalshi has overtaken Polymarket in monthly trading volume, while Polymarket reported annualized revenue above $1.8 billion—a run-rate figure, not completed full-year revenue.

What changed Polymarket reports a revenue run rate above $1.8 billion in November, versus above $1 billion in June; the workforce reductions therefore coincide with reported revenue expansion.

Why it matters Contractors account for most affected workers, making employee headcount alone an incomplete measure of the restructuring’s reach.

What to watch next The reported CFTC investigation leaves compliance with the 2022 offshore-access settlement unresolved; it is not an established violation.

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05

Wise adds Treasury and S&P 500 investment options for US balances

Wise said US personal and business customers can invest existing dollar balances through Wise Interest, which uses a Treasury money market fund, or Stocks, which uses an S&P 500 index fund. Customers can continue using the balance for payments, but the investment value can fluctuate, and the Treasury fund is not FDIC-guaranteed. Wise reported $39 billion in global customer holdings, up 40% over the previous financial year; that figure does not indicate expected US uptake.

What changed The Treasury-fund option adds a separate investment arrangement alongside Basic Interest, which passes through interest on eligible balances held at Wise’s partner bank.

Why it matters Businesses investing payment balances in the equity fund could face a shortfall when payroll or supplier bills fall due; immediate access does not preserve the balance’s value.

What to watch next Whether customers repeatedly use the same balance for payments and investing remains an adoption question, not an established result of the launch.

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06

eToro launches 65 CME futures contracts for Australian clients

eToro said Australian clients can now trade 65 CME-listed futures contracts spanning metals, equity indexes, energy, currencies, crops and interest rates. The contracts sit alongside the CFDs the company already offers, and eToro’s local entity requires a suitability questionnaire and knowledge test; accounts also receive a margin close-out alert and negative-balance protection. ASIC reported in January that eToro held 45% of Australia’s existing CFD traders.

What changed The Australian offering expands from existing CFDs to include 65 CME-listed futures contracts, rather than replacing the CFD range.

Why it matters Australian clients gain a different trading structure alongside CFDs: exchange trading and central clearing replace the direct client–trading-firm contract used for CFDs.

What to watch next ASIC has proposed extending its CFD intervention order to 2037; whether that proposal is adopted remains unresolved and is separate from the futures launch.

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Business briefing — November 12, 2026.

Your briefing

Russia sets rules for crypto trading on regulated exchanges

Nomura reportedly weighs sale of crypto subsidiary Laser Digital

MSCI confirms index removals for Strategy and Metaplanet

Polymarket cuts staff and contractors as competition intensifies

Wise adds Treasury and S&P 500 investment options for US balances

eToro launches 65 CME futures contracts for Australian clients

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