News Highlights: Top Financial Services News of the Day
Fed Fines HSBC $175 Million for Foreign Exchange Trading Practices
The Fed said a former HSBC executive currently on trial misused confidential information while carrying out foreign exchange trades for a client, as it fined the bank $175 million for more broadly failing to supervise its foreign-exchange trading business.
Equifax Board Considers Clawing Back Executives' Compensation
Equifax could announce in coming days that it will claw back compensation from some top executives over its massive data breach.
ISS Backs Peltz's Trian in Procter & Gamble Board Fight
Institutional Shareholder Services, the largest proxy-advisory firm, is recommending Procter & Gamble shareholders put activist investor Nelson Peltz on the board over the company's protests.
Hudson River Trading Explores Deal for Sun Trading
Hudson River Trading, one of the largest U.S. high-speed traders, is exploring a deal to buy rival Sun Trading, people familiar with the situation said, as the once-lucrative business of high-frequency trading is pressured by low volatility and rising costs.
Bitcoin's Lot: Win Some, Lose Some
Two leading Asian nations took contrasting measures related to cryptocurrencies Friday, with Japan giving exchanges the green light to operate just as South Korea added its weight to a recent global regulatory crackdown.
Why M&A Bankers Are Rooting for Tax Reform
Every deal banker has a pile of pitches that were rejected by clients who said the tax bill made them too costly. Bankers will start dusting those pitches off if the Trump plan's lower corporate rate become law.
Trump Interviews Two as Search for Fed Chief Ramps Up
President Donald Trump and Treasury Secretary Steven Mnuchin interviewed Federal Reserve governor Jerome Powell to discuss his potential nomination to become central-bank chairman, a White House official said, indicating the administration is widening and ramping up the search process.
Fed's Harker Sees Next Rate Rise Coming in December
Philadelphia Fed President Patrick Harker said he is penciling in a federal-funds rate increase in December, and three more in 2018, "assuming that inflation comes back."