News Highlights: Top Financial Services News of the Day
House Passes GOP Tax-Overhaul Bill
The House passed the Republican tax bill, putting the U.S. on the brink of a $1.5 trillion tax cut and the largest structural overhaul of the tax system since 1986.
Merrill Lynch Fined $1.4 Million Over Margin Credit, Other Violations
Merrill Lynch agreed to pay $1.4 million to settle claims that it improperly extended hundreds of millions of dollars in excess credit to customers who traded certain bonds and equities with the firm, Finra said.
A Massive Margin Loan That Went Really Wrong for Banks
Steinhoff International's share collapse shows the dangers for banks in the fast-growing stock-based lending business.
Stocks Soar, Mergers Slump, Activist Investors Wield Power
The year saw stock indexes break record after record, as activist investors prodded CEOs and corporate mergers slowed
Europe Seeks Crack Down on Brexit Bank Arbitrage
The ECB should take charge of regulating big investment banks in the eurozone, according to a proposal to be presented by the European Commission, the latest move to stop individual European countries from luring Brexit-hit banks with the promise of looser rules.
SoftBank Leads $120 Million Funding Round for Insurance Startup Lemonade
Insurance company Lemonade said Tuesday it has raised $120 million in an investment round led by Japan's SoftBank.
China Wants Raters to Keep Quiet on Money-Market Fund Sizes
A Chinese quasi-regulator told the country's top raters of investment funds to stop publicizing the sizes of money-market mutual funds, in what is being seen as another attempt by Beijing to slow the industry's rapid pace of asset accumulation.
Cryptocurrency Exchange Collapses, Files for Bankruptcy After Hack
A cryptocurrency exchange in South Korea collapsed after it suffered a second cyberattack in eight months and lost a large amount of its digital-currency reserves.
Which Digital Currency Will Be the Next Bitcoin?
Investors in cryptocurrencies are hoping lightning strikes twice, as the outsize recent gains in bitcoin are encouraging migration to several digital relatives. Litecoin is especially benefiting from bitcoin's surging popularity.
The Flawed Bull Case for Bitcoin
Even after taking full account of its technological advantages, the argument for bitcoin to keep rallying still falls apart.
(END) Dow Jones Newswires
December 19, 2017 16:15 ET (21:15 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.