News Highlights: Top Financial Services News of the Day

12/20/17 07:15 AM EST
Bitcoin Cash Blasts Off; Some Cry 'Insider Trading' 

One of the world's largest cryptocurrency platforms said it would investigate allegations of insider trading after the price of a bitcoin offshoot called Bitcoin Cash climbed in value before the platform began facilitating trades in the alternative currency.

Big U.S. Banks Get Satisfactory Grades on 'Living Wills' 

The eight largest and most complex U.S. banks received satisfactory grades on their latest "living will" bailout-prevention plans, a milestone that further reduces the already-remote possibility that any of the firms would be broken up by the government.

House Passes Bill to Revamp Criteria for 'Systemically Important' Banks 

Regulators would have more discretion to decide which banks to target for stricter oversight under bipartisan legislation that House lawmakers approved Tuesday, the latest front in a broad push to ease postcrisis regulations.

GOP Tax-Overhaul Bill Heads to Senate 

The Senate will vote on the GOP tax-overhaul bill this evening, then the House will vote again Wednesday morning because at least two provisions ran afoul of Senate rules. President Donald Trump could sign it into law later this week.

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.

Court Allows Suit Against Stock Exchanges to Proceed 

A federal appeals court said a lawsuit accusing stock exchanges of defrauding investors by favoring high-speed traders can go forward, in a blow to the New York Stock Exchange and Nasdaq.

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

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.


(END) Dow Jones Newswires

December 20, 2017 07:15 ET (12:15 GMT)

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