News Highlights: Top Financial Services News of the Day

03/06/18 04:15 PM EST
NYSE to Pay $14 Million Over 2015 Trading Malfunctions 

The New York Stock Exchange agreed to pay $14 million to settle regulatory investigations into a series of market malfunctions and snafus that disrupted trading on three occasions in 2015.

Big Banks Get a Big Win in Senate Rollback Bill 

Bipartisan legislation expected to clear the Senate as early as this week has just one provision that is set to directly benefit the nation's megabanks: A section aimed at making it easier for them to buy state and local bonds.

Alexis Ohanian's VC Firm Invests $2.1 Million in Crypto Trading Platform 

Initialized Capital, the venture-capital firm co-founded by Alexis Ohanian, has invested $2.1 million in a startup cryptocurrency trading platform, DDEX.

Former Co-op Bank Chairman Flowers Banned From Financial Services 

Paul Flowers, the former chairman of Co-operative Bank PLC, has been banned from the financial services industry in the U.K. for misconduct that included discussing drug deals over work email, the Financial Conduct Authority said.

Fed's Kaplan: Central Bank Should Get Started on Rate Increases 'Soon' 

Federal Reserve Bank of Dallas President Robert Kaplan said Tuesday he still expects the U.S. central bank to raise interest rates three times in 2018, but said officials should get started "soon."

New Powers Come With Pressure for Europe's Central Bank 

The European Central Bank is being dragged into local controversies over issues ranging from banking scandals to bribery, underlining the mounting political pressures on the world's No. 2 central bank as it takes on a vastly expanded role.

Bank of Canada Expected to Stand Pat Amid Trade Uncertainty 

The growing uncertainty over Canada's trade ties with the U.S. is reinforcing expectations that the Bank of Canada will hold its benchmark interest rate steady in its policy announcement Wednesday.

Abraaj Weighs Job Cuts as Investors Review Their Holdings 

Abraaj Group, a Dubai-based firm at the center of an investigation into claims of missing funds, may cut its workforce as lenders and investors review their relationship with the firm and efforts to raise a $6 billion fund stall.

The New ID Theft: Millions of Credit Applicants Who Don't Exist 

Synthetic-identity fraud is one of the fastest growing forms of identity theft-and the hardest to spot and combat. Scammers use phony names and unused Social Security numbers to secure debt, a crime that exposes a vulnerability in the U.S.'s credit-checking system. "It seemed too easy."

Citigroup, Kabbage Form Consortium on Fintech Cybersecurity 

Four financial companies including Citigroup and online lender Kabbage have formed a consortium to address fintech firms' cybersecurity risks, a sign of the industry's growing links to traditional banks and insurers.


(END) Dow Jones Newswires

March 06, 2018 16:15 ET (21:15 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.