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News Highlights: Top Financial Services News of the Day

10/16/2020 | 04:16pm EST
Cboe Global Markets to Buy Dark-Pool Operator BIDS 

The exchange operator has agreed to buy BIDS Trading, as exchanges have grappled with an increase in private, off-exchange stock trades this year.

String of Firms That Imploded Have Something in Common: Ernst & Young Audited Them 

The Big Four accounting concern reviewed the books of Wirecard, Luckin Coffee and other companies where investors lost billions when scandals emerged. The firm, which caters to fast-growing tech startups, says it unearthed some of the problems.

Regulatory Holdups Slow Ant Group's IPO Plans 

A window is closing for Chinese financial-technology giant Ant Group to pull off a record-breaking initial public offering ahead of the U.S. presidential election, as regulators in mainland China and Hong Kong have yet to sign off on the company's plans to go public.

Treasury Encouraged Banks to Prioritize Existing Customers for PPP Loans, Report Says 

The prioritizing put underserved businesses, including those owned by women and minorities, at a disadvantage when applying for a $670 billion small-business coronavirus aid program, a Democratic-led congressional oversight subcommittee's report says.

State Street, BNY Mellon Report Declining Profit 

The two large custody banks grew assets under management, but falling U.S. interest rates continued to batter earnings and revenue. State Street profit slipped 4.8%, while BNY Mellon's was down 9.3%.

First Citizens to Buy CIT Group 

The combination would create one of the larger regional banks in the U.S. with more than $100 billion in assets. The company will keep the First Citizens name.

Chinese Fintech Is Hot. Regulators Could Still Cool It Down 

Having conquered smaller rivals and evolved around skeptical Chinese regulators, the country's finance heavyweights face a new and different set of risks.

OCC Fines Morgan Stanley Units for Data Security Incidents 

The Office of the Comptroller of the Currency, which regulates Morgan Stanley Bank NA and Morgan Stanley Private Bank NA, announced the penalty on Oct. 8. In both cases, sensitive information may have been left on decommissioned hardware.

Individual-Investing Boom Fuels Trading in Low-Price Stocks 

Trading in speculative stocks with low share prices has surged this year, fueled by a huge influx of individuals using zero-commission investing apps and online brokerages

Where Trump and Biden Stand on Financial Regulation 

Joe Biden was vice president when Barack Obama signed the Dodd-Frank financial regulation act in 2010. In a second term, Trump would continue efforts to ease its restrictions. Biden would likely build on it.

(END) Dow Jones Newswires

10-16-20 1615ET

Stocks mentioned in the article
ChangeLast1st jan.
CIT GROUP INC. 4.97% 38.63 Delayed Quote.-15.34%
LUCKIN COFFEE INC. -1.00% 3.95 End-of-day quote.0.00%
MORGAN STANLEY 1.47% 65 Delayed Quote.27.15%
WIRECARD AG -1.19% 0.5252 Delayed Quote.-99.51%
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