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Payments companies waver on Libra; TD Ameritrade joins free-trading fray

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Payments companies waver on Libra; TD Ameritrade joins free-trading fray

Visa Inc., Mastercard Inc., PayPal Holdings Inc. and Stripe Inc., which are payments companies that had signified interest in joining Facebook Inc.'s Libra Association, are now having second thoughts on making their plans official, Bloomberg News reports, citing people familiar with the matter. The companies are concerned about keeping positive relationships with regulators who are doubtful of the cryptocurrency project.

The industry war on rock-bottom brokerage fees rages on, with TD Ameritrade Holding Corp. marking the latest salvo with its free online trading offer effective Oct. 3 for most U.S. stocks, options and exchange-traded funds. TD Ameritrade's announcement came less than 12 hours after Charles Schwab Corp. revealed a similar plan that takes effect Oct. 7.

New York-based Siebert Financial Corp. entered into a binding agreement to buy Greenwich, Conn.-based Weeden Prime Services LLC, a subsidiary of Weeden Investors LP Terms of the deal were not disclosed.

Financial Gravity Cos. Inc. agreed to acquire full-service brokerage and wealth management company Presidential Brokerage Inc. in an all-stock deal. The deal is expected to close before year-end 2019.

Robots will take over some 200,000 jobs in the U.S. banking industry in the next decade, Bloomberg News reports, citing a Wells Fargo & Co. study. The industry spends about $150 billion yearly on technology to cut costs such as employees' salaries, so headcounts in bank branches, call centers, back offices and even corporate offices are being cut by about a fifth to a third, the news outlet reports.

JPMorgan Chase & Co. is suing Pedro Lopez-Villari, a former JPMorgan broker based in Aventura, Fla., for calling at least nine former clients about moving their accounts to UBS Wealth Management USA, where he has transferred, AdvisorHub reports. JPMorgan asked the U.S. District Court in the Southern District of Florida to issue a temporary restraining order on Lopez-Villari's solicitation of old clients and a preliminary injunction requiring the return of proprietary information.

Credit union trade groups have expressed their support for the National Credit Union Administration board's "Second Chance" initiative, the Credit Union Times reports. The proposal would let credit unions hire those who have been convicted of minor offenses as young adults without the approval of the NCUA board.

Analysts and rival banks said big changes in JPMorgan's balance sheet somehow played a key role in the September repurchase market spike, Reuters reports. The Federal Reserve is thinking if it has missed something in regulating the banks when short-term interest rates suddenly shot up while the biggest U.S. banks did not lend their hefty cash reserves overnight, according to the Financial Times.

A former lender for Citigroup Inc. and WSFS Bank who pleaded guilty in August 2017 of participating in a loan fraud scheme was sentenced to 18 months in prison, the Philadelphia Business Journal reports, citing federal prosecutors in Wilmington. Tae Kim was also ordered to pay about $2.5 million in restitution, serve three years of supervised release and agreed to be barred from working in the banking industry.

In other parts of the world

Asia-Pacific: IL&FS presents resolution plans; South Korean banks face regulatory sanctions

Europe: Danske exits Estonia; Credit Suisse sees $250M income boost; UniCredit loan sale

Middle East & Africa: Pioneers Holding plots 3-way split; StanChart trims UAE jobs; Fitch cuts Namibia

Now featured on S&P Global Market Intelligence

Tennessee community bank profit, credit quality outpace US: Tennessee's community banks and thrifts had a strong second quarter, posting better results than their U.S. peers in all six banking metrics examined by S&P Global Market Intelligence.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng declined 0.19% to 26,042.69, and the Nikkei 225 was down 0.49% to 21,778.61.
In Europe, around midday, the FTSE 100 fell 2.01% to 7,211.84, and the Euronext 100 slid 1.56% to 1,067.79.

On the macro front

The U.S. ADP employment report and the U.S. EIA petroleum status report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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