The U.S. Senate confirmed Christopher Giancarlo as chairman of the Commodity Futures Trading Commission, as well as Brian Quintenz and Rostin Behnam as commissioners.
The Consumer Financial Protection Bureau released four prototypes for overdraft disclosures which detail the size of overdraft fees and describe when they can be charged. If adopted, the "Know Before You Owe" disclosures would replace existing model disclosures.
Pi UK Bidco Ltd. — jointly owned by funds managed by Blackstone Group LP and funds managed and/or advised by CVC Capital Partners Ltd. — is purchasing Paysafe Group Plc. The deal values the U.K.-based fintech firm at approximately £2.96 billion.
Columbus, Ohio-based Huntington National Bank has partnered with Strands — a Barcelona-based fintech company that develops software for banks and retailers — in providing customizable digital money management solutions to customers.
Elsewhere, Southern Hills Community Bank agreed to merge with Adams County Building and Loan Co. in Ohio.
Hanover, N.H.-based Ledyard Financial Group Inc. is set to implement a three-for-one stock split, payable Sept. 20.
Federal prosecutors arrested and charged Raymond Montoya, a hedge fund manager who led RMA Strategic Opportunity Fund LLC, for allegedly running a Ponzi scheme, Bloomberg News reports. In a civil lawsuit filed in June, the Massachusetts Securities Division accused Montoya of defrauding investors by lying about his fund's size and performance, and diverting investors' money for personal expenses. He was released on a $100,000 bond bail, the report adds.
Associated Capital Group is launching a private equity investment management business — Gabelli Private Equity Partners LLC — focused on leveraged buyouts and restructuring of small and midsize companies.
And in a letter that touched on topics from commodity trading to labor market, Elliott Management Corp.'s Paul Singer said passive investing "has grown into a blob which is destructive to the growth-creating and consensus-building prospects of free market capitalism." Bloomberg reports on this.
In other parts of the world
Asia-Pacific: NZ community trust buys Fisher Funds stake; Noah Holdings to expand overseas
Europe: RBS goes Dutch for EU base; Allianz Q2 up 83.4% YOY; Paysafe gets takeover offer
Middle East & Africa: Standard Bank eyes new biz; Angola's Recredit to buy $2B of bad loans
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng increased 0.12% to 27,562.68, while the Nikkei 225 declined 0.38% to 19,952.33.
In Europe, around midday, the FTSE 100 was up 0.09% to 7,481.22, and the Euronext 100 was up 0.01% to 1,001.41.
On the macro front
The employment situation report, the international trade report, the Baker-Hughes Rig Count report and the Treasury STRIPS report are due out today.
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