trending Market Intelligence /marketintelligence/en/news-insights/trending/0M22knAlcpZhESOPW6TFoA2 content esgSubNav
In This List

Release of GSE privatization proposal approaches; SEC charges NY broker/dealer

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud

Blog

Volume of Investment Research Reports on Inflation Increased in Q4 2021

Blog

Price wars in India: Disney+ Hotstar vs. Amazon Prime Video vs. Netflix

Blog

Using ESG Analysis to Support a Sustainable Future


Release of GSE privatization proposal approaches; SEC charges NY broker/dealer

The proposal to return Freddie Mac and Fannie Mae to private shareholder ownership may be released early in September, The Wall Street Journal reports, citing people familiar with the matter. The plan is expected to be a version of "recap and release," a measure that would require the governments-sponsored enterprises to have sufficient capital to absorb losses during a downturn in the housing market.

Comptroller of the Currency Joseph Otting has set a tentative deadline for the proposal to overhaul the Community Reinvestment Act, eyeing the release of the plan by the end of September. The Act was implemented to protect minority and low-income groups against redlining and ensure access to banking services.

Goldman Sachs Group Inc. is thinking of selling Safe-Guard Products International LLC, however, there is no certainty a deal will be announced, Reuters reports, citing sources familiar with the matter. The sale puts Safe-Guard at a valuation of more than $1 billion, inclusive of debt.

Additionally, Goldman is looking to increase hiring in its trading division, Bloomberg News reports. The company is focusing on hiring coders for the division, highlighting the organization's direction for increased technology use to ensure faster processing and trading time.

Sen. Elizabeth Warren, D-Mass., sent a letter to acting Wells Fargo & Co. CEO C. Allen Parker asking for information about reports that the company kept accounts active for months after customers closed them and charged those clients overdraft fees for charges made against the closed accounts. Warren mentioned the bank's 2016 fake accounts scandal and stated that despite Wells Fargo's assurances, it is still "fundamentally broken."

The U.S. Securities and Exchange Commission has approved the registration of California-based startup, Securitize Inc., as a transfer agent, CoinDesk reports. The company can now officially serve as keeper of records in relation to securities ownership changes.

The SEC also approved two new sets of guidance related to the regulation on the use of proxy advisory firms. The regulator outlined a series of steps that investment advisers should take when considering whether to use a proxy advisory firm to research and issue recommendations on proposals their clients will vote on at shareholder meetings.

The SEC also charged AOC Securities, a New York-based broker/dealer, and its former CEO, Ronaldo Gonzalez, for allegedly failing to supervise a broker who provided inflated price quotes to Premium Point Investments.

According to the recently released minutes of the Federal Reserve's July meeting, most central bank officials see the July 31 policy easing as a "mid-cycle adjustment" rather than the first of several interest rate cuts. The document showed Fed officials generally want their future policy moves to be dependent on incoming economic data, an approach they said would avoid "any appearance of following a preset course" of policy.

In other parts of the world

Asia-Pacific: Goldman Sachs China JV; Ping An deal talks; Srisawad Finance fine

Europe: 'No deal' Brexit base case; BNP Paribas, HSBC, StanChart 'victims' of Huawei

Middle East & Africa: H1 profits fall at some of Angola's biggest banks; Zambia holds rate

Now featured on S&P Global Market Intelligence

Fast-growing Mutual of Omaha mortgage ops excluded from $1B CIT deal: A portion of the banking business that Mutual of Omaha Insurance effectively exited then re-entered stands as a notable exclusion from CIT Group's proposed $1 billion acquisition of Mutual of Omaha Bank.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, Hang Seng dropped 0.84% to 26,048.72, while the Nikkei 225 gained 0.05% to 20,628.01.
In Europe, around midday, the FTSE 100 fell 0.59% to 7,161.28, and the Euronext 100 was down 0.39% to 1,050.52.

On the macro front

The jobless claims report, the PMI composite FLASH report, the leading indicators report, the EIA natural gas report, the Kansas City Fed Manufacturing index, the Fed balance sheet and the money supply 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.

The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.