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Colo. CU to acquire bank; Cboe Europe pursues Dutch hub regardless of Brexit

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Colo. CU to acquire bank; Cboe Europe pursues Dutch hub regardless of Brexit

In Colorado, Elevations CU plans to buy the assets of Cache Bank & Trust in a deal expected to be finalized in the first quarter of 2020. Full integration is set to be completed in the third quarter of 2020.

Digital lender Kabbage Inc. agreed to acquire small-business data platform Radius Intelligence Inc. At close, Kabbage will add nearly 20 team members to its San Francisco office, as well as Radius CEO Joel Carusone.

New York-based Tiedemann Advisors LLC has formed Tiedemann Constantia AG with with Swiss capital consultancy firm Constantia Partners AG. Zurich-based Tiedemann Constantia is a wealth management firm for high-net-worth individuals, families, family offices, trusts and foundations. Constantia Partners founder Robert Weeber will head Tiedemann Constantia in Zurich. Pierre Bose and Gareth Maher, formerly private bankers at Credit Suisse's U.K. International ultra-high-net-worth unit, will join Tiedemann Constantia as chief investment officer and managing director, respectively.

Milwaukee-based institutional money manager Riverwater Partners has acquired Germantown, Wis.-based Falcons Rock Investment Counsel LLC. Greg Wait, who founded Falcons Rock in 2003, will join Riverwater.

Describing the U.S. economic outlook as "benign," Boston Fed President Eric Rosengren said a healthy consumer sector should keep growth around 2% in the second half of this year, despite investors' worries about trade uncertainty and slower global growth. Rosengren said he will "carefully watch" incoming data to see whether he would support changing rates at the central bank's next meeting Sept. 17 and 18.

With or without Brexit, Cboe Europe Ltd. will start to operate in Amsterdam come Oct. 1 to trade European Union stocks, the Financial Times reports. The plan already got regulatory approval from the Dutch capital and was postponed when the U.K.'s exit date from the union was moved to the end of October.

A three-person arbitration panel of the Financial Industry Regulatory Authority Inc. ordered TD Ameritrade Inc. to pay a radiologist-investor $720,816 for allegedly failing to oversee an investment adviser whose investment fund had reportedly caused the investor to incur losses, the InvestmentNews reports.

Comments on the proposed postponement of the current expected credit loss standard, or CECL, and the National Credit Union Administration's "Second Chance" proposal are due in September, CUtoday reports. The Financial Accounting Standards Board, which issued CECL, proposed that the application of the new accounting standard be moved to January 2023 for credit unions from the current set date of January 2022.

The sustainability linked bank debt market has grown almost sevenfold in 2018, quickly catching up to the more dominant and mature green loans market, according to a S&P Global Ratings report entitled "Why Linking Loans To Sustainability Performance Is Taking Off." The responsible loans market totaled $111.5 billion in July, as more companies incorporate sustainability in their corporate strategies and investment decisions, and environmental, social, and governance considerations are also being factored into loan pricing.

In other parts of the world

Asia-Pacific: Deutsche Bank, BNP Paribas get Chinese underwriting license; Suncorp eyes sale

Europe: UK lawmakers poised to stop no-deal Brexit; RBS' PPI woes; KBC to cut 1,400 jobs

Middle East & Africa: France plots $15B credit line for Iran; South Africa averts recession in Q2

Now featured on S&P Global Market Intelligence

Top 50 US banks & thrifts in Q2'19: Forty-one of the 50 largest U.S. banks reported an increase in assets during the second quarter. However, JPMorgan Chase, the U.S.'s largest bank by assets, reported a $9.81 billion decrease in assets in the second quarter, making it the only Big Four U.S. bank to report a drop in pro forma total assets.

The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng surged 3.90% to 26,523.23, and the Nikkei 225 ticked 0.12% higher to 20,649.14.
In Europe, around midday, the FTSE 100 gained 0.30% to 7,290.21, and the Euronext 100 was up 0.86% to 1,071.42.

On the macro front

The international trade report, the Redbook and the Beige Book 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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