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Fidelity latest to cut trading fees; SEC rejects Bitwise bitcoin ETF proposal

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Fidelity latest to cut trading fees; SEC rejects Bitwise bitcoin ETF proposal

Fidelity Investments became the latest online brokerage to offer commission-free trading services. The company said it will offer zero commissions to individual investors for online trades of U.S. stocks, exchange-traded funds and options, effective Oct. 10. For registered investment advisers, the commission changes will take effect Nov. 4. In addition, the firm will offer customers 1.58% on their cash balances that automatically goes into its money-market fund. The move comes shortly after Fidelity rivals Charles Schwab Corp., TD Ameritrade Holding Corp. and E*TRADE Financial Corp. announced plans to eliminate trading commissions.

The Securities and Exchange Commission rejected Bitwise Asset Management Inc.'s bitcoin exchange-traded fund proposal. In disapproving the proposal, the regulator said the proposed ETF from Bitwise and NYSE Arca did not meet standards to prevent fraud and market manipulation activities. In the past, the SEC has turned out other bitcoin ETF proposals citing the same concern.

U.S. Circuit Judge Richard Sullivan dismissed a lawsuit filed by former and current members of a Morgan Stanley 401(k) plan over alleged violation of duties under the Employee Retirement Income Security Act, Pensions&Investments reports. The plaintiffs claimed in the suit that the plan fiduciaries offered multiple proprietary products and retained some underperforming investment options.

JPMorgan Chase & Co., which sought a temporary restraining order and a preliminary injunction against a former broker, achieved its first win in the case, AdvisorHub reports. Florida-based Pedro Lopez-Villari, who was accused by the bank for soliciting its clients after moving to UBS Wealth Management USA, agreed to the order without admitting or denying the allegations. Additionally in Florida, Fidelity Brokerage Services filed a request for a preliminary injunction against former broker Anthony Guadagnino, who moved to Morgan Stanley, in Palm Beach Gardens.

The Federal Reserve is set to relax the regulatory framework for large banks by loosening liquidity standards for some and extending filing periods for how often banks must submit "living wills." The proposals are expected to be finalized at an Oct. 10 board meeting. The eight U.S.-based global systemically important banks including JPMorgan Chase and Wells Fargo & Co. are expected to experience changes in the way they are regulated.

The SEC created its asset management advisory committee to provide the regulator with advice and recommendations on asset management. The committee, which will be formally established on Nov. 1 for an initial two-year term, will be comprised of outside experts and will include representatives of retail and institutional investors, small and large funds, intermediaries, and other market participants. Edward Bernard, senior adviser to T. Rowe Price Group Inc. was appointed the initial committee Chairman.

Facebook Inc. Chairman and CEO Mark Zuckerberg is set to testify before the House Financial Services Committee on Oct. 23 to discuss its impact on the financial services and housing sectors.

In other parts of the world

Asia-Pacific: RBI rejects Indiabulls-Lakshmi Vilas merger; Afterpay hires former Obama adviser

Europe: Banks' Brexit market mayhem plans; Tryg earnings; cum-ex conviction

Middle East & Africa: QNB Q3 profit rises; Afreximbank plots London IPO; stable outlook for GCC banks

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Insurtechs shine in August fintech fundraising: Insurance technology companies attracted the most investor capital and produced the highest volume of funding transactions in August, out of the six categories of U.S. financial technology startups tracked by S&P Global Market Intelligence.

Talk of E*TRADE sale returns as online brokers confront free trading: The era of free trading at the largest online brokerages has brought new questions about how their business models will cope — and for one company, whether a sale is back on the table.

Rate cuts offer US community banks funding relief but little margin for error: A pair of rate cuts by the Federal Reserve will offer U.S. community banks some relief in funding costs, but not enough to offset pressure on earning-asset yields.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng jumped 0.10% to 25,707.93, while the Nikkei 225 jumped 0.45% to 21,551.98.

In Europe, around midday, the FTSE 100 increased 0.04% to 7,169.18, and the Euronext 100 dropped 0.06% to 1,065.92.

On the macro front

The consumer price index, the jobless claims report, the EIA natural gas report, the Treasury budget, 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.

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