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SEC blocks sale of Chicago Stock Exchange; BofA CEO says Dodd-Frank 'is fine'


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SEC blocks sale of Chicago Stock Exchange; BofA CEO says Dodd-Frank 'is fine'

Bank of America Corp. Chairman and CEO Brian Moynihan said the Dodd-Frank Act "is fine" and that none of the big banks "are trying to touch it." Speaking at the Economic Club of Washington, the BofA chief noted that "capital and liquidity requirements, mandatory stress testing and resolution planning have all been good reforms." He, however, called for lowering Basel III capital requirements, American Banker reports.

Associated Benefits and Risk Consulting, a unit of Associated Banc-Corp, is buying Diversified Insurance Solutions, a Wisconsin-based insurance broker.

The SEC has rejected a Chinese-tied investor group's bid to acquire Chicago Stock Exchange Inc. The decision to block the bid comes six months after the regulator's staff recommended its approval. Critics speculated that the proposed acquisition of the exchange operator would open U.S. markets to threats from foreign entities.

In asset management news, Kayne Anderson MLP Investment Co. is merging with Kayne Anderson Energy Development Co. In connection with the merger, Kayne Anderson MLP Investment will change its name to Kayne Anderson MLP/Midstream Investment Co.

St. Louis-based wealth management firm Buckingham Strategic Wealth expanded its presence into the Chicago area with the acquisition of Deerfield, Ill.-based Stevens Wealth Management LLC, which closed Jan. 1.

And in broker/dealer news, Piper Jaffray Cos. has formed a lending subsidiary, Piper Jaffray Finance LLC, with $1.0 billion in equity commitments from investors to underwrite middle-market loans for sponsored and non-sponsored companies.

In other parts of the world

Europe: Allianz Q4'17 profit falls 22.3% YOY; AXA eyes Q2 for partial IPO of US biz

Middle East & Africa: Iran moves to stem rial slide; Ethiopia PM resigns; Egypt central bank rates cut

The day ahead

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

In Asia, the Hang Seng was up 1.97% to 31,115.43, and the Nikkei 225 was up 1.19% to 21,720.25.

In Europe, as of midday, the FTSE 100 had risen 0.56% to 7,275.10, and the Euronext 100 had climbed 0.88% to 1,108.42.

On the macro front

The housing starts report, the import and export prices report, the consumer sentiment report, the e-commercial retail sales report and the Baker-Hughes Rig Count report are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.