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Thursday Express: E*TRADE drops trading fees; Kentucky banks in deal

* E*TRADE Financial joined rivals TD Ameritrade Holding and Charles Schwab in offering zero trading commissions to clients, effective Oct. 7.

* Rohan Ramchandani, a former Citigroup trader acquitted of rigging foreign exchange markets from an online chatroom, is suing and demanding $112 million from his former employer for allegedly fabricating a case against him to avoid further damage from a government antitrust investigation, Bloomberg News reports.

* There are a lot of opportunities for growth in the Middle East for banks despite lower investment banking fees in the region compared in countries like the U.S., as there are enough deals across different segments, Sjoerd Leenart, JPMorgan's global head of corporate banking, told Bloomberg TV. JPMorgan is one of the global coordinators for oil giant Saudi Aramco's planned share sale.

* Morgan Stanley and Goldman Sachs are poised to be the lead underwriters in the planned stock market listing of short-term home rental firm Airbnb in 2020, sources told Reuters.

* The Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corp. issued a final rule raising the management interlock threshold for depository institutions to $10 billion in total assets.

* In Kentucky, Cecilian Bank and Hartland Financial intend to merge in a deal expected to close in the first quarter of 2020, The (Elizabethtown, Ky.) News-Enterprise reports.

* Sen. Elizabeth Warren, D-Mass., vowed to fight big-time lobbyists by proposing to impose a 35% tax on lobbying expenditures between $500,000 to $1 million per year by corporations and trade groups, a 60% tax on organizations that spend between $1 million and $5 million a year and 75% on lobbying expenditures above $5 million.

* The U.S. Securities and Exchange Commission obtained a federal court judge's final ruling against New York-based brokerage firm Lek Securities and CEO Sam Lek for facilitating manipulative U.S. trading by a Ukrainian firm over a three-year period.

* The New York Attorney General and the Commodity Futures Trading Commission fined BGC Financial and GFI Securities to settle charges of alleged fraud in foreign exchange options markets. The two BGC Partners units were ordered to pay $12.5 million to the New York Attorney General and another $12.5 million to the CFTC.

* On the insurance front, the Idaho Department of Insurance said premium rates for individual health plans in the state will increase by an average of 6% in 2020, much smaller than the double-digit increases in previous years. For the small group market, the rates will increase by 4%, just about the same rate increase as before.

* The New York Department of Financial Services has started probing into the insurance industry's practices, particularly how insurers and their agents sell retirement income products to teachers, according to The Wall Street Journal.

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