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Goldman discloses execs' pay; OpenBondX to merge with Direct Match

Goldman Sachs Group Inc.'s newly-appointed CFO, R. Martin Chavez, and co-COOs, David Solomon and Harvey Schwartz, will receive a basic annual salary of $1.85 million each. Reuters notes this is the first time Solomon's and Chavez's compensations have been publicly disclosed.

In Michigan's community banking scene, Saginaw-based Valley Financial Group now goes by the name 1st State Financial Ltd.

OpenBondX LLC, an alternative trading system, is planning to consolidate with Direct Match Holdings Inc., an electronic marketplace for U.S. Treasurys. They will form the OpenBondX Direct Match platform, and former Direct Edge CEO William O'Brien will be executive chairman.

Meanwhile, asset manager Natixis Global Asset Management L.P. plans to launch first-of-their-kind target-date mutual funds that follow a sustainable investment strategy. The funds will pick securities based on environmental, social and governance criteria.

BlackRock Inc. will lead the next funding round of iCapital Network, a financial technology platform focused on democratizing access to alternative investments for high-net-worth investors and their financial advisers.

Elsewhere in fintech, SS&C Technologies Holdings Inc. acquired San Francisco-based Conifer Financial Services LLC, an independent asset services firm, for $88.5 million.

And Citigroup Inc., on top of its recently disclosed PayPal partnership, is also backing Cobalt DL, which is launching a blockchain-based peer-to-peer network that aims to cut FX post-trade costs by up to 80%.

Specialty lender LendingClub Corp.'s Chief Technology Officer John MacIlwaine plans to resign, effective Jan. 19, 2017, to pursue another opportunity.

In government and regulatory news:

Industry observers are grappling with whether or not it is too early to declare the Federal Reserve's TLAC rule the end to too big to fail. George Washington University Professor Arthur Wilmarth, for one, argues that the single-point-of-entry structure of many systemically important banks makes the new rule a "nice balance sheet trick."

The Treasury Department's Financial Crimes Enforcement Network slapped a $500,000 civil money penalty against Bethex Federal Credit Union for violating anti-money laundering regulations. New York-based Bethex was liquidated in December 2015.

Ex-FDIC Chair William Isaac and ex-Wells Fargo CEO Richard Kovacevich suggest privatizing Fannie Mae and Freddie Mac is more feasible than some may think. In The Wall Street Journal, they write: "This can be done in a few easy steps ... The current $686,000 cap on new [guaranteed] mortgages ... should be reduced by $100,000 a year. This would put the companies out of originating new mortgages within seven years."

And Rep. Scott Garrett, R-N.J., who met with Trump transition officials in New York yesterday, could be under consideration for a position in the president-elect's administration, the WSJ reports. The publication's sources say he is interested in working at the FHFA.

In other parts of the world

Asia-Pacific: Indonesia keeps key rates; Taiwan's First Commercial to open Manila branch

Europe: Intesa fined; Monte dei Paschi details share issue; Achmea eyes job cuts

Middle East & Africa: More Gulf central banks raise rates; Standard Bank seeks protection

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market. In Asia, the Hang Seng slipped 0.18% to 22,020.75, while the Nikkei 225 increased 0.66% to 19,401.15. In Europe, around midday, the FTSE 100 was up 0.31% to 7,020.64, and the Euronext 100 was up 0.57% to 927.51.

On the macro front

The market focus report, the housing starts report and the Atlanta Fed Business Inflation Expectations report are due out today.

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