Industry News
All Finance News
Top stories summarized by our editors
Financial MarketsWealth ManagementAccountingBankingCommercial Real EstateInsuranceOriginals
Top stories summarized by our editors
1/21/2022

The Office of the Comptroller of the Currency has terminated a regulatory order it imposed on Wells Fargo in 2015 for improperly selling add-on products to account holders without their authorization. "Wells Fargo's top priority is building a risk and control infrastructure appropriate for its size and complexity," the bank said in a statement.

1/21/2022

London Metal Exchange CEO Matt Chamberlain will leave the company at the end of April, with current LME Clear head Adrian Farnham stepping into the role on an interim basis. Chamberlain has been with LME for over nine years, and was appointed CEO in 2017.

1/21/2022

First Trust and hedge fund SkyBridge Capital's plan to launch a spot bitcoin exchange-traded fund has been rejected by the US Securities and Exchange Commission, which has expressed a preference for bitcoin futures-linked ETFs. The SEC had twice postponed a decision on the proposed First Trust SkyBridge Bitcoin ETF, which would have been listed on the New York Stock Exchange.

Full Story:
The Block, CoinDesk (UK)
1/21/2022

Silicon Valley-based venture capital firm Andreessen Horowitz is seeking to raise $4.5 billion by March for a set of funds to invest in cryptocurrency projects, sources say. One of a16z's new funds will reportedly contain $1 billion specifically for digital asset startup seed investments.

1/21/2022

An academic study finds that more than 130 US companies use the same China-based auditors that have been used by the roughly 200 Chinese companies whose US stock listings are in jeopardy due to the use of said auditors. At issue is the inability of US regulators to inspect the work of the Chinese audit firms, following some recent high-profile auditing scandals involving US-listed stocks, though the law that threatens the Chinese firms' listings does not apply to US companies.

1/21/2022

The Securities and Exchange Commission has reopened a request from fund managers to investigate the fees they are charged by processors of investor communications. Analysts say Broadridge Financial Solutions, the primary vendor of such services, charges the maximum fees allowed by New York Stock Exchange, though Broadridge has said it "is agnostic as to who sets the fees and looks forward to supporting all stakeholders."

More Summaries:
SEC
1/21/2022

A bipartisan group of senators has called on the Commodity Futures Trading Commission to complement initiatives by the Securities and Exchange Commission, and play a bigger part in overseeing cryptocurrencies. The senators contend that bitcoin and ether qualify as commodities and therefore come under the CFTC's purview.

Full Story:
Financial Advisor IQ
1/21/2022

The office of New York City Mayor Eric Adams said his first paycheck will be deposited to the online cryptocurrency platform Coinbase and then used to buy two cryptocurrencies, bitcoin and ethereum. Adams had previously hoped to be paid directly in bitcoin, but the city stated in a release that federal labor rules prohibit it from doing so.

Full Story:
The Associated Press
1/21/2022

Rising interest rates are generally said to be good news for banks, but as rates head higher, the stocks of Wall Street banks are headed lower. Stock market investors know that inflation is sending bank wages higher, investment banking could take a hit from higher rates and trading revenues are already in a downturn.

1/21/2022

Only three special-purpose acquisition companies cancelled their initial public offerings during the first 11 months of 2021, but in the last two months at least 12 have shelved their listing plans. With SPACs coming under intensified regulatory scrutiny and their performance flagging, investor interest in such deals is fading.

More Summaries:
SPACs