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Financial Reform

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  • SHANGHAI/ BEIJING, Nov 24- A bid by China to rein in its "shadow banking" activity is producing results, thanks to slowing economic growth and tighter regulation. But some success for a policy drive to curb risky lending is not all good news for Beijing, as smaller companies may face even bigger struggles to find funding. A cut in interest rates, announced by Beijing on...

  • WASHINGTON, Nov 21- A top Federal Reserve official on Friday pledged to a Senate investigative subcommittee that the U.S. central bank would broaden its review of gaps in its regulation of the physical commodity operations of U.S. banks. In response to questioning at a hearing on Friday, Fed Governor Daniel Tarullo said the bank would look into filling those...

  • WASHINGTON, Nov 21- Several Democratic senators on Friday criticized the New York Federal Reserve Bank as too close to the mammoth financial institutions it regulates, taking particular aim at the hiring of Fed alumni at firms like Goldman Sachs- and vice versa. that ties between the Fed and the banking industry are perceived as cozy, and arguably contributed to...

  • Nov 20- Goldman Sachs Group Inc said it fired two staff after a junior employee passed confidential information from the Federal Reserve Bank of New York, his former employer, to a senior colleague in the investment bank. Goldman said the incident on Sept. 26 was immediately reported to its compliance team, regulators and the New York Fed and an internal...

  • Nov 19- A Houston- based wealth management firm must pay more than $3.8 million to a group of 19 ExxonMobil retirees who said the company mismanaged their investments and misled them about its trading strategy, according to a securities arbitration ruling. The ruling by a panel of three Financial Industry Regulatory Authority arbitrators found USCA Capital...

  • UPDATE 1-Juno Therapeutics files for IPO Monday, 17 Nov 2014 | 7:23 AM ET

    Nov 17- Juno Therapeutics Inc, a biopharmaceutical company that is working on cancer treatments, filed with U.S. regulators for an initial public offering of common stock. Seattle- based Juno, which has raised more than $310 million in funding since April this year, counts venture capital firm ARCH Venture Fund VII LP as one of its major investors, with a stake of...

  • Banker pay must stop encouraging misconduct: Carney Monday, 17 Nov 2014 | 2:31 AM ET
    Mark Carney, governor of the Bank of England, at the bank's quarterly inflation report news conference in London, on Wednesday, Aug. 13, 2014.

    Repeated scandals at banks' trading desks show the sector's compensation must be regulated to stop encouraging misconduct, BOE Gov. Mark Carney said.

  • NEW YORK, Nov 14- Hedge funds scooped up shares of Chinese company Alibaba Group Holding in the third quarter, making the e-commerce giant one of the most commonly bought stocks among some of the country's biggest investors, according to regulatory filings on Friday. Among the institutional investors that took new stakes in Alibaba were Jana Partners, the $11...

  • *OCC fines three U.S. banks, including Bank of America, $950 mln. LONDON/ ZURICH/ NEW YORK, Nov 12- Regulators fined six major banks including Citigroup and UBS a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a year-long global investigation. HSBC, Royal Bank of Scotland, JP Morgan and Bank of America...

  • LONDON/ NEW YORK, Nov 12- Barclays did not join a $3.4 billion settlement over alleged manipulation of foreign exchange rates because of issues with its New York regulator, people familiar with the matter said. Barclays is overseen in New York by the Department of Financial Services, unlike five other banks which settled with British, U.S. and Swiss regulators.

  • LONDON, Nov 12- Barclays did not join a group settlement over the alleged manipulation of foreign exchange rates because of complications with its regulator in New York, people familiar with the matter said. London- based Barclays is regulated by the New York State Department of Financial Services, unlike any of the other five banks who agreed a $3.4 billion...

  • LONDON/ ZURICH, Nov 12- Global regulators imposed penalties totalling $3.4 billion on five major banks, including UBS, HSBC and Citigroup, on Wednesday for failing to stop their traders from trying to manipulate foreign exchange markets. Royal Bank of Scotland and JP Morgan were also fined over attempts to rig currency benchmarks in a year-long probe that has...

  • LONDON/ ZURICH, Nov 12- Global regulators imposed penalties totalling $3.4 billion on five major banks, including UBS, HSBC and Citigroup on Wednesday in a landmark settlement over allegations of price fixing in the foreign exchange market. Royal Bank of Scotland and JP Morgan were also fined for attempting to manipulate foreign exchange benchmarks in a...

  • On Deck Capital files for IPO Monday, 10 Nov 2014 | 1:02 PM ET

    Nov 10- On Deck Capital Inc, an online platform for small business lending, filed with U.S. regulators on Monday to raise up to $150 million in an initial public offering of common stock. The New York- based company named Morgan Stanley, Merrill Lynch, Pierce, Fenner& Smith, JP Morgan Securities and Deutsche Bank Securities among underwriters to the IPO.

  • SHANGHAI Nov 10- Hong Kong shares finished up on Monday after Chinese and Hong Kong regulators announced a formal start date to the Hong Kong- Shanghai stock connector pilot programme, but analysts said the rise was blunted by some profit-taking in comparison to mainland indexes. The largest percentage gainer on the HSI was Hong Kong Exchanges and Clearing Ltd,...

  • Nov 7- Struggling retailer Sears Holdings Corp said it was exploring the conversion of 200-300 stores to a real estate investment trust and offer it to shareholders through a rights offering to raise cash. The company said it was looking to monetize a portion of its real estate through a sale-leaseback transaction, it said in a regulatory filing.

  • Nov 6- Bank of America Corp tripled its third-quarter loss to $232 million as it faced additional legal costs related to global investigations into foreign exchange trading at major banks. Bank of America said it was in advanced discussions with U.S. banking regulators to resolve matters related to the business. JPMorgan Chase& Co, Citigroup Inc, HSBC Holdings...

  • Nov 6- Bank of America Corp tripled the size of its third-quarter loss to $232 million as it faced additional legal expenses related to its foreign exchange business. The bank said it was in advanced discussions with some U.S. banking regulators to resolve matters related to the business. The company recorded a $400 million non-deductible charge that widened...

  • NEW YORK, Nov 5- Wells Fargo& Co said on Wednesday it is in discussions with the U.S. government to resolve a lawsuit accusing the nation's largest mortgage lender of cheating taxpayers by submitting ineligible home loans to a federal insurance program. Wells Fargo, the fourth-largest U.S. bank by assets, disclosed the talks in a quarterly filing with the U.S....

  • WASHINGTON, Nov 5- The U.S. Wednesday's rule applies to banks and to large financial firms who are designated as "systemic" by the Financial Stability Oversight Council, a federal government panel of regulators that polices for emerging market threats. The FSOC has already designated General Electric Co's GE Capital, American International Group Inc and...