Your daily dose of financial news - The Brief – 6.23.16

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Buckle up, everyone—it’s finally Brexit voting day.

The Journal considers the wide-ranging effects of the vote on markets and politics throughout Europe and beyond – WSJ

The Times moves past “what if” and into “then what” territory to chart out next steps if Britain does indeed vote to leave the EU – NYTimes

Also, perhaps the only winner here?  Bookies – NYTimes

Bank of America is reportedly nearing a $400-450 million settlement with the SEC to resolve allegations that it lacked proper safeguards for some customer accounts and retail-brokerage funds – WSJ

It was House day for Chair Yellen on the Hill, and if you guessed that in this election year her final appearance before this Congress was more about her questioners scoring political points than it was anything related to the Fed’s work on the economy, well, you’d be right – NYTimes and WSJ

Meanwhile, Fed Vice Chair Stanley Fischer was in Sweden yesterday defending the Fed’s efforts to address banks’ “too big to fail” problem – Law360

Speaking of TBTF, the Fed starts releasing results of its latest round of stress testing today. Most banks are expected to handle the capital level requirements but may struggle with risk management procedures – Law360

The Deal Professor’s on the case of Elon Musk’s company consolidation and finds a lot wanting with his decision [his Disney/birthing center analogy is particularly pointed]. If Tesla’s stock price movement yesterday is to be believed, he’s not the only one – NYTimes [and WSJ]

Twilio—a software startup that helps companies like Uber and Nordstrom communicate with customers—rather quietly outperformed expectations and raised $150 million yesterday in the largest tech IPO of the year – NYTimes and WSJ

Citi’s moved to dismiss a NY state court based toxic RMBS class action worth an alleged $2.3 billion – Law360 and WSJ

Yet another reason to fear the rise of the computers: AI (artificial intelligence) tech’s largely overlooked “sea of dudes” problem – Bloomberg

Anyone who can figure out this pairing gets a prize.  Starting next year, the NFL and Cirque du Soleil will join forces to present an “interactive exhibit and theater in the heart of Manhattan.” Because America, apparently – NYTimes

The Brief’s heading West later today, so we’ll see you back here on Monday to break down the fallout from the Brexit vote.  Have a great weekend.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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