Your Daily Dose of Financial News

Robins Kaplan LLP

Representatives of the US’s biggest stock exchanges have questioned the SEC’s plan to change how markets work by altering the current “maker-taker” system and imposing new transparency and conflict-of-interest rules on platforms run by brokerage firms – WSJ

Breakingviews on the ongoing jockeying between Goldman Sachs and Morgan Stanley through the lens of Q3 numbers – NYTimes

PayPal announced yesterday that millennial-favored Venmo will now be accepted by over 2 million online retailers and will qualify for purchase protection, too – TechCrunch

We updated you on Kobe Steel’s troubles at home the other day. Now it seems that its concerns are not just confined to Japan but extend here to the States, where the DOJ has opened an inquiry over its ongoing quality scandal – NYTimes

Chinese President Xi Jinping addressed the once-a-5-year gathering of the Communist Party Congress and set out his sweeping vision for the next 30 years, including China’s role on the global stage and the place of markets in a still “birdcaged economy” – Bloomberg and NYTimes

JPMorgan has agreed to buy WePay, a payments company that helps online marketplaces and crowdfunding sites process payments. The move its JPM’s first major foray into the fintech space – WSJ

The SEC has joined a chorus of many of its targets over the past few years in asking the Supreme Court to weigh in on the constitutionality of its in-house judges – Law360

The busy agency also announced this week that it’s suing mining giant Rio Tinto over allegedly misleading investors about the value of Mozambique coal assets (claiming more than 3 billion in value when the true worth was -$680 million) – WSJ

Brexit and a resurgent economy have combined to help make Ireland once again receptive to the financial services industry, roughly 10 years after the country’s economy “was crippled by a banking catastrophe” – WSJ

Just a reminder that while the BBC can make its presenters read the news, it can’t make them like it – HuffPo

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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