Gary Gensler, SEC chair, urges the brokerage industry to look for alternatives to payment for order flow. An idea is originating from Apex Clearing, according to CNBC. SoFi, Webull, and other fintech companies use the clearing firm to manage their trades and develop a marketplace for matching customer orders. According to Apex’s CEO, an “auction”...
Despite making a strong comeback in July and early August, the benchmark S&P 500 Index is still down 15% year to date. A team of Goldman Sachs analysts — led by chief investment officer David Kostin — have just compiled a list of stocks that could be an opportunity for income hunters. These companies offer...
To counter threats from fintech companies such as Stripe and Block, JPMorgan Chase has acquired a payments startup called Renovite. As a leading player in the global payments industry, the bank claims that acquiring Renovite of Fremont, California, will enable it to roll out new merchant solutions more quickly. By transaction volume, JPMorgan is the...
During his speech on Wednesday, the Federal Reserve’s new banking regulator called for action on stablecoins, climate change preparations, and safety and fairness in the financial sector. Since his confirmation by the Senate, Fed Governor Michael Barr, who holds the title of vice chair for supervision, gave his first policy speech. His priorities include urging...
MX has named PayPal executive Jim Magats as its new CEO. MX competes against Plaid in helping connect financial institutions and fintech companies. According to MX founder Ryan Caldwell, Magats, a nearly two-decade PayPal veteran, most recently senior vice president of Omni-payment solutions, will join MX in mid-August. “We’re thrilled with the resonance that we’ve...
After plummeting in the first half of the year, the S&P 500 has bounced higher like a basketball hitting a trampoline. The benchmark US stock index was up 17% from its low of June as of early Friday. It is even more optimistic elsewhere in the market. With Amazon and Tesla soaring more than 20%...
When It comes to regulation, the crypto world may have taken a U-turn. The CEO of several major crypto companies told CNBC that regulators are beginning to take a more positive approach to digital currencies following numerous crackdowns targeting the space. Countries like Britain and the U.S. have announced moves to bring regulatory oversight to...
JPMorgan Chase announced Thursday that its second-quarter profit slumped as it built a reserve for bad loans of $428 million and suspended share buybacks. Chairman and CEO Jamie Dimon have become more cautious in his approach due to these actions. “The U.S. economy continues to grow and both the job market and consumer spending, and...
Despite fears about the impact of a liquidity crisis in the industry on Coinbase, the company said it had no counterparty exposure to several collapsed crypto firms. In a blog post published Wednesday, Coinbase stated that it had no financial exposure to Celsius, Three Arrows Capital, and Voyager Digital. As a result of a plunging...
U.S. stocks sunk Friday, with the Nasdaq Composite notching its worst month since 2008, as Amazon became the latest victim in April’s technology-led sell-off. The tech-heavy Nasdaq Composite fell nearly 4.2% to 12,334.64, weighed down by Amazon’s post-earnings plunge. The S&P 500 retreated by 3.6% to 4,131.93. The Dow Jones Industrial Average shed 939.18 points,...
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