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Conviction upheld for first U.S. trader prosecuted for 'spoofing'
A federal appeals court in Chicago on Monday upheld the conviction of Michael Coscia, the first U.S. trader to face prison time for manipulating futures prices using "spoofing," the Wall Street Journal reported. "Spoofing" was made illegal in 2010 as part of the Dodd-Frank Act. Spoofing involves placing large orders intended to deceive other traders into thinking supply or demand has changed enough to bring about better market pricing on smaller trades made by the deceptive trader. The large orders are then canceled before execution. The court rejected Coscia's claim that his conviction should be overturned because the law is too vague to be enforced. "Mr. Coscia engaged in this behavior in order to inflate or deflate the price of certain commodities," the circuit judges wrote, according to the Journal. "His trading accordingly also constituted commodities fraud, the ruling said. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Germany recalls Porsche Cayenne models over illegal emissions software
German Transport Minister Alexander Dobrindt on Thursday announced a recall of Porsche 3-litre Cayenne cars after finding illegal emissions controlling software in the vehicles. Dobrindt told reporters he was withdrawing certification for the vehicles, and Porsche would bear 100 percent of the cost of the recalls. Volkswagen CFO Frank Witter had no immediate comment on an earnings call.
SEC awards $2.5 million whistleblower award to government employee
The Securities and Exchange Commission announced a whistleblower award to a federal employee of almost $2.5 million on Tuesday. The government employee, who the SEC did not name, became aware of improper conduct by a company, which the regulator is also barred by law from naming, and provided original information to the SEC that resulted in an enforcement action. Employees of a federal, state, or local government agency can be eligible for an award under the Dodd-Frank whistleblower program, subject to limited exceptions. The SEC's announcement emphasized that in reporting the misconduct to the SEC, the employee did not bypass any potential responsibilities of his or her employer to investigate or otherwise take action regarding the alleged misconduct.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Words You'll Hear: Dodd-Frank
This week NPR's Lakshmi Singh speaks with Raj Date, former Deputy Director of the U.S. Consumer Financial Protection Bureau about the House bill to scale back Dodd-Frank financial regulations.
Wall Street banks enjoy their best week since President Trump's election
Banks shares are on track to log their best weekly gains since the week President Donald Trump was voted into the White House. Popular funds that track the financial sector, including the Financial Select Sector SPDR ETF , the SPDR S&P Bank ETF , and the regionally focused SPDR S&P Regional Banking ETF are all on pace to post their best weekly percentage gains since Nov. 11, according to FactSet data. Weekly gains for the XLF were more than 3%, while the other ETFs were on pace to show a gain of more than 5% over the past five trading sessions. Banks had been among the best performers in the wake of Trump's victory, which Wall Street welcomed with his pledge of deregulated markets, tax cuts and a plan to spend some $1 trillion on improving roadways, tunnels and bridges. However, financials had pulled back as Trump's pro-Wall Street agenda looked stalled by White House drama centered on Russia's ties with members of Trump's administration and his firing of ex-FBI Director James Comey, who was investigating those relationships. This week, however, banks have gotten a bid partially on the back of expectations that the Federal Reserve will lift interest rates at the conclusion of its two-day policy meeting on June 14. A slight reflation of benchmark Treasury yields [BX:TMUBMUSD10Y], which are still at very low levels, also has helped to stoke some hope that financials may see improved profitability, with higher rates viewed as supportive to their business models. Also on Thursday, the House of Representatives passed a bill to roll back so-called Dodd-Frank rules, intended to rein in bank activities after the 2008-'09 financial crisis. In Friday trade, the Dow Jones Industrial Average was being led higher by Goldman Sachs Group Inc. , boasting its best week since the week ended Nov. 11, and J.P. Morgan Chase & Co. , which were contributing near 40 points to the price-weighted blue-chip gauge. Banks were the best performer in the S&P 500 index , up 1.4%. Helping both indexes trade in record territory. Dick Bove, prominent bank analyst at Rafferty Capital, said investors should approach the bank rally with caution because he sees few signs that economic activity is picking up sufficiently to justify buying banks. "People believe there's going to be a surge in economic activity and that is going to increase bank earnings, but I don't see that happening yet," he said.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
House passes Dodd-Frank rollbacks over Democrats' objections
House Republicans passed a bill that would undo many of the stringent financial regulations passed by President Obama in 2010.
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Bill to Erase Some Dodd-Frank Banking Rules Passes in House
Republicans have vowed to dismantle legislation enacted in the wake of the financial crisis, but their Choice Act faces a tougher fight in the Senate.
Republicans take aim at Dodd-Frank financial rules
A push to dismantle some laws introduced after the 2008 financial crash may be gaining momentum.
Dodd-Frank debate: Here's how the House could change financial legislation
House will begin debating a new bill that aims to weaken Dodd-Frank.
Dodd-Frank Replacement Bill Gives 'Free Pass' To Payday Lenders
NPR's Ari Shapiro speaks to David Lazarus of the Los Angeles Times about his column describing a section near the end of the Financial Choice Act — Dodd-Frank Act replacement — that would protect payday and car title lenders from federal oversight. The House may vote on the legislation within the next two weeks.
Frank Deford, a Literary Storyteller of Sport, Dies at 78
A longtime contributor to NPR, Sports Illustrated and HBO, Mr. Deford was the only sportswriter to receive a National Humanities Medal.
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