The New York Stock Exchange’s plan to lure more stock orders from individuals was approved by the U.S. Securities and Exchange Commission, dealing a setback to Wall Street firms that increasingly keep the business for themselves.
Barclays Plc saved itself 25.5 million pounds ($40 million) in fines by moving first to settle a probe over the rigging of global interest rates. In return, it has lost three top executives, $5 billion of market value and sparked a government inquiry.
Japan’s ruling party will consider limiting the period for public stock offerings to four days to curtail share declines and discourage insider trading, said lawmaker and former Morgan Stanley banker Tsutomu Okubo.
Japan’s central bank may face increased pressure to boost monetary stimulus after the nation’s government mounted a unilateral effort to stem an appreciating currency that endangered exporters’ earnings.
Japan’s biggest corporations are weakening the yen through record takeovers of everything from a U.S. phone company to a Swiss drugmaker, after central bank Governor Masaaki Shirakawa’s attempts to halt the currency’s rise proved fleeting.
The yen weakened past 80 against the dollar for the first time in three months as signs the world’s third-largest economy is closer to contraction fanned speculation that the Bank of Japan will add further stimulus.