News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Fed's Williams: Interest Rates About Half Their Normal Level

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Federal Reserve Bank of San Francisco President John Williams told broadcaster CNN Tuesday that short-term interest rates are currently about half their normal level, and need to rise gradually over the next few years.

Wells Fargo Names Former Fed Governor Elizabeth Duke to Chairman Role

Wells Fargo said Elizabeth Duke would replace its chairman, Stephen Sanger, on Jan. 1, making the former Federal Reserve governor the first woman to hold a top board role at one of the nation's largest banks.

This Auto Lender Won't Pay Off

Subprime auto lender Credit Acceptance has run circles around short-sellers, but it shares are now looking expensive and vulnerable.

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Trading Firm DRW to Buy High-Frequency Trader RGM

Electronic-trading firm DRW Holdings has agreed to buy high-frequency trader RGM Advisors, the latest sign of how the long period of low volatility is shaking up the high-speed trading world and forcing out the weaker players.

Warren Buffett's Berkshire Validates Another Credit-Card Company

Warren Buffett's Berkshire Hathaway is increasingly betting on the growing credit-card industry.

U.S. Chamber of Commerce Asks SEC to Reject New Auditor Disclosure Rule

The business group is asking the Securities and Exchange Commission to block a new rule that would require auditors to tell investors more about what they find when they audit a company's books.

Treasury Market Group Offers Guidelines on Confidential Trading Information

An industry group sponsored by the Federal Reserve recommended new guidelines covering the handling of confidential bond-trading information, the latest example of efforts to improve the integrity of government securities markets.

KPMG to Pay $6.2 Million to Settle SEC Claims of Audit Failures

KPMG agreed to pay $6.2 million to settle SEC allegations that the accounting firm botched its audit of an oil-and-gas company, and the lead partner on the audit agreed to a suspension from auditing public companies.

Fed Minutes May Offer Clues on Start of Portfolio Wind-Down, Rate Rise Plans

The Federal Reserve on Wednesday will release minutes from its July meeting, when it left interest rates unchanged and indicated it could begin shrinking its bond portfolio as soon as September.

Massachusetts Probes Retail Brokers Over Exchange Payments

Massachusetts is investigating whether retail brokerages hurt investors by routing orders to stock exchanges that pay them rebates, creating a potential conflict of interest, a top state official said.

(END) Dow Jones Newswires

August 16, 2017 11:15 ET (15:15 GMT)