News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Republican Tax Plan Quickly Hits First Hurdle

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A day after announcing their ambitious tax plan, Republicans debated scaling back one of their largest and most controversial proposals: repeal of the individual deduction for state and local taxes.

SEC Chairman Froze Approval of Chicago Stock Exchange Sale

The Securities and Exchange Commission's chairman made the decision to freeze his staff's plan to approve the sale of the Chicago Stock Exchange to a Chinese-led group after consulting about the subject with the White House.

Invesco to Buy Guggenheim ETF Business for $1.2 Billion

The money manager is broadening its footprint in one of the fastest-growing corners of investing with its purchase of Guggenheim Investments's exchange-traded funds business for $1.2 billion in cash.

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Largest U.S. Banks Get More Time for 'Living Wills'

U.S. regulators gave eight of the largest U.S. banks more time to file their next "living will" plans describing how they could fail without needing taxpayer assistance.

SEC's Top Cop in New York to Leave Agency

The chief of the Securities and Exchange Commission's New York office plans to leave the agency in October after 17 years, the regulator said.

Whitney Tilson to Close Kase Capital Hedge Fund

Whitney Tilson is closing his hedge fund, the latest high-profile investor to close shop amid an extended period of disappointing returns for the industry.

CFTC Names SEC Official to Top Clearing Post

The Commodity Futures Trading Commission has hired longtime Securities and Exchange Commission official Brian Bussey as its director of clearing, a top post overseeing clearinghouses and major derivatives-market participants.

Judge Puts China Fishery's Probe of HSBC on Hold

Hongkong and Shanghai Banking won a temporary reprieve from an investigation into its collection practices leading up to China Fishery Group's bankruptcy.

Fed's George Still Sees Need for Gradual Rate Rises

Kansas City Fed President Esther George again called for gradual increases to short-term interest rates, saying such moves should help foster sustainable growth and financial stability.

Fed's Fischer Says Tools to Deal With Financial Imbalances Are Limited

Federal Reserve Vice Chairman Stanley Fischer warned that "a major concern of mine is that the U.S. macroprudential tool kit is not large and not yet battle-tested."

(END) Dow Jones Newswires

September 29, 2017 00:15 ET (04:15 GMT)