Financials Up as Rates Hold Steady - Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies ticked up as Treasury rates held near recent highs. The price of bitcoin and other digital currencies slid after a top official from South Korea said the government is preparing a bill to ban the trading of cryptocurrencies on exchanges, stepping up its efforts to curb speculation. The price of bitcoin has sky-rocketed on exchanges worldwide for more than a year, but the moves on South Korean exchanges have been even bigger, leading to what traders have dubbed the "kimchi premium." South Korean Minister of Justice Park Sang-ki raised the prospect of a ban days after the country's financial regulator started inspecting some of South Korea's largest financial institutions that help facilitate digital-currency trading. Money-wiring service MoneyGram International struck a deal with Ripple, a firm that promotes a bitcoin-like digital currency known as XRP, to incorporate the technology into its systems. That caused a surge in the share price of Moneygram and in the price of the XRP cryptocurrency.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

January 11, 2018 16:18 ET (21:18 GMT)