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News Highlights: Top Financial Services News of the Day12-20-17 4:15 PM EST
Bitcoin Price Plunges, Recovers as Bitcoin Offshoot Blasts Off 
 

The launch of Bitcoin Cash sparked cries of insider trading and contributed to the price on the original bitcoin falling about $2,000 in less than hour before recovering.

 
OCC's Otting to Make Simplifying Bank Rules One of Top Priorities 
 

U.S. Comptroller of the Currency Joseph Otting will make simplifying bank rules one of his top priorities in the coming year, he said in his first press briefing since taking office at the end of November.

 
U.K. Reassures EU Banks of 'Business as Usual' After Brexit 
 

The Bank of England has moved to placate European investment banks in London, saying they likely won't be forced to build heavily-capitalized outposts in the U.K. after Brexit, the latest effort by British policy makers to maintain London's pre-eminence as a financial center.

 
North Korea Is Suspected in Bitcoin Theft 
 

Investigators in South Korea are looking into North Korea's possible involvement in a heist from a bitcoin exchange that collapsed on Tuesday, according to people familiar with the situation, as the regime develops new ways to circumvent sanctions and raise money.

 
Tax Cut Expected to Trigger Fannie, Freddie Infusion 
 

Enactment of the Republican tax plan could trigger a roughly $14 billion accounting loss at Fannie Mae and Freddie Mac, leading to the first taxpayer-funded infusion since they became profitable firms in 2012.

 
Big Hedge Funds Want In on Bitcoin 
 

Until recently, big-name hedge funds paid little attention to the digital currency. But the rollout of futures trading and soaring prices has some large firms considering whether it is time to wade into the market.

 
KKR Exits African Investment 
 

KKR said it would sell a controlling stake in its first African investment, one month after the firm disbanded its Africa deal team because it couldn't find enough big companies to buy.

 
Big U.S. Banks Get Satisfactory Grades on 'Living Wills' 
 

The eight largest and most complex U.S. banks received satisfactory grades on their latest "living will" bailout-prevention plans, a milestone that further reduces the already-remote possibility that any of the firms would be broken up by the government.

 
House Passes Bill to Revamp Criteria for 'Systemically Important' Banks 
 

Regulators would have more discretion to decide which banks to target for stricter oversight under bipartisan legislation that House lawmakers approved Tuesday, the latest front in a broad push to ease postcrisis regulations.

 
Merrill Lynch Fined $1.4 Million Over Margin Credit, Other Violations 
 

Merrill Lynch agreed to pay $1.4 million to settle claims that it improperly extended hundreds of millions of dollars in excess credit to customers who traded certain bonds and equities with the firm, Finra said.

 
 

(END) Dow Jones Newswires

December 20, 2017 16:15 ET (21:15 GMT)

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