Fintech Focus For March 2, 2021

Quote To Start The Day: “A focus on global reach and neutrality could see bitcoin become an international trade currency. This would take advantage of bitcoin’s decentralized and borderless design, its lack of foreign exchange exposure, its speed and cost advantage in moving money, the security of its payments, and its traceability.”

Source: Citi

One Big Thing In Fintech: Robinhood is in talks with the Financial Industry Regulatory Authority (FINRA) to settle investigations into its options-trading practices and a spate of outages last March, the company disclosed Friday in a securities filing.

The brokerage said it set aside $26.6 million in 2020 toward a potential settlement.

Source: Banking Dive

Other Key Fintech Developments:

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Watch Out For This: Interest rates have been negative in Europe for years. But it took the flood of savings unleashed in the pandemic for banks finally to charge depositors in earnest.

Germany’s biggest lenders, Deutsche Bank AG and Commerzbank AG have told new customers since last year to pay a 0.5% annual rate to keep large sums of money with them. The banks say they can no longer absorb the negative interest rates the European Central Bank charges them. The more customer deposits banks have, the more they have to park with the central bank.

Source: WSJ

Interesting Reads:

  • BoA booking $400M bonus expense.
  • Oakland VC, startup scene improves.
  • Texas power coop eyeing bankruptcy.
  • Warren, among others, eye big taxes.
  • ‘Roaring Kitty’ loses broker licensing.
  • Facebook to pay $650M over privacy.
  • Zoom fatigue and how you could fix it.
  • TD Bank to cut 82 of its 1K branches.
  • The city where cars are not welcome.

Market Moving Headline: Global equities markets rose and the S&P 500 on Monday had its best day since June 5, with investors taking lower U.S. bond yields in stride on optimism over the $1.9 trillion coronavirus relief bill and distribution of Johnson & Johnson’s newly authorized COVID-19 vaccine.

Source: Reuters

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