Today’s Daily Dig spans the world of finance, including high-frequency trading, bad mortgages, payment technology, swaps and ethical crowdfunding.
White’s HFT speech parsed by industry experts
SEC Chair Mary Jo White’s Thursday speech on high frequency trading got the industry’s attention. Your opinion of its content depends on where in the industry you hang your hat, says Mark Melin.
B of A nearing eight figure settlement with Department of Justice
Bank of America officials are in talks with the Department of Justice to pay no less than $12 billion dollars for its handling of bad mortgages in the lead-up to the crisis. Some are pushing for a much higher settlement, Brendan Byrne reports.
Aussie big banks fight back against ‘tap and pay’ crime increase
Australian law enforcement officials believe the new “tap and pay” bank cards are behind an increase in crime designed to access those cards. Not so fast, the banks tell James Eyers.
British big banks drastically shortchanging customers on payment protection insurance
Big banks across the pond may have underpaid eligible customers by as much as £ 1 billion on credit card purchases that were eligible for the service, according to a report in the Silver Surfer.
Big banks shifting dodgy operations overseas in Dodd-Frank evasion attempt
Swaps were among the riskier bank behaviors that contributed to the recession. Banks still want to engage in them, and are doing so overseas in a way to do so sans government oversight made possible by Dodd-Frank. Jesse Hamilton and Silla Brush explain.
High internet usage by youth to fuel Arab e-payment boom
Even though overall internet penetration is low in the Arab world, the combination of a young population well-versed in the internet combined with a high percentage of unbanked people mean the Arab world will soon see huge growth in e-payment activity. Noyan Ayan summarizes a report.
Watsi crowdfunds medical procedures for the poor
Crowdfunding site Watsi has raised more than $3 million and helped more than 2,000 people receive medical procedures in only two years. In spite of this record, the site has its detractors, writes Oliver Balch.