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TD Bank Settles Spoofing Investigation with $20 Million Payment

  Toronto-Dominion Bank (TD Bank) has agreed to pay over $20 million USD to settle an investigation by U.S. authorities into fraudulent trading practices known as “spoofing.” This settlement resolves allegations that a former TD Bank trader engaged in deceptive tactics to manipulate the U.S. Treasuries market. The investigation revealed that the trader placed large orders with the intent to cancel them before execution, creating a false impression of market demand. This practice, known as spoofing, is illegal under U.S. law as it undermines market integrity and investor confidence. TD Bank’s settlement includes both fines and restitution, reflecting the seriousness of the misconduct. The bank has stated its commitment to maintaining high ethical standards and has taken steps to enhance its compliance and oversight mechanisms to prevent future violations. This case is part of a broader crackdown by U.S. regulators on spoofing and other forms of market manipulation, aiming to ensure fair
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Stock Market Update: S&P 500 and Nasdaq Futures Rise Ahead of Fed Minutes and Jobs Review

 

US stocks are poised for small gains today after snapping their longest win streak this year. Investors are closely watching the Federal Reserve minutes and jobs data, which are likely to shape bets for interest-rate cuts.

  • S&P 500 Futures (ES=F): Up roughly 0.2% after closing slightly lower to end an eight-day winning streak.
  • Dow Jones Industrial Average Futures (YM=F) and Nasdaq 100 Futures (NQ=F): Both up about 0.2%.

Key Points:

  1. Labor Market Focus: Investors are eyeing a return to recovery from an early August sell-off, with focus intensifying on the labor market as a factor in the Fed’s policy-making. Inflation seems to be subsiding.
  2. Earnings Reports: Target (TGT) and Macy’s (M) quarterly reports shed light on the retail sector and consumer sentiment.
    • Target shares jumped after beating Wall Street targets.
    • Macy’s shares sank after posting a sales drop.
  3. Jackson Hole Symposium: Investors are treading cautiously ahead of Jerome Powell’s appearance at the Jackson Hole symposium on Friday. Expectations for a September rate cut are high.
  4. Labor Data Revisions: The market is bracing for preliminary revisions to labor data for the year through March. Goldman Sachs expects significant downward moves in previously reported payrolls growth.
  5. Fed Minutes: The minutes from the Fed’s July meeting will be scrutinized for insight into the likelihood and magnitude of a rate cut next month.

Keep an eye on the markets as we await further developments!

 

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