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Citadel Securities sues SEC over approval of new stock-order type By Reuters

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By Kanishka Singh

(Reuters) – Citadel Securities, which provides trading services to asset managers, banks, broker-dealers and hedge funds, has sued the Securities and Exchange Commission over its decision to approve a new mechanism for trading stocks at upstart exchange operator IEX Group Inc.

“The SEC failed to properly consider the costs and burdens imposed by this proposal that will undermine the reliability of our markets and harm tens of millions of retail investors,” a Citadel Securities spokeswoman said in an email on Friday.

The lawsuit, which was filed on Friday and first reported by the Wall Street Journal, increases Citadel Securities’ dispute over IEX’s “D-Limit” order type. The D-Limit is designed to give traders a way to buy or sell stocks at the exchange while protecting them against unfavorable price moves.

Citadel Securities earlier asked the SEC to reject the proposal from IEX, saying the D-Limit will damage the U.S. stock market’s integrity. But in August, the SEC sided with IEX allowing the plan to go forward.

Citadel Securities asked the U.S. Court of Appeals for the District of Columbia Circuit to review the SEC’s decision to approve the D-Limit order, according to a copy of the court filing.

The SEC was not immediately available for comment late on Friday.

IEX President Ronan Ryan, in a statement quoted by the Wall Street Journal, said he was confident the SEC’s decision will be upheld. “Since its launch on Oct. 1, D-Limit is already proving valuable to a broad set of market participants,” Ryan said.

“From our perspective, this recent action should only encourage more investors, brokers and market makers to use D-Limit given that the protections we have created are clearly working,” Ryan said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Canadian police witness tells court Huawei CFO arrest followed procedure By Reuters

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© Reuters. FILE PHOTO: Huawei Technologies Chief Financial Officer Meng Wanzhou leaves a court hearing in Vancouver

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By Tessa Vikander and Moira Warburton

VANCOUVER/TORONTO (Reuters) – The Canadian police officer who arrested a Huawei executive in Vancouver in 2018 told a court on Monday the apprehension done by the book, amid claims by her lawyers that her rights were violated during the process.

Huawei Chief Financial Officer Meng Wanzhou arrived in the British Columbia Supreme Court on Monday for the first of five days of hearings as her U.S. extradition case resumed.

This week’s hearings will focus on abuse of process committed by Canadian and U.S. authorities during her December 2018 arrest at Vancouver International Airport, as alleged by her lawyers. The case has intensified diplomatic tensions between China and the two North American nations.

Meng, 48, is charged by the United States with bank fraud for allegedly misleading HSBC about Huawei’s [HWT.UL] business dealings in Iran, causing the bank to break U.S. sanction laws.

She denies the charges and is fighting extradition from under house arrest in Vancouver.

Meng’s lawyers have argued that Canadian authorities improperly communicated with their U.S. counterparts, including allegedly sharing identifying details about her electronic devices.

Canada has denied this and provided affidavits from members of the federal Royal Canadian Mounted Police (RCMP) who were involved in Meng’s arrest.

Meng arrived in court wearing a black sparkly cardigan, knitted blue top and grey skirt, accompanied by her translator as she came face to face with Winston Yep, a RCMP officer who arrested her nearly two years ago.

Meng’s lawyers have alleged that authorities used the Canada Border Services Agency (CBSA) and its powers to search passengers to investigate Meng in a way that violated her rights.

Government lawyer John Gibb-Carsley asked Yep why, as the arresting officer, he didn’t board the plane once Meng had landed. Yep said that because the airport is within the CBSA’s jurisdiction it was decided that the CBSA would do its work first.

Yep said “there was no concern” about this process and added other passengers on the plane created a potential risk of violence if they made the arrest on the aircraft.

Meng’s team has asserted that the CBSA inappropriately seized her electronic devices and that identifying information was shared with U.S. authorities.

Yep said the RCMP asked the CBSA to seize Meng’s devices on a request from the United States and to put them in Faraday bags, which prevent data from being erased.

He added the request was “part of the process” and presented no cause for concern.

Gibb-Carsley asked whether Yep’s supervisor expressed concern about the CBSA investigating before the RCMP.

“No,” Yep said, adding that his supervisor was concerned Meng might elude CBSA and escape the airport, a concern that Yep shared.

However, Huawei lawyer Richard Peck said Yep’s concern about potential violence on the plane was disingenuous and that as trained officers, the RCMP should have been able to arrest Meng there.

Peck also described Yep’s written notes from the day as “very sparse” and drew attention to the fact that Yep had not written a chronological report of the day, as required by Canada’s extradition laws.

Calling live witnesses in an extradition case is “very, very unusual,” said Leo Adler, a Toronto-based extradition lawyer, particularly if both sides will be able to cross-examine. Adler is not involved with the case.

Meng’s team was able to do that based on documents released to them, Adler said, another aspect that is rare in extradition cases.

Meng’s case, which is expected to last years, has strained relations between Ottawa and Beijing. Soon after her detention, China arrested Canadian citizens Michael Spavor and Michael Kovrig on espionage charges.

Hearings are scheduled to wrap up in April 2021.





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Las Vegas Sands mulling $6 billion sale of Vegas casinos: source By Reuters

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© Reuters. The logo of Las Vegas Sands Corp is pictured at the Japan IR EXPO in Yokohama

By Aishwarya Nair

(Reuters) – Casino operator Las Vegas Sands (NYSE:) Corp is exploring a sale of its flagship casinos in Las Vegas in a deal that may bring in $6 billion, a source familiar with the matter told Reuters on Monday.

The properties included in the potential sale are Sands Expo Convention Center, the Venetian Resort Las Vegas and the Palazzo, the source added, asking not to be identified.

Bloomberg reported earlier that Las Vegas Sands is working with an adviser to solicit interest from potential suitors.

In May, Sands ended plans to open an integrated resort (IR) casino in Japan without providing a reason for the cancellation of the project.

The gambling industry, which thrives on air travel and large groups of people in close proximity, is one of the hardest hit industries amid the ongoing coronavirus pandemic.

As of June 30, the company had $13.82 billion total outstanding debt, excluding finance leases.

Chairman and chief executive of the group, Sheldon Adelson, said in the second quarter that a “recovery process from the COVID-19 pandemic in each of our markets is now under way.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Charles Schwab to cut about 1,000 jobs By Reuters

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© Reuters. A Charles Schwab office is shown in Los Angeles

(Reuters) – Charles Schwab Corp (N:) said on Monday it is laying off about 1,000 positions in the combined workforce of Charles Schwab and TD Ameritrade (NASDAQ:) to streamline and reshape their branch network.

“These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms,” Charles Schwab, which completed the acquisition of TD Ameritrade earlier in October, said.

The financial services company also said it won’t be executing any additional company-wide reductions for the rest of 2020.

In November last year, Charles Schwab had agreed to buy TD Ameritrade Holding in an all-stock deal valued at $26 billion.

“Employees whose roles are impacted by today’s changes will have early access to all newly opened positions and be treated as internal candidates for the more than 1,000 currently open positions at Schwab through their 60-day notice period”, the company said on Monday.

Earlier this month, Charles Schwab reported third quarter adjusted earnings per share of 51 cents, topping analysts’ estimates of 46 cents a share, according to Refinitiv IBES data.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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