Financial Business Recap: NYSE Goes Sub-PENNY, Libor Crosses CHANNEL

The New York Stock Exchange (NYSE:NYX) is ready to start offering retail investors stock quotes in increments of less than one cent, according to the Wall Street Journal, as part of a strategy aimed at helping the exchange compete with banks and electronic-trading firms moving into its business.

The Bank of New York Mellon (NYSE:BK) will take a second quarter charge of $210 million, perhaps to set aside for settlement costs arising from a class action lawsuit which involves securities linked to Sigma Finance.

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Wells Fargo (NYSE:WFC) seems poised to report the strongest second quarter earnings of the big banks, says Credit Suisse. A refinancing boom thanks to the newly-revised Home Affordable Refinance Program, is picking up steam, and WFC is the 800 lb. gorilla in the domestic mortgage market.

The Libor investigation crosses the Channel and zaps Deutsche Bank (NYSE:DB). Germany’s Big Bank is thought by some as the country’s Barclays, as a wider inquiry into manipulation of the rate takes its toll.

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