Shares of banks, lenders and other financial companies were lower as global economic worries continued. The New York Stock Exchange's opposition to a regulatory review of trading fees has put listed companies including Apache, Halliburton and Home Depot at odds with some of their biggest shareholders. At issue is a Securities and Exchange Commission proposal to assess investor costs associated with transaction fees and rebate payments, and how both impact where stocks are traded and at what prices. The Transaction Fee Pilot proposal will study the entrenched, but controversial system in which exchanges charge for some trades and pay rebates on others. Guggenheim Partners has agreed to buy Millstein & Co., the advisory firm led by famed restructuring banker Jim Millstein, people familiar with the matter said. A Morgan Stanley executive overseeing brokers who catered to celebrities left the firm this week after several employees claimed harassment at branches he managed in Los Angeles.
Amy Pessetto, [email protected]