Marketplace Morning Report for Wednesday September 3, 2014
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For trading stocks and other securities, there are stock exchanges, which are highly regulated. There are also alternative trading systems called "dark pools," which are lightly regulated. There's news this morning that IEX, an upstart, alternative system has gotten some big new investors to help it try become a fully-fledge, regulated exchange. IEX is designed to mute the effects of high speed trading, advanced technology that some argue serves Wall Street middlemen and not investors. The CEO of IEX--Brad Katsuyama was cast as the protagonist in Michael Lewis' bestselling critique of high-speed trading, and he joins us today. Plus, H&R Block is expected to report its profits later today. Analysts are feeling good about the tax-prep giant's future and the industry as a whole. That industry can thank the health care reform law. In just a few months, millions of people may end up with tricky tax questions now that they've received federal subsidies to help cover the cost of health insurance. And there's word from the mayor's office in New York that nine of about 1100 sites for city-funded, privately-run pre-kindergarten will not open because of safety questions and other issues. There will be delays for 36 others. Still, beginning tomorrow, about 50,000 four year olds in New York City will start attending full-day pre-kindergarten. It'll be free for families, which is especially significant in a city where early education had been the most expensive in the country.
The FDIC will vote on a rule that's designed to improve the way banks manage risk.
Strong car sales, the FDIC takes a vote, and saving for retirement.