The US Securities & Exchange Commission is apparently investigating whether the multitiered pricing system used by stock exchanges favours large brokers at the expense of small ones. Wall Street banks and other huge traders get hefty rebates based on how much business they funnel to exchanges. The result is that big users can end up trading for free, while small brokers pay substantial fees Freight firms’ forecasts raise fear of slowing economy Deutsche Post DHL Group last week forecast profit growth that lagged expectations, but played down concerns over global trade, saying more complex supply chains could benefit its business. In December FedEx also jolted investors with a steeper-than-expected cut in its 2019 profit forecast. Reuters

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