Morning business headlines
Wednesday, June 12, 2013 11:41 AM
SEC to penalize Chicago Board Options Exchange $6M
The parent company of the Chicago Board Options Exchange will pay $6 million to settle an investigation by the Securities and Exchange Commission (SEC), reports Crain's Chicago Business. The SEC said the options exchange and an all-electronic exchange called C2 had various breakdowns in their functions as a self-regulatory organization, "including a failure to enforce or even fully comprehend rules to prevent abusive short selling." Read more.
Soybean yields to rise, prices to drop
U.S. soybean farmers are planting a record crop that's poised to double domestic reserves and expand a global surplus after last year's drought drove prices to an all-time high. Analysts interviewed by Bloomberg predict that soybean futures traded in Chicago will plunge 26 percent to $9.88 a bushel by Oct. 1, when harvesting peaks.
Massive storm could cause billions in damage today
National weather forecasters are warning of the potential of a giant line of thunderstorms from Iowa to Maryland today. The storms could be categorized as a derecho, (duh-RAY'-choh), which is characterized by flat-line winds of more than 58 mph spanning at least 240 miles. The storms could cause power outages followed by high heat, reports MSN Money.