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Streetwise Streetwise newsletter: CIBC launches women’s leadership bond, Fidelity launches suite of ETFs

Here are the top reads on deals and financial services over the last 24 hours,

CIBC to launch Canada’s first ‘women in leadership’ bond for institutional investors: Canadian Imperial Bank of Commerce is preparing to launch what it says will be the country’s first bond aimed at advancing women’s leadership, at a time when social and governance issues are top of mind for institutional investors. Story (Alexandra Posadzki, for subscribers)

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TD to revamp discount brokerage firm: Toronto-Dominion Bank is partnering with a U.S. financial technology startup to revamp its online trading platform for retail investors as well as launch a robo-advisory service that will house its own proprietary exchange-traded funds. TD has signed a licensing agreement with Hydrogen Technology Corp., a New York-based fintech company, that will allow TD to use Hydrogen’s proprietary technology to enhance its current discount brokerage, TD WebBroker, for do-it-yourself investors. Story (Clare O’Hara)

CIBC CEO warns about rising global debt levels; urges Canada to attract more foreign direct investment: The chief executive officer of Canadian Imperial Bank of Commerce is sounding an alarm over falling levels of foreign investment in Canada, warning that the country needs clearer rules to shore up investor confidence. Story (James Bradshaw, for subscribers)

Financial products: Fidelity Investments Canada, one of the last major mutual fund companies yet to join the Canadian exchange-traded funds industry, is set to begin trading next week in six ETFs for income-seeking investors, offering a suite of dividend factor-based funds starting Sept. 18 on the Toronto Stock Exchange. Story (Clare O’Hara)

Globe editorial: Chartered banks should not be allowed to pick their own referees: So the news that yet another big bank is opting to break with the country’s not-for-profit national banking ombudsman is not great for consumers. Editorial

Hudson’s Bay forms joint venture with German competitor Karstadt: Hudson’s Bay Co. on Tuesday struck a deal with its main European competitor to merge their German department-store chains in a move that will generate $616-million that HBC will use to cut debt and shore up its challenged retail business. Story (Marina Strauss and Jeffrey Jones, for subscribers)

MORE FINANCIAL SERVICES NEWS

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U.S. regulators take action against cryptocurrency firms: Two Wall Street regulators on Tuesday announced a series of actions, including levying fines, against companies involved with cryptocurrencies, in a flurry of activity reflecting efforts to monitor the popular and unregulated asset class. Story

MORE DEALS NEWS

BRP stock sinks as two key stakeholders plan share offering: BRP Inc. announced that two of its biggest institutional shareholders will sell a substantial stake in their multiple-voting shares, raising questions about the price of the offering and whether the maker of Ski-Doo snowmobiles and Sea-Doo watercraft can sustain the remarkable run-up in its share price since 2017. Story (David Berman, for subscribers)

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