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The Bay Street sign is pictured in the heart of the financial district as people walk by in Toronto.MARK BLINCH/The Globe and Mail

FINANCIAL SERVICES WRAP

Regulators have granted a last-minute reprieve to three clearing houses in Germany and Britain from having to give customers more choice under new European Union market rules that come into effect on Wednesday. Story

Britain wants to include financial services in a trade deal with the European Union which covers a full sweep of economic areas, Brexit minister David Davis said on Tuesday. Story (for subscribers)

Some Toronto-Dominion Bank customers are having problems using its WebBroker internet brokerage service and taking to social media with their complaints. Story

WHAT WE'RE READING ELSEWHERE

The $100 Billion (U.S.) Venture Capital Bomb: Softbank's Masayoshi Son bets the Vision Fund — the biggest VC pool in history — on automation. Institutional Investor

Europe's regulators and financial institutions are under the gun: With a Jan. 3 deadline approaching, they've been scrambling to comply with new rules designed to make the region's capital markets more investor-friendly. The goal -- if not the way the policy is being implemented -- is one their counterparts in the U.S. might want to consider. Bloomberg

DEAL WRAP

Buddybuild, a Vancouver, Canada-based application development service, today confirmed that it has been purchased by Apple. In a reversal of Apple's typical statement that "we generally do not discuss our purpose or plans" for "smaller technology companies" bought "from time-to-time," Buddybuild itself explained exactly what it will be doing within Apple. VentureBeat

First Reserve, a leading global energy focused private equity investment firm, has agreed to invest $75 million (U.S.) in PetroShale Inc. Private Capital Journal

Shares of Nutrien Ltd., the company created by the merger of Agrium Inc. and Potash Corp. of Saskatchewan Inc., started trading on the Toronto and New York Stock Exchanges today. Story

MoneyGram International Inc. and Alibaba Group Holding Ltd's Ant Financial Services Group said on Tuesday they have agreed to terminate their amended merger agreement, due to regulatory hurdles. Reuters

THE LATEST ON THE INVESTIGATIVE SERIES EASY MONEY

Michael Watson: The Globe and Mail's recent series on market fraud highlights the major problems facing enforcement agencies. There is no lack of will or ability on the part of those tasked with the job of protecting investors. Their lot is one of frustration about the limitations that prevent them from getting the job done. Opinion

READ THE SERIES FROM THE BEGINNING

Easy money: How fraudsters can make millions off Canadian investors, get barely punished and do it again. A Globe data investigation of 30 years' worth of regulatory cases reveals a toothless system. Story (Grant Robertson and Tom Cardoso, for subscribers)

Methodology: How The Globe and Mail detected repeat offenders in 30-years-worth of Canadian securities markets. Story (Grant Robertson and Tom Cardoso, for subscribers)

The use of an alias has opened the door for white-collar criminals to commit repeat offences before being caught, a year-long Globe investigation reveals. Story (Grant Robertson and Tom Cardoso, for subscribers)

$1,101,583,984.44. That's the amount of unpaid securities fines in Canada, a Globe investigation has determined. The massive figure shows how these sanctions are ignored by white-collar criminals – and how powerless regulators are to collect. Story (Grant Robertson and Tom Cardoso, for subscribers)

Barrie McKenna: Anyone who believes crime doesn't pay probably hasn't looked at Canada's woeful record of punishing people who peddle investments in fake companies and other financial frauds. Life is far too comfortable for white-collar criminals in this country. Just give regulators the tools to fix the problem. Column (for subscribers)

Investor advocacy groups say the Canadian Securities Administrators is making misleading statements and being "willfully blind" to problems in the capital markets after the organization responded this week to an investigation by The Globe and Mail. Story (Grant Robertson and Tom Cardoso, for subscribers)

The provincial governments that oversee the vast majority of Canada's capital markets say the revelations from a recent Globe and Mail investigation into white-collar crime across the country are a serious concern – and that steps must be taken to fix those problems. Story (Grant Robertson and Justin Giovannetti, for subscribers)

The federal government says it "has taken note of the concerns" raised by a recent Globe and Mail investigation into fraud, repeat offenders and lax enforcement in capital markets and is looking to address them with its provincial counterparts. Story (Shawn McCarthy, for subscribers)

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