The names of big credit card firms have spiked on the news that the Fed is proposing swipe fees higher than those originally expected, at $0.21 per swipe, according to Bloomberg.
This is a huge win for the credit card companies. The original cap was set at $0.12.
As a result, Visa shares have spiked, and are now up nearly over 10%. MasterCard too has taken a big jump, up 9.23%. Shares were temporary halted, but it appears they have now reopened.
Here’s what that Visa spike looked like:
More to follow…
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