What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

Some of the biggest players in trading sat side by side at the House Financial Services Committee’s US Equity Market Structure hearing on Tuesday, and it got pretty heated.

Ari Rubenstein, CEO of high-speed market-maker Global Trading Systems, took aim at Bats Global Markets, which has proposed an alternative to the closing auction at the end of the trading day. IEX, America’s newest stock exchange, said a popular practice on Wall Street causes “clear and significant harm to investors.” And Chris Concannon, president and chief operating officer at Chicago Board Options Exchange, said u
ltra-high-priced stocks are hurting investors. Elsewhere in market infrastructure and fintech news:

In markets news, Warren Buffett’s newest investment got downgraded on Wall Street. In other news:

Elsewhere, the Russian bank whose boss met with Jared Kushner keeps popping up as the Trump-Putin story unfolds. Miranda Kerr has returned millions of dollars worth of jewellery that may have been part of a money laundering scheme. One of China’s largest real estate buyers is being investigated for corruption.

And a damning new IMF report pours cold water on the entire Trump agenda, according to Business Insider’s Pedro da Costa.

There’s a ton of news in the healthcare sector:

Nestlé, the Swiss food and candy company that has been targeted by an $US18 billion activist fund, says it will buy back roughly $US21 billion of its shares. In related news:

The big tech news of the day is that Google has been hit with a record-breaking €2.4 billion fine by the EU over its antitrust case. Elsewhere:

In other news, a new private jet service offers unlimited flights to Europe. And a futuristic, flying taxi will shuttle passengers in Dubai later this year.

Lastly, here’s the most important skill every leader needs to succeed, according to a Tour de France team manager.

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