Jobs in the US mortgage sector are under threat as refinancing rates plummet, reports the FT. Lenders are preparing for the weakest year for refinancings since 2000 (down on almost 60 percent from 2016) and one CEO told the FT that could result in a "headcount reduction across the industry of about 10 per cent". But there is some good news for US financial sector workers too, with the FT reporting that JPMorgan expects to open up to 400 branches and hire 4,000 new staff after promising to share the benefits of Trump's tax overhaul. ING has agreed to buy a majority stake in payment group Payvision, reports the FT, at a cost of €270 million. Payvision, founded in 2002, allows payments through 150 currencies and 80 payment methods. ING will buy three-quarters of the company, which is valued at €360 million. ING CEO Ralph Hamers said Payvision's founding team had developed a great business with "proven technology in an area where ING wants to grow." The Commodity Futures Trading Commission is set to act against three European banks - Deutsche, HSBC and UBS - for "spoofing" futures markets. Reuters reports that several arrests and settlements (potentially in the tens of millions of dollars) with the US regulator will be announced this week. The CFTC confirmed it would be making an announcement soon on criminal and civil enforcement actions regarding commodities fraud and spoofing schemes, following a joint investigation with the FBI and the US Department of Justice. Spoofing involves the placement of bogus orders to create the illusion of increased demand or potential limited supply for a commodity resulting in prices moving on the futures market. The fake orders are cancelled before they are executed, with the spoofer exploiting the movement in prices for their own gain. The Japanese Financial Services Agency has doubts over the ability of hacked cryptocurrency exchange CoinCheck to repay customers who lost currency units in the US$500 million theft, reports the FT. Coincheck has promised to reimburse the 260,000 cryptocurrency owners affected, but the regulator says the company has only provided balance sheet details for September, and the FSA is "urgently seeking up to date information".