Fed hikes US interest rates
The Federal Reserve has raised its benchmark rate for the second time in three months, to a range between 0.75% and 1%.The Fed’s decision was based on its “assessment of the progress” of the US economy, which has been “doing nicely”, according to Janet Yellen. (NY Times)

KCG shares surge on takeover approach
Shares of US HFT firm KCG surged 23% after its board said it was reviewing an unsolicited takeover offer from rival Virtu Financial. Virtu’s bid, valued at around $1.3bn, represents a 31% premium to KCG’s unaffected price on Tuesday. (FT)