There's a Party in the Stock Market and Banks Aren't Invited – Wall Street Journal (subscription)

Stocks have set record highs over the past year, but the business of trading stocks is in a slump.

Equity trading revenue at U.S. banks fell 13% in 2016 from the previous year, according to recent figures from the Office of the Comptroller of the Currency. The slide contrasts with a 9% rise in overall trading driven by interest-rate and currency products. Globally, the biggest dozen banks suffered a 13% drop in equity trading in…