Fed chair Kevin Warsh said he is willing to reform bank stress tests.

Iran’s foreign ministry spokesperson said the armed forces have made clear any aggression against Iranian territory will be met with an equivalent response. We currently have no plans to negotiate and are focused on defense. Memoranda of understanding are mutual commitments; if the other party breaches them, we will cease fulfilling our obligations, and the same principle will be applied going forward.

Three days after its U.S. listing, SK Hynix ADRs are trading at about a 46% premium to Korea-listed common shares, approaching 50%. The ADR surged as much as 23% on Tuesday after a record sell-off in Korea the prior day had pushed the ADR down more than 9% in U.S. trading. The premium has widened sharply from the roughly 3% spread set at issuance. An SEC filing shows one ADR represents one-tenth of a common share. The rebound coincided with the start of U.S. options trading on the ADR, increasing access for derivatives traders.