Wall Street May Be Hit by EU Ruling on Transatlantic Data (1)

The European Union’s top court struck down a key method used by companies to transfer data across the Atlantic amid fears over potential U.S. surveillance, and Wall Street may be hit just as much as Silicon Valley.

The ruling predominantly targets non-European firms like Google and TikTok Inc., which transfer data from European services for processing outside the region.

Alongside social media platforms, banks and other financial institutions are some of the largest users of personal data, but they have never been able to make use of the Privacy Shield agreement because they’re not controlled by the Federal Trade Commission, ...