What you need to know on Wall Street today

Some of the biggest players in trading sat side by side at the House Financial Services Committee's US Equity Market Structure hearing on Tuesday, and it got pretty heated.

America's newest stock exchange, said a popular practice on Wall Street causes "clear and significant harm to investors." And Chris Concannon, president and chief operating officer at Chicago Board Options Exchange, said uElsewhere in market infrastructure and fintech news:

A trading startup tackling a key problem in the world's most important market has raised $10 million
IBM landed a big win in the race to sell blockchain to Wall Street
The world's largest investor just struck another tech deal
Visa is investing in Swedish fintech unicorn Klarna

In markets news, newest investment got downgraded on Wall Street. In other news:

$3.7 BILLION HEDGE FUND: This market doesn't make any sense
FED'S WILLIAMS: The US stock market is "running pretty much on fumes"
There are "cracks emerging" in the calmest market in years
The stock market is relying more than ever on the world's hottest investment product

Elsewhere, the Russian bank whose boss met with Jared Kushner keeps popping up as the Trump-Putin story unfolds. Miranda Kerr has returned millions of dollars worth of jewelry that may have been part of a money laundering scheme. One of China’s largest real estate buyers is being investigated for corruption.

And a damning new IMF report pours cold water on the entire Trump agenda, according to Business Insider's Pedro da Costa.

There's a ton of news in the healthcare sector:

House Republicans' favorite biotech investment just plunged by 90%
The Senate Republican healthcare bill is collapsing
The CBO has debunked a key Republican talking point on the Senate health bill
The CBO says the Senate GOP healthcare bill would leave 22 million more without insurance
The CBO report shows how the Senate healthcare bill could crush low-income Americans
The FDA just made a move that could prevent the next drug price gouger

has been targeted by an $18 billion activist fund

Apple is crushing the Swiss watch industry — and one brand is particularly vulnerable
MORGAN STANLEY: GrubHub could get "Amazoned"
KROGER CEO: "Whole Foods is a great fit" for Amazon
Hedge funds are taking big bets against the UK shops that are feeling the heat from Brexit and online competition

The big tech news of the day is that Google has been hit with a record-breaking €2.4 billion fine by the EU over its antitrust case. Elsewhere:

Verizon wants to borrow T-Mobile and Vodafone's consumer data to take on Facebook and Google
Sprint is in talks with Charter Communications and Comcast to boost their wireless offerings
MORGAN STANLEY: Here's why it makes sense for Tesla to become the next big music-streaming service
Nvidia just got closer to cornering a key part of the self-driving car market
A startup born out of Stanford just raised $50 million to make the brain for self-driving cars

In other news, a new private jet service offers unlimited flights to Europe. And a futuristic, flying taxi will shuttle passengers in Dubai later this year.

Lastly, here's the most important skill every leader needs to succeed, according to a Tour de France team manager.