Top Headlines

Sterling Bounces After BoE Survey; UK Unemployment Rate Falls to 2005 Low – CNBC

The U.K. pound surged to a session high on Wednesday morning following better-than-expected jobs data and a business survey from the Bank of England that showed a muted impact from the country’s decision to leave the EU.

Ex-UBS Trader Barred From Banking for Currency Rigging – Bloomberg

The U.S. Federal Reserve banned former UBS Group AG trader Matthew Gardiner from the banking industry for life for rigging currency benchmarks, the first U.S. penalty against an individual in the three-year investigation.

UK gives up planned presidency of European Council to focus on Brexit – Reuters

Britain will give up its planned presidency of the European Council, due to start in July 2017, to focus on negotiating the country’s exit from the European Union a spokeswoman for Prime Minister Theresa May said on Wednesday.

Shift to Reformed Euribor Expected in H1 2017, FSB Says – Profit & Loss

Implementation of a reformed Euro Interbank Offered Rate (Euribor) is expected to happen in the first half of 2017, according to the Financial Stability Board (FSB).

Central Bank Digital Currency Could Boost GDP – BoE – Finextra

The introduction of a central bank digital currency (CBDC) could significantly boost gross domestic product, new research from the Bank of England suggests.

Turkmenistan Limits Access to Foreign Currency as Exports Fall – Reuters

Turkmenistan, Central Asia’s biggest gas exporter, has restricted access to foreign currency for local companies and individuals in response to a sharp fall in export revenues, Turkmen businessmen say.

Turkey Purges Teachers as Erdogan Speaks to Obama – WSJ (subscription)

Turkey sent the U.S. documents Tuesday that Ankara says show a Muslim cleric living in Pennsylvania orchestrated last week’s attempted coup, as purges across Turkey broadened dramatically to include thousands of teachers, social workers and religious clerics.

Regulatory News

First Legal Challenge to the U.K.’s Brexit Gets Under Way – WSJ (subscription)

The first legal challenge to the process of Brexit began Tuesday with a hearing in the U.K. High Court.

UK Trade Body Creates ‘Toolkit’ on How to Comply With Mifid II – International Advisor

The UK’s Chartered Institute for Securities & Investments (Cisi) has published a guide to help firms meet the new European Securities and Markets Authority (Esma) regulations.

Company News

XTX Markets Hires New Head of Sales for Asia – Profit & Loss

Electronic market-maker XTX Markets has appointed Chan Wai Kin as its new head of sales for Asia.

CIBC Makes Maiden Foray Into Canadian ETF Market With Global Currency Fund – Financial Post

A fund aimed at opening the currency market to retail investors will bring Canadian Imperial Bank of Commerce into Canada’s exchange-traded fund industry for the first time.

Uberoi Departs Bats – Profit & Loss

Natasha Uberoi has left her position as director, FX sales, at Bats Global Markets in New York, according to market sources.

XTX Markets Joins Broadway Technology as FX Liquidity Provider – Profit & Loss

XTX Markets has joined Broadway Technology as a liquidity provider in foreign exchange, Broadway announces.

Currency Pain Relief for Johnson & Johnson – WSJ (subscripton)

The strong-dollar problem for U.S. multinationals might, at long last, be fading away.That is one takeaway from Johnson & Johnson’s second-quarter results, out Tuesday.

Market Savvy

Dollar index at four-month high on strong U.S. data, Fed hike hopes – Reuters

The dollar hit a four-month high against a basket of currencies and rose against the yen on Wednesday, bolstered by strong U.S. data and growing expectations that the Federal Reserve may raise rates before the end of the year.

Australia’s Biggest Money Manager Says Currency May Rally to New Highs – Bloomberg

Australia’s biggest money manager says the nation’s currency may build on a seven-week winning streak to surge above 80 U.S. cents this year.

Russian Rouble Flat After Putin Comments on Stronger Currency – Business Recorder

The Russian rouble opened flat against the dollar on Wednesday, eyeing lower oil prices and comments by President Vladimir Putin about the risks of a stronger currency.

Industry Events

Profit & Loss Scandinavia, 13 September, Copenhagen

Profit & Loss Forex Network Chicago, 28-29 September, Chicago, IL

Sibos 2016, 26-29 September in Geneva, Switzerland

FIA: Expo, 18-20 October in Chicago, IL