Top Headlines 

Sterling Rebounds from 11-Month Lows Versus Euro – Reuters

Sterling rebounded from 11-month lows to gain over half a percent versus the euro on speculation the European Central Bank might not tolerate a strengthening single currency for too long.

Data, Draghi Speculation Helps Dollar Recover August Poise – Reuters

The dollar held near a two-week peak against the yen and below $1.19 per euro, a broad recovery since Tuesday helping it end August close to flat against its major peers.

UBS Is Said to Be Leaning Toward Frankfurt for EU Trading Hub – Bloomberg

UBS Group is leaning toward Frankfurt for its trading headquarters inside the European Union after Brexit, according to four people with knowledge of the matter.

Central Banks Can’t Ignore the Cryptocurrency Boom – Bloomberg

Digital coins challenge the guardians of official money.

It’s Time to Talk About… MiFID II – Profit & Loss (subscription)

And my major concern over MiFID II – best execution.

Profit & Loss Scandinavia Debuts in Stockholm – Profit & Loss

After a hugely successful run of conferences in Copenhagen, Profit & Loss Scandinavia is spreading its wings with the first conference in Stockholm.

Regulatory News

Industry Pushes CFTC to Prioritise Cross-Border Clarity – Risk (subscription)

Approaching Mifid II deadline adds urgency to Giancarlo’s overhaul of Sef rules.

MiFID Leaves Researchers Scrambling for Growth That May Not Come – Bloomberg

Researchers face unprecedented competition from banks.

Fed’s Powell Says New Rules for Bank Directors Don’t Lower the Bar – Reuters

Federal Reserve Governor Jerome Powell delivered a robust defense of new regulations for bank directors, saying they would streamline the role directors play in the day-to-day oversight of their institutions, but don’t weaken their hand.

Company News

Reilly Swaps Cantor for State Street – Profit & Loss

James Reilly has left Cantor Fitzgerald in New York, where he was senior managing director and global head of FX sales and trading at Cantor Fitzgerald.

Six Global Banks Join Forces to Create Digital Currency – Financial Times (subscription)

‘Utility settlement coin’ aims to launch next year for blockchain settlements.

Moscow Stock Exchange Welcomes Crypto-Currency Trade – Forbes

Russia would be the first stock exchange to make crypto-currency a new investable asset.

Market Savvy

Most Asian Currencies Gain as North Korea Fears Ease; Yuan Hits 14-Month High – Reuters

Most emerging Asian currencies rose on, with the Chinese yuan hitting its highest level in over a year, as investors’ concerns over North Korea’s latest missile launch began to recede.

Antipodean Currencies Rise as Asian Stock Markets Traded Higher – Alliance News

Antipodean currencies such as the Australian and New Zealand dollars strengthened against their major counterparts in the Asian session as Asian stock markets traded higher with modest gains after North Korea’s launch of a missile over Japan seemed to ease.

CEE Stocks, Currencies Rebound; Czech Central Bank Talks Up Crown – Reuters

Central European stocks and currencies rebounded, tracking core European markets as caution eased somewhat in the wake of North Korea’s latest missile test, and also helped by hawkish Czech central bank comments.