Top Headlines
Sterling Steadies Near $1.29 as Data Shows UK Economy Losing Steam – Reuters
Struggling sterling steadied just above $1.29, with weaker-than-expected numbers from Britain’s dominant services industry adding to a downbeat run of data that has seen the pound lose almost three percent versus the dollar in the past month.
Brexit News Is Just Background Noise for Sterling Traders Now – Bloomberg
Brexit has taken a back seat for traders and fund managers trying to predict the pound’s outlook over the next few months.
Dollar Gauge Drops Third Day as Havens Gain on North Korea Risks – Bloomberg
The Bloomberg Dollar Spot Index dropped for a third day as investors sought the safest currencies amid heightened geopolitical concerns over the Korean peninsula.
Euro Tiptoes Higher Again as ECB Eyed – Reuters
The euro extended gains on growing expectations that any concerns the European Central Bank flags about its strengthening at a meeting this week will have a limited impact.
ECB Taper Talk Could Have Longer to Run – Financial Times (subscription)
Euro rally could mean investors will have to wait longer for signs on QE’s demise.
Brussels Has No Clear Vision for Brexit, City Envoy Says – Financial Times (subscription)
European leaders just as divided as UK over how departure should look.
Hong Kong, Singapore in Talks to Grab Bigger Share of Derivatives Business – Reuters
Hong Kong and Singapore are seeking to snare a bigger share of the $540 trillion global derivatives business, taking advantage of tough new UK and European banking rules and uncertainty created by Britain’s plans to leave the European Union.
Convicted Libor Trader: Scandals Will Happen “Again and Again” – The Telegraph
A former Barclays trader jailed for attempting to manipulate the interest rate benchmark Libor last year has warned such scandals will happen “again and again” unless rules over bad behaviour are made clearer.
If you’re thinking about a fintech business or cryptocurrency for American markets, Jeffrey Bandman is the blockchain oracle of your wildest dreams.
Regulatory News
‘Too Big to Fail’ Label May Shrink for Some Firms Under Trump – The New York Times
The Trump administration is examining the use of the designation for large non-bank financial institutions, with a closely anticipated Treasury report on the matter expected next month.
Cohn Plays Coy on Fed Chairman Job Trump Is Considering Him For – Bloomberg
White House adviser says he’s “excited” about current post.
SEC Appoints Another Seven to Chair’s Exec Team – FOW (subscription)
Chairman Clayton now has twelve members on his executive team, advising him on “all matters”.
Finra: Who’s Watching the Watchdog? – Investment News
The regulator wields enormous power over the securities industry with little meaningful oversight.
India’s Central Bank Plans Blockchain Platform – Finextra
The R&D unit of the Reserve Bank of India is preparing to launch a banking platform based on blockchain technology.
Company News
Survey Finds 6% of Asset Managers Ready for Best Execution Under MiFID II – Profit & Loss
Liquidnet has published the high level findings of a recent survey of asset management firms that probed their views of best execution requirements under MiFID II.
ForexClear Sets New Record in August – Profit & Loss
LCH says that its ForexClear service processed over $1 trillion in notional over the course of August, setting a new monthly record.
Nippon Life Settles via CLS – Profit & Loss
Nippon Life Securities has become the first Japanese non-bank financial institution (NBFI) to join the CLS system via third-party access.
ADS Introduces Bitcoin CFD Trading in MENA Region – Profit & Loss
Abu Dhabi-based ADS Securities announces the introduction of bitcoin CFD trading for Middle East and North Africa (MENA) clients using its MT4 platform.
Market Savvy
Most Asia Currencies Tick Up on Eased North Korea Fears; Yuan Slips – Reuters
Most Asian currencies edged up as a bit of appetite for risk returned one day after trading volumes were slashed by North Korea’s most powerful bomb test.
Yuan’s New Role as Haven Is Last Great Hope for Dim Sum Debt – Bloomberg
Offshore currency rose 14 days in record rally.
Bitcoin dropped again, with the cyber currency facing its worst two days in more than a month amid mounting anxiety over a regulatory decision by China.