vonnie: janet yellen just about to speak in jackson hole, and the embargo is lifting right now. let's get the details from michael mckee. michael: everybody, take your fingers off the trading button. you will not be trading or selling on this one. this is the boring janet yellen. her speech largely a recitation of the history of the financial crisis and regulatory failures and how things have improved since then. she praises the swift u.s. regulatory response to the great recession, particularly changes in liquidity and capital requirements that have made banks safer, she says. "the evidence shows that reforms since the crisis have made the financial system substantially safer." she says that is reflected in the credit default swap pricing. investors see the same sort of progress that he fancies. -- tha n the fed sees.

there is a jamie dimon section because she pushes back on the idea that regulation has put a cap on lending in the u.s.. she she says there is a bit of an effect on less credit with the followers, but research confirms "sizable net benefits to economic growth from higher capital standards." he also pushes back on some complaints from wall street that there are significant liquidity issues in the market while dealers have cut back on inventory, she says. the market liquidity for corporate bonds remains robust overall. she does admit there is room for improvement, that others rates could be made to the dodd-frank legislation, but in general, this is a speech about federal reserve and government success in regulating the financial system since the crisis and not at all one about the economy. there is only one line that obliquely refers to it. she says there has been substantial progress made for

the federal reserve's economic objectives of maximum employment and price stability, but as far as anything controversial, that is it. there is not a lot for investors to move on here. vonnie: exactly. michael, how much impact can she have on changes to financial regulations? she can put her opinion out there, but ultimately, that is not really her mandate to be concerned about, right? michael: right. much of what you would do would be handled through the legislative process, and of course people in washington say that will be difficult to accomplish. however, she talks about federal reserve bank regulations. they have tried to make things easier, particularly for smaller banks, and they have tried to modify the stress test to make them a little bit easier to take in accounts some of the bank concerns. she says the fed is sensitive to the effective regulation on banks, the costs they impose particularly for small banks, but in general, she says the

regulatory regime the u.s. has has benefited the economy overall rather than harm it. vonnie: michael mckee, international economics and policy correspondent reporting and the kansasle city fed symposium.let's get a check on if and how markets are reacting with taylor riggs . taylor: higher a little bit so definitely reacting a little bit to those comments that we open higher earlier before the comments came out. it is a nice change given that yesterday was a pretty lackluster day. not a lot of movement. 1%.the up about 4/10 of s&p 500 highest of 5/10 of 1% . we just are the comments from janet yellen.waiting to hear from mario draghi later today. some of the big earners we are watching, we are wrapping up burning season here. i am looking at autodesk, the pc software and multimedia provider of tools here. big beats on that subscriptions. 132,000.ersus

they also raise the fiscal year 2018 revenue forecast. they are working on transitioning to social should models from the license model and says that transition is ahead of estimates so you are seeing autodesk up more than 4%. while still looking at oil, we talked a lot about hurricane harvey and how that is impacting some of the commodity prices. for the intraday here, we have oil up about 3/10 of 1%. usa commodities rally on the news that you are seeing commodities rally on the news. this could move to houston by tuesday so you are already starting to see some of those refineries in the gulf coast shutdown. they make up half of the nation's's supply so definitely take a look to see if oil continues to move higher. looking on that theme, at the correlation between the oil price in white and the oil etf of the energy stocks in yellow. we spoke with matt.

he noted the nice correlation we have seen in the first six months of the year as the etf in yellow headed lower. it was a leading indicator to drive down some of the oil prices. take a look at what is happening here just in the last few months as the etf headed lower. oil actually moved higher even before some of this hurricane news started happening. perhaps starting to see those energy stocks take higher as well. vonnie: taylor, thank you for that. let's go back now to the subject of jackson hole, wyoming, where janet yellen is speaking right now on financial stability. and he will back up was crisis financial reform should be "modest" because they made the banking system's stronger and more resilient without unduly diminishing the supply of credits to the economy. later today, after european markets closed and close to the close of u.s. markets, mario

draghi will step up to the podium. according to an ecb spokesperson, draghi intends to stick to the theme of the event, fostering a dynamic global economy. joining us now from new york, u.s. economic research at citigroup. did we hear anything from janet yellen that might move the markets in any way either now or further down the line, andrew? andrew: i really do not think so. i think the surprise was very low. expectations coming into this about as low as they had been in memory. we got a speech that focused on monetary matters. what did you make of our comments regarding financial regulation and how many should not be rolled back? how much does her voice counts in this particular debate? andrew: i think her voice counts potentially quite a bit as the chair of the fomc, and there is

a potential she continues as a chair of the fomc so they have to take that seriously. we do have a new nominee for the vice chair for bank regulatory matters. we could hear a slightly buterent tone from powell, in general, you will see more consensus among the fomc on bank regulatory matters among federal reserve participants in general in the sense that this is very much a process where you have enacted a lot of regulation post crisis, certainly you are trying to walk the fine balance between a state financial system, but a financial system that supports economic growth, and i think these comments and thomas we are likely to hear over the next year or so are keeping with striking the correct balance between those two. mark: the inflation question clearly dividing policymakers. just listen to esther george and robert kaplan speaking to us in the last 24 hours or so. you look at our wirp function probability of a rate hike by the end of the year, 50%.

which will win through when it comes to the likelihood of another rate hike this year? andrew: this is such a difficult question right now in the december rate hike. i absolutely agree it is entirely dependent on inflation. i think we have to be extremely humble. this is something we do a very poor job of forecasting. i think anyone who has tried to forecast it would admit that. it is not like economic growth we of business cycles and you know what you are in the cycle and if you are in the upswing or downswing. this is something that has been in secular decline for decades. when we look out to december and we kind of do a bottom-up forecast around inflation, we see enough strength in some of the underlying components that we think we might just get there, and that is our probability of a rate hike by december right around 50% so i think this is a you have to be watching the data. if the inflation data comes in strong enough, yet, you will get the december rate hike, but it i depends on the rate hike.

mark: if you do not miami sneaking in a question about mario draghi, who of course speaks a little later, let's call yellen boring from a market perspective, for remarks today. does draghi follow the same script? will he be be ordering from a market -- will he be boring from a market perspective? andrew: all of the messaging ahead of this week is he will be boring.he spoke earlier this week . i think it was intentionally boring. if you went back a month ago or two months ago, a lot of investors in the u.s. were really saying we are more focused on draghi's speech because the fed is dependent on inflation, a lot of what we expect to happen has already been priced in on the balance sheet. the ecb is where we can really be surprised. that is where growth has really come in europe, about expectations. -- above expectation. there were a lot of expectations that maybe this will be the speech where he would signal a change, and i do not think we will get it today.

in keeping with yellen and mario draghi and thinking about why we are not getting surprising market moving speeches here, we're in an environment where you are thinking about removing some accommodation. when you're in an environment where the fed ecb are thinking about providing accommodation, that is what you want to be very public. you want to push things, move the market, to come out very strong and he's very public events. that is maybe why we should expect we will not see as surprising rhetoric coming from central bankers at these types of events. vonnie: fed funds futures fell less than -- another hike in december. does janet yellen want to bring those up between now and then? if so, how does she do it? andrew: if they want a hike in december, i do not think they know if they want to hike in december yet. that is the key point here. yes, they will want to bring the odds up. you heard from president kaplan today and a number of others

previously is you are in a wait-and-see mode.you want to be patient . you want to watch the data. . the fed was humble and forecasting inflation we think it will pick up, but we do not know if it will pick up so you are watching the monthly inflation trends, seeing if they are indicating a trend that inflation is at least increasing from very low levels. wif we see that, yes, we will hike. there is an interesting point where we come through the september meeting where we are expecting balance sheet reduction to be announced but not a rate hike. that is a very important meetings watch because we will get an update on the fed dot plot, where they think rates should be at the end of 2017, so essentially you get a mini referendum on where it should be at the end of 2017, whether you should hike in december at the september fomc. we will be watching that closely. vonnie: thank you for joining us. be sure to watch bloomberg later on for more insights and

analysis on the jackson hole symposium. let's check in on the first word news. emma: hurricane harvey has picked up steam as it turns to the texas gulf coast. 105 mile-per-hour winds. it is becoming the worst storm to start the region in a decade 10% of oil production in the gulf of mexico is being shut down a chairman now faces five years in prison a court in south korea handed down the sentence after finding him guilty of bribery, perjury, and embezzlement. the ruling cast doubt over whether he will return to the conglomerate his grandfather founded. gary cohn says congress can pass a tax reform bill by the end of the year. lawmakers have been holding hearings for years, and it is

not like they are starting the process now. president felt will spend the next few weeks campaigning for tax reform, but he is leaving details to congress. british foreign secretary boris johnson is joining other brexit supporters in making sessions. -- concessions. he admits they will have to pay to leave the european union. today, he told the bbc "we will meet our obligations." global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am emma chandra. this is bloomberg. mark: thanks a lot. coming up, gasoline getting today. hurricane harvey hits the heart of america's energy sector. this is bloomberg. ♪

mark: live from london, i'm mark barton. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." time now for futures in focus. hurricane harvey is heading to an area in the state of texas that is home to much of the american refinery capacity.harvey has sent futures surging as refineries shut down before the real impact of the storm. joining us now is larry schober. larry, are we seeing most of the reaction in prices today, or will that come next week? larry: probably next week. right now is a very tense time. it is a wait and see moment. the market realizes there is a lot of variables to this. they are treating it right now as if it is a refining event, but we all know this could be a quick moving storm.

it could compromise on shore production as well. it could also compromised soybean fields, cotton, rice, etc., so it is something that should not be underestimated. sadly, too many people look at history as a guide and realized if you look at allison, ike in 2008, you realize that refining is only down 2-14 days, but that is history. that is dangerous because this could be different. vonnie: the first time in a decade we are invoking those names of previous hurricanes, which is a testament to how strong the impact of all of this could be. what are you doing in terms of trading? are you getting out of things right now ordering shores? are you sticking with their positions in the hope that once this all blows over, hopefully no damage will be done personal or otherwise? larry: yesterday, i was very tempted to sell. rallied almost three dollars to $18 before the close. unprecedented move.

i realize i can use history as a guide. probabilities do not exist in my mind in the financial markets.i guess do not think they exist at all, so i am reducing the risk and waiting to see what happens and let somebody else take the gamble because to me, it is like betting on a one horse race, and that horse will end up jumping the fence. something will happen that comes out of the blue that you can never predict so i am just reducing my risk right now. vonnie: we were talking about how cap of refining capacity is in this area for the united statesm= but what will it do -- states, but what will it do to a barrel of crude? a lot of that is based on show production onshore and offshore. larry: it depends on how the storm impacts the area because right now, it is true that the biggest area in texas, pad 3, stocks have drawn lately, but there is about three weeks of supply left in storage.

if the storm ends up being a 14 butthing, we should be ok, the fact remains that if it is something that impacts onshore production as well, we could see crude spike. right now, it seems like a refining event. vonnie: larry schober, thank you for today's futures. mark: great stuff. time for the bloomberg business flash, a look at some of the biggest stories in the news right now. those involved in the vw scandal went to great lakes to hide their actions -- lengths to hide their actions. they tested these of technology at the heart of achieving tight security of those not involved in the project from entering. vw is not commenting. chrysler is doing little to stop speculation it may sell part of its portfolio. the italian-american automaker says it is regularly reviewing strategic proposals. chrysler is considering options,

including spinning off two brands, and china's great wall motor expressed interest. in may be moving closer to a yield with technology. cancel a letter already posting presentations lines. bloomberg news reported that united has made an initial offer for rockwell collins. that is the latest bloomberg business flash. vonnie: fantastic. still ahead, we are keeping futures in focus. the fec did not like the idea of an etf moving bitcoin, but it may support an etf moving futures. we will explain next. this is bloomberg. ♪

mark: this is "bloomberg markets ." i'm mark barton in london. vonnie: from new york, i'm

vonnie quinn. it is time now for our etf friday segment. that means julie hyman. julie: thank you.hopes of been revised for the first bitcoin etf after the fcc denied the previous application for the etf back in march. here to discuss the new developments and some of the new entrants in the race is eric balchunas of bloomberg intelligence joining us from home today. let's start with the news. three new bitcoin etf seven file for approval in the past two weeks even though we had the fcc denial in march. what is different about them that they think they can get approval? eric: oneweb, futures. the cboe announced about a month ago that it would begin lifting futures to be traded and they were approved to be regulated. this is big news because the

futures market is related and more people are using them. track future so if you had three different filings in the past two weeks for bitcoin etf to track futures, this is different than the other ones, which said they will hold bitcoin sort of like geo beholds gold, so they think they might be a little more accepting. the companies that filed for these three products, one has gdf so they are familiar with putting something together related to this. shares, the guy behind it is the same guy that started xiv so he has had a career starting up, in exotic products that are really popular with the trading community. julie: of course, there still is that wrinkled lost twins etf. that application outstanding. does the futures market help them also?

are they going to tweak the application, change the makeup of the ef? -- their etf? eric: no. they think the futures will help more institutions and money start supplying liquidity, and they think that will help. will they get approved before the one that tax futures?that has yet to be seen . they also have something is going for them that is new, which is that the front runner for the job of the sec division of investment management which approves the product and a lawyer from a survey, which is a firm that represents them in their bid to get the bitcoin etf approved, that is not definitely going to help but it will not hurt,. the trump administration continues to put posts in. julie: if you are looking at the over-the-counter fund people are using to trade bitcoin now, how to the new etf's compared to that? eric: over-the-counter fun, be

careful using it because it is now and 100% premium. this is why etf's are so low because they have a mechanism that allows for arbitrage to keep the price close. for a retail investor looking for bitcoin, etf gives them the best possible shot as opposed to the one currently being used by investors. julie: we will see about these approvals.thank you so much . vonnie: julie hyman, thank you. still ahead, janet yellen is speaking right now at jackson hole. the latest on her remarks, next. this is bloomberg. ♪ .

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included with xfinity tv. more to stream to every screen. ♪ mark: live from bloomberg world headquarters in new york and london, i am mark barton with vonnie quinn. a little movement from janet speech. jackson hole

still up a quarter of 1% today. led by financial services and banks gaining for the third day in four. also up for the third weekend four. 5.5% below the 21 month high that on may 5. investors looking forward to mario draghi, who will speak later. this is euro dollar three-month risk, blue line versus the euro spot rate. according to risk reversal data, the last time euro traders got this positive or felt this excited was in 2009. the blue line is the 3 -- the green line is bullish. red, traders are bearish. they have not been this bullish sense 2009.

data out of the eurozone today come interesting, data that comes before mario draghi's speech is more interesting. a great chart showing you the key statistical flashpoints that have been in the eurozone in the last year or two. draghi speaks at 3:00 p.m. new york time. three years ago he laid the groundwork for the beginning of qe. we had the risk of deflation high, anemic growth. they talk of the town is -- will the ecb soon normalize policy. would set thehe tone for that today but that is unlikely many suggest now. let's look at where we have come from. quite amazing, this is year on year gdp growth, headline inflation, and the euro air confident pmi. the data is strong in europe as these three indicators show.

out of germany, data shows consumers of the government driving economic growth last quarter, setting the german economy up since that's for its best year since -- it's best year since 2011. immune to the wider concerns of the euro bloc, wage growth, inflation is subdued. the euro surge this year threatens to undermine the competitiveness of, not only the eurozone, but the eurozone's biggest economy. economy in germany is strong. vonnie: mario draghi will be speaking at 3:00 p.m. eastern, after the european markets closed but something to watch for monday. let's get back to janet yellen who has been speaking. her eagerly awaited speech in jackson hole.

she addressed the issue of financial regulation mainly, saying any changes should be modest. could those remarks put her at all its with donald trump who has made the regulation -- deregulation a part of his agenda. certainly the dollar index dropped immediately when these remarks came out. what were markets reacting to, monetary policy, or something to do with the idea that regulations will not be rolled back as much as markets as had hoped? themesof the big surrounding fed policy over the last couple of months were elevated market valuations and whether the fed wants to raise interest rates faster to tighten financial conditions because they have not been tightening, even as the fed has been raising interest rate. to the extent that people open up the speech and saw there was none of that in there was a relief which is why we saw some market reaction we did. mark: has yellen reduced the results of her being the next fed chair after february?

the fast -- she said financial rules changes should be modest? >> it is not clear how much they like there is between janet yellen and donald trump. we have heard a lot from donald trump and the administration about wanting to roll back regulations and boost growth. it is holding back growth right now and janet yellen pushed back against that. she said bank lending is growing in line with the economy and there is no signs of that. at the end of the day, she and others at the fed are looking at regulations+++

or rolled back a little bit. she cited the volcker rule. there is some agreement that there is stuff that can be done and perhaps the rest is a gap any political rhetoric. vonnie: her conclusion was keep commentary on, she expects that some of these things, quitting regulation will result in the familiar risks of excessive optimism leverage and maturity transformation reemerging in ways that require policy responses. she was saying that is happening now. >> that is another reason why you saw the market reaction you did because the flipside of the debate about whether to use interest rates to tighten financial conditions is that do you necessarily need to, given the regulation you put in place, to make the system saver, to the extent that the system is now safer and will be more immune to some sort of market correction. it is not going to hurt as badly as it did when we had so much debt underlying the market valuations as we did in previous cycles. vonnie: interesting times, thank you. let's turn to politics. the flipside of the going and the trump administration planning a major new push for tax reform. gary cohn telling the financial

times that starting next week, the president's agenda and calendar will revolve around taxes. joining us is our white house care responded. -- corresponded. there will not be a joint effort, at least at writing this , on the part and the immigration and congress. gary cohn says this is in the hands of congress and the president -- >> a new strategy out of the white house, the president will be the cheerleader, the sales man for this plan but congress will have to do the dirty work of writing the legislation before we had heard from the white house that this would be a hearingan, now we are that the president will be the champion, going on the road and into very as part of the country to pitch this plan and talk about tax relief for middle-class americans. meanwhile, a number of issues have not been sorted out and there will be the job of congress, the house ways and means committee to write the

details, write the legislation and get rid of some tax breaks that may be popular and deal with all of the lobbyists and people who want to keep certain parts of the current tax code. it will be in the hands of the tax legislators on capitol hill to figure out how to get this done. vonnie: gary cohn saying a base running exercise. thatshed back on the idea this will become revenue neutral by dynamics going on. he says there are ways to find revenue been that revenue. enough -- revenue? >> the white house has taken its hands off that exercise of trying to find out which deductions need to be taken away and scrapped from the books in order to bring in enough revenue. in this interview, gary cohn said that there may be an increase in the deficit over the short term. but over the long term, there would be revenue neutrality.

that is something that no one knows exactly how they will reach that. the white house is taking a hands-off approach and telling the tax writers in the house and senate to figure it out. vonnie: donald trump begins a tour on wednesday in missouri to sell -- we do not know what appeared selling something, presumably middle-class tax breaks. what will be there for his base> ? >> that is part of the challenge the president will have. he will go into parts of the country and saying that this tax reform is for the middle class and it will help people. they will try to increase the standard deductions. a few pieces of the puzzle the president can present to his base and the middle class. the full plan will not be put together. expect to hear the president talk about all the positives in this plan that they have already agreed on.

some of the negatives and things that need to be worked out on capitol hill will be left to the writers of the legislators to figure out how to pay for some of these tax cuts. expect the president to talk about the things that people like while congress is left with dealing with making a few people unhappy, including a number of lobbyists and industries that are used to getting special tax breaks. vonnie: our thank you -- our thanks to you at the white house. mark: emma chandra has more from new york. refineries in texas have big fears about hurricane harvey, floods, and power outages, it is said to be the worst storm to hit the region in a decade when it makes landfall sometime tonight or early tomorrow. a storm surge as much as 12 feet may bring salt water pouring into refineries and terminals along the gulf ghost. some refineries are already shutting down. the u.s. will unveil more sanctions on venezuela today according to people familiar with the matter. the trump administration wants to punish the government of the

president who it called a dictator. one move considered is targeting venezuela's financing channels. in northern india, while interrupted onto the head of a quasireligious sect found guilty of raping two followers. 28 people killed and 250 injured and more than 15,000 police and paramilitary troops have been deployed in a town in anticipation of the verdict. u.k. prime minister theresa may is stepping up the crackdown on corporate governance. listing coverske public the ratio between the pay of ceos average employees. she will announce the measure next week. global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. i am emma chandra. this is bloomberg. mark: coming up, billionaire vice-chairman senses to five years in presence -- prison for bribery, what it means for the

south korea's biggest conglomerate. ♪

mark: live from london, i am mark barton. vonnie: i am vonnie quinn and this is bloomberg markets. plunging are shares of alternately do. that's all the beauty. -- ulta beauty. here to explain why the stock is sagging -- is abigail doolittle. a darling stock and no one earnings report and down to the present, why? >> they did beat sales and earnings estimates by the disappointed relative to same-store sales. they put up a huge number, up

11.7% up -- but expectations are very high. i spent some time with an analyst who said that it was growing like a weed. a great graphic showing what is happening. we see that while 11.7% higher is great, relative to what they have been doing, it is a disappointment as investors have been wanting to see growth they had been putting up. not getting passport decline in the cosmetics business. -- past four a decline in the cosmetic's business. has beentics business under a decline for the last two years. isn though ulta beauty outperforming that come investors do not care and selling stocks. vonnie: is a correctly valued? >> she said the shares are so

highly devalued that it is another reason investors want more. they are paying up. we can see how high valuations are in a bloomberg. this. baucas through there is a lot -- i will walk as through this. uts is old the beauty that eauty.a b congreve is not perfect, the vitamin shoppe, gnc holdings, michael's company, and every stock isric, this trading high. investors wanted more and getting sold off. bynie: conan company saying death conan company saying to mark: a look at the business is the stories in the news right now .

qantas challenging boeing and airbus making new models able to fly the longest route in the world, they want to .20 hours nonstop from sydney to london in 18 hours nonstop from -- qantas hopes the new version will let it do that. microsoft says the new xbox is the fastest selling xbox preorder ever. no numbers were released. the console costs a dollar shy of $500 and microsoft is billing it as the world's most powerful console. the xbox will launch in stores on november -- ♪ let's stick with technology. samsung billionaire vice-chairman now facing five years in prison, the south korean court imposing the sentence after finding he -- him guilty of bribery.

does it raise doubts about whether he will return to samsung, which is grandfather founded. quite a break from the past. >> one of the harshest sentences we have seen. samsung is not just a phone, a 60 unit company who makes up 20% of gdp in south korea. we have seen close ties between political leaders and business leaders. previously, business leaders convicted of corruption, his father, what have gotten off lightly. they would have been convicted but then they did not serve the three years. this time, all five charges, including embezzlement, he has been convicted of and not able to dismiss the five years and he will go to prison. mark: this fight this, or in spite of this, the company is

doing fine -- d's fight this, or in spite of this, the company is doing fine. >> uber -- samsung with record earnings. share price really outperforming the rest of the benchmark against, of 30%. doingart of the business great and the new samsung alex enote eight being unveiled too 8 beinggalaxy note unveiled with much praise. it does not matter if it's a leader is in charge but questions are being raised whether he will come back and control the business that his grandfather set up 80 years ago. obviousas much as it is that the company can go on without him or with him under a cloud of suspicion, who does take the reins at this company? >> other executives are expected to take a more prominent role,

particularly the executive in charge of the chip part of the business. that has been the outperform or for samsung. he is called a vice-chairman. potentially, the man in charge of mobile might do it. there are people that could look to surface and start to take the reins. the head of the consumer appliances unit could take a greater position of authority. and people ins place to could take a more executive role. that theretable could be issues with doing business with international partners. it does not all look rosy as there will be questions as far as copies working alongside it. it looks as though he and

previous is it gives have been placed in prison -- executives have been placed in prison. we could see me later's -- leaders -- new leaders. mark: kerley a day goes by without an attention grabbing headlines. -- barely a day goes by without attention grabbing headlines and we will discuss next. ♪

♪ vonnie: live from london and new york, i am vonnie quinn. mark: i am mark barton. vonnie: the upcoming european rules have cropped up in more earnings calls. the transcript calls. levels of preparedness. one firm saying deer in the headlights about his client.

some are more advanced in their planning for new regulations. here is a co-ceo at germany and goldman sachs. >> people had time to prepare. very detailed processes and preparedness going on for a long time. we clearly know what is coming and have been preparing for it. >> what do you think about your pricing model, how will it look? we have seen a wide range. >> i do not want to comment on specifics that these things happen out there and proposed and looked at by numerous staff. we are ready to deal with them. more on all of this. tell us how difficult it is to make preparations for this. two volume plus work.

it started as a couple of pages but banks and firms have had people in place to meet these requirements for a long time, no? >> that is true. cards sincen in the the financial crisis. only in the last couple of months or so that it has become -- all of these calls with analysts questions. preparedness varies. this is so unprecedented. people are not clear how it will go. it goes in one day. no transition. nervousness because of lack of president. -- precedent. mark: the level of preparedness, great quote from the chief executive of

intercontinentalexchange, who says that we are going on sales calls and cold calling people to talk about these things. they look at us like we have three eyes. that gives the impression that companies are not prepared. is it smaller companies left prepared? >> i think definitely. the smaller ones are less affected. something complicated is jurisdiction. the european system, it could imply on customers based in the u.s.. whether questions about or not the rules in europe may conflict with the rules in the u.s. with the clock ticking, it is becoming real. mark: well done. you have a most read story of the day.

it -- check itt out on the terminal. close up on the european less than 35 minutes away from the end of the friday equity session. stocks up today with investors digesting -- no market moving information in janet yellen's remarks but the market has moved. mario draghi space at 3:00 p.m. new york time. i believe you would be -- speaks at 3:00 p.m. new york time. i will leave you with the currency board. ♪

11:00 p.m. in hong kong, 30 minutes left in the trading day in europe. from london, i am mark barton. vonnie: i am vonnie quinn.

this is the european close on bloomberg markets. ♪ mark: the top stories we are covering on the bloomberg today. janet yellen spoke at jackson hole and mario draghi will speak later in today. janet saying any changes to financial rules should be modest. secretary, aign leading backer of brexit, acknowledges that britain will have to pay to leave the eu, well he terms continue to get softer and softer? the money behind the mayweather macgregor mega fight, the biggest financial winners from the tomorrow -- by tomorrow. -- fight tomorrow. one of the biggest in recent history. european