Nicholas Hastings
Nicholas Hastings

Coping with Brexit - How electronic platforms held up during the world’s messiest divorce

Nicholas Hastings investigates how platforms and trading venues coped with volumes and market volatility during the recent UK referendum event.

The night of June 23, 2016 was the historic night that Britain voted to leave the European Union and triggered the start of years of negotiation in what has been billed as the messiest divorce in history. How it will all end remains to be seen but the process has been made easier by Britain’s refusal to join the single currency, the euro. Of course, the referendum focused the attention of the foreign exchange markets on the pound, which at one stage plummeted by 17 cents against the dollar in the immediate aftermath of the vote. It is not that the referendum itself came as a surprise. It had been billed for months in advance. It was the result – the vote to leave – which came as a shock as right up until the last minute opinion polls were suggesting the opposite. For many its was a downright chaotic if not scary night, especially in foreign exchange markets where not only did the pound come under attack, with volumes in sterling trading soaring to nearly unprecedented levels, but even...continued

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