Brexit day is finally here, and bankers around the world are preparing for the volatility that will follow this historic decision.
And by “prepare” they really mean “stay up all night and have a trading party”.
That’s right, just like your movie-marathon night in college, the traders from around the world are hunkering down and staying up until dawn to trade the Brexit fallout.
International traders, mostly based in London, are preparing for their all-nighters the best way they can.
“I personally plan to stay up all night” watching market reaction to have context for the trading day, said Gordon Shannon, a London-based money manager at TwentyFour Asset Management. “My wife had a baby last year so I have plenty of experience being up all night. I don’t think I’ll need much more than a coffee.”
Coffee and access to food seem to be a central theme.
Enda Homan, senior foreign-exchange trader at Allied Irish Banks Plc is planning on supplying deli food and “Plenty of freshly brewed coffee to get us through the quiet bits while awaiting the results.”
“We will have research and trading coverage and there’s a 24-hour McDonald’s across the road,” said Ross Walker, a senior economist at the Royal Bank of Scotland.
Although the urge to spend the night in the office isn’t true for the entire world.
“My personal view is there will be a Brexit, but that day I will be starting my vacation on my way to New York,” said Tracy, who is in charge of all the bank’s Nordic equity sales to continental European clients. “In Sweden, the markets are closed. It’s the mid-summer’s eve party. Midsummer’s eve is one of our largest annual celebrations.”
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