Banks ‘hurting, but not dead’ after Brexit shock

Last-gasp hedges may have eased the pain of Brexit for some banks

Brexit and the City
Banks live to fight another day after Brexit shock

A flurry of last-minute hedging activity may have softened the blow of the surprise Brexit vote for some banks – allowing for orderly trading in the aftermath.

Strong sentiment that Britain would opt to remain in the European Union in the lead-up to Thursday's referendum – the betting markets were showing a 90% probability of a 'remain' vote, and opinion polls predicted the UK would vote to stay in the EU – created a window for banks to cover their tail risks with relatively cheap out-of-the-mon

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