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Business

Banks draft in traders for Brexit night

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Opening sequence

Business

Banks draft in traders for Brexit night

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COMING UP:Banks draft in traders for Brexit night

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Transcript

00:00:01
>> London's banks are bracing themselves for one of the busiest days of trading in nearly 25 years. I'm Freya Berry, correspondent for Reuters, and I'm here in Canary Wharf at the heart of one of London's key financial districts. Sources at banks have been telling us that they're going to have their FX floors fully staffed for the night of June 23.
00:00:20
So that means that we're going to have traders in watching the screens for the forex market which is a $5.3 trillion a day market. That means that we're going to have traders crashing overnight at hotels. There's gonna be no exit polls done by UK broadcasters so people are going to watching the screens intently and trying to make sense of the results as they come in.
00:00:42
So everybody from Jamie Dimon at J.P. Morgan to Janet Yellen of the Federal Reserve have been warning of the potential effects on the markets for this day. The problem is that we'll be expecting a lot of volatility and lots of volume coming in the markets after the, of the results.
00:01:01
The markets have been relatively calmer until the past few weeks. People like Plankroft, the world's largest money manager has been saying that, perhaps trade is being too complacent about the possible impact of a leave. The key phase that this will be felt is in the FX market. Sterling has been increasingly jittery over the past few weeks.
00:01:20
And that's where the biggest news are expected.