With sleeping bags and mini golf, traders gear up

As lawmakers gather in Britain’s Parliament on Tuesday to vote on the future of the country’s relationship with Europe, traders in London’s financial hub will be bracing for a potential burst of market turmoil that could affect the Brexit process itself.

Sterling plunged more than 10 per cent in the immediate aftermath of Britain’s shock vote to leave the European Union in June 2016, while $2 trillion was wiped off global stock markets.

This time, traders expect a more muted response. PM Theresa May is widely expected to fail in her attempt to win support for her Brexit plan, meaning the immediate market reaction could be limited.

But as her failure would usher in yet more uncertainty over the Brexit process, big market swings may follow.

Banks and brokerages will be prepared. Barclays, Investec, JPMorgan and Nomura are among banks in London planning to draft in traders and analysts outside of normal business hours on Tuesday, sources familiar with the matter said, as they prepare for an influx of calls from investors keen to understand or make bets on the implications of the vote.

The result not expected to become clear until around 1900 GMT (12.30 am, Wednesday, IST). “We’re preparing for the big day and night by bringing sleeping bags into the office and have mini golf and pinball in our break out area, so we can keep the traders busy during quieter hours,” said Samuel Leach, CEO of Samuel & Co Trading.