March 13, 2019 / 2:05 PM / 3 months ago

Sterling turnover hits 5th largest since Brexit referendum vote - CME

LONDON, March 13 (Reuters) - Trading volumes in sterling futures and options markets surged on March. 12 after Prime Minister Theresa May suffered a heavy defeat in a vote on her Brexit withdrawal agreement, CME said on Wednesday.

In an exceptionally volatile day for the British currency, pound futures and options turnover on the CME - one of the world’s biggest exchanges - surged to more than 375,000 contracts, the largest day in 2019 and the fifth biggest since a Brexit referendum vote in June 2016.

The British currency has swung wildly between $1.30 and $1.33 in chaotic trading over the last 48 hours as a raft of headlines on the progress of Brexit negotiations culminated in a big defeat for May’s tweaked Brexit deal, unnerving investors. (Reporting by Saikat Chatterjee; Editing by Tommy Wilkes)

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