Some of the world’s biggest hedge funds and asset managers are anticipating large trading opportunities in the immediate hours after the UK’s vote on its EU membership, and their traders have stockpiled cash to take advantage of any market dislocation.
As UK voters went to the polls yesterday, traders and money managers said they had been unwilling to make large wagers before the result, but were ready to jump into the market afterwards.
“The best is to go into the event with as few positions as you can, so you can take advantage of the volatility that comes afterwards,” said Stan de Caumont, a macro portfolio manager at Point72 Asset Management .