City traders told to prepare for market chaos as Brexit talks go down to the wire
City traders are on standby for market chaos this Christmas as they digest the new Brexit deal.
With just days left of the transition period, and matters between the UK and EU still being thrashed out, many firms have told staff to be ready in case the talks still fail.
It will spark frantic trading on stock, currency and bond markets as investors adjust their portfolios.
City traders have been told to be ready in case clients need help with sudden swings if Brexit talks fail
Broker TP Icap has put more workers on duty, in case clients need help with sudden swings.
Neil Burns, operations director at Monex Europe, said: ‘It’s not all down tools on Christmas Eve to January 4 unfortunately. The planning and uncertainty has easily been the most difficult thing we’ve seen.’
Fatih Atalay, Swissquote Bank’s currency trading boss, said: ‘The never-ending Brexit discussion has taught us that we have to be always ready.’
However, remote working during the pandemic should make this planning easier. Many traders have now set themselves up at home with laptops and other computers that are equipped for work whenever needed.