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Banks ‘hurting, but not dead’ after Brexit shock
Last-gasp hedges may have eased the pain of Brexit for some banks
![Brexit and the City Brexit and the City](/sites/default/files/styles/landscape_750_463/public/import/IMG/864/349864/brexit-city-views-1.jpeg.webp?h=03dfcd42&itok=-28ZDlXH)
A flurry of last-minute hedging activity may have softened the blow of the surprise Brexit vote for some banks – allowing for orderly trading in the aftermath.
Strong sentiment that Britain would opt to remain in the European Union in the lead-up to Thursday's referendum – the betting markets were showing a 90% probability of a 'remain' vote, and opinion polls predicted the UK would vote to stay in the EU – created a window for banks to cover their tail risks with relatively cheap out-of-the
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