For the first time in British election history they will not have to wait until the morning to stampede out of bad positions. The futures market in bonds and sterling will be open overnight and most banks will be making sure their trading desks are well staffed. Traders taking positions on Thursday will have the luxury of knowing that from 1am on Friday they can be back at their desks reacting to exit polls. In the past they could trade sterling in overseas markets and cash British government bonds - or gilts - if they could find a counterparty, but trading in the more liquid futures market would not restart until 8am. ... "The gilt market usually opens at 8am but you could know the result some time before that and so that would make it more of a casino not less of a casino."
Traders taking positions on Thursday will have the luxury of knowing that from 1am on Friday they can be back at their desks reacting to exit polls. In the past they could trade sterling in overseas markets and cash British government bonds - or gilts - if they could find a counterparty, but trading in the more liquid futures market would not restart until 8am.
...
"The gilt market usually opens at 8am but you could know the result some time before that and so that would make it more of a casino not less of a casino."
When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.
The US even did so after 9/11.
In that case, the exchange could be shut down until Monday... The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
That's real voting. Or fraternal fun.
