British pound derivative markets flash red as election gets underway
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LONDON (Reuters) - Traders rushed to the foreign exchange derivative markets on Thursday to protect their exposure to the British pound in case of a surprise election outcome.The premium for pound puts over calls over the next week jumped to its highest since September 2016 at nearly 6%. That means more investors are wanting downside protection by buying the right to sell the pound over the next week.While the cash markets were relatively quiet, overnight implied volatility gauges jumped to..