Investors are paying the most in more than seven years in order to hedge against price swings in the pound over the course of a year compared with other major currency pairs, as long-term implications of a potential “Brexit” take center stage. One-year implied volatility in the pound against the dollar trades at a premium of 2.29 percent to the implied volatility of the euro against the dollar. That’s the widest spread since December 2008 and is approaching an all time high of 2.49 percent.

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