As traders prepare for the U.K. referendum on European Union membership, the cost of options on Swiss equities has fallen to an 11-month low relative to contracts on the Euro Stoxx 50 Index. That’s even as a Brexit is likely to lead to a surge in the franc, adding pressure to Swiss companies. The benchmark Swiss Market Index has lost 7 percent this month, less than the 8.7 percent drop in the European gauge.

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