The highest currency-market volatility in more than four years is depriving investors of a cheap way to protect against risks in financial markets -- including Britain’s referendum on its membership of the European Union.
A JPMorgan Chase & Co. index of swings in exchange rates averages more this month than at any time since 2011. Because volatility helps determine the price of currency options, they are losing appeal as a way to speculate in foreign-exchange markets, leading money managers to seek less-expensive alternatives.
