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TransferWise Caps Trades to 10,000 Pounds Before U.K. Brexit Vote

  • TransferWise cuts limit on sterling trades to 10,000 pounds
  • FairFX, WorldFirst to be staffed during crucial Brexit moments
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Currency retail brokerages are putting in place contingency plans for undue spikes in volatility surrounding the pound on Tuesday.

London-based TransferWise Ltd. is placing a 10,000 pound ($13,000) cap on transfers to and from the U.K. for a 24-hour period from 9 a.m. Tuesday ahead of the House of Commons’ vote on Prime Minister Theresa May’s deal to leave the European Union. That’s down from the usual 1 million pound limit. Switzerland-based Dukascopy Bank SA is reducing leverage to 30 times capital on pound trades until market volatility returns to acceptable levels.