“Every thinking person in America is going to vote for you Governor Stevenson,” said an enthusiastic voter.“I am afraid that won’t do. I need a majority,” reportedly quipped Stevenson (1952 or 1956). The UK referendum on June 23 is the most important political event of the first half of the year. A decision to leave could be a significant disruptive force. No one knows for sure. It is precisely that uncertainty that is fueling the demand for insurance in the options market that...
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