WSJ – Hedge funds have been trying to profit from market volatility surrounding Scotland’s independence referendum, regardless of whether it votes to leave the U.K.
A narrowing of the polls in recent weeks made the contest too close to call as voting began Thursday, leaving many managers warier of straight directional bets, for instance on which way the pound will move. Few want to risk being on the wrong side of the trade and having to explain why to investors when the result is known on Friday morning.
