Who’s taking Brexit bets?

Mark Rickard of Smart Currency Exchange talks Brexit and currency with a knowledgeable ‘chap at the bar’

LAST UPDATED: 28 May, 2016 @ 09:07

THE bar is regularly the place I meet interesting people, and last week was no different.

OUT AND ABOUT: Mark (left) with the team from Spanish Estate Agents

I was returning to the UK for the A Place in the Sun Live! Exhibition at Olympia and the journey had started so well.

I caught the 40 minute bus from Marbella to the airport and the driver had the Real Madrid v Man City match blasting the crazy Spanish commentator.

Luckily for the passengers, it remained nil-nil in the first half – I was worried if Madrid had scored we would have been subject to the driver jumping out his chair at the cry of GOOOOOAL! And turning to his public (the passengers) celebrating, leaving the bus to steer itself!

I cleared baggage control speedily with my smartphone boarding pass and just hand luggage before finding a bar for the second half of the match.

I naturally wanted City to win, despite being a Chelsea supporter (Us Brits are good like that… remaining loyal to ‘our’ side over a Spanish team).

On my right was a chap who was perpetually on his phone while watching the match and commenting throughout in English.

I took up my usual airport hobby of people-watching, and kept an eye on the match.

Once the game was over and the chap was off the phone, I asked if he was a City supporter talking to his family in the UK.

He laughed and said no, he was from Sheffield, and was the ‘price-maker’ for a BIG bookmakers in Gibraltar.

His lengthy phone call made sense now!

We talked briefly about his job and mine, and inevitably we met slap bang in the middle – Brexit and currency.

He was concerned that his wages and possibly status in Gibraltar would be affected, and I was waxing lyrical on the episodes that sterling had encountered in the last few months.

Once I had finished my market commentary, he talked with conviction about a recent office wager on Brexit and the effect on sterling.

I am not a betting man – I have been working too long in the currency markets – but the office sweepstake was: Staying IN Europe: 90% and Sterling up on June 23: 7%.

Many of us on the coast will hope he is right. Bookmakers usually are…

However, a currency broker’s role has always been to protect their clients from the potential downside of economic and political events like the referendum during their transaction.

So, we cannot be subject to speculation, or ‘the chap at the bar’.

This is where it really pays for those making international transfers to talk to a currency expert, to steer you through all the speculation and focus on the important part – protecting you and your money from the risks of exchange rate fluctuations in uncertain times.

• Email [email protected] or visit the Mijas La Cala office behind SuperSol.

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