This morning the ACT conducted a quick poll of its Treasurers’ Forum to understand what (if any) action treasurers have taken in the lead up to the Brexit referendum next Thursday 23rd June. The question asked was “As a corporate treasurer are you doing anything different this quarter-end on account of the referendum?” Sixty percent of respondents said “no”. A high level of these company names and comments fed back indicate that they are naturally GBP, or already have conservative hedging policies in place so that there is no “spike” to manage. Of the forty percent that are reacting differently because of Brexit, two thirds are extending their FX hedging by either increasing the percentage hedged or covering further forward. It is also worth noting that even though some respondents replied “no” they also stated that they were giving FX exposures higher scrutiny than normal. Of the remaining one third that are reacting differently this quarter end the principal focus is Cash. Either holding extra cash to ensure they have enough liquidity to meet the needs of the business for the next few weeks after the referendum; diversifying cash investments or holding more funds in GBP.