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Traders braced for all-night vigil as Brexit votes counted

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Traders braced for all-night vigil as Brexit votes counted

London: Traders and brokers across London are bracing themselves for an all-night vigil as the counting of votes in the historic referendum on whether or not Britain should remain a member of the European Union (EU), begins on Thursday night.

Senior staff and traders at banks including Citigroup, JPMorgan, Goldman Sachs and Morgan Stanley have been asked to stay overnight in the office while others are working in shifts between the British market close on Thursday and its reopening on Friday morning, the Financial Times reported.

Britons on Thursday morning went to the polls to cast their ballots in the referendum. An estimated 46,499,537 people are entitled to take part in the vote — a record number for a British poll.

The polls opened at 7 a.m. and will end at 10 p.m.

JPMorgan has booked hotel rooms for its clients in Canary Wharf while Citigroup has organised taxis to make sure key sales and trading employees arrive at the offices before 4 a.m. on Friday morning.

Online brokers and trading platforms that service retail clients are expecting a flurry of trading activity and firms such as IG Group and CMC Markets are laying on extra staff on Thursday night in anticipation.

“We have got an extra 30-40 people staggered across the night in London,” said Grant Foley, Chief Financial Officer at CMC Markets. “We have paid for people to have hotel rooms near the offices and we will be ordering in food to keep them sustained.”

Several hedge fund managers said they planned to leave the office as usual on Thursday evening but expected an early start on Friday.

“We anticipate it being a volatile day on Friday,” said David Harding, founder of quantitative asset manager Winton Capital Management and joint treasurer of the ‘Britain Stronger in Europe’ campaign.

“One way or another, the markets will move quite a lot, which will translate into quite a nervy day.”

Goldman Sachs’ private bank has told clients that the desk will be staffed all of Thursday night if they wish to trade.

Both Goldman and JPMorgan are among banks warning clients that parts of the market may become illiquid and it could be difficult to execute some trades on Friday.

While the overall picture could be clear by 3.30 a.m., the official result is not expected until around breakfast time on Friday.

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Lockdowns in China Force Urban Communities to Defy Censorship and Vent Frustration Online

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Anyip Mobile Proxies

Shanghai’s rich middle class is leading a wave of online dissent over the strict and prolonged lockdowns imposed in various parts of the country. Chinese internet censorship is struggling as patience is wearing thin in many urban centers, coming up with creative forms of online protests.

Social Media Posts Revealing Lockdown Tension in Shanghai

Drawn-out lockdowns are nothing new in China as authorities insist with the nation’s zero-Covid policy since the start of the pandemic. Currently over This time around, however, metropolitan areas like Shanghai are increasingly difficult to keep quiet, given that its more than 25 million residents have seen weeks of total isolation along with food shortages and many other service interruptions.

Dozens of towns and reportedly over 300 million Chinese citizens have been affected by lockdowns of different severity. As expected, urban netizens have been most outspoken over their difficulties by finding creative ways to get around state censorship and bans placed on topics, news comments and spontaneous campaigns.

Shanghai residents have been using mobile proxies and hijacking seemingly unrelated hashtags to talk about healthcare issues, delivery failures and the overall severity of their situation. The “positive energy” that the Chinese government wants to transmit during the recent prolonged series of lockdowns does not come naturally to those counting food supplies and online censors are working hard to filter words, trending topics and undesired social media sharing.

WeChat groups and message threads are under constant monitoring. Posts questioning the zero-Covid approach have been quickly deleted, including by leading Chinese health experts like Dr. Zhong Nanshan. Video footage is soon censored and protests and investigations are quickly made to disappear.

Where this has not worked, officials have exposed banners with warnings and outright threats like “watch your own mouth or face punishment”, while drones have been patrolling the city skies. Yet, if anything, this has led to further tensions and unspoken confrontation with Shanghai’s educated and affluent middle class.

Creative Online Solutions Harnessing Civic Energy

Announcements by Chinese social media that they would be publishing the IP addresses of users who “spread rumors” have not helped either. Tech industry research has shown that much of Asia’s tech-savvy population has a habit of using mobile proxies and other privacy tools, quickly finding workarounds to browse the internet freely and talk to the world about the hottest topics.

The sheer volume of forbidden posts is already a challenge for the very censorship system, experts explain. Unable to track all trending hashtags, state workers overlook topics that speak about the US, Ukraine or other popular news. Linking human rights elsewhere to their situation, Chinese online dissidents establish their informal channels and “hijack” the conversation to share personal or publicly relevant information about the Covid suppression in their town.

Sarcastic and satirical posts still dominate. Others hope to evade the censors by replacing words from famous poems or the national anthem. One thing is certain – social media, when harnessed with the right creativity, has proven its ability to mount pressure on the government in even some of the most strictly controlled tech environments like China.

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