United States Elections November 3rd, 2020
With a day to go before US Election and with more than 90 million people having already cast their ballots in early voting, Joe Biden leads in both national and state polls. But if history has taught us anything, it’s to never write off the underdog.
To be elected US president, a candidate must win at least 270 votes, each US state receives a certain number of votes partly based on its population with a total of 538 up for grabs. Voters decide state-level contests rather than a national one, which is why it’s possible for a candidate to win the most votes nationally - Hillary Clinton 2016 - but still be defeated by the electoral college. It can take several days for every vote to be counted, but is usually pretty clear who the winner is by the early hours of the following morning. However, this year officials are already warning that we may have to wait longer for the result due to the expected surge in postal ballots.
We expect the US Dollar to see plenty of volatility and thin levels of liquidity, with the possibility of wider spreads and price gaps throughout this risk event. There is also the possibility of price limits and circuit breakers being triggered within the equity market.
Presently we are pleased to confirm no changes will be made to our margin terms, however we do request that accounts be fully collateralized ahead of this event.