Wall Street is finding it harder to trade sterling as the drama surrounding Brexit roils the British currency. The pound’s short-lived rally on Wednesday after U.K. Prime Minister Theresa May secured Cabinet backing for her draft deal turned to aggressive selling on Thursday as several ministers resigned and questions of a leadership challenge arose. Cable’s one-month implied volatility spiked to the highest level since 2016 as the pound posted its biggest drop in more than a year against the dollar. While passive algorithmic strategies can handle the extreme, headline-driven swings, it makes for a tough liquidity ... (full story)