Brexit Wins - What You Need To Know

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Rank: Senior Gorilla | 986

After months of campaigning, one side leaves distressed, the other ecstatic. The results show 52% voted to leave the EU versus 48% that voted for Britain to stay within the EU. That's 11,855,663 votes for Remain and 12,698,977 votes for Leave.

The goal is to unwind Britain's 43-year membership of the bloc, disentangle and sever the legacy of shared sovereignty, and then re-shape the biggest single market on earth. According to EU officials, there are a million questions, with minimal answers.

For starters, global markets are in chaos. At the time of writing, the GBP is getting absolutely crushed against the USD and Yen, S&P 500 is down 91 points, FTSE futures down almost 9%, US treasury bonds down 15%.

Update: David Cameron resigns as Prime Minister

Lawyers in Whitehall and Brussels see two distinct tracks. The first is under Article 50 of the EU treaties -- the so-called "exit clause" -- which lays down a two-year renewable deadline for a country to leave.

A second track makes arrangements for future relations, from trade to co-operation on security or law enforcement. This is a more complex negotiation and, once agreed, harder to ratify. It requires unanimity and approval by more than 30 European, national and regional parliaments, possibly after national referendums.

More shall come. What does the WSO community think?
http://www.ft.com/cms/s/0/f0c4f432-371d-11e6-9a05-...
http://www.bloomberg.com/news/articles/2016-06-23/...

Comments (290)

Jun 25, 2016
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Colourful TV, colourless Life.

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  • Associate 2 in CorpFin
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Jun 27, 2016
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"He never chooses an opinion, he just wears whatever happens to be in style"
(Leo Tolstoy - War and Peace)

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Jun 27, 2016
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"He never chooses an opinion, he just wears whatever happens to be in style"
(Leo Tolstoy - War and Peace)

    • 1
Jun 27, 2016
Comment

"He never chooses an opinion, he just wears whatever happens to be in style"
(Leo Tolstoy - War and Peace)

Jun 27, 2016
Jun 27, 2016
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Colourful TV, colourless Life.

    • 1
    • 1
Jun 27, 2016
Comment

Colourful TV, colourless Life.

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