UPDATE 02 July 2016: Brexit Postscript: FTSE100 Roars, Theresa May, Sword in Hand, Next PM? | DomainMondo.com.
UPDATE: UK Votes to Leave the EU (European Union) 52% to 48%, Prime Minister David Cameron announces he will resign so a new Prime Minister is in place by the time of the October (2016) Conservative Party Conference and "fresh leadership" can lead the Brexit negotiations with the EU.
Earlier this week, EU referendum, a/k/a "Brexit," polling suggested the outcome of whether British voters would choose to 'Remain' or 'Leave' was too close to call, but equities had been soaring and British sterling was at 2016 highs, indicating traders were betting "Remain" would win. Traders in London are now bracing themselves while the G7 nations are poised to take "all necessary steps" to calm markets in view of the Brexit result.UK Votes to Leave EU - Sky News Projection https://t.co/fqa8onAOmr @BorisJohnson #Brexit #EUreferendum #EUref pic.twitter.com/abIWylgn2J— Domain Mondo (@DomainMondo) June 24, 2016
Adding to the drama, on Friday, June 24, the Russell stock indexes rebalance. Even in normal markets, this is often the busiest trading day of the year in terms of volume. With the Brexit vote results coming in early Friday morning in the United Kingdom, Friday's markets could be volatile.
See also on Domain Mondo: Brexit: Will UK Vote to Leave or Remain in the European Union? (video)
Tweets by markets
1. Any Member State may decide to withdraw from the [European] Union in accordance with its own constitutional requirements.
2. A Member State which decides to withdraw shall notify the European Council of its intention. In the light of the guidelines provided by the European Council, the Union shall negotiate and conclude an agreement with that State, setting out the arrangements for its withdrawal, taking account of the framework for its future relationship with the Union. That agreement shall be negotiated in accordance with Article 218(3) of the Treaty on the Functioning of the European Union. It shall be concluded on behalf of the Union by the Council, acting by a qualified majority, after obtaining the consent of the European Parliament.
3. The Treaties shall cease to apply to the State in question from the date of entry into force of the withdrawal agreement or, failing that, two years after the notification referred to in paragraph 2, unless the European Council, in agreement with the Member State concerned, unanimously decides to extend this period.
4. For the purposes of paragraphs 2 and 3, the member of the European Council or of the Council representing the withdrawing Member State shall not participate in the discussions of the European Council or Council or in decisions concerning it.
A qualified majority shall be defined in accordance with Article 238(3)(b) of the Treaty on the Functioning of the European Union.
5. If a State which has withdrawn from the Union asks to rejoin, its request shall be subject to the procedure referred to in Article 49." (emphasis added)
*This post was updated to reflect the Brexit vote results.
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