YES OR NO?

Today Scots go to the polls to vote on the future of their country. Voters in Scotland will be presented with a simple yes & no question: Do you agree that Scotland should be an independent country?

This is the question the people of Scotland will be asked on Thursday as the country holds a referendum that could ultimately set in motion the breakup of the United Kingdom as it exists today. More than 4.2 million voters have registered the largest electorate ever in Scotland. The vote for independence would mean Scotland, with its population of about 5.3 million, splits from the rest of the United Kingdom. Polls will be open from 7 a.m. until 10 p.m. local time. Results are expected to come in overnight into Friday morning local time.

Why is that significant to the market? It really effects on the UK economy and stock markets, and further on other separatism movements in Europe like the Catalan one.

This new fear is temporary only and affect shortly for European indices. My bet is nothing special will happen whether the result is yes or no. Mr. Market will do what it wants.

The question mark over Scotland's future is already having an impact on domestic and international business. Some worry that the breakup of the United Kingdom could undermine London's standing as an international financial capital. Last month, 130 business leaders published an open letter in which they warned of the impact of uncertainty over issues including currency, regulation, tax, pensions, EU membership and support for Scottish exports. A day later, more than 200 other business leaders signed an open letter backing an independent Scotland.

Let’s see today the movements of the FTSE:

The BFM Assets Team.