UK Parliament Vote on EU Withdrawal Bill on Tuesday, March 12 will mainly affect following assets:
GBP and EUR related currencies, UK Indices, UK Shares
The event is expected to cause significant volatility in the financial markets.
FBS makes all possible efforts to keep spreads at a minimum, even though wider spreads are to be expected.
In case of extreme volatility and il-liquidity, FBS reserves the right to refuse the opening of new positions, enabling ‘Close Only’ functionality.
Should market conditions deem it necessary, FBS reserves the right to make additional changes to the trading conditions prior to and after the UK Parliament vote.
Be Ready For The Upcoming UK Parliament Vote On The Brexit Deal
This evening the UK parliament will vote on the PM May’s Brexit deal.
Yesterday evening Prime Minister May went to Strasbourg to speak to European Commission President Junker about Brexit and in an attempt to gain some additional concessions.
This was a last minute attempt to gain support for her Brexit proposal before tonight’s vote.
The revised deal would mean that the EU could not deliberately keep Britain in the backstop by failing to negotiate a new trade deal in good faith, that both sides would attempt to develop new technologies at the Irish border to replace the backstop by December 2020 and a promise to the UK that it could leave the backstop if the EU does not act in good faith in agreeing a free trade deal to replace the backstop.
If parliament votes to accept Theresa May’s new deal this will most likely mean that Brexit will go ahead on March 29th as planned.
But if the deal is rejected, it is highly likely that the UK will seek an extension to this date to prolong it.
Due to this extremely important vote, the GBP is expected to be highly volatile today.