Last night the British voted to leave the European Union with British Prime Minister David Cameron announcing his resignation shortly after the results became known. These developments have caused concern and uncertainty in the worldwide markets this morning with domestic markets selling off around 3% and European markets off 5-10%. This transition will take some time, a number of years in fact, so immediate consequences should remain rather limited in scope. This vote does raise a number of questions that will need to be addressed though in those coming quarters and years, the greatest of which will probably be the continued survivability of the EU itself. We will have more comments as the days and weeks progress as more information becomes available, but we do anticipate a return to more volatility as this will dominate headlines for some time.

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