After the result of the referendum in the United Kingdom, which finally ruled the exit of this country from the EU, investors, economic operators, policymakers are facing a scenario that until Thursday was purely hypothetical and that will have ramifications (many unpredictable) that will last for years. The closest scenario that was envisioned was an exit of Greece from the Euro zone, something that has been widely discussed but never realized. The biggest threat to the financial markets is uncertainty. Markets prefer a negative event to an event whose ramifications are uncertain. When a given scenario materializes, investors look for similar events in the past in order to obtain patterns or trends that help them to understand the new scenario. But sometimes there are no precedents. September 11 is a good example. Not only was an unprecedented event as was a comparison for future attacks in Madrid and London. But as September 11, the Brexit does not have an antecedent that offers a relatively useful comparison. Investors and economists can try to anticipate some of its consequences but they are unaware of its contours, its magnitude and its extension, financially, economically and politically. Focusing in particular to the financial impact, the first shock-fitted into, in general, in the idealized scenario, although the magnitude was difficult to anticipate. In currency markets, the Pound and the Euro were the main “victims”, while the Swiss Franc and the Yen, which in the perception of investors are “safe”, recorded strong valuations. In debt markets, US government bonds and German bonds registered gains, while corporate debt and peripheral countries debt devalued. These two movements together have led to an increase in the spread between German yields and their European counterparts. Interestingly, the English debt showed a recovery, despite warnings from rating agencies. In stock markets, the declines were sharp, with the DAX recording the largest daily decline since the financial crisis of 2008. Another curious note was that the FTSE100 had an over-performance. This pattern was observed due to the strong exposure that the companies that are part of this index have in external economies. The vast majority of investors deceived by polls and indications of bookmakers, abandoned a defensive stance adopted earlier, to take a few days before the referendum, a positioning that would benefit from the “remain” (Expecting UK to remain in the EU). Now they will be forced to a new repositioning, which may take several days and may generate high volatility. So it is not excluded that the movements recorded on Friday to extend during the session today, although on a smaller scale. The fund managers should adopt a more defensive stance, reducing their exposure to equity markets and concentrating in securities less related to economic cycles, with businesses benefiting from the decline in yields and offering a more appealing dividend yield . On the other hand, fund managers want to increase the liquidity of their portfolios in order to correspond to a hypothetical increase in redemptions of its funds by investors. In this complex picture is added the results of the Spanish elections, which have not yet set a stable majority. In the pre-opening, the European indices traded with a drop of about 1%. The assets considered “refuge”, traded mostly higher.