So much potentially could happen in the ten days that remain between now and March 29th it is inevitable that there has been an enormous amount of movement on this Betfair market on when Brexit will actually happen.
As can be seen Q2 2019 has dropped very sharply in the last few days partly in response to the difficulty Mrs May has had in getting support for her deal and partly due to the assertions yesterday by the Speaker.
Tonight the speculation is that the postponement that the government is planning seek could end up as 2 years which is far in excess anything that the hardline leavers wanted.
I find it very difficult to read the current politics and I’m sure that I am not alone. The likely failure to meet the March 29th deadline is almost certainly going to lead to Brexit being less likely to happen.
In all political betting it is wise to check the actual terms of the market and this is Betfair’s definition on this one below.
“For the purposes of this market leaving the EU is defined as the date when the treaties of the EU cease to apply to the UK. Examples of when this might occur include, but are not limited, to: the date specified in a withdrawal agreement between the UK and the EU; the end of the two year negotiating period (29/03/2019) as set out by Article 50 of the Lisbon Treaty (or any extension to this time period); or the date of the repeal of the 1972 European Communities Act. If more than one of these events were to occur, this market will be settled on the first of these events to occur. In the case of the two year time period in Article 50 being extended, via a unanimous vote by all EU Member States, we will settle this market on the extended date. This market will settle when the UK leaves the EU even if parts of the UK (e.g. Scotland, Northern Ireland) leave the UK or receive special status within the EU.”