Brexit Matters Less Than Yuan Devaluation on VIX Index: Chart

If Britain Votes Leave, What Happens Next?

Just before the U.K.’s referendum vote, a one-week measure of the Chicago Board Options Exchange Volatility Index shows it’s barely registering compared with other market shocks including last year’s yuan devaluation, the Russian ruble crisis, the downgrade of U.S. debt and the global financial crisis of 2008. Traders may be tracking odds offered by bookmakers more than what polls indicate, with Ladbrokes’ odds implying a 78% chance the U.K. will remain within the European Union.

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