It may be that Brexit has limited direct correlation with Canadian markets in terms of asset exposure but it is unduly parochial for Canadians to dismiss it as entirely benign. The obvious read across is political.  The UK's exit has reignited Scotland's bid for independence while in Spain the Catalan contingent is once again making noises on this front. One may assume these will only grow louder. While polls suggest Quebec separatism is on the wane, especially after the uninspiring spectacle Marois and Peladeau provided, one should not assume it will always remain so. Politics is more fluid than ever and Quebec has its own long standing populist tradition that could find expression in future polls. Brexit may yet be the source of significant upheaval beyond UK shores.