The story was reported in The Guardian on Sunday, and their report remains one of the most easy to read: UK faces run on pound within hours of polling as futures exchange opens early | Business | The Guardian The London Futures Exchange will be opening 1am Friday morning because global trading is likely to be frantic. Right now lots of senior people are trying to calm the markets by saying it isn't as bad as all that. They have to say it - for anyone senior to say we are looking over the edge of a cliff is not responsible. But the reality is that for the first time ever the London Futures Exchange is going to open at 1am (it is usually 8am) to handle a possible sterling crisis. By 1am we will have exit polls (which have been known to be wrong but are usually pretty accurate). We will also have the first real results (though mainly in inner-city areas where there is a massive Labour majority, not great for predictions). The markets will be trading on these predictions. And as the key results come in during the early hours the markets will trade on the growing certainty of the result. If we have a true hung parliament the markets are very likely to react very badly indeed. Personally I doubt it will all be in trading early Friday morning - rather the storm will happen in the weeks following as the politicians haggle for a government and try to get a Queen's speech through. In this circumstance Brown and Darling handle the sterling crisis. We may have a technical hung parliament where the Conservatives are technically under a majority but are supported by DUP (and by SF not taking up seats). Cameron was campaigning in Northern Ireland today - I think the first time for very many years (or even ever) a leader of the opposition has campaigned in Northern Ireland. We might just calm the markets with this outcome. But it really does seem that Northern Ireland might hold the key for this election. The Northern Ireland results probably won't be in until late Friday afternoon. Of course we really need a sensible majority for the Conservatives to make the markets happy and make us happy. The key development is that for the first time ever we have the London Futures Exchange open through the night, because for the first time ever we expect the election result to cause immediate sterling instability. If we are truly hung in this election the most likely scenario is that we have a sterling crisis, ratings agencies' downgrade and subsequent need for IMF support. Basically we do a Greece.