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With the Brexit vote, it is up to Britain to invoke Article 50 of the Treaty on European Union...at which point a two-year time limit begins.
The remaining 27 EU countries meet to discuss withdrawal.
Negotiation begin between the UK and EU.
A draft deal is put to the European Council (27 leaders), which needs the approval from at least 20 countries with 65% of the population. Then it is ratified by the European Parliament.
At the end of two years, negotiations can be extended further but only if all 27 countries agree.
If no agreement to extend negotiations, then the EU treaties cease to apply to the UK.
The UK leaves the European Union.
UK Parliament must repeal the 1972 European Communities Act and replace with new agreement.
Theresa May, the leading candidate to replace David Cameron as British Prime Minister, continues to say she will wait until year end to invoke Article 50, but the other 27 EU leaders will demand Britain speed up the process to send a signal to the others they can’t follow Britain’s lead and jerk everyone off.
The fun hasn’t really begun.
Source: BBC News.
Wall Street History will return in two weeks.