Alibaba raises 21. 8 billion dollars in its share sale. Welcome to countdown on this historic day. Lets get straight to the history, the top story in edinburgh for the scottish vote story on the independence. The votes are being tallied. Early vote tallies put the no campaign ahead. And that edwards anna edwards is there live. Shes been up since the wee hours. 1 30 a. M. The numbers started to trickle through. We started to see an early lead for the no campaign. 32 counts, six in the know campaign. The 32 counts of reporting. We have a great deal about the story now. The no campaign. Not means it looks as if the campaign has done enough here and its to remind you that this is no to independence, no to breaking up the United Kingdom. No or no thanks, he says he has been humbled by the amount of support the team has seen. The Scottish National party leading the yes campaign. Alex hammond on twitter congratulating the people in glasgow voting yes to independence. They did make some big wins. A surprise. Of interesting for an International Market to see whats happening of aerdeen not much surprise because of the amount of the oil industry concentrated on that part of scotland, above average income. Bornee a lot of nonscot people there. Many of whom might have voted to stay in the United Kingdom. Turnout has been an 85 point 4 , nowhere near the record beating turnout that had been suggested by some of the polls but interesting to see after all the time that we are at 55 no. I remember the polls giving us that kind of result. That is kind of where we are for the moment. Its amazing. Not recordbreaking about the level of engagement is really impressive. It will be fascinating to see the paradigm shift going forward. Where is the focus likely to be if there is indeed a victory for the no camp . You mention a paradigm shift. Part of the ruling coalition, they were talking about federal options for the United Kingdom and this is something that will be talked about a lot more. Increasingly toward the end, they were selling this as not something that would result in no change but something that would also result in change. We ended up with a vote that would result in changing the way. Looks like we have not ended with Scottish Independence. Inh only 29 out of 32 counts , if that is the case, many questions will be asked about what politics look like in the much resolution will they receive . They are promising a great deal. How will they deliver that . It is still a parliamentary issue. Some have voiced if you concerned about where this leaves the rest of the u. K. And why they should have this commitment. There are voices in wales suggesting that day will come out of this worse off. Why are they not getting increased powers . 85 of the population lives in england. Perhaps the devolved powers are only for the minorities but in england are going to start asking where the English Parliament is, the english voice. There are Big Questions about voting. What right should scottish mps have on issues that do not them. Scottish mps get to vote on english and welsh matters that do not affect scotland. There will be many questions raised on that. Europe will be looming large ear. I remember reading Something Interesting by george soros. Might we see another referendum in scotland . If the u. K. Decides to leave, might that the seismic enough to warrant another referendum . Big questions to answer in the days ahead. Theyve been through a lot to the last months and weeks. What is the pound . What is the United Kingdom . These are such fundamental questions and it will take some time. Back to you. Many more questions than answers it would seem at the moment. I rather dark, cold, pretty exciting. Willts get to what hopefully be a lively environment. Its the final day of trading this week. Jonathan ferro is at the Trading Floor. Just looking at sterling, the debate is how much of the move, how much of this is people taking off their hedges and Short Covering . Whats the feeling on the floor . Excited abouting the vote coming in but sterling cast its vote yesterday. They are up the most since soon. Me, they have been at this whole morning and they just told me that daily volume happened in just two hours from 12 a. M. Until 2 00 a. M. Interestingly enough even though , that waslike a no placed yesterday. That was a pretty big move in volatility dropping the biggest oneday drop since 1999. Were also seeing equity futures indicating higher. At this juncture, what are the boys and girls saying . You look at futures, they are much higher. We could have a pop on the ftse 100 of about 1 . Rbs is already up. The market woke up for this whole debacle in early september. A lot of volatility from some of the big british lenders with exposure, but i think everybody started to get a little more sensible. The market anticipated this move and its not a big surprise to many on the Trading Floor now. I know we will get a lot more from you through the morning. Ferro live on the Trading Floor. Lets talk about business. Youve been looking into some of that as well. Have voicednesses their concerns. The potential for an independent scotland in the runup to the referendum. The final result approaches. Look at the sectors voicing their concerns and key among them were the financials. Lloyds Banking Group is more exposed them the royal bank of scotland. Those were the key players that were perhaps the most out risk. Floyd had about 3. 7 we have our final confirmation on the scottish vote and it is no. Sorry to interrupt you but we are now confirming scotland votes no on the referendum to independence and the vote is now confirmed. Its a done deal for businesses. Some of the companies you just mentioned. Will they still read domicile . Will the risks still remain even though we have this out and out victory for the no campaign, Better Together for this . Willstill feel if this loom large in the future. Likese therefore see the of the royal bank of scotland moving their headquarters into england to ensure they would and theysolutely there would have the regulation there. Its a question of currency. Thats what really what has led this entire campaign whether it wouldx salmond saying we continue to use the pound in scotland. That has really been a risk for every single business out there because you are suddenly trapped in different monetary policy. The scottish did manage to peg to the euro or the pound suddenly seeing we would get a weakening in the currency or indeed a trap in the wrong monetary policy. Just talking to john about it there but this momentous rally not breaking through 167. There are great many issues in the max. O much more that to come through the show. Join us on twitter. Euro sterling at a twoyear high. Join caroline on myself and myself. manuscranny and carolinehydetv. Join us both. Welcome back to countdown. Here are live pictures of a polling officer making yet another return. No to independence on this historic referendum. Its been confirmed by bloomberg. The polls are still coming in. Lets get to our correspondent anna edwards in scotland. Its a no vote. Thats pretty much what we were calling as we started the show. 300 years of the union intact but the reign is very scottish. The union lives to fight another day. Years of union between scotland and england, it fights on. 31 out of 32 have reported so far and the reports have been declared. The no Thanks Campaign or the Better Together campaign depending on how promising you want to sound about it. We have one remaining count done step outstanding. 44. 6 coming through from the yes. We would have to see that somewhere around the 97 mark. The highlands are not yet reporting. We can still say that the no campaign has one. The union lives on another day. So many questions now to answer. Been humbled by the brother upport the. Etter together campaign we know its going to be a majority for the no campaign. The important to say that referendum was an agreed and consented process and scotland has by majority decided not at this stage to become an independent country. The verdict of the people and i call on all of scotland to follow suit and excepting the democratic verdict of the people of scotland. [applause] but i think all of the yes campaign will say that the 55 , the 1. 6 million votes is a substantial vote for Scottish Independence and the future of this country. [applause] i hope this unites all campaigns and all scots. The process by which we have ,ade the decision as a nation enormous credit upon scotland. Highestone of the participations for any election or any referendum in history. This has been a triumph for the democratic rss, participation in politics. Process. E democratic [applause] for example, the initiative by which 60 and 70yearolds 16 and 17yearolds were allowed to vote has been a resounding success. No one will ever again dispute their ability to participate fully and responsibly in democratic elections. [applause] we now face the consequences of scotlands decision. The number of agreement is now in operation. On behalf of the Scottish Government, i accept the result and i pledge to work constructively in the interest of scotland down the rest of the United Kingdom. Party made vows devote the campaign to more powers to scotland. Scotland will expect these to be honored in a rapid course. [applause] just as a reminder, we have been promised a second reading of a scotland bill by the 27th of march next year. The 1. 6 million scots who voted for independence will demand that the timetable is followed, but all scots who participated in this referendum will demand that timetable is followed. [applause] i will be speaking to the Prime Minister shortly after this statement and i have a press conference later today to reflect on that and the full results. So many scots entering the political process for the very first time is something that is so valuable that it has to be cherished, preserved, and doped up on. I said a number of times in this campaign that the most moving ofng i saw was the queue people patiently waiting to register to vote. Most of them for the first time ever. In theg to participate democratic process. Lady comingearold out to the polling station who had never voted before in her life. Soldier who had not voted since he left the army some 24 years ago. Salmond, theex leader of the Scottish National party giving you his first reaction to the results in scotland with the independence referendum. The no campaign has one and the inge feet inexcept this referendum and calling crucially for more powers. Ond praising the enthusiasm of the Younger Voters who were able to vote in any form for the first time in the u. K. And also talking about how proud he was at the way the campaign was run and the way the vote unfolded. He said it was a triumph to the democratic ross us that we saw some 86 turnout. Think about what this could have meant for the United Kingdom. When ireland lost the United Kingdom, there was a great deal of violence. We talked everyday about this and this has been an incredibly peaceful campaign. Any small skirmishes there might have been in the last couple of days around the very end of the campaign of the trail really not indicative of the campaign as a whole and it has been incredibly peaceful. Most people leave spoken to here has been excited about the process, very engaged. Everyone onlys, talking about this. Some people will be very relieved its finally over and they can get on with the business of whatever they are doing friday, september 19. Back to you in the studio. Thank you very much indeed. Lets get to an Immediate Reaction with a Senior Adviser to Credit Suisse. Relief rally . Will they be holding onto the gains . I think the answer is yes. We were just talking about the Foreign Exchange markets. It was a very clear that the market sold off on the sterling and short positions were being built up in reaction to the opinion polls moving to a very close position. Lets be blunt. We saw 5149 and a few opinion polls showing independence was going to be the likely outcome. What happened is theres a lot of those short positions closed off. We had complete uncertainty over the result. Whats happening already today with the confirmation of the no seen a reliefave rally in sterling. 1. 65 and im up to assuming most of that will be economic fundamentals driving the Foreign Exchange markets and i think we will have a release in the guilt market. Emphasize the word minor. Is up because of europe, rate hikes, you dont believe in the strongest cause in the oecd . An independence vote we would have ended up with a very complicated situation and to some extent the equity market. The big hit would have been the theign exchange and less so equity market. Now we have a clear no boat and weve had the relief rally. That extends a little bit further but the trend of a stronger dollar will reassert itself over the next week or so. I think the trend of a modest willase in bond yields reassert itself. The market will come back to what it was doing before, highly correlating with on the markets. Are we going to see lloyds and rbs redomicile . Who is the regulator . Irrespective of whether the legal place of registration is edinburgh, glasgow, or london, the regulator is still the bank of england, the provincial authority. Frankly, it does not matter whether they are registered in scotland or london. It would have been chaotic if we would have had an independent smoke. Rbs regulated in scotland, who is the regulator . What really concerned the bank of england was less the impact on the gold market and more the impact on the Credit Rating and the credibility of the banks. Bob parker will be staying with us, Senior Advisor at Credit Suisse. All of the Market Reaction to the historic event. It is indeed a twoyearrling at high. Bob talked about the implications and we will have more on that straight after the break. The Union Remains. Welcome back to opene countdown. The Union Remains intact. Ere up over 1 the market shows were going to 1. 6 seven. Nce around the story is Dollar Strength. The riskr saying of people taking off some of those hedges are what they were trying to do. Thats not actually the right way to look at sterling euro. Sterling volatility drops to its lowest level in 1999. Lets have a look at dollar yen also on the move. Dollar strength comes through the most in dollaryen where you are seeing the bank of japan that itabout, warning is moving. They cut their Economic Assessment the first time in nine months. Lets switch gears. Scotland will remain part of the United Kingdom. At last count, 55 of voters supported the no campaign. 45 backing an independent scotland. Turnout in some regions was 90 . Scottish National Party leader alex salmond has accepted defeat. Congress has passed president obamas plan to arm and train Syrian Rebels and this comes less than seven weeks before the november Midterm Election shortly after obama spoke from the white house thinking congress. We continue to build a Broad International coalition to degrade and ultimately destroy the terrorist group known as isil. Goldman sachs chief executive Lloyd Blankfein has been speaking to bloomberg. He says there are some reforms he would like to see in washington. From this point forward, get news issues. We need to heal the economy. You have to get yourself into a situation where you can actually legislate and you picked three gray areas all of which support the Economy Infrastructure spending, immigration, all of the right things to do. Now we join Credit SuisseSenior Adviser bob parker. Remainshink the risk sayingt alex salmond is were going to keep on fighting. Is this risk going to rear its ugly head again . Lets a member what happened with canada and quebec when we went through a series of referendums. Be rallying will for another in a few years time despite the fact there has been a consensus that there will not be another referendum for perhaps 10 to 15 years. Tois the mandate to continue argue for Scottish Independence. They will not change their spots. , worried aboutt the risk of Scottish Independence, i have always argued the biggest risk was to the banking there, i think it is frankly off the table for at least two to three years. What is most important is what happens next may with the general election, what happens if we have to have a referendum of the ueu. That will turn into a whole conversation right there. Veryre going to be concerned over the next few years. Lets shift gears a little bit. Money, howhing out big of an issue is that for mariota draghi in terms of expanding the Balance Sheet . Mario draghi . I actually do not like the acronym. We now have to call it teltro . Was 83 billion dollars. They said its a reflection of week demand for credit in the eurozone and to some extent it is true reflecting we still have weak euro zone economic indicators. Having said that, led by germany, we are