From Credit Suisse:
which includes provisions to transform the Senate into a smaller "chamber of regions" and a redefinition of competencies shared by the central government and regional authorities. The vote requires a simple majority and has no quorum requirement. Markets have priced in risk premium around the date of the vote, as shown in Figures 6 and 7 – increasingly so since the US election. The front end of the EURUSD implied vol curve has rallied sharply, and appears elevated relative to the G10 average vols.
