Spain’s National Securities Market Commission (CMNV) said on Monday that the conflict in Spain’s northeastern region of Catalonia could have consequences on financial markets.

The CMNV has published a report where it analysed stress levels within financial markets over the last three months and pointed out that in October there had been a slight rise, probably due to the situation in Catalonia, where an illegal self-determination referendum was held and many companies left in fears of a declaration of independence.

In the medium term, the CMNV explained, the conflict could have economic consequences leading to a loss in confidence, uncertainty, volatility and tougher conditions for financing, although so far, it has had a limited impact on financial markets, Xinhua news agency reported.

More than 900 companies have changed their headquarters from Catalonia to other places in Spain with important banks such as Caixabank or Banc Sabadell leaving the region.

Meanwhile, the Catalan parliament will hold a session on Thursday to discuss its response to the decision made by the Spanish government of applying the article 155 of the Spanish constitution, which involves taking control over many Catalan institutions.