Last week the UK High Court ruled that the UK Parliament must vote on whether the government can trigger Article 50 to leave the EU. The government intends to appeal, but it may not be successful.

It could be many weeks or months before Article 50 could be triggered as there are a lot of hurdles and potential amendments that may occur.

If Brexit is delayed or watered down it may benefit these three ASX-listed stocks.

BT Investment Management Ltd (ASX: BTT)

BT Investment Management (BTIM) has a large connection to the UK with its JOHCM international division. Brexit will probably cause a lot of uncertainty in the markets, particularly in the UK. People invested in its funds may want to pull their money out if it looks like Brexit will be damaging. A delay in Brexit, or a watered down version may be better for JOHCM and BTIM as a whole.

The British pound has risen against the Australian dollar over the last few days. A higher pound is good for BTIM.

BTIM is currently trading at 17.5x FY16’s earnings with a partially franked dividend yield of 3.67%.

Henderson Group plc (ASX: HGG)

Henderson is dual listed here and in the UK. It’s a large UK-based fund manager that’s currently in the process of merging with USA-based Janus Capital Group Inc. The uncertainty surrounding Brexit and the merger has hit the Henderson share price, its shares are down 45% since November 2015.

The merger is expected to be beneficial for Henderson shareholders, so the market may have overreacted. A delay in Brexit may provide support to the Henderson share price.

Henderson is currently trading at 12x FY16’s earnings with a dividend yield of 5.7%.

CYBG PLC CDI 1:1 (ASX: CYB) 

Clydesdale and Yorkshire Bank Group (CYBG) was spun off when National Australia Bank Ltd. (ASX: NAB) divested its UK investments. Banks can be some of the most affected companies when there is a downturn in economies or volatility in the markets. Brexit is expected to cause a lot of volatility and uncertainty, so CYBG would be affected.

CYBG is more of a retail bank than an investment bank, meaning its performance is closer aligned to the local economy than investors’ funds like Henderson and BTIM.

It’s currently trading with a price/earnings ratio of 17 and hasn’t paid a dividend as yet.

Foolish takeaway

Sometimes the best time to buy a stock is when short-term negatives have hit the share price. The UK government wants to see Brexit through, so prospective shareholders may get a cheaper entry price in the coming months when the peak of uncertainty and volatility hits the UK as it triggers Article 50 and the countdown to the official leaving date begins.

I think that the Henderson merger has a lot of potential, so out of the three that’s the one I have highest on my watchlist.

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Motley Fool contributor Tristan Harrison has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.