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Robert A. Green
Registered: Nov 2007
Posts: 656 |
06-22-12 02:56 PM
Quote from southall:
Didnt the EU parliament vote to exempt pension funds from the FTT proposals? Im sure some the 9 (if they can get 9) will still want that exemption for pension funds.
A limited scope FTT, say 0.1 stamp duty with pension funds exempt will not raise much money, as Pension funds are probably the biggest payers of the current duties in the UK and other places.
In the end i think a token EC FTT may happen and it will appease the socialist parties and socialist coalition partners in countries like Germany and France. They seem to be fanatical about the FTT.
EC9 FTT - a socialist glue for a socialist Europe. That's a recipe for further EU problems and certainly not success.
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Explorer
Registered: Dec 2009
Posts: 528 |
06-22-12 02:57 PM
Quote from southall:
In the end i think a token EC FTT may happen and it will appease the socialist parties and socialist coalition partners in countries like Germany and France. They seem to be fanatical about the FTT.
And we know where appeasement leads...
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ksharmon
Registered: Nov 2009
Posts: 216 |
06-22-12 04:01 PM
Germany Fin Min Schaeuble: 10 countries now support the financial transactions tax; conditions are in place for enhanced cooperation-
Reminder: earlier the Spain Fin Min commented that nine euro zone nations support the financial transaction tax
Headlines crossing a moment ago
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Robert A. Green
Registered: Nov 2007
Posts: 656 |
06-22-12 04:06 PM
EU-Wide Transaction Tax Blocked - WSJ.com
http://online.wsj.com/article/SB100...0886805120.html
EC9 modified FTT sounds very shaky to me. The law seems garbled here and not well tested yet. EC9 modified FTT will affect dissenters like the UK, Sweden and others and that's a problem for EC.
EC is for last resort use, only. This quick push for EU-wide FTT today was flimsy as the Swedish official said. The coalition of the willing has little room to spare and some may drop out with a firm no EU-wide vote and when they see the dirty details in the modified FTT plan, which is yet to be presented.
The UK and Sweden will cry foul - stepping on their toes - and that can be sufficient grounds to challenge EC.
EC9 is going to go legal and it will take a long time.
Yes, countries can do what France did on their own, but EC9 FTT is a tall task.
Merkel probably doesn't want FTT deep down and she is just buying time with her socialist oppossition, including Schaueble.
A fiscal compact and ESM approval can't wait for mumbled EC9 FTT. They gave it their best, and hopefully socialists won't now hold the fiscal compact and ESM hostage. Let's see.
UK PM Cameron won't sign the fiscal compact with FTT in and the Austrian PM won't sign it and the ESM with FTT out. Statemate and meanwhile the crisis grows.
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zdreg
Registered: Oct 2003
Posts: 8340 |
06-22-12 04:09 PM
Quote from southall:
Didnt the EU parliament vote to exempt pension funds from the FTT proposals? Im sure some the 9 (if they can get 9) will still want that exemption for pension funds.
A limited scope FTT, say 0.1 stamp duty with pension funds exempt will not raise much money, as Pension funds are probably the biggest payers of the current duties in the UK and other places.
In the end i think a token EC FTT may happen and it will appease the socialist parties and socialist coalition partners in countries like Germany and France. They seem to be fanatical about the FTT.
"token ec ftt" "A limited scope FTT, say 0.1 stamp duty"
this is probably close to the dumbest thread on ET. there is no such thing as limited scope ftt. after nearly 10,000 posts, posters still do not recognize that a .001 tax will put stock traders out of business.
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southall
Registered: Mar 2010
Posts: 388 |
06-22-12 04:27 PM
Quote from zdreg:
"token ec ftt" "A limited scope FTT, say 0.1 stamp duty"
this is probably close to the dumbest thread on ET. there is no such thing as limited scope ftt. after nearly 10,000 posts, posters still do not recognize that a .001 tax will put stock traders out of business.
Of course it will put stock traders out of business.
And one day it may come to the US.
But French and German stock traders can switch to trading US equities on the US exchanges as a viable alternative. Many UK traders do this.
Or wait for CFD contracts on their own markets, which may or may not fall under the scope the of EC9 FTT, we dont know yet.
It is not the end of the world for stock traders in France as long as they dont expand the scope of what they are planning at the moment.
Most prop traders in europe trade derivatives and not stocks.
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