http://www.ft.com/cms/s/0/e593af72-8bf9-11e2-8fcf-00144feabdc0.html Trading in Italian stocks through the desks of major banks has dropped sharply amid a wider fall in volumes since Italy introduced a tax on financial transactions.
It really socks it to retirees and small businesses http://www.adn.com/2013/03/14/2824761/it-really-socks-it-to-retirees.html#storylink=cpy
14th March 2013 11 EU Member States EU savers in UCITS will pay EUR 13 billion of FTT annually The actual effect of the tax is likely to be even more severe because the tax actually applies various times to each transaction (the so-called âcascading effectâ that could give rise to multiple taxation of up to 10 times). http://www.efama.org/Pages/FTT---EFAMA-Impact-Analysis.aspx
http://www.opalesque.com/645793/Dutch_participants_think_the_financial_transaction_tax_is579.html I liked this bit- "Unfortunately, most people, including probably the majority of the politicians, are so far away from the realities of the financial industry, they really have no clue," lamented Jasper Anderluh, CEO at quantitative manager HiQ Invest.
re: french ftt there were some posts that the french ftt applies to day trades in a limited way. would someone please explain and/or provide a link. thanks
Why is the SPY down and extra .70 today? It closed last night at 156.73, but today I see previous close listed at 156.03. Now that its trading at 155.73, it is only showing down .30 when it seems to me its down a complete point. It does not appear that it went exdate today. Any thoughts?
IIRC I think it only applies to stuff held overnight. So if your flat with your daytrades I don't think the tax applies. Not 100% sure though. -Guru
Yes, that's right. I have friends who are still daytrading the french stock market, they pay no tax but sometimes they lose money closing positions they would have held overnight otherwise, so it's still bad...The Italian FTT will be the same. It's completely stupid when you have in mind the goal of the FTT, which is supposed to be promotion of long term investment and discouraging "speculation"... I think the french politicians wanted to create an example of a FTT with no volume drop... They thought" We will exempt daytrading, we will exempt MMs, so that liquidity and volume remains and show them we created a FTT with no adverse consequences on volume ". As you can see it didn't really work...LOL. Volume dropped 20% when other euro markets rose 30% and that loss of volume was plain long term investment...Good job. The Italian one is even starting worse. I prepare the popcorn for the derivatives part this summer...
i have no idea why you posted this in this thread and what's the relevante to any ftt, but it was actually an ex-day.