piezoe Registered: Jan 2006 Posts: 5074 06-11-13 12:43 PM A financial transaction tax makes so much good sense, I think in the end everyone except the HFT will get on board. Without question, a tiny FTT is the easiest-to-implement fix for eliminating the dangers HFT poses for the markets. The tax can be made so small, and should be, that no one except HFT will notice. A tax set at the right level will drive the HFT out of business without affecting anyone else one iota. there is no such animal. where is your number? the prior post has proven that you are clueless.
The use of the word "tiny" has long been nauseating, the case of the FTT is like a group of robots with neither flesh nor blood and zero working knowledge of it cherry picking the numbers concerning how much blood a human body makes over a life time and then trying to implement a tax of 7 liters of blood at once, looking at you with intense confusion at your refusal..."but its only a tiny amount"
some traders do 100 trades a day. i have previous presented numbers that an active trader with a small amount of leverage at .001 would lose 100% of his capital within a year. if posters cannot show mathematical literacy the battle is lost.
I can't read the article where I'm at. How long does it say it's going to be delayed? I think the commission said 6 months earlier this week. -Guru
The article in full: One of the main architects of the European financial transactions tax on Thursday cast doubt on whether the 11 member states planning to implement the levy will be able to do so by the middle of next year. Manfred Bergman, director of the European Commissionâs tax and customs union, said he remained hopeful that the tax could be put into place on July 1 next year, which would be six months later than the Commissionâs initial proposal. âItâs still feasible but it requires a political agreement by the end of the year,â he told the annual Federation of European Stock Exchanges conference in Berlin. The controversial tax, drawn up by the Commissionâs tax department, has been agreed in principle by 11 countries including France, Germany and Spain, but become embroiled in increasingly strong disputes over its implementation, point of collection and ambition. The states backing the tax considered using Europeâs market infrastructure to collect it, but exchanges and clearing houses pushed back on the proposal at a meeting in Brussels earlier this month. No important political decisions are expected before Septemberâs German federal elections. Mr Bergman said the Commission was still analysing how it would collect the tax. âWe think we know about how we will collect it on regulated platforms [such as stock exchanges]. Weâre not sure on the over-the-counter derivatives markets,â he added. The proposals, which would levy 0.1 per cent on stock and bond trades and 0.01 per cent on derivative deals, has caused an outcry from all parts of the financial services industry, who argue it would damage growth while failing to achieve its target of raising â¬30bn-â¬35bn in revenues. At the same conference, Jens Weidmann, president of the Bundesbank, also warned EU officials that âthe unintended side effects have to be considered carefullyâ, particularly for repo markets. The tax proposals âwould cause considerable harm to the repo market. Hampering this market would make banks reliant on central banks providing liquidity, which we want to get rid of,â said Mr Wiedmann.
Thanks for posting the full article, Explorer. So let's see. We have multiple reports that the tax is going to get watered down considerably and now this 6 month delay in implementation looks like it's already getting pushed back. I still say there's a real good chance this tax proposal gets scrapped all together after the German elections. If not it's going to be gutted so bad it won't be worth implementing... JMHO, -Guru
http://www.cc.org/capitolhillupdate...ntroduces_bill_stop_financial_transaction_tax http://www.wisconsinagconnection.com/story-national.php?Id=1472&yr=2013
Very good to see both of these bills being proposed. Let's hope they pass these here in the US. That should tell the EU what we think of their ftt