Barroso backs financial transactions tax

José Manuel Barroso, European Commission president, has proposed a tax on financial transactions to help rebuild public finances across the bloc, calling it a matter of fairness.

http://www.ft.com/intl/cms/s/0/19c46aca-e9ad-11e0-adbf-00144feab49a.html#axzz1Yt34MJk3

 

all algos and hft trading will obviously be exempt

 

Wrong conclusion. They are especially being targeted by this tax. Germany and France have been the masterminds of the tax draft.

 

I suspect the same. There will be some deeply hidden set of exemptions that every I-Bank will qualify for. Obviously, it would eliminate all of the competition and would be yet another bonanza.

Just look at Obamacare and how the biggest cronies find a way into the exempt list.