Easy money my ass, these life long idiot government officials don't realize what the consequences will be. Money will flow to where it is treated best, this will happen almost overnight leaving these fools predictions of 20-40 billion euro profit at a 100 billion euro loss.
I make money trading. I want HFT to stay in effect. You guys have to understand if HFT goes away, the whole system changes and it will be even MORE harder to make money, the liquidity will be gone and fills will be completely screwed up. Moves wont be bigger, the stops just have to be double or triple the current size just because of the spread.
Spoken like a true failed trader. EMR...let it go man. You failed in trading yrs ago and left with your tail between your legs. Now you cold call people from your loft trying to sell them land in Texas. I know it's depressing what you do, but no reason to try and bring others into your miserable world. As far as the Transaction Tax.....never going to happen or effect anyone in The U.S. This tax couldn't even get approval from the Dems. Republicans would laugh it out of the room. The NYSE is talking about a transaction tax? Really? An exchange wants to impose a tax that would destroy their volume/revenues. You obviously are clueless. Trading is not going anywhere. Trading is getting better and better with the volatility. It kills whiners like yourself who failed and can't stand to see other traders kicking ass. Smart traders have left the industry.......uh huh...to do what ? Cold call grandmothers from their loft in Texas trying to con them into buying land? All from their huge PE LLC located in the kitchen of their loft? LOL..hilarious.
Tax?Simple solution to that- spread bet - and with the margins so tight these days makes financial sense
whats the notional value of an estoxx contract, 20590 euros using fridays close? so .01% tax of that= 2.059 euros per contract, is that correct?
But the spread bet brokers have to offlay (most of the time, but it does depend on the client) so they'll have to pay the tax which means they'll pass it on to their clients via wider bid-offer. I could be wrong, but I think that's how it would work. Anyways, the problem with all this extra tax will probably mean more waste so if they take in say E100billion, E60billion will get wasted/stolen/frittered away etc. That's the sad part to all of this because if they focussed just on waste, taxes could come down and (proper) spending could go up. As it is governments tend to pay 5x what the private sector pays for a ream of paper, and crap like that.
0.1 percent, 0.01 percent. For the longest time, the proposed tax rate was 0.0005 percent. EU Tax Commissioner Semeta, "The moment in which we introduce a tax on financial transactions on a global level, of course, everything looks different. Then we can also raise the tax rates."