Here we go again.. https://www.cnbc.com/2019/03/04/hou...h-alexandria-ocasio-cortez-as-co-sponsor.html
"You would be discouraging high-frequency trading, and this would definitely impede on their business model." Why, out of all the problems on Wall Street do high frequency traders bother them so much. The flash crash had no affect whatsoever on the majority of buy and hold investors who simply ognored what happened on that day. Only people "hurt" were day traders willing to take on that risk anyway. Also if they tax the transactions, the amount of trades will drop drastically so their forecast of tax revenue is wildly over inflated. Does anyone in Congress have a finance or intelligent background?
Best part of all these taxes is that they exempt MMs and "liquidity providers", but not retail traders. So HFTs and Wall Street firms may have to shrink their operations but can still play, and will see new opportunities in wider spreads and higher cost of liquidity. Retail are the ones who really get screwed.
With the rise of uneducated left-wingers on the rise in the US, the exchanges need to have a plan B for relocation to say Canada.
As ironic as it sounds there are institutions that are not opposed to it because that think it will add liquidity to the marketplace by pushing some of the HFTs to the sidelines.
Gawd I hate it whenever this shiite comes up... F*&king trading profitably is hard enough for the small guy.
It shows they are techies... relevant and important in today's modern (socialist) world. Actually that isn't true. A GTC order, not limited to stops only, may have hurt or melted a number of snowflakes.
Hahaha Canadian markets to the moon! Dimon and The Street need to pull the plug and make an example out of these tools
Cant we assume, accept and acknowlege that the threshold for our elected officials is a business and economic acumen well beyond the average ET poster. Kinda makes me think ET will only last another 12 years.
Because it's never actually about tax revenue for the Socialist Democrats. It's about control. They get to decide who pays and who doesn't so they can extort campaign donations from the banks, institutions, etc.