I am afraid it will not be in London anymore. The Brexit is a wake up call for the EU. Why still invest in a place that might one day leave the EU? Better do it in a safe place, and logically within the EU. Would you build a new house in an area that was flooded by water three times the last decade? Or would you build it on safe land without that risk?
O think this still result in fewer day trading and reduced trading fee revenue for retail trading platforms amd i am sure and how they will oppose it fiercely.
I think it would be ok if it be a margainal tax? First 100 trades in a month charge 0%, next 1000 charge higher, next 10000 charge higher then after that charge the top %.
If that is true all US stock markets should move abroad too. BVI, Dubai have less rules = better for trading. Or bring them to London too...if that's the place to be. In 6 weeks we will see what will happen in reality.
won't work b/c the bill stipulates the tax would apply to US citizens. so even if US exchanges move abroad, if you're a US citizen/resident, you're still paying the tax.
It would work for a lot of people. You clearly don't realize that there are a lot of non US citizens that trade these markets. There is also a world outside the US. I live outside the US and am happy I don't have US citizenship. Saved me a lot of money in taxes,which is one of the best parts of the performance of my trading.
So if you're trading futures, this tax bill would still apply to you ? That would make virtually ALL EMINI trading untradeable. Nobody is going to buy 1 ES contract and be 3 points in the hole immediately ($140). The bill states stocks, bonds, and derivatives. Am I missing something ? IF the do this, they will eliminate hundreds of thousands of jobs, eliminate speculation in the US markets, and KILL all volatility. Hope it never happens !