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It wasn't that illiquid. Check the Nov/Jan Spread, super liquid and never traded near positive...High of the day -24...ZS Jan Low of the day was 1269 6/8. What is it for real? The pit commitee just decide it would be more convenient to settle 5 points lower...? I remember one day I had a 15 K...

Soybeans January 2014 settlement 1264 on friday...

Lots of posts lost... http://www.nypost.com/p/news/business/putting_brakes_on_hfts_KKNmiBRLKJunErONYQT1wJ

It's interesting that in one example, even one french branch of a US institution( a EU 11 resident ) might be able to prove that there is no link between the transaction and the territory of the member states. However, The international community must react fast against this threat. I think...

I don't really trade LIFFE or Matif Commodities, but it seems you got it all right. Generally they use settlement to calculate maintenance margin, excess capital... Margin depends most of the time on a measure of the average daily change or range of the product, here your UPSC. Beware of...

But you are right, they need foreign countries cooperating when there is no EU instit in the transaction.

IMO the "economic substance clause" will have to be explained so that we know which products are potentially liable on every exchange. "Proving to the EU" makes no sense.Once the list is known, EU people will be screwed but international finance will know which products to avoid. But we are...

OK.My bad. That's for the issuance part. The resident part would likely be reported directly by EU institutions.

Yep. Damn you are slow...

They are not trying to make other countries collect. They are trying to make EU11 institutions keep a book of their worldwide transactions and submit a report every month with calculations and everything... The EU taxman would just have to make controls of reports. And tax directly for EU issued...

There is a exception here( according to the proposal ) where the US counterpart can prove to the EU( LOL ) that the transaction has no link to the EU 11 territory( it's a US issued security) and not pay the tax... The EU11 is still liable to pay the tax.

http://online.wsj.com/article/SB10001424127887324162304578304031388404430.html?mod=dist_smartbrief

It's a political trick. They are asking for the most they can imagine to obtain half of it in the end. The US need to put pressure on France on the bilateral treaty they are ignoring. If France can't even tax something with" french" written all over it, extraterritorial reach is DOA...

http://www.bloomberg.com/news/2013-02-13/eu-seeks-broad-transaction-tax-to-curb-rules-patchwork-.html

Seriously, they are even optimist when they say it will apply coming 2016. There are years of trials, debates, tweakage of the proposal ahead, hundreds of millions in taxpayer's money and time wasted. I think Germany( the only one that matter in EC11 ) will ask for changes soon...

And one last time, I don't understand how the residence principle would be beneficial and why member states would accept it...Let's say Deutsche Bank has a killer desk in Hong Kong, they would be out of HK business overnight with a 0.01% tax, you can't compete with someone paying 10$ less even...

And have you seen that the accounting , calculations of taxes owed will have to be done by the institutions themselves monthly... Not only euro finance would be screwed, it will have to keep their own compliant book of the screwing...LOL

http://europa.eu/rapid/press-release_IP-13-115_en.htm?locale=en

http://baselinescenario.com/2013/02/09/the-importance-of-excel/

http://www.thetradenews.com/news/Regions/Americas/Regulatory,_competition_pressures_spell_tough_times_for_FCMs.aspx