1/4% Tax on all stock trades pushed in NY Times today

Quote from southall:

Didnt the EU parliament vote to exempt pension funds from the FTT proposals? Im sure some the 9 (if they can get 9) will still want that exemption for pension funds.

A limited scope FTT, say 0.1 stamp duty with pension funds exempt will not raise much money, as Pension funds are probably the biggest payers of the current duties in the UK and other places.

In the end i think a token EC FTT may happen and it will appease the socialist parties and socialist coalition partners in countries like Germany and France. They seem to be fanatical about the FTT.
More...

"token ec ftt" "A limited scope FTT, say 0.1 stamp duty"
this is probably close to the dumbest thread on ET. there is no such thing as limited scope ftt. after nearly 10,000 posts, posters still do not recognize that a .001 tax will put stock traders out of business.
 
Quote from zdreg:

"token ec ftt" "A limited scope FTT, say 0.1 stamp duty"
this is probably close to the dumbest thread on ET. there is no such thing as limited scope ftt. after nearly 10,000 posts, posters still do not recognize that a .001 tax will put stock traders out of business.
More...

Of course it will put stock traders out of business.
And one day it may come to the US.
But French and German stock traders can switch to trading US equities on the US exchanges as a viable alternative. Many UK traders do this.
Or wait for CFD contracts on their own markets, which may or may not fall under the scope the of EC9 FTT, we dont know yet.
It is not the end of the world for stock traders in France as long as they dont expand the scope of what they are planning at the moment.
Most prop traders in europe trade derivatives and not stocks.
 
Quote from southall:

Of course it will put stock traders out of business.
And one day it may come to the US.
But French and German stock traders can switch to trading US equities on the US exchanges as a viable alternative. Many UK traders do this.
Or wait for CFD contracts on their own markets, which may or may not fall under the scope the of EC9 FTT, we dont know yet.
It is not the end of the world for stock traders in France as long as they dont expand the scope of what they are planning at the moment.
Most prop traders in europe trade derivatives and not stocks.
More...

For those unfortunate traders trapped behind the iron-FTT curtain, our CPA firm and tax attorneys will look into strategies like C-corps formed in Delaware to trade U.S. and global markets, avoiding FTT and being compliant with their local country law for FTT and income taxes.

We heard Canadians are interested in U.S. entities to accomplish their trading goals on U.S. exchanges.

After we see details, we will hunt for legal solutions.
 
Quote from Robert A. Green:

For those unfortunate traders trapped behind the iron-FTT curtain, our CPA firm and tax attorneys will look into strategies like C-corps formed in Delaware to trade U.S. and global markets, avoiding FTT and being compliant with their local country law for FTT and income taxes.

We heard Canadians are interested in U.S. entities to accomplish their trading goals on U.S. exchanges.

After we see details, we will hunt for legal solutions.
More...

If they are implementing it based on the residence principle, we would have no other choice than to relocate physically. In France for example, you can create offshore entities but the administration has the possibility to requalify your business as a french one ( fiscal evasion procedure , different from fiscal fraud ) and make you pay.

So I will just get the hell out of this sinking ship and it's just about time.
 
Quote from TraDaToR:

If they are implementing it based on the residence principle, we would have no other choice than to relocate physically. In France for example, you can create offshore entities but the administration has the possibility to requalify your business as a french one ( fiscal evasion procedure , different from fiscal fraud ) and make you pay.

So I will just get the hell out of this sinking ship and it's just about time.
More...

If they use the residence principle, I think it aggressively steps on FTT dissenters' toes like the UK who said no to FTT. That may open their EC FTT plan to challenge.
 
Quote from southall:

Of course it will put stock traders out of business.
And one day it may come to the US.
But French and German stock traders can switch to trading US equities on the US exchanges as a viable alternative. Many UK traders do this.
"Or wait for CFD contracts on their own markets, which may or may not fall under the scope the of EC9 FTT, we dont know yet.
It is not the end of the world for stock traders in France as long as they dont expand the scope of what they are planning at the moment.
Most prop traders in europe trade derivatives and not stocks.
More...
"Or wait for CFD contracts on their own markets, which may or may not fall under the scope the of EC9 FTT, "
these are inefficient products which the brokerage industry uses to rip off the public. take a good look at the spreads in these products. the sec has correctly classified as a gambling product and unsuitable for american investors. it is a nonstarter for traders.
 
Quote from ksharmon:

Germany Fin Min Schaeuble: 10 countries now support the financial transactions tax; conditions are in place for enhanced cooperation-

More...

Does anyone know if there have been other "enhanced cooperation" agreements in the past or would the FTT EC agreement be the first?

If there were any previous enhanced cooperation agreements, do we know any details such as: How long did they take to put into place? Were they challenged by other affected countries? Were there difficulties enforcing the agreements? Etc., etc., etc.
 
Quote from tomdavis:

Does anyone know if there have been other "enhanced cooperation" agreements in the past or would the FTT EC agreement be the first?

If there were any previous enhanced cooperation agreements, do we know any details such as: How long did they take to put into place? Were they challenged by other affected countries? Were there difficulties enforcing the agreements? Etc., etc., etc.
More...


I read there was only one previous which was about Patents and signed by 25 countries iirc.

The Irish fin min said there was another EC agreement about a Divorce law but that might be incorrect.

They said this is the first time it will be economic/finance related.

The lawyer at the meeting today said it was a 5 step process, seemed to be quite bureaucratic, I doubt it could be done in less than 6 months.

There is also the actual proposal the 10 countries have to draw up and agree upon first, it is unlikely to be the current FTT proposal unmodified. That in itself could take many months.

The lawyer actually made the point they cant just start off with a general proposal and sort out the details later. The formal process needs to start with something concrete.
 
Wolfgang actually said last week, they unlikely to see the FTT enacted before the fall of 2013. That would seem to about right based all the bureaucracy they mentioned today.
 
You must log in or register to reply here.
Back
Top