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

Quote from bukkan:

@zdreg - volume didnt dried up after the imposition of STT. STT was introduced in 2004 and volumes in NSE rose leaps and bound irrespective of STT. of course volume was less the last year or so, but its more due the bear mkts isnt it.

@drukes - ya. a new tax code is being discussed which calls for the abolishion of stt. finger crossed :)
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It defies common sense to think that STT does not affect in a negative way the volume of transactions. Especially with the tax as big as 0.25% on every transaction. And that I understand does not include the capital gains tax. How many traders you think left standing with such enormous tax?
 
Quote from drukes1234:

Retard DeFazio on CNBC in a bit
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Why do they even give this guy airtime? I wonder if he's going to talk about his tax on oil futures? I don't have the TV on...

-Guru
 
Quote from bukkan:


Indian markets are still an "exotic" one and is highly inefficient and that inefficiency effectively absorbed the stt.
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The STT is a reason for market inefficiency because it pushes fast short-term traders out of the market. So inefficiencies tend to stay around in the market for longer time.
 
Well its over and painless today, even when asked where he can get more money or find another way to get seniors money for a one time payment he didnt mention charging a tax on financial transactions. I thought he would there was a pause but nothing said about it so good deal.
 
Duncan Niederaurer (CEO of NYSE Euronext) wrote an op-ed piece in the WSJ talking about regulation of the markets, etc. In it he lashed out against the transaction tax:

"Certain proposals like the stock transaction tariff or new international tax deferral rules miss the point. A tax on stock transactions, which has been discussed both in Europe and the U.S., could destabilize the market, harm liquidity and encourage trades to move into opaque, over-the-counter markets – just as regulators are trying to encourage the opposite."

http://online.wsj.com/article/SB10001424052970204488304574435512073334956.html

-Guru
 
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