1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
cfds are costly and difficult to set up. they are created by brokers who nickel and dime you on the spread. you cannot trade them back forth easily during the day as you can securities in the US. there is no such thing as instant execution and you cannot do it with every stock.
It most definitely is not a way around the transaction tax. if u wish to trade in a professional manner.
Well it is definately a way to trade and trade around a transaction tax like the stamp duty in the UK and many people do it in a professional manner. Its the ones that do want to learn how they are traded is all. If your a trader you are adaptable. Just like binary options are another way to trade sucessfully. Some people just dont want to actually work for it is all.
I don't know for Merkel, but Sarko and Lagarde are just focusing on the bonuses now... You can't spend a day in France without reading about Sarko's efforts to curb US banks ( LOL ) bonuses...I don't know why you are even talking with France.
NB:the time magazine article is a great pice of work defending our views.Kudos to the journalist.
I think swing trading say on a 4hr chart or even larger profit target day trading on a 60 min chart would be doable on cfds for indexes/forex(tighter spreads than stocks). But how would you get access? would you have to physically relocate to canada? Is there any chance they become "allowed" in U.S if trans tax was to become law? I certainly hope that there will be reasonable/feasible avenues for traders to continue making a living trading.
You never know, if the lift the anit gaming law like Barney Frank wants that might help them on their way. There are other alternatives that are not the most ideal but also do work when you know how to trade them. Like binary options, there are several places a us citizen can trade them. I know as of now the cfds are not allow becuase the US doesnt want to lose that business but I bet if this law comes into effect for tranny tax, some firm will find alternatives so we can trade. There always has been. I traded several different ways , when I needed to . Even as a US citizen i found ways to trade here legally and alternatively.
Yeah, I do think that trading/active investing is way too entrenched here for it to be eliminated overnight just like that. Somebody will most likely come up with a workaround. We need a significant victory in 2010(nj, va a good start), otherwise I think the odds are 50/50 for the tax and we'll be sleeping nervous every freakin' day.
http://www.bobsguide.com/guide/news/2009/Nov/13/Gordon_Brown's_team_to_lobby_IMF_on_Tobin_tax.html
UK prime minister Gordon Brown has sent Treasury officials to lobby the IMF on the implementation of a global Tobin tax.
His representatives will also be meeting with officials from other G20 countries as they attempt to win support for the idea, reports the Guardian.
The proposed tax on financial transactions between banking institutions was first suggested by the late James Tobin, an economics professor.
At a G20 meeting last week, Brown suggested such a tax could be implemented in order to fund any future bank bailouts.
"In the long run, this is the only way that we can solve the problem of social responsibility of world banking to the community," he said last week.
But the idea met with opposition from several key economic figures, including IMF managing director Dominique Strauss-Kahn.
However, support for Brown's idea appears to be growing, with French president Nicolas Sarkozy and German chancellor Angela Merkel offering some support for the plan.
UK prime minister Gordon Brown has sent Treasury officials to lobby the IMF on the implementation of a global Tobin tax.
His representatives will also be meeting with officials from other G20 countries as they attempt to win support for the idea, reports the Guardian.
The proposed tax on financial transactions between banking institutions was first suggested by the late James Tobin, an economics professor.
At a G20 meeting last week, Brown suggested such a tax could be implemented in order to fund any future bank bailouts.
"In the long run, this is the only way that we can solve the problem of social responsibility of world banking to the community," he said last week.
But the idea met with opposition from several key economic figures, including IMF managing director Dominique Strauss-Kahn.
However, support for Brown's idea appears to be growing, with French president Nicolas Sarkozy and German chancellor Angela Merkel offering some support for the plan.