same falsehood repeated oft doesn't make it true. CFDs are not substitutes for stock day traders because they are expensive to put up. furthermore they cannot be created for all securities. those "half sophisticated traders" are more akin to gamblers. CFDs are considered to be gambling instruments in the US and are not allowed for US residents.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
same falsehood repeated oft doesn't make it true. CFDs are not substitutes for stock day traders because they are expensive to put up. furthermore they cannot be created for all securities. those "half sophisticated traders" are more akin to gamblers. CFDs are considered to be gambling instruments in the US and are not allowed for US residents.
[...]
In other remarks, Merkel said there is currently no majority in the European Union for the introduction of a financial transaction tax. "But I will continue to lobby for it," she said
[...]
http://imarketnews.com/node/32580
This is mostly good news. It's good that that there's no majority for an FTT - especially when a single no vote can veto any such proposal - but bad that she continues to lobby for it even after her own parliament rejected it.
A reason given for the Bundestag's rejection was that there was little point in an EU FTT without the UK on board (or words to that effect).
So why is Merkel still pursuing it? Does she think she can twist the UK's arm, or was this just politicking for domestic consumption?
In other remarks, Merkel said there is currently no majority in the European Union for the introduction of a financial transaction tax. "But I will continue to lobby for it," she said
[...]
http://imarketnews.com/node/32580
This is mostly good news. It's good that that there's no majority for an FTT - especially when a single no vote can veto any such proposal - but bad that she continues to lobby for it even after her own parliament rejected it.
A reason given for the Bundestag's rejection was that there was little point in an EU FTT without the UK on board (or words to that effect).
So why is Merkel still pursuing it? Does she think she can twist the UK's arm, or was this just politicking for domestic consumption?
Here are a couple of interesting points on the Lisbon Treaty:
http://en.wikipedia.org/wiki/Voting_in_the_Council_of_the_European_Union
Treaty of Lisbon (2014 onwards)
Article 16 of the "Treaty on European Union",[17] as amended by the Treaty of Lisbon, stipulates that the Council voting arrangements of the Nice Treaty will apply until 31 October 2014. Moreover, until 31 March 2017, any member state can request that the Nice rules are used for a particular vote.
Also it indicates that on the issue of taxation it's still going to require unanimity:
Certain policy fields remain subject to unanimity in whole or in part, such as:
-taxation
-Guru
http://en.wikipedia.org/wiki/Voting_in_the_Council_of_the_European_Union
Treaty of Lisbon (2014 onwards)
Article 16 of the "Treaty on European Union",[17] as amended by the Treaty of Lisbon, stipulates that the Council voting arrangements of the Nice Treaty will apply until 31 October 2014. Moreover, until 31 March 2017, any member state can request that the Nice rules are used for a particular vote.
Also it indicates that on the issue of taxation it's still going to require unanimity:
Certain policy fields remain subject to unanimity in whole or in part, such as:
-taxation
-Guru
You saw in Sheda's post a little chance that your dream would become true in 2014+ and Guru ruined it...Informative post Vs Pollyanna attitude...LOL...Poor Zdreg.
CFDs are gaining market share even in countries like France that doesn't have a transaction tax. They are simply swaps working like stocks. You can provide liquidity on it...I know some people trading CFDs for a living.
Quote from TraDaToR:
You saw in Sheda's post a little chance that your dream would become true in 2014+ and Guru ruined it...Informative post Vs Pollyanna attitude...LOL...Poor Zdreg.
CFDs are gaining market share even in countries like France that doesn't have a transaction tax. They are simply swaps working like stocks. You can provide liquidity on it...I know some people trading CFDs for a living.
what dream are you talking about? I am against the FTT unlike you.
" Call me crazy but in my case( I trade cme group only ), I would prefer a euro only FTT than a euro only FAT. Why ? because I anticipate that it would be too hard for the EU to tax foreign transactions at the beginning, they would just tax at the clearing house and this woud be so disastrous for euro exchanges that they would soon repeal it. On the other side, an FAT has a chance to work, It's just a matter of who makes a lot of money and can pay an extra 5% on their income. There would some relocation but it wouldn't simply kill business like an FTT.I know, it's a selfish attitude and I hope people trading Eurex, LME won't see it happening but there's no way I pay an extra 5% on my income."
a course in logic might be useful for you. one area that would be particularly useful for you would be errors in extrapolation.
"I know some people trading CFDs for a living."
that is proof of nothing.
Unless I'm reading too much into this, the following article seems to imply that the FTT would be bundled with a bunch of other legislation, and that if a country wants to vote against FTT, it will have to vote against everything else bundled with it, thus causing a potential dilemma for a country like the U.K.:
http://www.cityam.com/news-and-analysis/european-commission-draws-legislation-eu-tobin-tax
<i>Sovereign states will have a veto over the tax, but in practice it will be difficult for the UK to veto the whole raft of proposals the EC is hoping to push through, which include measures to cede control over asylum policy, giving the EU the right to approve the UK budget and kicking off a timetable for Croatiaâs admission to the EU.
UKIP said that the tax was being proposed alongside a âtsunami of legislationâ. The partyâs leader, Nigel Farage, warned: âDavid Cameron had better have his wits about him.â</i>
http://www.cityam.com/news-and-analysis/european-commission-draws-legislation-eu-tobin-tax
<i>Sovereign states will have a veto over the tax, but in practice it will be difficult for the UK to veto the whole raft of proposals the EC is hoping to push through, which include measures to cede control over asylum policy, giving the EU the right to approve the UK budget and kicking off a timetable for Croatiaâs admission to the EU.
UKIP said that the tax was being proposed alongside a âtsunami of legislationâ. The partyâs leader, Nigel Farage, warned: âDavid Cameron had better have his wits about him.â</i>